Document:

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                                                                     EXHIBIT 4.5

                        RULES OF THE BCO TECHNOLOGIES PLC

                              APPROVED SHARE SCHEME

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                                 MCGRIGOR DONALD
                                   SOLICITORS

                                  Pacific House
                              70 Wellington Street
                                     GLASGOW
                                     G2 6SB
                            Telephone: 0141 248 6677
                       Facsimile: 0141 204 1351 / 221 1390
                         E-Mail: enquiries@mcgrigors.com
                       Web Site: HTTP://WWW.MCGRIGORS.COM
                                    189367.1

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                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
CLAUSE    HEADING                                                                                          PAGE NO.

<S>       <C>                                                                                              <C>
1         DEFINITIONS AND INTERPRETATION......................................................................2

2         GRANT OF OPTIONS....................................................................................4

3         DEALINGS IN OPTIONS.................................................................................4

4         INLAND REVENUE LIMIT ON SHARES SUBJECT TO OPTION....................................................5

5         INVESTOR PROTECTION COMPANY LIMITS ON OPTIONS.......................................................5

6         EXERCISE OF OPTIONS.................................................................................6

7         LAPSE OF OPTIONS....................................................................................7

8         CESSATION OF SERVICE................................................................................7

9         TAKEOVERS AND LIQUIDATIONS..........................................................................8

10        VARIATION OF SHARE CAPITAL..........................................................................9

11        MANNER OF EXERCISE OF OPTIONS......................................................................10

12        ALTERATION.........................................................................................10

13        EMPLOYMENT.........................................................................................11

14        ADMINISTRATION.....................................................................................11
</TABLE>

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                        RULES OF THE BCO TECHNOLOGIES PLC
                          APPROVED SHARE OPTION SCHEME

1    DEFINITIONS AND INTERPRETATION

1.1  In these Rules, including these definitions, the following words and
     expressions shall except insofar as the context otherwise requires have the
     meanings set opposite them respectively:-

     "ACQUIRING COMPANY" means a company which has obtained control of the
     Company in terms of Rule 9.1 or 9.2, or, as the case may be, a company
     which has become bound or entitled as mentioned in Rule 9.3

     "ACQUISITION PRICE" means in respect of any Share over which an Option is
     granted the price at which such Share may be acquired on the exercise of
     the Option which price shall be determined by the Committee but shall not
     be less than the Market Value of a Share at the Material Time

     "ACT" means the Income and Corporation Taxes Act 1988

     "APPROPRIATE PERIOD" has the meaning given in paragraph 15(2) of Schedule 9

     "ASSOCIATED COMPANY" has the meaning given in paragraph 23 of Schedule 9 by
     virtue of section 187 of the Act Auditors the auditors of the Company
     (acting as experts and not as arbitrators)

     "BOARD" means the board of directors of the Company

     "CLOSE PERIOD" means the period defined as a "close period" for the
     purposes of the Model Code of the Stock Exchange concerning dealings by
     directors and employees in securities of the Company

     "COMMENCEMENT DATE" means the date on which the Company shall receive
     notice that the Inland Revenue has formally approved the Scheme under
     Schedule 9

     "COMMITTEE" means the remuneration committee of the Board

     "COMPANY" means BCO Technologies PLC

     "CONTROL" has the meaning given in section 840 of the Act

     "DATE OF GRANT" means in respect of any Option the date on which it is
     granted

     "DEALING DAY" means a day on which the London Stock Exchange is open for
     the transaction of business

     "ELIGIBLE EMPLOYEE" means a person who is not precluded by paragraph 8 of
     Schedule 9 from participating in the Scheme and who is either (a) an
     employee of a Participating Company who is not a Director of a
     Participating Company or (b) a Director of a

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      Participating Company who is required to devote to his duties
      substantially the whole of his working time and in no case less than 25
      hours per week (excluding meal breaks)

      "GRANT VALUE" means:-

      (a) in respect of any Share over which an Option has been granted or which
          has been acquired pursuant to the exercise of an Option the Market
          Value of that Share at the Material Time

      (b) in respect of any Share over which an option has been granted under
          any other share option scheme, the market value (as determined for the
          purposes of such scheme) of such Share at the time of grant of the
          option

      "LONDON STOCK EXCHANGE" means The London Stock Exchange Limited

      "MARKET VALUE" means at any time either:-

      (a) the market value of a Share determined in accordance with the
          provisions of Part VIII of the Taxation of Chargeable Gains Act 1992
          and agreed for the purposes of the Scheme with the Inland Revenue
          Shares Valuation Division on or before that day, or,

      (b) if Shares in the Company are listed on the London Stock Exchange, the
          average of the middle market quotations of a Share as derived from the
          Daily Official List of the London Stock Exchange for the three
          immediately preceding Dealing Days and rounded up (where necessary) to
          the nearest whole penny

      "MATERIAL TIME" means in relation to any Option the Date of Grant. or such
      earlier time or times as the Company and the Inland Revenue may agree in
      writing

      "OPTION" means a right granted in accordance with the Rules to acquire
      Shares

      "OPTION HOLDER" means an individual to whom an Option has been granted or,
      if that individual has died, his executors or personal representatives

      "PARTICIPATING COMPANY" means the Company and any other company of which
      the Company has Control

      "RULES" means these rules as altered or varied from time to time

      "SCHEDULE 9" means Schedule 9 to the Act

      "SCHEME" means the share option scheme constituted and governed by the
      RulesShare, an ordinary share in the capital of the Company which
      satisfies the conditions specified in paragraphs 10 to 14 inclusive of
      Schedule 9

1.2   In these Rules, except insofar as the context otherwise requires:-

1.2.1 words denoting the singular shall include the plural and vice versa;

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1.2.2 words denoting the masculine gender shall include feminine gender; and

1.2.3 any reference to any enactment shall be construed as a reference to that
      enactment as from time to time amended, extended or re-enacted.

2     GRANT OF OPTIONS

2.1   At any time or times but not within a Close Period the Committee may grant
      or procure that there are granted to such individuals who shall at the
      proposed Date of Grant be Eligible Employees as the Committee may in its
      absolute discretion select options or rights to acquire on making payment
      of the Acquisition Price such numbers of Shares in the Company as the
      Committee shall determine.

2.2   No Option shall be granted after the tenth anniversary of the Commencement
      Date. No Option shall be granted to an Eligible Employee within the period
      of two years immediately preceding the date on which he shall attain the
      age at which he is bound to retire in accordance with the terms of his
      contract of employment.

2.3   Any Option may be granted on terms that it may, or that except in stated
      circumstances it may, be exercised only subject to the satisfaction or
      waiver of such objective condition or conditions (including limitations on
      the time at or period during which the Option may be exercised) as the
      Committee may determine.

2.4   Any condition imposed under Rule 2.3 may be varied or amended only in
      accordance with the terms of the condition or in accordance with Rule 2.5.

2.5   If, at any time after the Date of Grant, events happen which results in
      any condition imposed under Rule 2.3 being no longer appropriate, the
      condition may be varied or amended in such manner as the Committee shall
      in its discretion, which shall be exercised fairly and reasonably, think
      appropriate, provided that the condition as varied or amended is no more
      difficult to satisfy than the original condition was considered to be at
      the Date of Grant.

2.6   As soon as is reasonably practical after any Option has been granted the
      Committee shall ensure that there is issued to the Option Holder a
      certificate of Option duly executed by the Company as a deed and in such
      form as the Committee may determine.

3     DEALINGS IN OPTIONS

3.1   No Option may be transferred, assigned or charged in any way. If any
      attempt is made to transfer, assign or charge any Option the Option shall
      lapse immediately. Each Option certificate shall carry a statement to this
      effect. Nothing in this Rule shall detract from the rights of the
      executors or personal representatives of a deceased Option Holder under
      the Rules to exercise his Option in his place.

3.2   Any Option Holder may at any time within the period of 30 days after the
      grant to him of an Option disclaim the Option in whole or in part by
      giving notice to the Company to that

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      effect. To the extent that an Option is disclaimed it shall be deemed
      never to have been granted. No consideration shall be payable for any such
      disclaimer.

3.3   Any Option Holder may surrender any Option at any time.

4     INLAND REVENUE LIMIT ON SHARES SUBJECT TO OPTION

4.1   Any Option granted to an Eligible Employee shall be limited and take
      effect so that the aggregate Grant Value of all Shares subject to that
      Option, when added to the aggregate Grant Value of all Shares subject to
      other Options granted to that Eligible Employee, shall not exceed 30,000

4.2   For the purposes of Rule 4.1 Options shall include all Options granted
      under this Scheme and all options granted under any other scheme (not
      being a savings-related share option scheme) approved under Schedule 9 and
      established by the Company or any Associated Company of the Company.

5     INVESTOR PROTECTION COMPANY LIMITS ON OPTIONS

5.1   No Option shall be granted under the Scheme if the grant would result in
      any of the limits specified in this Rule being contravened.

5.2   At any time the total of:-

5.2.1 the aggregate nominal value of all Shares issued or which require to be
      issued upon the exercise of Options granted under this Scheme during the
      immediately preceding period of 10 years; and

5.2.2 the aggregate nominal value of all Shares issued or which require to be
      issued upon the exercise of options granted under any other share option
      scheme (not being a savings-related share option scheme) during that
      period shall not exceed 5 per cent of the nominal value of the ordinary
      share capital of the Company then in issue unless all Options granted in
      excess of that limit are exercisable only in accordance with such special
      condition or conditions as the Committee shall impose under Rule 2.3.

5.3   At any time the total of:-

5.3.1 the aggregate nominal value of all Shares issued or which require to be
      issued upon the exercise of Options granted under this Scheme during the
      immediately preceding period of 10 years;

5.3.2 the aggregate nominal value of all Shares issued or which require to be
      issued upon the exercise of options granted under any other share option
      scheme during that period; and

5.3.3 the aggregate nominal value of all Shares issued pursuant to any other
      employee share scheme during that period

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      shall not exceed 10 per cent of the nominal value of the ordinary share
      capital of the Company then in issue.

5.4   In determining at any time whether any of the limits specified in this
      Rule 5 have been complied with no account shall be taken of and there
      shall be disregarded in calculating the nominal value of the Shares issued
      or which require to be issued upon the exercise of any Options or
      options:-

5.4.1 all Shares which would have been required to be issued pursuant to any
      Option or option which has lapsed or been surrendered or disclaimed, and

5.4.2 all Options granted before Shares are first listed on the Alternative
      Investment Market.

5.5   Any references in this Rule 5 to any or any other share option scheme or
      to any savings-related share option scheme or to any employee share scheme
      shall be construed respectively as references to such schemes as have been
      or may be established by the Company or by any Associated Company to which
      Shares are subject.

6     EXERCISE OF OPTIONS

6.1   Any Option which has not lapsed or been surrendered may be exercised in
      whole or in part at any time and from time to time following the earliest
      to occur of the following events:-

6.1.1 the third anniversary of the Date of Grant;

6.1.2 the death of the Option Holder;

6.1.3 the Option becoming exercisable in accordance with Rule 8; and

6.1.4 the Option becoming exercisable in accordance with Rule 9.

6.2   If at any time before the third anniversary of the Date of Grant of any
      Option there shall occur in relation to the Option Holder or the Company
      any event which the Committee shall consider makes it appropriate, acting
      in the best interests of the Company and the Option Holders, for such
      Option to become exercisable then the Committee may determine that such
      Option shall be exercisable for such period ending not later than the day
      before the day on which the Option would otherwise become exercisable and
      not exceeding six months as the Committee shall determine. The Committee
      may, if it thinks it appropriate, in relation to any exercise of Option
      taking place within such period waive any condition of exercise which
      would otherwise be applicable. For the avoidance of doubt such Option
      shall not lapse at the end of such period, unless the Committee shall so
      determine.

6.3   If under Rule 2.3 an Option is exercisable subject to the satisfaction or
      waiver of any condition or conditions then, except as otherwise provided
      in the Rules or as stated in the Certificate of Option issued at the time
      of grant, it shall be exercisable only if those

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      condition or conditions (as varied or amended in accordance with Rule 2.3)
      have been satisfied or waived at the time of exercise.

7     LAPSE OF OPTIONS

7.1   An Option shall lapse on the date on which there shall occur the earliest
      to occur of the following events:-

7.1.1 the tenth anniversary of the Date of Grant;

7.1.2 the first anniversary of the death of the Option Holder:

7.1.3 where Rule 6.2 applies and the Committee has determined that the Option
      concerned should lapse at the end of the period during which it is
      exercisable by virtue of that Rule, the end of that period;

7.1.4 where Rule 8 applies, the date of lapse determined in accordance with Rule
      8;

7.1.5 where Rule 9 applies, unless a release has been effected under Rule 9.4,
      the end of the relevant period specified in Rule 9 during which an Option
      may be exercised, but only if not later than one month before the end of
      that period the Committee shall give notice to Option Holders that Options
      shall so lapse; and

7.1.6 the Option Holder being adjudicated bankrupt or declared apparently
      insolvent.

7.2   An Option which is exercisable subject to satisfaction of a condition
      imposed under Rule 2.3 shall lapse if, or to the extent that, it is
      determined that the condition has not been satisfied.

8     CESSATION OF SERVICE

8.1   This Rule applies if an Option Holder ceases, other than by death, to be a
      director or employee of a Participating Company and does not remain a
      director or employee of another Participating Company.

8.2   All Options held by the Option Holder shall lapse when the cessation
      occurs unless Rule 8.3 applies.

8.3   If:-

8.3.1 the cessation occurs by reason of injury, disability or retirement on
      reaching normal retirement age, or

8.3.2 the cessation occurs for some other reason but within two months after the
      cessation the Committee decides that Rule 8.2 should not apply

      then, subject to Rule 8.4,:-

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8.3.3 any Option held by the Option Holder which immediately before the
      cessation is exercisable shall remain exercisable until six months after
      the date of cessation when it shall lapse; and

8.3.4 any Option held by the Option Holder which immediately before the
      cessation has not become exercisable shall become exercisable if and when
      and to the extent that it would have become exercisable if the cessation
      had not occurred, and shall lapse six months after it first becomes
      exercisable.

8.4   If Rule 8.3 applies the Committee may in its absolute discretion:-

8.4.1 decide that, as an alternative to the period during which an Option Holder
      may exercise an Option in terms of Rule 8.3, the Option shall be
      exercisable at such time or times or during such period and shall lapse at
      such time, not later than the tenth anniversary of the Date of Grant, as
      the Committee shall specify, and/or

8.4.2 waive any condition of exercise imposed under Rule 2.3.

9     TAKEOVERS AND LIQUIDATIONS

9.1   If any person obtains Control of the Company as a result of making

9.1.1 general offer to acquire the whole of the issued ordinary share capital of
      the Company (other than that which is already owned by such person) which
      is made on a condition such that if it is satisfied the person making the
      offer will have Control of the Company or

9.1.2 a general offer to acquire all the shares in the Company which are of the
      same class as the Shares and which are not already owned by that person
      then any Option may be exercised before the expiry of the period of six
      months beginning at the time when the person making the offer has obtained
      Control of the Company and any condition subject to which the offer is
      made has been satisfied. If a person obtains Control of the Company as
      contemplated by this Rule the Committee shall as soon as practicable
      notify all Option Holders of that fact.

9.2   If under Article 418 of the Companies (Northern Ireland) Order 1986 or
      Article 96 of the Insolvency (Northern Ireland) Order 1989 the Court
      sanctions a compromise or arrangement proposed for the purposes of or in
      connection with a scheme for the reconstruction of the Company or its
      amalgamation with any other company or Companies, any Option may be
      exercised before the expiry of the period of six months beginning on the
      date on which the Court sanctions the compromise or arrangement. If the
      Court sanctions a compromise or arrangement as contemplated by this Rule
      the Committee shall as soon as practicable notify all Option Holders of
      that fact.

9.3   If any person becomes bound or entitled to acquire shares in the Company
      under Part XIVA of the Companies (Northern Ireland) Order 1986 any Option
      may be exercised at any time when that person remains so bound or
      entitled. If any person becomes bound or

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      entitled as contemplated by this Rule the Committee shall as soon as
      practicable notify all Option Holders of that fact.

9.4   If as a result of the occurrence of any of the events specified in Rule
      9.1 or Rule 9.2 a company has obtained control of the Company, or if a
      company has become bound or entitled as mentioned in Rule 9.3, the Company
      shall seek the agreement of the Acquiring Company and if such agreement is
      obtained any Option Holder may, within the Appropriate Period with the
      agreement of the Acquiring Company, release all Options which he then
      holds in exchange for the grant to him of new options which:

9.4.1 are in respect of shares in the Acquiring Company or some other company
      which satisfy the conditions specified in paragraphs 10 to 14 inclusive of
      Schedule 9;

9.4.2 carry the right to acquire such number of such shares as have on
      acquisition of the new options an aggregate Market Value equal to the
      aggregate Market Value at that time of the Shares subject to the Options;

9.4.3 have a total aggregate option price equal to the total amount which would
      have been payable in the event of the exercise of all Options held by him;

9.4.4 are exercisable in the same manner as the Options were exercisable in
      accordance with the provisions of the Scheme in effect immediately before
      the Options were released; and

9.4.5 shall, for all other purposes of the Scheme be treated as having been
      acquired at the time or respective times of acquisition of the Options
      which are released in exchange for the grant of the new options.

9.5   If the Company passes a resolution for voluntary winding up, any Option
      may be exercised within six months after the passing of the resolution.

9.6   For the purposes of this Rule 9 (other than Rule 9.4) a person shall be
      deemed to have obtained Control of a Company if he and others acting in
      concert with him have together obtained Control of it.

9.7   Where new options are granted in accordance with Rule 9.4 then in relation
      to such new options, Rules 6, 9 and 10 shall be construed as if references
      to "the Company" were references to the company whose shares are subject
      to the new options and as if references to "Shares" were references to the
      shares subject to the new options.

10    VARIATION OF SHARE CAPITAL

      In the event of any capitalisation issue, rights issue, consolidation,
      sub-division or reduction or other variation of share capital by the
      Company the number of Shares over which Options subsist and the
      Acquisition Price for each of those Shares may, if the Committee considers
      it appropriate, be adjusted in such manner as the Auditors confirm in
      writing to be fair and reasonable provided that

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10.1 no adjustment shall be made without the prior approval of the Board of
     Inland Revenue; and

10.2 following the adjustment the Shares continue to satisfy the conditions
     specified in paragraphs 10 to 14 inclusive of Schedule 9.

     The Company shall promptly after any adjustment has been made pursuant to
     this Rule give notice thereof to all Option Holders.

11   MANNER OF EXERCISE OF OPTIONS

11.1 No Option may at any time be exercised by an Option Holder who is precluded
     by paragraph 8 of Schedule 9 from participating in the Scheme.

11.2 No Option may be exercised at any time when the shares which may be thereby
     acquired are not Shares as defined in Rule 1.1.

11.3 An Option shall be exercised by the Option Holder giving notice to the
     Company in writing signed by him and setting out the number of Shares in
     respect of which he wishes to exercise the Option and such notice shall be
     accompanied by payment in full of the Acquisition Price payable for such
     Shares and the relevant option certificate and shall be effective on the
     date of its receipt by the Company.

11.4 Not later than thirty days after the date of exercise of any Option the
     Shares which then fall to be acquired by the Option Holder shall be issued
     or transferred to him and a definitive share certificate shall be issued to
     him in respect of such Shares. Shares issued as a result of the exercise of
     any Option shall rank PARI PASSU with the other shares of the same class in
     issue at the date of issue, but shall not confer any right, dividends or
     other benefits or entitlements the right to which is determined by
     reference to a date preceding the date of issue.

11.5 When an Option is exercised only in part, the balance shall remain
     exercisable on the same terms as originally applied to the whole Option and
     a new option certificate shall be issued accordingly by the Company as soon
     as possible after the partial exercise.

11.6 All allotments and issues and transfers of Shares to be made pursuant to
     the Scheme shall be subject to the obtaining of all necessary statutory or
     other consents.

12   ALTERATION

     The Committee may from time to time alter or add to all or any of the Rules
     in such manner and to such extent as the Committee shall think fit,
     provided that

12.1 no alteration or addition shall materially and adversely affect the rights
     of an Option Holder as regards an Option granted prior to the alteration or
     addition being made; and

12.2 while and so long as the Scheme is approved under Schedule 9, no alteration
     or addition shall have effect until approved by the Board of Inland
     Revenue.

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13   EMPLOYMENT

     The terms and conditions of the employment by any Participating Company of
     any Option Holder shall not be changed or affected in any way by his being
     the holder of any option under the Scheme, or by such rights as he may have
     to participate in the Scheme. In the event of the termination of the
     employment by a Participating Company of any Option Holder he shall not be
     entitled to any compensation or damages in respect of any loss or
     diminution in the value of his rights under the Scheme which may occur as a
     result of such termination.

14   ADMINISTRATION

14.1 The Scheme shall be administered by the Committee whose decision on all
     disputes and matters concerning the interpretation of the Rules shall be
     final.

14.2 The cost of establishing and operating the Scheme shall be borne by the
     Participating Companies in such proportions as the Committee shall
     determine.

14.3 No person shall for the purposes of the Scheme be treated as ceasing to be
     a director or employee of a Participating Company until he is no longer a
     director or employee of the Company or of any Associated Company or other
     company of which the Company has Control.

14.4 Any notice or other communication under or in connection with the Scheme
     may be given by the Company either personally or by post and to the Company
     either personally or by post to the secretary; items sent by post shall be
     pre-paid and shall be deemed to have been received 72 hours after posting.

14.5 The Company shall at all times either keep available sufficient authorised
     and unissued Shares to satisfy all Options which have neither lapsed or
     been fully exercised, or shall procure that sufficient Shares are available
     for transfer to satisfy all such Options.

14.6 The Scheme, the Rules and all other documents relating to the Scheme shall
     be governed by and construed in accordance with Northern Irish Law.

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                                                                  EXECUTION COPY

                           AMENDMENT NO. 4 AND WAIVER
                                       to
                AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

         THIS AMENDMENT NO. 4 AND WAIVER entered into as of October 26, 2000
(this "Amendment"), among CMI INDUSTRIES, INC., a Delaware corporation (the
"Borrower"), the financial institutions party to the Loan Agreement (as
hereinafter defined) from time to time (the "Lenders") and FLEET CAPITAL
CORPORATION, a Rhode Island corporation, as agent for the Lenders (the "Agent").

                             Preliminary Statement

         The Borrower, the Lenders and the Agent are parties to the Amended and
Restated Loan and Security Agreement dated as of May 28, 1999, as amended by
Amendment No. 1 dated as of September 30, 1999, Amendment No. 2 dated as of
May 4, 2000 and Amendment No. 3 dated as of May 31, 2000 (the "Loan Agreement";
unless otherwise defined herein, capitalized terms used herein have the meanings
ascribed to them in the Loan Agreement). The Borrower has requested that the
Lenders waive compliance and the effects of noncompliance by the Borrower with
the financial covenants set forth in the Loan Agreement and the Lenders have
agreed to grant such waivers, all upon and subject to the terms and conditions
hereinafter set forth.

                             Statement of Agreement

         NOW, THEREFORE, in consideration of the Loan Agreement, the Loans made
by the Lenders and outstanding thereunder, the mutual promises hereinafter set
forth and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto hereby agree as follows:

         Section 1.        Amendment to Loan Agreement Provisions. Effective in
accordance with Section 3 hereof, the Loan Agreement is hereby amended by:

         (a)      amending Appendix I to the Loan Agreement by:

                  (i)      amending the definition "Borrowing Base" by
         redesignating subsection (e) as subsection (f) and adding a new
         subsection (e) to read as follows:

                           (e)      $10,000,000, less

                  (ii)     amending the definition "Revolving Credit Facility"
         in its entirety to read as follows:
<PAGE>   2
                           "Revolving Credit Facility" means $28,000,000.

                  (iii)    amending the definition "Revolving Facility Amount"
         in its entirety to read as follows:

                           "Revolving Facility Amount" means the Revolving
                  Credit Facility, as reduced pursuant to the provisions of
                  Sections 2.6 and 2.7 of the Agreement, less the sum of (a) the
                  Stated Amount of any outstanding Letter of Credit from time to
                  time and the amount of any unreimbursed Drawing under any
                  Letters of Credit and (without duplication) unreimbursed
                  payments under any related LC Supports, (b) the Interest Rate
                  Exposure Reserve, (c) the Swap Reserve and (d) $10,000,000.

                  (iii)    adding thereto the following new definitions in the
         appropriate alphabetical order:

                           "Asset Disposition" means the sale, lease, transfer
                  or other disposition of any asset of the Borrower or any
                  Subsidiary of the Borrower, other than sales of real estate
                  upon which the Borrower or such Subsidiary does not engage in
                  manufacturing, Inventory in the ordinary course of business
                  and the disposition of worn-out and obsolete Equipment and
                  Inventory no longer useful in the Borrower's or such
                  Subsidiary's business, as the case may be, consistent with
                  past practices of the Borrower or such Subsidiary.

                           "Net Proceeds" means proceeds received by the
                  Borrower in cash from any Asset Disposition (including,
                  without limitation, payments as received under notes or other
                  debt securities delivered in connection with any Asset
                  Disposition), net of: (a) the transaction costs of such sale,
                  lease, transfer or other disposition; (b) any tax liability
                  arising from such transactions; and (c) amounts applied to
                  repayment of Indebtedness for Money Borrowed (other than the
                  Secured Obligations) secured by a Lien on the asset or
                  property disposed of.

                  (b)      amending Article II. Revolving Credit Facility by
         adding at the end thereof a new Section 2.7 to read as follows:

                  Section 2.7       Mandatory Prepayment and Reduction of
         Revolving Credit Facility. Immediately upon receipt by the Borrower or
         any of its Subsidiaries of the Net Proceeds of any Asset Disposition
         (other than the Borrower's sale on or about October 26, 2000 of certain
         assets of its Chatham Manufacturing Division and its interest in
         Chatham & Borgstena, Inc. to Borgstena Textile North America, Inc.),
         the Borrower shall pay to the Agent an amount equal to such Net
         Proceeds for application to the prepayment of the

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         Revolving Credit Loans (and the Revolving Credit Facility shall be
         permanently reduced dollar-for-dollar by the amount of any such
         prepayment of Revolving Credit Loans). Prepayments shall be first
         applied to Base Rate Loans to the extent thereof and then to Eurodollar
         Rate Loans and any payments received which would otherwise result in
         prepayment of such Eurodollar Rate Loans prior to the end of the
         Interest Period applicable thereto may, upon the request of the
         Borrower, in the absence of an Event of Default, be deposited in a Cash
         Collateral Account, with any excess after prepayment in full of the
         Revolving Credit Loans to be deposited with the Agent to be held as
         cash Collateral for the Secured Obligations and after the Termination
         Date, to be applied to any of the Secured Obligations in such manner as
         the Agent shall determine in its sole discretion. The Borrower shall
         deliver to the Agent, together with each prepayment made pursuant to
         this Section, a certificate of the chief financial officer of the
         Borrower setting forth the amount of such prepayment and certifying
         that such amount was computed in accordance with the provisions of this
         Agreement, and having attached thereto the supporting calculations, in
         reasonable detail.

         (c)      amending subsection (a) of Section 4.3 Commitment, Agency and
Letter of Credit Fees by deleting the first sentence appearing therein and
substituting therefor the following new sentence to read as follows:

                  The Borrower shall pay to the Agent, for the account of the
         Lenders, an unused commitment fee (the "Unused Commitment Fee") at an
         initial rate per annum equal to one-quarter of one percent (1/4%), as
         subsequently adjusted on each Margin Adjustment Date in accordance with
         the provisions of the definition "Applicable Margin," on the average
         unused portion of the Revolving Credit Facility (excluding the
         $10,000,000 reserve against the Revolving Credit Facility established
         by the Lenders pursuant to Amendment No. 4 and Waiver dated as of
         October 26, 2000 with respect to this Agreement).

         (d)      amending subsection (a) of Section 8.11 Information and
Reports in its entirety to read as follows:

                  (a)      Schedule of Receivables. The Borrower shall deliver
         to the Agent and the Lenders no later than Wednesday of each week and
         by the 15th Business Day after the end of each Fiscal Month a Schedule
         of Receivables which

                           (i)      shall be as of the last Business Day of the
                  immediately preceding week or such Fiscal Month, as the case
                  may be,

                           (ii)     in the case of any Schedule of Receivables
                  prepared as of the last Business Day of a Fiscal Month, shall
                  be reconciled to the Borrowing Base Certificate as of such
                  last Business Day,

                                       3
<PAGE>   4

                           (iii)    shall set forth a detailed report for such
                  week or Fiscal Month, as the case may be, specifying the
                  balance due on each Account Debtor's account, the aging of
                  each Account Debtor's account and the amount of any rebate
                  owed to that Account Debtor in the ordinary course of the
                  Borrower's business.

         (e)      deleting in its entirety subsection (d) (Minimum Availability)
of Section 11.1 Financial Covenants.

         (f)      amending subsection (b) of Section 11.8 Merger, Consolidation
and Disposition of Assets in its entirety to read as follow:

                  (b)      Sell, lease or transfer or otherwise dispose of or
         permit any Restricted Subsidiary to sell, lease, transfer or otherwise
         dispose of assets (other than real estate upon which the Borrower or
         such Restricted Subsidiary does not engage in manufacturing, the
         Laurens FILOT, sales or other dispositions of Collateral in accordance
         with Section 8.7(a) hereof or other dispositions of obsolete assets, or
         the sale or other disposition of other assets which are replaced in the
         ordinary course of business).

         Section 2.        Waiver. Subject to Section 3 hereof, the Lenders
hereby waive compliance and the effect of noncompliance by the Borrower with the
provisions of Sections 11.1(a), (b), (c) and (d) of the Loan Agreement as of and
for the Fiscal Quarter ended September 30, 2000.

         Section 3.        Conditions to Effectiveness of Amendment. SECTIONS 1
and 2 of this Amendment shall become effective as of the date hereof on the date
(the "Amendment Effective Date") on which the Agent receives the following, each
in form and substance satisfactory to the Agent and in sufficient copies for
each Lender:

         (a)      counterparts of this Amendment, duly executed and delivered by
the Borrower and the Lenders;

         (b)      a certificate of the secretary or assistant secretary of the
Borrower having attached thereto the articles or certificate of incorporation
and bylaws of the Borrower as in effect on the Amendment Effective Date (or
containing the certification of such secretary or assistant secretary that no
amendment or modification of such articles or certificate or bylaws has become
effective since the last date on which such documents were delivered to the
Lenders pursuant to the Loan Agreement), all corporate action, including
shareholder's approval, if necessary, taken by the Borrower and/or its
shareholders to authorize the execution, delivery and performance of this
Amendment, and to the further effect that the incumbency certificate delivered
in connection with the occurrence of the Effective Date remains in effect,
unchanged;

                                       4

<PAGE>   5
         (c)      a certificate of the president or chief financial officer of
the Borrower stating that, to the best of his knowledge and based on an
examination sufficient to enable him to make an informed statement, after giving
effect to the Amendment,

                  (i)      all of the representations and warranties made or
                  deemed to be made under the Loan Agreement are true and
                  correct in all material respects on and as of the Amendment
                  Effective Date, and

                  (ii)     no Default or Event of Default exists

         and the Agent shall be satisfied as to the truth and accuracy thereof;
and

         (d)      such other documents and instruments as the Agent or any
Lender may reasonably request.

         Section 4.        Effect of Amendment. Upon and after the effectiveness
of this Amendment as provided in SECTION 2 hereof, all references to the Loan
Agreement in the Loan Agreement or in any other Loan Document shall mean the
Loan Agreement as amended by this Amendment. Except as expressly provided in
this Amendment, the execution and delivery of this Amendment does not, and will
not, amend, modify or supplement any provision of or constitute a consent to or
a waiver of any noncompliance with the provisions of the Loan Agreement and,
except as specifically provided in this Amendment, the Loan Agreement shall
remain in full force and effect.

         Section 5.        Representations and Warranties. The Borrower hereby
represents and warrants that the Borrower has the right and power and has taken
all necessary action to authorize it to execute, deliver and perform this
Amendment in accordance with its terms and this Amendment has been duly executed
and delivered by a duly authorized officer of the Borrower and is a legal, valid
and binding obligation of the Borrower, enforceable in accordance with its
terms.

         Section 6.        General Provisions.

         (a)      Governing Law. This Amendment shall be construed in accordance
with and governed by the law of the State of Georgia, without giving effect to
the conflict of laws principles thereof.

         (b)      Counterpart Execution. This Amendment may be executed in any
number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and shall be
binding upon all parties, their successors and assigns, and all of which taken
together shall constitute one and the same agreement.

                                       5
<PAGE>   6
         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be executed by their duly authorized officers in several counterparts as of the
date first above written.

                                        CMI INDUSTRIES, INC.

                                        By: /s/ James A. Ovenden
                                            -----------------------------------
                                        Name: James A. Ovenden
                                        Title: CFO & EVP

                                        FLEET CAPITAL CORPORATION, as the
                                        Agent and a Lender

                                        By: /s/ Roland J. Robinson
                                            -----------------------------------
                                            Roland J. Robinson
                                            Senior Vice President

                                        BANK OF AMERICA, N.A., as a Lender

                                        By: /s/ David H. Dinkins
                                            -----------------------------------
                                        Name: David H. Dinkins
                                        Title: Principal

                                       6

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