Document:

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                                                                      EXHIBIT 4E

                      FOURTH AMENDMENT TO CREDIT AGREEMENT,
                      CONDITIONAL WAIVER AND AUTHORIZATION

      THIS FOURTH AMENDMENT TO CREDIT AGREEMENT, CONDITIONAL WAIVER AND
AUTHORIZATION ("this Fourth Amendment") is made and entered into as of the 29th
day of January, 2003, 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 Fourth 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, 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, a
Second Amendment dated as of September 28, 2001, and a Third Amendment dated as
of December 31, 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, the Lenders, the Swing Line Lender and the
Administrative Agent
<PAGE>

have agreed to amend the Credit Agreement as hereinafter set forth.

      D. In addition, on November 30, 2002, an Event of Default occurred and is
continuing under Section 10.1(c) (Events of Default) of the Credit Agreement, by
reference to Section 9.10 (Consolidated Tangible Net Worth) thereof (the
"Existing Default"), and the Borrowers have requested the Lenders to waive the
Existing Default.

      E. Subject to the terms and conditions of this Fourth Amendment, the
Lenders have agreed to waive the Existing Default.

      F. In addition, the Borrowers have requested the Lenders to authorize the
Administrative Agent and the Collateral Agent under the Intercreditor and
Collateral Agency Agreement dated September 28, 2001, as amended (the
"Collateral Agency Agreement"), on behalf of the Lenders, to enter into an
Intercreditor Agreement with The Bank of Nova Scotia in the Form of Attachment 9
hereto (the "Scotia Intercreditor Agreement").

      G. Subject to the terms and conditions of this Fourth Amendment, the
Lenders have agreed to grant such authorization.

                                   AGREEMENTS:

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

      1. Amendments to the Credit Agreement. Subject to the terms and conditions
of this Fourth Amendment, including, without limitation, Section 4, below, the
Credit Agreement is hereby amended as follows:

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

                                       2
<PAGE>

            "COLLATERAL AGENCY AGREEMENT" shall mean that certain Intercreditor
      and Collateral Agency Agreement dated September 28, 2001, among National
      City Bank, as collateral agent, the Lenders, and certain other parties, as
      heretofore and hereafter amended, supplemented and replaced from time to
      time.

            "COLLATERAL AGENT" shall mean the party from time to time serving as
      the Collateral Agent under and pursuant to the Collateral Agency
      Agreement.

            "FOREIGN SUBSIDIARY PLEDGE AGREEMENT" shall mean the stock pledge
      agreement in form and substance satisfactory to the Administrative Agent
      pursuant to which Brush International, Inc. grants to the Administrative
      Agent for the benefit of the Lenders a Lien on sixty-five percent (65%) of
      the issued and outstanding capital stock of each of the Foreign
      Subsidiaries.

            "MORTGAGE" shall mean any mortgage or deed of trust in form and
      substance satisfactory to the Collateral Agent that grants to the
      Collateral Agent for the benefit of the Secured Creditors (as defined in
      the Collateral Agency Agreement) a Lien on real property owned by any
      Credit Party and on the Development Bond Sites, collectively being the
      "MORTGAGES".

            "SCOTIA INTERCREDITOR AGREEMENT" shall mean the Intercreditor
      Agreement among The Bank of Nova Scotia, the Administrative Agent and the
      Collateral Agent entered into contemporaneously with the effectiveness of
      the Fourth Amendment to this Agreement, as the same is amended,
      supplemented and replaced from time to time.

      B. The definitions of "Borrowing Base" and "Security Documents" in Section
1.1 (Definitions) of the Credit Agreement are amended and restated in their
entirety to provide, respectively, as follows:

            "BORROWING BASE" shall mean at any time and from time to time, an
      amount equal to (a) 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) $40,000,000 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,

      minus, (b) Ten Million Dollars ($10,000,000).

                                       3
<PAGE>

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

      C. The second proviso at the end of the definition of "Consolidated Net
Worth" in Section 1.1 (Definitions) of the Credit Agreement (that is, the
proviso immediately following the word "Stock" and before the period) is amended
and restated in its entirety to provide as follows:

      ; 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"),
      (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"),
      (iii) without reflecting the effect of any write-offs of any deferred tax
      assets effected during the fiscal year of the Parent ending December 31,
      2002, pursuant to FAS 109, so long as such write-offs do not exceed
      $25,000,000 in the aggregate on a consolidated basis, and (iv) without
      reflecting the effect of any non-cash charges in respect of unfunded
      pension liabilities effected during the fiscal year of the Parent ending
      December 31, 2002, pursuant to FAS 87, so long as such charges do not
      exceed $18,000,000 in the aggregate on a consolidated basis.

      D. Clause (j) of the definition of "Eligible Inventory" in Section 1.1
(Definitions) of the Credit Agreement is amended and restated in its entirety to
provide as follows:

                  (j) consists of bertrandite ore that is not a component of
      finished goods or is, in the Administrative Agent's reasonable credit
      judgment, Inventory which is otherwise deemed ineligible.

      E. Clause (ii) of Section 2.1(a) (General Revolving Facility) of the
Credit Agreement is amended by deleting therefrom the sum "$15,000,000" and
inserting the sum "$10,000,000" in its stead.

      F. Sub-clause (x) of clause (i) of Section 2A.1(b) (Letters of Credit) of
the Credit

                                       4
<PAGE>

Agreement is amended by deleting therefrom the sum "$5,000,000" and inserting
the sum "$10,000,000" in its stead.

      G. Section 2.8(h) (Interest Margins) of the Credit Agreement is amended
and restated in its entirety to provide as follows:

            (h) INTEREST MARGINS. As used herein, the term "APPLICABLE PRIME
      RATE MARGIN", as applied to any Loan which is a Prime Rate Loan, means one
      hundred fifty (150) basis points per annum; and the term "APPLICABLE
      EURODOLLAR MARGIN", as applied to any General Revolving Loan which is a
      Eurodollar Loan, means four hundred (400) basis points per annum.

      H. Section 3.1(b) (Facility Fee) of the Credit Agreement is amended and
restated in its entirety to provide as follows:

            (b) As used herein, the term "APPLICABLE FACILITY FEE RATE" means
      fifty (50) basis points per annum.

      I. 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 March 31,
      2003; 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:

<TABLE>
<CAPTION>
      Fiscal Quarter Ending          Testing Period
      ---------------------          --------------

<S>                                  <C>
      March 31, 2003                 October 1, 2002 through March 31, 2003, and
      June 30, 2003                  October 1, 2002 through June 30, 2003
</TABLE>

      and (B) 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).

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

                                       5
<PAGE>

            9.9. CONSOLIDATED FIXED CHARGE COVERAGE RATIO. The Borrowers will
      not at any time permit the Consolidated Fixed Charge Coverage Ratio for
      any of the Testing Periods set forth below to be less than the ratio set
      forth opposite such Testing Period:

<TABLE>
<CAPTION>
      Fiscal Quarter Ending              Minimum Fixed Charge Coverage Ratio
      ---------------------              -----------------------------------
<S>                                      <C>
      March 31, 2003                     1.25 to 1.00
      June 30, 2003 and thereafter       1.50 to 1.00;
</TABLE>

      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:

<TABLE>
<CAPTION>
      Fiscal Quarter Ending               Testing Period
      ---------------------               --------------
<S>                                       <C>
      March 31, 2003                      October 1, 2002 through March 31, 2003, and
      June 30, 2003                       October 1, 2002 through June 30, 2003.
</TABLE>

      K. 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 $185,000,000 as of
      December 31, 2002 or at any time thereafter.

      L. The following provisions are added as new Sections 9.16, 9.17 and 9.18
of the Credit Agreement immediately following Section 9.15 and before Section
10:

            9.16 ENVIRONMENTAL SITE ASSESSMENTS. No later than March 31, 2003,
      the Borrowers shall deliver to the Administrative Agent a Phase I
      environmental site assessment in respect of each real property site
      encumbered by the Mortgages. Such site assessments shall be conducted by
      qualified environmental consultants of recognized standing reasonably
      approved by the Administrative Agent and shall be in form and content
      reasonably satisfactory to the Administrative Agent.

            9.17 SURVEYS. No later than March 31, 2003, the Borrowers shall
      deliver to the Administrative Agent an ALTA/ACSM survey in respect of each
      real property site encumbered by the Mortgages (unless, as to the Delta,
      Utah site of Brush Resources, Inc. only, waived by the Administrative
      Agent, in its discretion). Such surveys shall be conducted and prepared by
      qualified and licensed surveyors of recognized standing reasonably
      approved by the Administrative Agent and shall be in form and content
      reasonably satisfactory to the Administrative Agent.

                                       6
<PAGE>

            9.18 METALS LEASE COPIES. The Borrowers shall deliver to the
      Administrative Agent a true and complete copy of each metals lease, metals
      consignment agreement, metals inventory security agreement or other
      similar agreement otherwise named, entered into after the "Delivery Date"
      of the Fourth Amendment to this Agreement, pursuant to which any Borrower
      or Subsidiary leases metals or otherwise possesses metals in which any
      other Person claims an ownership interest or pursuant to which any
      Borrower or Subsidiary grants to a Person, other than the Collateral
      Agent, a security interest or other Lien, which delivery shall occur no
      later than five (5) Business Days after the date on which such lease,
      consignment agreement, security agreement or other agreement becomes
      effective.

      L. Section 10.1(e) (Cross Default Under Other Agreements) of the Credit
Agreement is amended and restated in its entirety to provide as follows:

            (e) CROSS DEFAULT UNDER OTHER AGREEMENTS; PRECIOUS METALS
      CONSIGNMENTS: (i) a Borrower or any of the Subsidiaries shall (A) default
      in any payment with respect to any Indebtedness (other than the
      Obligations, but including Permitted Precious Metal Consignments) in
      excess, individually, of $25,000 owed to any Lender or any of their
      Affiliates, or to any other person, and such default shall continue after
      the applicable grace period, if any, specified in the agreement or
      instrument relating to such Indebtedness, or (B) default in the observance
      or performance of any agreement or condition relating to any such
      Indebtedness (including any such Permitted Precious Metal Consignment) or
      contained in any instrument or agreement evidencing, securing or relating
      thereto (and all grace periods applicable to such observance, performance
      or condition shall have expired), or any other event shall occur or
      circumstance shall exist, the effect of which default or other event or
      circumstance is to cause, or to permit the holder or holders of such
      Indebtedness (or a trustee or agent on behalf of such holder or holders)
      to cause any such Indebtedness to become due prior to its stated maturity;
      or any such Indebtedness of a Borrower or any of the Subsidiaries shall be
      declared to be due and payable, or shall be required to be prepaid (other
      than by a regularly scheduled required prepayment or redemption, prior to
      the stated maturity thereof), it being understood and agreed (but without
      limiting the generality of the foregoing) that the Administrative Agent's,
      the Collateral Agent's or any Lender's receipt or deemed receipt of a
      "Collections Turnover Notice" pursuant to the Scotia Intercreditor
      Agreement or the Administrative Agent's, the Collateral Agent's or any
      Lender's receipt or deemed receipt of a substantially equivalent writing
      otherwise named pursuant to any other intercreditor agreement to which the
      Administrative Agent, the Collateral Agent or the Lenders and any metals
      lessor, consignor, secured party or similar party under a Permitted
      Precious Metal Consignment are parties shall constitute an Event of
      Default under this section 10.1(e); or (ii) the consignor, lessor, or
      secured party (or equivalent party otherwise named) under any Permitted
      Precious Metal Consignment (including, without limitation, the Permitted
      Precious Metal Consignment between Williams Advanced Materials Inc. and
      The Bank of Nova Scotia) shall terminate such Permitted Precious Metal
      Consignment or reduce the precious metals availability thereunder;
      provided, however that (A) no Event of Default

                                       7
<PAGE>

      shall be deemed to occur or exist under this clause (ii) unless and until
      the aggregate cumulative amount of diminished availability arising from
      any and all such terminations and reductions under any and all Permitted
      Precious Metal Consignments in effect from time to time exceeds Three
      Million Four Hundred Fifty Thousand Dollars ($3,450,000) from and after
      the date of the Fourth Amendment to this Agreement, and (B) excluded from
      the effect of this clause (ii), including, without limitation, the
      computation of the cumulative amount described in sub-clause (A), above,
      shall be (I) reductions in availability initiated by or concurred in by
      any such Credit Party in the ordinary course of its business to reflect
      diminished need for availability in such business, and (II) any such
      termination of a Permitted Precious Metal Consignment and any such
      reduction of availability thereunder if the Credit Party that is the
      consignee, lessee or debtor (or equivalent party otherwise named) under
      such Permitted Precious Metal Consignment, prior to or simultaneously with
      such termination or reduction, replaces such terminated Permitted Precious
      Metal Consignment or reduced availability with another Permitted Precious
      Metal Consignment; or

      M. Section 12.1 (Payment of Expenses etc.) of the Credit Agreement is
amended by changing each reference to "Baker & Hostetler LLP, special counsel to
the Administrative Agent" therein (other than in paragraph (a) thereof) to be
"any special counsel to the Administrative Agent".

      N. Section 12.12 (Amendment or Waiver) of the Credit Agreement is amended
and restated in its entirety to provide as follows:

            12.12. AMENDMENT OR WAIVER. Neither this Agreement nor any terms
      hereof or thereof may be amended, waived or otherwise modified UNLESS such
      amendment, waiver or other modification is in writing and signed by the
      Borrowers and the Required Lenders, PROVIDED that no such amendment,
      waiver or other modification shall, without the consent of each Lender
      (other than a Defaulting Lender) affected thereby,

                  (a) extend any interim or final date on or by which any Loan
            to be made by such Lender may be incurred, or on which any such Loan
            or Unpaid Drawing is scheduled to be repaid, prepaid or mature, or
            extend the expiration date of any Letter of Credit beyond the
            Maturity Date, or extend any interim or final date on which any
            Commitment of such Lender is scheduled to expire or terminate, or
            reduce the rate or extend the time of payment of interest or Fees
            thereon (except in connection with a waiver of the applicability of
            any post-default increase in interest rates), or reduce the
            principal amount thereof, or increase any Commitment of such Lender
            over the amount thereof then in effect, or release all or a
            substantial portion of the collateral pledged under the Pledge
            Agreement or the Foreign Subsidiary Pledge Agreement, or release a
            Borrower from its obligations hereunder,

                                       8
<PAGE>

                  (b) change the definition of the term "Change of Control" or
            any of the provisions of section 4.2 or 5.2 which are applicable
            upon a Change of Control,

                  (c) change the definition of the term "Permitted Acquisition"
            or any of the provisions of section 9.2(b) which are applicable to
            Permitted Acquisitions which would have the effect of depriving such
            Lender of its rights with respect to "hostile acquisitions" as
            contemplated by such definition,

                  (d) amend, modify or waive any provision of this section
            12.12, or section 11.7, 12.1, 12.4, 12.6 or 12.7(b), or any other
            provision of any of the Credit Documents pursuant to which the
            consent or approval of all Lenders is by the terms of such provision
            explicitly required,

                  (e) reduce the percentage specified in, or otherwise modify,
            the definition of Required Lenders,

                  (f) consent to the assignment or transfer by a Borrower of any
            of its rights and obligations under this Agreement, or

                  (g) release any Guarantor from its Guaranty, EXCEPT in
            connection with a transaction permitted by section 9.2 of this
            Agreement;

      PROVIDED FURTHER that the Collateral Agent and, if applicable, the
      Administrative Agent may release Collateral covered by the Collateral
      Agency Agreement, and enter into intercreditor or subordination agreements
      in respect of such Collateral, and its respective interest therein, if
      any, if such release or intercreditor agreement is approved by the
      requisite "Secured Creditors" under and pursuant to the provisions of
      Section 8.4 of the Collateral Agency Agreement.

      No provision of section 11 may be amended without the consent of the
      Administrative Agent.

      2. Conditional Waiver.

      A. Subject to the terms and conditions of this Fourth Amendment,
including, without limitation, Section 4, below, the Lenders hereby waive the
Borrowers' breach, as of November 30, 2002, of the covenant contained in Section
9.10 (Consolidated Tangible Net Worth) of the Credit Agreement (and the
resulting Existing Default), but only to the extent that the Consolidated
Tangible Net Worth as of such date was not less than $198,000,000.

                                       9
<PAGE>

      B. The foregoing waiver is limited to its express terms and shall not be
deemed to be a waiver of any other Event of Default or Default which may have
existed on or prior to the date hereof or any Event of Default or Default which
may hereafter arise under any of the foregoing Section or under any other
provision of the Credit Agreement or any of the other Credit Documents. Further,
the granting of this waiver shall not be construed as an agreement or
understanding by the Lenders to grant any other waiver or other accommodation in
the future with respect to the foregoing Section or any other provision of the
Credit Agreement or any of the other Credit Documents.

      3. Authorization. Subject to the terms and conditions of this Fourth
Amendment, including, without limitation, Section 4, below, in accordance with
Section 8.4 of the Collateral Agency Agreement, the Lenders hereby authorize the
Administrative Agent and the Collateral Agent, on behalf of the Lenders, to
enter into the Scotia Intercreditor Agreement.

      4. Delivery Date; Conditions Precedent. The modifications to the Credit
Agreement set forth in Section 1, above, the waiver set forth in Section 2,
above, and the authorization set forth in Section 3, 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 and the other Credit Documents
contemplated hereby; (ii) true and correct copies of that Borrower's current
Charter or Articles of Incorporation and By-laws or Code of Regulations (or, if
applicable, that no modifications thereof have been made since they were most
recently certified to the Lenders); (iii) the names and true signatures of the
officers of that Borrower authorized to sign this Fourth Amendment and any
Mortgage required hereby on behalf of that Borrower; (iv) that,

                                       10
<PAGE>

after giving effect to the amendments set forth herein, no Event of Default or
Default exists; and (v) that 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 and the other Credit Documents
contemplated hereby; (ii) true and correct copies of that Guarantor's current
Charter or Articles of Incorporation and By-laws or Code of Regulations (or, if
applicable, that no modifications thereof have been made since they were most
recently certified to the Lenders); (iii) the names and true signatures of the
officers of that Guarantor authorized to sign this Amendment and any Mortgage
required hereby on behalf of that Guarantor; and (iv) that, after giving effect
to the amendments set forth herein, no Event of Default or Default exists.

      C. Counsel to the Borrowers and the Guarantors shall have delivered to
each Lender a written opinion as to the due authorization, execution, delivery
and enforceability of this Fourth Amendment and the other documents described in
paragraphs E through J, inclusive, of this Section 4, in form and substance
satisfactory to the Administrative Agent; provided that no opinion with respect
to the enforceability of any document described in paragraph F below shall be
required.

      D. The Borrowers shall have paid to the Administrative Agent in
immediately available funds, for the ratable benefit of the Lenders, an
amendment fee in the amount of Ninety-seven Thousand Five Hundred Dollars
($97,500).

      E. All of the parties to the Collateral Agency Agreement shall have
executed and delivered to Administrative Agent a Second Amendment to
Intercreditor and Collateral Agency

                                       11
<PAGE>

Agreement in the form of Attachment 1 hereto.

      F. Each Borrower and Guarantor that owns real property or holds a
leasehold interest in a Development Bond Site (said real property and the
Development Bond Sites being, collectively, the "Mortgaged Property") shall have
executed and delivered to the Administrative Agent a Mortgage substantially in
the form of Attachment 2 hereto (as to a Borrower) or Attachment 3 hereto (as to
a Guarantor) on all Mortgaged Property owned by such Borrower or Guarantor or in
which such Borrower or Guarantor holds a leasehold interest, 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 Mortgaged Property to be duly perfected and subject only to such
matters as are approved by the Administrative Agent, and shall have accompanied
each such Mortgage with an ALTA loan policy of title insurance in form and
substance reasonably satisfactory to the Administrative Agent; provided,
however, that no such Mortgage shall encumber any Mortgaged Property if the
grant of such Mortgage would cause a default under, or accelerate the maturity
of indebtedness secured by, any mortgage, deed of trust, ground lease or other
lien or lease instrument that encumbers such Mortgaged Property on the Effective
Date (each a "Prior Encumbrance") until such time as such Borrower or such
Guarantor, as applicable, has obtained the consent of the holder of such Prior
Encumbrance; provided further that each Borrower shall, or shall cause such
Guarantor to, use its best efforts (subject to commercial reasonableness) to
obtain such consent promptly following the Effective Date.

      G. Each of the Guarantors shall have executed a confirmation of its
Guaranty in the form of Attachment 4 hereto.

      H. Each of the Borrowers shall have executed and delivered to the
Administrative Agent an amendment to the Security Agreement in the form of
Attachment 5 hereto; and each of

                                       12
<PAGE>

the Guarantors shall have executed and delivered to the Administrative Agent an
amendment to the Subsidiary Security Agreement in the form of Attachment 6
hereto.

      I. BEM Services, Inc, an Ohio corporation and a Subsidiary of the Parent,
shall have executed and delivered to the Administrative Agent a Guaranty
(substantially in the form of the Guaranties) and shall have joined in the
Subsidiary Security Agreement as an "Assignor" thereunder pursuant to a joinder
in the form of Attachment 7 hereto.

      J. Brush International, Inc. shall have pledged to the Administrative
Agent sixty-five percent (65%) of the issued and outstanding capital stock of
each of the Foreign Subsidiaries pursuant to a Foreign Subsidiary Pledge
Agreement in the form of Attachment 8 hereto.

      K. All of the parties to the Synthetic Lease shall have executed and
delivered an amendment thereto in form and substance satisfactory to the
Administrative Agent, and all conditions to its effectiveness shall have been
satisfied.

      L. The Borrowers shall have delivered to the Administrative Agent a true
and complete copy of each metals lease, metals consignment agreement, metals
inventory security agreement or other similar agreement otherwise named in
effect on the Delivery Date pursuant to which any Borrower or Subsidiary leases
metals or otherwise possesses metals in which any other Person claims an
ownership interest or pursuant to which any Borrower or Subsidiary has granted
to a Person, other than the Collateral Agent, a security interest or other Lien.

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

      5. No Other Modifications; Same Indebtedness. Except as expressly provided
in this Fourth 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

                                       13
<PAGE>

Fourth 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 Fourth Amendment, be and hereby is the same Indebtedness as that owing
under the Credit Agreement immediately prior to the effectiveness hereof.

      6. Confirmation of Debt. Each Borrower hereby affirms all of its
liabilities and Obligations to the Lenders and the Administrative Agent under
the Credit Agreement, the Notes and the other Credit Documents and that such
liabilities and Obligations are owed to the Lenders and the Administrative
Agent. Each Borrower further acknowledges and agrees that as of the Delivery
Date, it has no claims, defenses or set-off rights against any of the Lenders or
the Administrative Agent, and there are no claims, defenses or set-offs to the
enforcement by the Lenders or the Administrative Agent of the liabilities and
Obligations of such Borrower to each of them under the Credit Agreement, the
Notes or the other Credit Documents.

      7. Governing Law; Binding Effect. This Fourth 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.

      8. Counterparts. This Fourth 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.

      9. 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,

                                       14
<PAGE>

incurred in connection with the preparation, execution and delivery of this
Fourth Amendment and the other documents contemplated hereby, including, without
limitation, the Second Amendment to Intercreditor and Collateral Agency
Agreement.

      B. This Fourth 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
Fourth 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 Fourth
Amendment shall constitute, or to be deemed to be or construed as, a waiver of
any Event of Default or any Default.

      10. Waiver of Jury Trial. EACH OF THE PARTIES TO THIS FOURTH AMENDMENT
HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING
OR COUNTERCLAIM (WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF
OR RELATING TO THIS AMENDMENT, THE OTHER CREDIT DOCUMENTS OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY. EACH PARTY HERETO HEREBY (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OR ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK
TO ENFORCE THE FOREGOING WAIVER, AND (B) ACKNOWLEDGES THAT IT AND THE OTHER
PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS FOURTH AMENDMENT BY, AMONG
OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATION IN THIS

                                       15
<PAGE>

SECTION.

                  [No additional provisions are on this page;
                      the next page is the signature page.]

                                       16
<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: /s/ [ILLEGIBLE]                  By: /s/ J. E. Focke
   -----------------------------         --------------------------------
   VP, Treasurer & Secretary             Janice E. Focke, Senior Vice President

BRUSH ENGINEERED MATERIALS INC.

By: /s/ [ILLEGIBLE]
    ----------------------------
    VP, Treasurer & Secretary

                  [Signatures continued on the following page]

                                       16
<PAGE>

LENDERS:

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

By: /s/ J. P. Byrnes
    --------------------------------------
    James P. Byrnes, Vice President

NATIONAL CITY BANK, as Lender
and Swing Line Lender

By: /s/ J. E. Focke
    --------------------------------------
    Janice E. Focke, Senior Vice President

HARRIS TRUST AND SAVINGS BANK

By: /s/ Sarah Johnston
    --------------------------------------
    Sarah Johnston, Vice President

U.S. BANK NATIONAL ASSOCIATION,
f/k/a Firstar Bank, N.A.

By: /s/ Edward C. [ILLEGIBLE], Vice President
    --------------------------------------
    Edward C. [ILLEGIBLE], Vice President

MANUFACTURERS AND TRADERS
TRUST COMPANY

By: /s/ Kevin B. Quinn
    --------------------------------------
    Kevin B. Quinn, Vice President

LASALLE BANK NATIONAL ASSOCIATION

By: /s/ [ILLEGIBLE]
    --------------------------------------
    [ILLEGIBLE]

                                     17
<PAGE>

                               List of Attachments

<TABLE>
<S>             <C>
Attachment 1    Form of Second Amendment to Intercreditor and Collateral Agency Agreement

Attachment 2    Form of Borrower Mortgage

Attachment 3    Form of Guarantor Mortgage

Attachment 4    Form of Guarantor Confirmation

Attachment 5    Form of Amendment to Security Agreement

Attachment 6    Form of Amendment to Subsidiary Security Agreement

Attachment 7    Form of Joinder of BEM Services, Inc.

Attachment 8    Form of Foreign Subsidiary Pledge Agreement

Attachment 9    Form of Scotia Intercreditor Agreement
</TABLE>

                                       19<PAGE>
                                                                      Exhibit 4f

                       FIFTH AMENDMENT TO CREDIT AGREEMENT

         THIS FIFTH AMENDMENT TO CREDIT AGREEMENT ("this Fifth Amendment") is
made and entered into as of the 7th day of March, 2003, 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 Fifth 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, 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, a
Second Amendment dated as of September 28, 2001, a Third Amendment dated as of
December 31, 2001, and a Fourth Amendment dated as of January 29, 2003
(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. As of the close of business on March 6, 2003, the aggregate unpaid
principal balance

<PAGE>
of the General Revolving Credit Loans was $30,840,000, the
aggregate unpaid principal balance of the Swing Line Revolving Loans was
$4,210,000, and the aggregate undrawn amount of Letters of Credit outstanding
was $3,311,300.

         D. Subject to the terms and conditions of this Fifth Amendment, 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.  AMENDMENTS TO THE CREDIT AGREEMENT. Subject  to the  terms  and
conditions  of  this  Fifth Amendment, including, without limitation, Section 2,
below, the Credit Agreement is hereby amended as follows:

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

             "EXCESS CASH FLOW" shall mean for any period, an amount (but
         in no event less than $-0-) equal to Consolidated EBITDA for such
         period, minus the aggregate of (i) Consolidated Interest Expense for
         such period, (ii) scheduled or mandatory repayments, prepayments and
         redemptions of principal Indebtedness, on a consolidated basis, due and
         payable during such period (other than the Loans), (iii) Consolidated
         Capital Expenditures permitted by this Agreement and made during such
         period (other than Consolidated Capital Expenditures made with the
         proceeds of Indebtedness, other than Loans), and (iv) payments made
         during such period with respect to 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).

             "LIQUIDITY RESERVE" shall mean, upon the effectiveness of the
         Fifth Amendment to this Agreement, Five Million Dollars ($5,000,000)
         and on any date thereafter, an amount equal to (i) $5,000,000, plus
         (ii) the aggregate amount of all Mandatory Reductions effective on or
         prior to such date.

             "MANDATORY REDUCTIONS" shall mean, collectively, the aggregate
         of any and all

                                       2
<PAGE>

         reductions in the Total General Revolving Commitment
         effective after the effectiveness of the Fifth Amendment to this
         Agreement (a) pursuant to clause (i) of the first sentence of section
         4.2(b) of this Agreement by reference to any mandatory prepayment of
         Loans made pursuant to section 5.2(d) of this Agreement and (b)
         pursuant to clause (ii) of the first sentence of section 4.2(b) of this
         Agreement by reference to Excess Cash Flow for the Parent's fiscal year
         ending December 31, 2003.

         B. The definitions of "Borrowing Base", "Cash Proceeds", "Maturity
Date", and "Net Cash Proceeds" in Section 1.1 (Definitions) of the Credit
Agreement are amended and restated in their entirety to provide, respectively,
as follows:

            "ASSET SALE" shall mean the sale, transfer or other
         disposition (including by means of Sale and Lease-Back Transactions,
         and by means of mergers, consolidations, and liquidations of a
         corporation, partnership or limited liability company of the interests
         therein of a Borrower or any Subsidiary, but excluding sales of
         Inventory in the ordinary course of business of a Borrower or any
         Subsidiary) by a Borrower or any Subsidiary to any person of any of
         their respective assets.

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

            (i)      an amount equal to eighty-five percent (85%) 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) $40,000,000 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,

         minus, (b) the Liquidity Reserve at such time.

            "CASH PROCEEDS" shall mean, with respect to any event or
         transaction of the type described in any of clauses (a), (b) and (c) of
         the definition of Net Cash Proceeds, the aggregate cash payments
         (including any cash received by way of deferred payment pursuant to a
         note receivable issued in connection with such event or transaction,
         other than the portion of such deferred payment constituting interest,
         but only as and when so received) received by the Borrowers and/or any
         Subsidiary from such event or transaction.

            "MATURITY DATE" shall mean April 5, 2004, or such earlier date
         on which the Total Commitment is terminated.

            "NET CASH PROCEEDS" shall mean, (a) with respect to any Asset
         Sale, the Cash Proceeds resulting therefrom net of (i) reasonable and
         customary expenses of sale incurred

                                       3
<PAGE>
         in connection with such Asset Sale (including, without limitation,
         sales commissions and legal, accounting, broker and investment banking
         fees), and other reasonable and customary fees and expenses incurred,
         and all state, and local taxes paid or reasonably estimated by the
         Parent to be payable by such person, as a consequence of such Asset
         Sale and the payment of principal, premium and interest of Indebtedness
         (other than the Obligations) secured by the asset which is the subject
         of the Asset Sale and required to be, and which is, repaid under the
         terms thereof as a result of such Asset Sale and (ii) incremental
         income taxes paid or payable as a result thereof, (b) with respect to
         any sale or issuance of equity or debt securities or other incurrence
         of Indebtedness by a Credit Party, the Cash Proceeds resulting
         therefrom net of reasonable and customary fees and expenses incurred as
         a consequence of such sale, issuance or incurrence (including, without
         limitation, sales and underwriter's commissions, up-front fees and
         placement fees), and (c) with respect to any destruction, governmental
         taking or other involuntary disposition of property, the Cash Proceeds
         resulting therefrom net of reasonable and customary fees and expenses
         incurred as a consequence of such disposition and the claim for and
         collection of such Cash Proceeds, and all state, and local taxes paid
         or reasonably estimated by the Parent to be payable by such person, as
         a consequence of such disposition and the payment of principal, premium
         and interest of Indebtedness (other than the Obligations) secured by
         the asset which is the subject of such disposition and required to be,
         and which is, repaid under the terms thereof as a result of such
         disposition.

         C. The definition of "Permitted Master Copper Lease Agreements" in
Section 1.1 (Definitions) of the Credit Agreement is amended by deleting
therefrom the words and sum "an amount greater than $15,000,000" and inserting
therein the sum "$10,000,000" in their stead.

         D. The definition of "Permitted Precious Metal Consignments" in
Section 1.1 (Definitions) of the Credit Agreement is amended by deleting
therefrom the sum "$70,000,000" and inserting therein the sum "$50,000,000" in
its stead.

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

         (ii) shall be made only in U.S. Dollars or in the case of Eurodollar
         Loans, may be made in an Alternative Currency, so long as such Loan in
         an Alternative Currency (A) is in replacement of a then maturing
         outstanding Loan in an Alternative Currency, (B) is in the same or a
         lesser principal amount as the Loan that it replaces, and (C) is in the
         same Alternative Currency as the Loan that it replaces,

         F. Section 2.8(h) (Interest Margins) of the Credit Agreement is amended
and  restated

                                       4
<PAGE>
in its entirety to provide as follows:

             (h) INTEREST MARGINS. As used herein, the term "APPLICABLE PRIME
         RATE MARGIN", as applied to any Loan which is a Prime Rate Loan, means
         two hundred fifty (250) basis points per annum; and the term
         "APPLICABLE EURODOLLAR MARGIN", as applied to any General Revolving
         Loan which is a Eurodollar Loan, means four hundred (400) basis points
         per annum.

         G. Clause (i) of Section 2A.1(b) (Letters of Credit) of the Credit
Agreement is amended by deleting therefrom the sum "$5,000,000" and inserting
therein the sum "$10,000,000" in its stead.

         H. The following provision is added as a new Section 3.4 of the Credit
Agreement immediately following Section 3.3 and preceding Section 4:

             3.4 INCREMENTAL FEES. The Borrowers agree to pay to the
         Administrative Agent, for the account of each Non-Defaulting Lender
         that has a General Revolving Commitment, a fee (each an "Incremental
         Fee") (i) on each of June 30, 2003 and September 30, 2003, in an amount
         equal to twelve and one-half (12.5) basis points, times the General
         Revolving Commitment of such Non-Defaulting Lender on such date,
         whether used or unused, and (ii) on February 28, 2004, in an amount
         equal to twenty-five (25) basis points, times the General Revolving
         Commitment of such Non-Defaulting Lender on December 31, 2003, whether
         used or unused; provided, however, that (i) although the Incremental
         Fee payable on February 28, 2004 shall be deemed earned in full on
         December 31, 2003, if Consolidated EBITDAR for the Parent's fiscal year
         ending December 31, 2003 is at least $28,000,000, payment of one-half
         (1/2) of such Incremental Fee shall be waived by each Lender, (ii) no
         Incremental Fee shall be payable on any of the foregoing dates if,
         prior to such date, the Liquidity Reserve has been increased by
         Mandatory Reductions aggregating at least $10,000,000, and (iii) if,
         pursuant to Section 10.2, below, the maturity of the Loans and other
         Obligations is accelerated, all of the foregoing scheduled Incremental
         Fees not theretofore paid shall be due and payable in full upon such
         acceleration and shall be computed on the General Revolving Commitment
         of each Non-Defaulting Lender on such date of acceleration.

         I.  Section 4.2(b) (Mandatory Termination/Adjustments of Commitments,
etc.) of the Credit Agreement is amended and restated in its entirety to provide
as follows:

             (b) The Total General Revolving Commitment shall be permanently
         reduced, without premium or penalty, (i) at the time that any mandatory
         prepayment of General Revolving Loans would be made pursuant to section
         5.2(d) if General Revolving Loans were then outstanding in the full
         amount of the Total General Revolving Commitment then in effect (and no
         Swing Line Revolving Loans were then outstanding), in an amount equal
         to the required prepayment of principal of General Revolving Loans
         which would be required

                                       5
<PAGE>

         to be made in such circumstance and (ii) on and after the date that is
         fifteen (15) days after the date on which the Borrowers deliver to the
         Lenders and the Administrative Agent the audited financial statements
         of the Parent and its Subsidiaries for their fiscal year ending
         December 31, 2003 pursuant to Section 8.1(a) of this Agreement, in an
         amount equal to seventy-five percent (75%) of Excess Cash Flow for the
         Parent's fiscal year ending December 31, 2003. Any such reduction shall
         apply to reduce proportionately and permanently the General Revolving
         Commitment of each of the Lenders. Unless the Borrowers theretofore
         have provided notice to the Administrative Agent pursuant to any other
         provision of this Agreement, the Borrowers will provide at least three
         Business Days' prior written notice (or telephonic notice confirmed in
         writing) to the Administrative Agent at its Notice Office (which notice
         the Administrative Agent shall promptly transmit to each of the
         Lenders), of any reduction of the Total General Revolving Commitment
         pursuant to this section 4.2(b), specifying the date and amount of the
         reduction.

         J. Section 5.2(d) (Certain Proceeds of Asset Sales) of the of the
Credit Agreement is amended and restated in its entirety to provide as follows:

            (d) CERTAIN PROCEEDS OF ASSET SALES, EQUITY SALES, DEBT AND OTHER
         DISPOSITIONS.

                  (i)     If at any time, a Borrower or any Subsidiary receives:

                  (A)     Net Cash Proceeds of an Asset Sale (or series of
         related Asset Sales) in an aggregate amount greater than $250,000, then
         on the date of receipt thereof, an amount equal to 100% of the Net Cash
         Proceeds in excess of such amount from such Asset Sale (or such series)
         shall, immediately upon receipt, be paid to the Administrative Agent
         and applied as a mandatory prepayment of principal of first, Swing Line
         Revolving Loans and, SECOND, after Swing Line Revolving Loans have been
         paid in full, General Revolving Loans (provided that if a Default or
         Event of Default shall then exist, all Net Cash Proceeds from such
         Asset Sale (or such series) shall be prepaid and applied as aforesaid);

                  (B)     Net Cash Proceeds of any sale or issuance of equity or
         debt securities or other incurrence of Indebtedness (other than (I)
         Obligations, (II) credit or metals availability under Permitted
         Precious Metal Consignments, (III) Guaranty Obligations permitted by
         this Agreement, (IV) all net obligations of a Borrower or any
         Subsidiary under any Hedge Agreement, (V) Indebtedness of a Borrower or
         any Subsidiary to any Borrower or any Subsidiary, (VI) Indebtedness
         permitted pursuant to section 9.4(c) of this Agreement, and (VII) other
         Indebtedness in principal amount as to any incurrence or series of
         related incurrences of not more than $100,000), then on the date of
         receipt thereof, an amount equal to 100% of the Net Cash Proceeds
         shall, immediately upon receipt, be paid to the Administrative Agent
         and applied as a mandatory prepayment of principal of FIRST, Swing Line
         Revolving Loans and, SECOND, after Swing Line Revolving Loans have been
         paid in full, General Revolving Loans; and

                                       6
<PAGE>

                  (C) Net Cash Proceeds of any destruction, governmental taking
         or other involuntary disposition of property in an amount greater than
         $500,000, then on the date of receipt thereof, an amount equal to 100%
         of the Net Cash Proceeds in excess of such amount from such disposition
         shall, immediately upon receipt, be paid to the Administrative Agent
         and applied as a mandatory prepayment of principal of FIRST, Swing Line
         Revolving Loans and, SECOND, after Swing Line Revolving Loans have been
         paid in full, General Revolving Loans (provided that if a Default or
         Event of Default shall then exist, all Net Cash Proceeds from such
         disposition shall be prepaid and applied as aforesaid).

                  (ii) Any and all prepayments of Loans under paragraph (i),
         above, that consist in whole or in part of Eurodollar Loans shall be
         accompanied, as to each such Eurodollar Loan, by all accrued and unpaid
         interest thereon and by any amounts payable pursuant to section 2.11 of
         this Agreement.

         K. Clause (ii) of Section 8.1(i) (Monthly Financial Statements;
Borrowing Base Certificate; Inspection) of the Credit Agreement is amended and
restated in its entirety to provide as follows:

            (ii) (A) As soon as available and in any event on or before the last
         Business Day of each calendar week, commencing March 14, 2003, (I) 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") and (II) a rolling report of the Parent's projected cash
         receipts and cash disbursements, on a consolidated basis, for the
         ensuing thirteen (13) week period in form and content reasonably
         satisfactory to the Administrative Agent, including without limitation,
         projected Borrowing Base, and General Revolving Loan availability as of
         the last Business Day of each week covered by such report, and a
         variance analysis of the Parent's actual cash receipts and cash
         disbursements, on a consolidated basis, for the most recently ended
         past period covered in the most recent such report in form and content
         reasonably satisfactory to the Administrative Agent; (B) 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 (I) a summary aged trial balance of each Credit Party's Accounts
         dated as of such month end, and (II) an Inventory record as of such
         month end; and (C) promptly following the request of the Administrative
         Agent, any of: a reconciliation to the respective general ledger
         balance and 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 an Inventory 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).

         L. The following two sentences are added to the end of Section 8.2 of
the Credit

                                       7
<PAGE>

Agreement:

         Without limiting the generality of the foregoing, the Parent shall
         cause each Credit Party (i) to permit the Administrative Agent, and its
         officers, employees, and field auditors, appraisers and other agents,
         to make such field examinations, appraisals, inspections, reviews,
         evaluations and test verifications and counts of the Accounts,
         Inventory and other Collateral of any Credit Party (each an
         "Examination" and, collectively, "Examinations") as the Administrative
         Agent may from time to time request (provided that such Examinations
         shall be in accordance with such Credit Party's applicable safety
         procedures and regulations and, so long as no Default or Event of
         Default then exists, shall be made upon reasonable prior written notice
         to the Parent, during normal business hours and at reasonable
         frequency) and (ii) to furnish all such reasonable assistance and
         information as the Administrative Agent or any such officer, employee,
         field auditor, appraiser or other agent may reasonably require in
         connection therewith. The Borrowers shall reimburse the Administrative
         Agent promptly for all reasonable costs and expenses incurred by the
         Administrative Agent in connection with each such Examination; provided
         that so long as no Default or Event of Default then exists, the
         Borrowers shall not be required to reimburse the Administrative Agent
         for the costs and expenses of more than one (1) Examination in any
         fiscal quarter of the Parent.

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

            (b) ACQUISITIONS. [Intentionally Deleted].

         N. Clause (A) of the  first proviso of Section 9.2(c) (Permitted
Dispositions) is amended and restated in its entirety to provide as follows:

            (A) the consideration for such transaction represents fair value
         (as determined by management of the Parent and approved by the
         Administrative Agent and the Required Lenders in writing, which
         approval shall not be withheld or delayed unreasonably), and at least
         90% of such consideration consists of cash (with any instrument
         evidencing any deferred portion of consideration being deposited in
         pledge with the Collateral Agent pursuant to, as the case may be, the
         Security Agreement or the Subsidiary Security Agreement),

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

            (e) CAPITAL EXPENDITURES. The Borrowers and the Subsidiaries shall
         not make any Consolidated Capital Expenditure if, after giving effect
         to such Consolidated Capital Expenditure, the aggregate of all
         Consolidated Capital Expenditures made (i) during the

                                       8
<PAGE>

         fiscal year of the Parent ending December 31, 2003 would exceed
         $10,000,000 or (ii) during the fiscal quarter ending March 31, 2004
         would exceed $3,000,000.

         P. Section 9.4(j) (Additional Unsecured Debt of the Borrowers) of the
Credit Agreement is amended by deleting therefrom the sum "$5,000,000" and
inserting therein the sum "$3,000,000" in its stead.

         Q. Section 9.5(e) (Advances, Investments, Loans and Guaranty
Obligations) of the Credit Agreement is amended and restated in its entirety to
provide as follows:

            (e) the loans, advances, investments and guarantees in respect of
         Indebtedness of persons other than Wholly-Owned Subsidiaries of the
         Borrowers on the date of the Fifth Amendment to this Agreement and
         described in Annex V hereto and any refinancing, extension, renewal or
         refunding thereof;

         R. Section 9.5(k) (Advances, Investments, Loans and Guaranty
Obligations) of the Credit Agreement is amended by deleting therefrom the sum
"$10,000,000" and inserting therein the sum "$1,000,000" in its stead.

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

            9.7 INTEREST COVERAGE RATIO. The Borrowers shall not permit  the
         Interest Coverage Ratio for the Testing Period ending on any of the
         following dates to be less than the ratio set forth below opposite such
         date:

<TABLE>
<CAPTION>
         Testing Period Ending                                Minimum Ratio
         ---------------------                                -------------
<S>                                                           <C>
         June 30, 2003                                        1.20 to 1
         September 30, 2003                                   1.25 to 1
         December 31, 2003                                    1.35 to 1
         March 31, 2004                                       1.50 to 1;
</TABLE>

         provided, however, that for the purposes of this Section 9.7 only, in
         computing the Interest Coverage Ratio for the Testing Period ending
         June 30, 2003, Consolidated EBITDAR shall be deemed to mean an amount
         equal to Consolidated EBITDAR for the period January 1, 2003 through
         June 30, 2003, times two (2); and, in computing the Interest Coverage
         Ratio

                                       9
<PAGE>

         for the Testing Period ending September 30, 2003, Consolidated EBITDAR
         shall be deemed to mean an amount equal to Consolidated EBITDAR for the
         period January 1, 2003 through September 30, 2003, times one and
         one-third (1 1/3).

         T. 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:

            9.8 RATIO OF CONSOLIDATED TOTAL DEBT TO CONSOLIDATED EBITDAR.
         The Borrowers shall not permit the ratio of (i) the amount of
         Consolidated Total Debt as of the end of any Testing Period ending on
         and after December 31, 2003 to (ii) Consolidated EBITDAR for such
         Testing Period, to exceed 5.00 to 1.

         U. 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. MINIMUM EBITDAR. The Borrowers shall not at any time permit the
         Consolidated EBITDAR for the Testing Period ending on any of the
         following dates to be less than the amount set forth opposite such
         date:

<TABLE>
<CAPTION>
         Testing Period Ending              Minimum EBITDAR
         ---------------------              ---------------
<S>                                         <C>
         March 31, 2003                     $ 8,500,000
         June 30, 2003                      $10,500,000
         September 30, 2003                 $14,000,000
         December 31, 2003                  $22,000,000
         March 31, 2004                     $24,000,000.
</TABLE>

         V. 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 shall not permit
         the Consolidated Tangible Net Worth to be less than (i) $185,000,000 as
         of December 31, 2002 or (ii) $180,000,000 at any time thereafter.

         W. The following provision is added as new a Section 9.19 of the Credit
Agreement immediately following Section 9.18 and before Section 10:

            9.19 CONSULTANT ACCESS. Each Borrower hereby agrees to instruct and
         authorize, and to cause each Subsidiary to instruct and authorize, FTI
         Consultants, Inc. (the "Consultant") to provide to the Administrative
         Agent and each Lender, promptly upon the request of the Administrative
         Agent or any Lender, true and complete copies of such reports,

                                       10
<PAGE>
         analyses and other information relating to any one or more of the
         Credit Parties, or otherwise arising from or in connection with such
         Consultant's engagement, as the Administrative Agent or any Lender may
         from time to time reasonably request and to discuss with the
         Administrative Agent and the Lenders, promptly upon the written request
         of the Administrative Agent or any Lender to the Consultant (with a
         copy of any such notice to the Parent), all aspects of the business and
         property of any one or more of the Credit Parties and all of the
         Consultant's findings, opinions and conclusions, whether tentative or
         final; PROVIDED that any Credit Party potentially affected by any such
         discussions, shall be entitled to have one or more representatives
         present to observe such discussions.

         X. Section 10.1(e) (Cross Default Under Other Agreements; Precious
Metals Consignments) of the Credit Agreement is amended by adding the following
clause to the end thereof, immediately following the word "or" at the end of
clause (ii) thereof:

         (iii) there shall occur a "Default" as that term is defined and used in
         the Master Lease Agreement, dated as of December 30, 1996, as amended,
         between NCB, for itself and certain participants, as lessor, and Brush
         Wellman, as lessee; or

         Y. Section 10.1(f) (Judgments) of the Credit Agreement is amended by
deleting therefrom the sum "$5,000,000" and inserting the sum "$1,000,000" in
its stead.

         Z. Section 10.1(i) (Material Adverse Change) of the Credit Agreement is
amended and restated in its entirety to provide as follows:

            (i) MATERIAL ADVERSE CHANGE: [Intentionally Deleted].

             AA. The following sentence is added to the end of Section 10.3
(Application  of  Liquidation Proceeds):

             Notwithstanding anything to the contrary in this Section 10.3 or
             any other provision of this Agreement, the provisions contained in
             any Mortgage encumbering real property in the State of New York
             with respect to application of proceeds or other payments to the
             Indebtedness secured by such Mortgage shall prevail over the
             provisions of this Agreement.

             BB. Annex I (Information as to Lenders) to the Credit Agreement is
replaced in full by the Amended and Restated Annex I attached as Attachment 1
hereto.

             CC. Annex V (Description of Existing Advances, Loans, Investments
and Guaranties) to

                                       11
<PAGE>

the Credit Agreement is replaced in full by the Amended and Restated Annex V
attached as Attachment 2 hereto.

         2. DELIVERY DATE; CONDITIONS PRECEDENT. The modifications to the Credit
Agreement set forth in Section 1, 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 and the other Credit Documents
contemplated hereby; (ii) true and correct copies of that Borrower's current
Charter or Articles of Incorporation and By-laws or Code of Regulations (or, if
applicable, that no modifications thereof have been made since they were most
recently certified to the Lenders); (iii) the names and true signatures of the
officers of that Borrower authorized to sign this Fifth Amendment 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) that 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 and the other Credit Documents
contemplated hereby; (ii) true and correct copies of that Guarantor's current
Charter or Articles of Incorporation and By-laws or Code of Regulations (or, if
applicable, that no modifications thereof have been made since they were most
recently certified to the Lenders); (iii) the names and true signatures of the
officers of that Guarantor authorized to sign this Amendment on behalf of that
Guarantor; and (iv) that, after giving effect to the amendments set forth
herein, no Event of Default or Default exists.

                                       12
<PAGE>

         C. Counsel to the Borrowers and the Guarantors shall have delivered to
each Lender a written opinion as to the due authorization, execution, delivery
and enforceability of this Fifth Amendment and the other documents described in
paragraphs E through H, inclusive, of this Section 3, in form and substance
satisfactory to the Administrative Agent; provided that no opinion with respect
to the enforceability of any document described in paragraph G below shall be
required.

         D. The Borrowers shall have paid to the Administrative Agent in
immediately available funds, for the ratable benefit of the Lenders, an
amendment fee in the amount of One Hundred Ninety-two Thousand Five Hundred
Dollars ($192,500).

         E. All of the parties to the Collateral Agency Agreement shall have
executed and delivered to Administrative Agent a Third Amendment to
Intercreditor and Collateral Agency Agreement in the form of Attachment 3
hereto.

         F. Each of the  Guarantors shall have executed an amendment of its
Guaranty and of the Subsidiary Security Agreement in the form of, respectively,
Attachment 4 and Attachment 5 hereto.

         G. Each Guarantor that has granted to the Collateral Agent a Mortgage
shall have executed and delivered to the Administrative Agent an amendment to
such Mortgage in the form of Attachment 6 hereto and shall, at the Borrowers'
expense, accompany such amendment with an endorsement to the ALTA loan policy of
title insurance in respect of such Mortgage in form and substance reasonably
satisfactory to the Administrative Agent.

         H. Brush International, Inc. shall have executed and delivered to the
Administrative Agent a confirmation of the Foreign Subsidiary Pledge Agreement
in the form of Attachment 7 hereto.

         I. All of the parties to the Synthetic Lease shall have executed and
delivered an amendment thereto in form and substance satisfactory to the
Administrative Agent, and all

                                       13
<PAGE>
conditions to its effectiveness shall have been satisfied.

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

         3. No Other Modifications; Same Indebtedness. Except as expressly
provided in this Fifth 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 Fifth 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 Fifth Amendment, be and
hereby is the same Indebtedness as that owing under the Credit Agreement
immediately prior to the effectiveness hereof.

         4. Confirmation of Obligations; Release.

         (a) Each Borrower hereby confirms that the Borrowers are indebted to

the Lenders, the Swing Line Lender and the Letter of Credit Issuer, as their
interests may appear, for the Loans evidenced by the Notes and for the Letters
of Credit in the amounts and as of the date set forth in Recital C, above, and
are also obligated to the Lenders, the Swing Line Lender, the Administrative
Agent and the Letter of Credit Issuer in respect of other Obligations as set
forth in the Credit Agreement and the other Credit Documents. Each Borrower
further acknowledges and agrees that as of the date hereof, it has no claim,
defense or set-off right against any Lender, the Swing Line Lender, the
Administrative Agent or the Letter of Credit Issuer of any nature whatsoever,
whether sounding in tort, contract or otherwise, and as of the date hereof has
no claim, defense or set-off of any nature whatsoever to the enforcement by the
Lenders, the Swing Line Lender, the Administrative Agent and the Letter of
Credit Issuer of the full amount of the Loans and other

                                       14
<PAGE>

Obligations of the Borrowers under the Credit Agreement and the other Credit
Documents.

         (b) Notwithstanding the foregoing, to the extent that any claim,
cause of action, defense or set-off against any Lender, the Swing Line Lender,
the Administrative Agent or the Letter of Credit Issuer or the enforcement by
any of them of the Credit Agreement, any Note, any other Credit Document, of any
nature whatsoever, known or unknown, fixed or contingent, does nonetheless exist
or may exist on the date hereof, in consideration of the Lenders' and the
Administrative Agent's entering into this Fifth Amendment, each Borrower
irrevocably and unconditionally waives and releases fully each and every such
claim, cause of action, defense and set-off which exists or may exist on the
date hereof.

         5. Governing Law; Binding Effect. This Fifth 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.

         6. Counterparts. This Fifth 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 Fifth Amendment and the other documents
contemplated hereby, including, without limitation, the Third Amendment to
Intercreditor and Collateral Agency Agreement.

         B. This Fifth Amendment is executed in accordance with and subject to
Section 12.12

                                       15
<PAGE>
of the Credit Agreement. The execution, delivery and performance by the
Lenders, the Swing Line Lender and the Administrative Agent of this Fifth
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 Fifth
Amendment shall constitute, or to be deemed to be or construed as, a waiver of
any Event of Default or any Default.

         8. Waiver of Jury Trial. EACH OF THE PARTIES TO THIS FIFTH AMENDMENT
HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING
OR COUNTERCLAIM (WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF
OR RELATING TO THIS AMENDMENT, THE OTHER CREDIT DOCUMENTS OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY. EACH PARTY HERETO HEREBY (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OR ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK
TO ENFORCE THE FOREGOING WAIVER, AND (B) ACKNOWLEDGES THAT IT AND THE OTHER
PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS FIFTH AMENDMENT BY, AMONG
OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATION IN THIS SECTION.

                  [No additional provisions are on this page;
                     the next page is the signature page.]

                                       16
<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:_________________________________

   ----------------, --------------            ----------------, --------------

BRUSH ENGINEERED MATERIALS INC.

By:________________________________

   ----------------, ---------------

                  [Signatures continued on the following page]

                                       17

<PAGE>

LENDERS:

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

By: ______________________________

    ----------------, --------------

NATIONAL CITY BANK, as Lender
and Swing Line Lender

By: ______________________________

    ----------------, --------------

HARRIS TRUST AND SAVINGS BANK

By: ______________________________

    ----------------, --------------

U.S. BANK NATIONAL ASSOCIATION,
f/k/a Firstar Bank, N.A.

By: ______________________________

    ----------------, --------------

MANUFACTURERS AND TRADERS
TRUST COMPANY

By: ______________________________

    ----------------, --------------

LASALLE BANK NATIONAL ASSOCIATION

By: ______________________________

    ----------------, --------------

                                       18

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