Document:

<PAGE>

                                                                  EXHIBIT 10.4.3

                     THIRD AMENDMENT TO AMENDED AND RESTATED
                        MASTER CREDIT FACILITY AGREEMENT

         THIS THIRD AMENDMENT TO AMENDED AND RESTATED MASTER CREDIT FACILITY
AGREEMENT (the "AMENDMENT") is made as of the 4th day of November, 2003, by and
among (i) EACH OF THE GENERAL PARTNERSHIPS SET FORTH ON EXHIBIT A-1 TO THE
MASTER AGREEMENT, each a Maryland general partnership (being collectively
referred to as the "ORIGINAL OWNERS"), (ii) (a) THE TOWN AND COUNTRY TRUST, a
Maryland real estate investment trust (the "REIT"), (b) THE TC OPERATING LIMITED
PARTNERSHIP, a Maryland limited partnership ( "OPERATING PARTNERSHIP"), (c) THE
TOWN AND COUNTRY HOLDING COMPANY, LLC, a Delaware limited liability company
("HOLDING COMPANY"), as the successor-in-interest to Town and Country Holding
Corporation, a Delaware corporation ("REIT SUB") (d) THE TC PROPERTY COMPANY, a
Maryland general partnership ("PROPERTY COMPANY") and (e) THE TOWN AND COUNTRY
ORIOLE CORPORATION, a Delaware corporation ("TC-ORIOLE"), (f) THE TC-EXCALIBUR
COMPANY, LLC, a Delaware limited liability company ("EXCALIBUR"), f/k/a Ivy
Acquisitions LLC, a Delaware limited liability company, (g) THE TC-COURTS
COMPANY, LLC, a Delaware limited liability company ("COURTS"), f/k/a Daisy
Acquisitions LLC, a Delaware limited liability company, (h) THE TC-AVALON
COMPANY, LLC, a Delaware limited liability company ("AVALON"), f/k/a Shamrock
Acquisitions LLC, a Delaware limited liability company (Excalibur, Courts and
Avalon being collectively referred to as the "GUARANTORS"), and (i) THE
TC-LIONSGATE COMPANY, LLC, a Delaware limited liability company ("ADDITIONAL
OWNER") (the REIT, Operating Partnership, Holding Company, Property Company,
TC-Oriole, the Guarantors, Additional Owner, and each of the Original Owners
being collectively referred to as "TC PARTIES" and individually referred to as a
"TC PARTY"), (the Original Owners, the Guarantors, and Additional Owner are
collectively referred to herein as "OWNERS"), and (iv) PRUDENTIAL MULTIFAMILY
MORTGAGE, INC., a Delaware corporation (the "LENDER"), and (v) FANNIE MAE, a
federally-chartered and stockholder-owned corporation organized and existing
under the Federal National Mortgage Association Charter Act, 12 U.S.C. Section
1716 et seq. ("FANNIE MAE").

                                    RECITALS

         A.       TC Parties (except Additional Owner) and Lender are parties
to, or have joined into, that certain Amended and Restated Master Credit
Facility Agreement, dated as of April 25, 2002, as amended by that certain First
Amendment to Amended and Restated Master Credit Facility Agreement, dated as of
April 16, 2003, and as amended by that certain Second Amendment to Amended and
Restated Master Credit Facility Agreement, dated as of July 29, 2003 (as amended
from time to time, the "MASTER AGREEMENT").

         B.       All of the Lender's right, title and interest in the Master
Agreement and the Loan Documents executed in connection with the Master
Agreement or the transactions contemplated by the Master Agreement have been
assigned to Fannie Mae pursuant to that certain Assignment of Master Credit
Facility Agreement and Other Loan Documents, dated as of April 25, 2002 (the
"ASSIGNMENT"). Fannie Mae has not assumed any of the obligations of the Lender
under the Master Agreement or the Loan Documents as a result of the Assignment.
Fannie Mae has designated the Lender as the servicer of the Loans contemplated
by the Master Agreement.

<PAGE>

         C.       Pursuant to that certain Second Reaffirmation and Joinder
Agreement, dated as of even date herewith, Additional Owner has joined into the
Master Agreement as an Owner thereunder, and Holding Company joined in and
assumed all of REIT Sub's obligations thereunder.

         D.       Pursuant to that certain letter from the REIT to the Lender
dated September 25, 2003, and approved by the Lender and Fannie Mae, certain of
the subsidiaries of the REIT were restructured resulting in REIT Sub's one
percent (1%) general partnership interest in The TC Property Company and REIT
Sub's one percent (1%) general partnership interest in each Original Owner being
transferred to Holding Company.

         E.       The parties are executing this Amendment pursuant to the
Master Agreement to (i) reflect the release of two (2) Mortgaged Properties from
the Collateral Pool, (ii) reflect the addition of one (1) property as a
Mortgaged Property to the Collateral Pool as set forth below, and (iii) reflect
certain other changes to the Master Agreement as further set forth herein.

         NOW, THEREFORE, the parties hereto, in consideration of the mutual
promises and agreements contained in this Amendment and the Master Agreement,
and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, hereby agree as follows:

         SECTION  1. RELEASE OF MORTGAGED PROPERTIES. The following Mortgaged
Properties are hereby released from the Collateral Pool: (i) Garden Wood
(Baltimore County, Maryland), owned by The TC-Garden Wood Company, and (ii)
Rolling Road (Baltimore County, Maryland), owned by The TC-Rolling Road Company.

         SECTION  2. RELEASE OF OWNERS. In connection with the aforementioned
release, the Parties hereby acknowledge that The TC-Garden Wood Company and The
TC-Rolling Road Company are each hereby released from the Loan Documents,
including but not limited to their respective Base Notes and Payment Guaranties.

         SECTION  3. ADDITION OF MORTGAGED PROPERTY. The following property is
hereby added to the Collateral Pool as an Additional Mortgaged Property:
Lionsgate (Fairfax County, VA) owned by Additional Owner.

         SECTION  4. OWNERSHIP INTERESTS AND ENTITY TYPES. Any references in any
loan documents that refer to "partnership", "partners", and/or "partnership
interests", and/or (ii) "corporation", "shareholders", "shares", or "corporate"
and/or (iii) "ownership" shall be deemed to include "membership", "members"
and/or "membership interests", as applicable.

         SECTION  5. REIT SUB TRANSFER OF INTERESTS TO HOLDING COMPANY. Holding
Company acknowledges receipt of REIT Sub's one percent (1%) general partnership
interest in the TC Property Company and the one percent (1%) general partnership
interest in each Original Owner and agrees that all references to "REIT Sub" in
the Loan Documents are hereby replaced with "Holding Company", provided that
clause (d) of the definition of "change of control" is hereby deleted in its
entirety and replaced with the following in lieu thereof:

                                       2
<PAGE>

         "(d) the date on which Operating Partnership shall for any reason
whatsoever cease to own, directly or indirectly, 100% of the Ownership Interests
of Holding Company,"

         SECTION  6. NOTICES. The definition of Notice Address set forth in
Article I of the Master Agreement is hereby amended by deleting the reference to
Venable LLP and replacing it with the following:

                  with a copy to:

                         Venable LLP
                         575 7th Street, N.W.
                         Suite 1000
                         Washington, D.C. 20004
                         Attention: Lawrence H. Gesner, Esq.
                         Telecopy No. 202-344-8300

         SECTION  7. EXHIBIT A. Exhibits A-1 and A-2 to the Master Agreement are
hereby deleted in their entirety and replaced with the Exhibit A-1 and Exhibit
A-2 attached to this Amendment.

         SECTION  8. EXHIBIT JJ. Exhibit JJ to the Master Agreement, regarding
the Replacement Reserve Payment Schedule, is hereby supplemented with Exhibit B
attached to this Amendment.

         SECTION  9. EXHIBIT KK. Exhibit KK to the Master Agreement, regarding
the Replacement Reserve Report, is hereby supplemented with Exhibit C attached
to this Amendment

         SECTION  10. REFERENCES TO PROPERTIES. Any reference in any Loan
Document that refers to thirty-five (35) properties shall hereinafter be deemed
to refer to the thirty-three (33) properties listed on Exhibit A-1 to the Master
Agreement.

         SECTION  11. REFERENCED TO OWNERS. Any reference in any Loan Documents
that refers to thirty-five (35) Owners shall hereinafter be deemed to refer to
the thirty-four (34) Owners listed on Exhibit A-1 to the Master Agreement.

         SECTION  12. CAPITALIZED TERMS. All capitalized terms used in this
Amendment which are not specifically defined herein shall have the respective
meanings set forth in the Master Agreement.

         SECTION  13. FULL FORCE AND EFFECT. Except as expressly modified by
this Amendment, all terms and conditions of the Master Agreement, including
without limitation the nonrecourse obligations set forth in Article XXI, shall
continue in full force and effect.

                                       3
<PAGE>

         SECTION  14. COUNTERPARTS. This Amendment may be executed in
counterparts by the parties hereto, and each such counterpart shall be
considered an original and all such counterparts shall constitute one and the
same instrument.

         SECTION  15. APPLICABLE LAW. The provisions of Section 22.06 of the
Master Agreement (entitled "Choice of Law; Consent to Jurisdiction; Waiver of
Jury Trial") are hereby incorporated into this Amendment by this reference to
the fullest extent as if the text of such provisions were set forth in their
entirety herein.

              [THE REMAINDER OF THE PAGE INTENTIONALLY LEFT BLANK]

                                       4
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Amendment as
of the day and year first above written.

                                            THE TC-WEST/GREENSVIEW COMPANY, a
                                            Maryland general partnership
                                            THE TC-EAST COMPANY, a Maryland
                                            general partnership
                                            THE TC-HARFORD COMPANY,a Maryland
                                            general partnership
                                            THE TC-HOLLOWS COMPANY, a Maryland
                                            general partnership
                                            THE TC-MONTGOMERY COMPANY, a
                                            Maryland general partnership
                                            THE TC-NORTH COMPANY, a Maryland
                                            general partnership
                                            THE TC-WOODMOOR COMPANY, a Maryland
                                            general partnership
                                            THE TC-RIDGE-VIEW COMPANY, a
                                            Maryland general partnership
                                            THE TC-SOUTH COMPANY, a Maryland
                                            general partnership
                                            THE TC-GARDEN WOOD COMPANY, a
                                            Maryland general partnership
                                            THE TC-HALLFIELD MANOR COMPANY, a
                                            Maryland general partnership
                                            THE TC-MONTPELIER COMPANY, a
                                            Maryland general partnership
                                            THE TC-NORTHEAST COMPANY, a
                                            Maryland general partnership
                                            THE TC-LAUREL COMPANY, a Maryland
                                            general partnership
                                            THE TC-ROLLING ROAD COMPANY, a
                                            Maryland general partnership
                                            THE TC-VERSAILLES COMPANY, a
                                            Maryland general partnership
                                            THE TC-FOX HAVEN COMPANY, a
                                            Maryland general partnership
                                            THE TC-CHARLESMONT COMPANY, a
                                            Maryland general partnership
                                            THE TC-FOX RUN COMPANY, a
                                            Maryland general partnership
                                            THE TC-STONEGATE COMPANY, a Maryland
                                            general partnership
                                            THE TC-UNIVERSITY HEIGHTS COMPANY, a
                                            Maryland general partnership
                                            THE TC-BARTON'S CROSSING COMPANY, a
                                            Maryland general partnership
                                            THE TC-GLEN COMPANY, a Maryland
                                            general partnership

                                       5
<PAGE>

                                     THE TC-MCNAIR FARMS COMPANY, a
                                     Maryland general partnership
                                     THE TC-CARLYLE STATION COMPANY, a
                                     Maryland general partnership
                                     THE TC-ALLENTOWN COMPANY, a Maryland
                                     general partnership
                                     THE TC-EMMAUS COMPANY, a Maryland
                                     general partnership
                                     THE TC-HANOVER COMPANY, a Maryland
                                     general partnership
                                     THE TC-HARRISBURG COMPANY, a Maryland
                                     general partnership
                                     THE TC-HARRISBURG-EAST COMPANY, a
                                     Maryland general partnership
                                     THE TC-LANCASTER WEST COMPANY, a
                                     Maryland general partnership
                                     THE TC-LANCASTER EAST COMPANY, a
                                     Maryland general partnership
                                     THE TC-YORK COMPANY, a Maryland
                                     general partnership
                                     THE TC-ROLLING HILLS COMPANY, a Maryland
                                     general partnership
                                     THE TC-CHRISTINA MILL COMPANY, a Maryland
                                     general partnership

                                     By:  The TC Property Company, a
                                          Maryland general partnership,
                                          in its capacity as general
                                          partner of, and on behalf of,
                                          each of the foregoing thirty-
                                          five (35) general partnerships

                                          By: The TC Operating  Limited
                                              Partnership,  a Maryland
                                              limited  partnership,  its
                                              general partner

                                              By: The Town and Country
                                                  Trust, a Maryland real
                                                  estate investment trust,
                                                  its general partner

                                                  By:___________________________
                                                     W. Daniel Brown
                                                     Senior Vice President-Human
                                                     Relations

                     [SIGNATURES CONTINUE ON FOLLOWING PAGE]

                                       6
<PAGE>

                                    Additional Owner

                                    THE TC-LIONSGATE COMPANY, LLC, a
                                    Delaware limited liability company

                                    By: The TC Property Company, a
                                        Maryland general partnership,
                                        its managing member

                                        By: The TC Operating  Limited
                                            Partnership,  a Maryland
                                            limited  partnership,  its
                                            general partner

                                            By: The Town and Country
                                                Trust, a Maryland real
                                                estate investment trust,
                                                its general partner

                                                By:_____________________
                                                   W. Daniel Brown
                                                   Senior Vice President - Human
                                                   Relations

                     [SIGNATURES CONTINUE ON FOLLOWING PAGE]

                                       7

<PAGE>

                                            REIT

                                            THE TOWN AND COUNTRY TRUST, A
                                            MARYLAND REAL ESTATE INVESTMENT
                                            TRUST

                                            By:_________________________________
                                               W. Daniel Brown
                                               Senior Vice President - Human
                                               Relations

                                       8
<PAGE>

                                            REIT Sub

                                            TOWN AND COUNTRY HOLDING
                                            CORPORATION, A DELAWARE CORPORATION

                                            By:_________________________________
                                               Daniel G. Berick, Secretary

                     [SIGNATURES CONTINUE ON FOLLOWING PAGE]

                                       9
<PAGE>

                                            Operating Partnership

                                            THE TC OPERATING LIMITED
                                            PARTNERSHIP, A MARYLAND LIMITED
                                            PARTNERSHIP

                                            By: The Town and Country Trust, a
                                                Maryland real estate investment
                                                trust, its general partner

                                                By:_____________________________
                                                   W. Daniel Brown
                                                   Senior Vice President -
                                                   Human Relations

                     [SIGNATURES CONTINUE ON FOLLOWING PAGE]

                                       10
<PAGE>

                                            Holding Company

                                            THE TOWN AND COUNTRY HOLDING
                                            COMPANY, LLC, A DELAWARE LIMITED
                                            LIABILITY COMPANY

                                            By: The TC Operating Limited
                                                Partnership, a Maryland limited
                                                partnership, its sole member

                                                By: The Town and Country Trust,
                                                    a Maryland real estate
                                                    investment trust, its
                                                    general partner

                                                    By:_________________________
                                                       W. Daniel Brown
                                                       Senior Vice
                                                       President - Human
                                                       Relations

                     [SIGNATURES CONTINUE ON FOLLOWING PAGE]

                                       11
<PAGE>

                                            Property Company

                                            THE TC PROPERTY COMPANY, A MARYLAND
                                            GENERAL PARTNERSHIP

                                            By: The TC Operating Limited
                                                Partnership, a Maryland limited
                                                partnership, its general partner

                                                By: The Town and Country Trust,
                                                    a Maryland real estate
                                                    investment trust, its
                                                    general partner

                                                    By:_________________________
                                                       W. Daniel Brown
                                                       Senior Vice President -
                                                       Human Relations

                     [SIGNATURES CONTINUE ON FOLLOWING PAGE]

                                       12
<PAGE>

                                            TC-Oriole

                                            THE TOWN AND COUNTRY ORIOLE
                                            CORPORATION, A DELAWARE CORPORATION

                                            By:_________________________________
                                               Daniel G. Berick, Secretary

                     [SIGNATURES CONTINUE ON FOLLOWING PAGE]

                                       13
<PAGE>

                                            EXCALIBUR

                                            THE TC-EXCALIBUR COMPANY, LLC, A
                                            DELAWARE LIMITED LIABILITY COMPANY,
                                            F/K/A IVY ACQUISITIONS LLC, A
                                            DELAWARE LIMITED LIABILITY COMPANY

                                            By: The TC-Fox Haven Company, a
                                                Maryland general Partner, its
                                                sole member

                                                By: The TC Property Company, a
                                                    Maryland general partnership
                                                    , its general partner

                                                    By: The TC Operating Limited
                                                        Partnership,  a Maryland
                                                        limited  partnership,
                                                        its general partner

                                                        By: The Town and Country
                                                            Trust, a Maryland
                                                            real  estate
                                                            investment trust,
                                                            its general partner

                                                            By:_________________
                                                               W. Daniel Brown
                                                               Senior Vice
                                                               President - Human
                                                               Relations

                     [SIGNATURES CONTINUE ON FOLLOWING PAGE]

                                       14
<PAGE>

                                            COURTS

                                            THE TC-COURTS COMPANY, LLC, A
                                            DELAWARE LIMITED LIABILITY COMPANY,
                                            F/K/A DAISY ACQUISITIONS LLC, A
                                            DELAWARE LIMITED LIABILITY COMPANY

                                            By: The TC-Charlesmont Company, a
                                                Maryland general Partner, its
                                                sole member

                                                By: The TC Property Company, a
                                                    Maryland general partnership
                                                    , its general partner

                                                    By: The TC Operating Limited
                                                        Partnership, a Maryland
                                                        limited  partnership,
                                                        its general partner

                                                        By: The Town and Country
                                                            Trust, a Maryland
                                                            real  estate
                                                            investment trust,
                                                            its general partner

                                                            By: ________________
                                                                W. Daniel Brown
                                                                Senior Vice
                                                                President -
                                                                Human Relations

                     [SIGNATURES CONTINUE ON FOLLOWING PAGE]

                                       15
<PAGE>

                                            AVALON

                                            THE TC-AVALON COMPANY, LLC, A
                                            DELAWARE LIMITED LIABILITY COMPANY,
                                            F/K/A SHAMROCK ACQUISITIONS LLC, A
                                            DELAWARE LIMITED LIABILITY COMPANY

                                            By: The TC-Woodmoor Company, a
                                                Maryland general Partner, its
                                                sole member

                                                By: The TC Property Company, a
                                                    Maryland general partnership
                                                    , its general partner

                                                    By: The TC Operating Limited
                                                        Partnership,  a Maryland
                                                        limited  partnership,
                                                        its general partner

                                                        By: The Town and Country
                                                            Trust, a Maryland
                                                            real  estate
                                                            investment trust,
                                                            its general partner

                                                            By:_________________
                                                               W. Daniel Brown
                                                               Senior Vice
                                                               President - Human
                                                               Relations

                     [SIGNATURES CONTINUE ON FOLLOWING PAGE]

                                       16
<PAGE>

                                            Lender

                                            PRUDENTIAL  MULTIFAMILY  MORTGAGE,
                                            INC., A DELAWARE  CORPORATION,
                                            SUCCESSOR TO WASHINGTON
                                            MORTGAGE FINANCIAL GROUP, LTD.

                                            By:_________________________________
                                               Name:  Sharon D. Singleton
                                               Title: Vice President

                     [SIGNATURES CONTINUE ON FOLLOWING PAGE]

                                       17
<PAGE>

                                            FANNIE MAE, A FEDERALLY-CHARTERED
                                            AND STOCKHOLDER-OWNED CORPORATION
                                            ORGANIZED AND EXISTING UNDER THE
                                            FEDERAL NATIONAL MORTGAGE
                                            ASSOCIATION CHARTER ACT, SECTION 12
                                            U.S.C. 1716, ET SEQ.

                                            By:_________________________________
                                               Name:____________________________
                                               Title:___________________________

                                       18
<PAGE>

                                  EXHIBIT A-1

                               SCHEDULE OF OWNERS

<TABLE>
<CAPTION>
                              ASSET
         OWNER                NUMBER     PROPERTY NAME          PROPERTY ADDRESS
-------------------------     ------   -----------------    --------------------
<S>                           <C>      <C>                  <C>
The TC-West/Greensview         M-1     Greensview West      9090-C Town & Country
Company                                                     Boulevard
                                                            Howard County
                                                            Ellicott City, MD 21043

The TC-East Company            M-2     Bowley's Quarters    3719-B White Pine Road
                                                            Baltimore County
                                                            Baltimore, MD 21220

The TC-Harford Company         M-3     Harford              9150 Parkland Road
                                                            Baltimore County
                                                            Baltimore, MD 21234

The TC-Hollows Company         M-4     Hollows              7930-B Silverleaf Court
                                                            Anne Arundel County
                                                            Glen Burnie, MD 21061

The TC-Montgomery              M-5     Montgomery Knolls    169-D Watkins Mill Road
Company                                                     Montgomery County
                                                            Gaithersburg, MD 20879

The TC-North Company           M-6     Cockeysville         10337 Society Park Drive
                                                            Baltimore County
                                                            Cockeysville, MD 21030

The TC-Avalon Company,                 Courts at Avalon     9000 Iron Horse Lane,
LLC (100% Membership                   (39% tenancy-in-     Baltimore County,
interest owned by The TC-              common interest)     Baltimore, MD 21208
Woodmoor Company)

The TC-Ridge-View              M-8     Ridge View           109-F Aspinwood Way
Company                                                     Baltimore County
                                                            Baltimore, MD 21237

The TC-South Company           M-9     Woodhill             215-D Woodhill Drive
                                                            Anne Arundel County
                                                            Glen Burnie, MD 21061

The TC-Hallfield Manor         M-11    Hallfield            8517-A Heathrow Court
Company                                                     Baltimore County
                                                            Baltimore, MD 21236

The TC-Montpelier              M-12    Willow Lake          13005 Old Stage Coach Road
Company                                                     #1518
                                                            Prince George's County
                                                            Laurel, MD 20708

The TC-Northeast Company       M-13    Rossville            7422 Brushfield Road
                                                            Baltimore County
</TABLE>

                                       19
<PAGE>

<TABLE>
<S>                           <C>        <C>                    <C>
                                                                Baltimore, MD 21237
The TC-Laurel Company         M-14       Tall Oaks              3519 Leslie Way
                                                                #101
                                                                Anne Arundel County
                                                                Laurel, MD 20724
The TC-Versailles             M-16       Versailles             111 Versailles Circle
Company                                                         Baltimore County
                                                                Baltimore, MD 21204
The TC-Excalibur                         Excalibur              9050 Iron Horse Lane,
Company, LLC (100%                                              Baltimore County,
Membership interest owned                                       Baltimore, MD 21208
by The TC-Fox Haven
Company)

The TC-Courts Company,                   Courts at Avalon       9000 Iron Horse Lane,
LLC (100% Membership                     (61% tenancy-in-       Baltimore County,
interest owned by The TC-                common interest)       Baltimore, MD 21208
Charlesmont Company)

The TC-Fox Run Company        M-19       Fox Run                2 Observation Court
                                                                Montgomery County
                                                                Germantown, MD 20876
The TC-Stonegate Company      M-20       Stonegate              4301 Stonegate Boulevard
                                                                Cecil County
                                                                Elkton, MD 21921
The TC-University Heights     V-1        University Heights     20300 River Ridge Terrace
Company                                                         Loudoun County
                                                                Ashburn, Virginia 20147
The TC-Barton's Crossing      V-2        Barton's Crossing      205 Century Place
Company                                                         Fairfax County
                                                                Alexandria, VA 22304
The TC-Glen Company           V-3        The Glen               90 Heritage Way N.E.
                                                                Loudoun County
                                                                Leesburg, VA 20176
The TC-McNair Farms           V-4        McNair Farms           2511 Farmcrest Drive
Company                                                         Fairfax County
                                                                Herndon, VA 22070
The TC-Carlyle Station        V-5        Carlyle Station        10519 Lariat Lane
Company                                                         Prince William County
                                                                Manassas, VA 20109
The TC-Allentown              P-1        Hidden Village         1943-E Pinehurst Court
Company                                                         Lehigh County
                                                                Allentown, PA 18103
The TC-Emmaus Company         P-2        Colonial Crest-        102 North Tenth Street
                                         Emmaus                 Lehigh County
                                                                Emmaus, PA 18049
The TC-Hanover Company        P-3        Hanover                203-E West Clearview Road
                                                                York County
</TABLE>

                                       20
<PAGE>

<TABLE>
<S>                          <C>    <C>               <C>
                                                      Hanover, PA 17331

The TC-Lancaster West        P-6    Lancaster West    190 Colonial Crest Drive
Company                                               Lancaster County
                                                      Lancaster, PA 17601
The TC-Lancaster East        P-7    Lancaster East    77 Foal Court
Company                                               Lancaster County
                                                      Lancaster, PA 17602
The TC-York Company          P-8    York              2000 Maplewood Drive
                                                      York County
                                                      York, PA 17403
The TC-Rolling Hills         P-9    Rolling Hills     1701 Taxville Road
Company                                               #3-D
                                                      York County
                                                      York, PA 17404
The TC-Harrisburg East       F-4    Heron's Run       175 Heron's Run Drive
Company                                               Sarasota, FL 34232-1740

The TC-Harrisburg            F-6    Gardens East      2750 Rio Vista Boulevard
Company                                               Gardens, FL 33410

The TC-Christina Mill        D-1    Christina Mill    100 Christina Mill Drive
Company                                               New Castle County
                                                      Newark, DE 19711
The TC-Lionsgate             V-6    Lionsgate         13690 Legacy Circle
Company, LLC                                          Herndon, VA 20171
</TABLE>

                                       21
<PAGE>

                                   EXHIBIT A-2

                       SCHEDULE OF INDEBTEDNESS OF OWNERS

<TABLE>
<CAPTION>
ASSET NUMBER           PROPERTY NAME              NEW FIRST DEBT
------------    -----------------------------     --------------
<S>             <C>                               <C>
    M-1         Greensview West                       32,687,872
    M-2         Bowley's Quarters                      8,691,648
    M-3         Harford                                7,398,016
    M-4         Hollows                                7,229,584
    M-5         Mongtomery Knolls                      5,058,528
    M-6         Cockeysville                          12,429,168
    M-8         Ridge View                             5,381,936
    M-9         Woodhill                               6,602,488
    M-11        Hallfield                              1,535,376
    M-12        Willow Lake                           10,233,056
    M-13        Rossville                             14,455,688
    M-14        Tall Oaks                              8,718,328
    M-16        Versailles                             7,009,880
    M-19        Fox Run                                  500,000
    M-20        Stonegate                             10,992,640
    V-1         University Heights                       500,000
    V-2         Barton's Crossing                     25,250,000
    V-3         The Glen                                 500,000
    V-4         McNair Farms                             500,000
    V-5         Carlyle Station                       15,101,196
    P-1         Hidden Village                         5,416,504
    P-2         Colonial Crest-Emmaus                  8,076,616
    P-3         Hanover                                3,837,280
    P-6         Lancaster West                         8,321,608
    P-7         Lancaster East                         5,431,584
    P-8         York                                   8,047,384
    P-9         Rolling Hills                          4,750,000
    F-4         Heron's Run                            7,747,640
    F-6         Gardens East                          12,348,644
    D-1         Christina Mill                         8,906,164(1)
                Excalibur                              8,397,240
                Courts at Avalon                      17,372,624
    V-6         Lionsgate at President's Park         19,571,288(2)
                                                  --------------
Property Co.                                           1,000,000
(Fixed)
                                                  --------------
Property Co.                                         139,000,000
(Revolver)
                                                  --------------
</TABLE>
------------------------------

                                       22
<PAGE>

1.       D-1, M-20 and V-5 have a joint and several obligation of $35,000,000
         which will remain a joint and several obligation. For purposes of
         allocating debt, however, the $35,000,000 has been allocated pro rata
         over the three properties based on their appraised values (D-1:
         $13,830,000; M-20: $17,070,000; V-5: $23,450,000).

2.       V-6 has assumed each of the Base Notes made by The TC Garden Wood
         Company in the amount of ($11,080,320) and the TC Rolling Road Company
         in the amount of ($8,490,968).

                                       23
<PAGE>

                                    EXHIBIT B

                             SUPPLEMENTAL EXHIBIT JJ

                          [INSERT LIONSGATE RESERVES]

                                       24
<PAGE>

                                    EXHIBIT C

                             SUPPLEMENTAL EXHIBIT KK

<TABLE>
<CAPTION>
LIONSGATE
------------
<S>                                            <C>      <C>
                     SITE
Patching,crack sealing, sealing and striping
Repair concrete sidewalks                               $ 2,500
               ARCHITECTURAL
Repair damaged siding                                   $ 1,000
            MECHANICAL/ELECTRICAL
Water heater replacement
HVAC condeser replacement

               DWELLING UNITS
Carpet Replacement
Vinyl Replacement
Refrigerator Replacement
Stove Replacement
Dishwasher Replacement
Washer/Dryer Replacement
               ADA COMPLIANCE
Other (do not delete this row -- add rows
above))
                                                        -------
IMMEDIATE REPAIRS                                       $ 3,500
                                               ----     -------
IMMED. REPAIRS ESCROW                          150%     $ 5,250 (WAIVED)
                                               ----     ----------------
</TABLE>

                                       25<PAGE>

                                                                    EXHIBIT 4(f)

                               FIRST AMENDMENT TO
                                CREDIT AGREEMENT

      This FIRST AMENDMENT TO CREDIT AGREEMENT (this "Amendment") is entered
into on March 1, 2004 and made effective as of December 4, 2003 (the "Effective
Date"), by and among Brush Engineered Materials Inc., an Ohio corporation (the
"Company"), the other Borrowers (as defined in the Credit Agreement (as defined
below)), the other Loan Parties (as defined in the Credit Agreement), the
Lenders (as defined in the Credit Agreement), and Bank One, NA, a national
banking association (the "Agent").

      WHEREAS, the Company, the other Borrowers, the other Loan Parties, the
Lenders, and the Agent entered into a certain Credit Agreement dated as of the
Effective Date (as may from time to time be amended, restated, modified, or
supplemented, the "Credit Agreement");

      WHEREAS, the Company, the other Borrowers, the other Loan Parties, the
Lenders, and the Agent desire to clarify certain provisions and correct certain
typographical and other minor errors in the Credit Agreement so that, as
modified by this Amendment, the Credit Agreement reflects the intent of the
parties thereto as of the Effective Date (i.e., the Closing Date (as defined in
the Credit Agreement));

      WHEREAS, the Company, the other Borrowers, the other Loan Parties, the
Lenders, and the Agent have agreed to amend the Credit Agreement as set forth
herein; and

      WHEREAS, the defined terms used but not defined herein shall have the
meanings ascribed to such terms in the Credit Agreement;

      NOW, THEREFORE, for valuable consideration received to their mutual
satisfaction, the parties hereby agree as follows:

      1. Amendment to Article I - Revised Definitions. The definitions "LC
Obligations," and "Loan Documents" in Article I of the Credit Agreement are
hereby deleted in their entirety and replaced with the following:

                  "LC Obligations" means, at any time, the sum, without
            duplication, of (a) the aggregate undrawn stated amount under all
            Facility LCs outstanding at such time, including, without
            limitation, the IRB Facility LCs, plus (b) the aggregate unpaid
            amount at such time of all Reimbursement Obligations.

                  "Loan Documents" means this Agreement, any Notes, the Facility
            LC Applications, the Collateral Documents, the Guaranty, the
            Export-Import Loan Documents, the Intercreditor Agreements, the LC
            Reimbursement Agreements, the IRB Facility LCs, the LC Bond Pledge
            Agreements, and all other agreements, instruments, documents and
            certificates identified in
<PAGE>
            Section 4.1 executed and delivered to, or in favor of, Agent or any
            Lenders and including all other pledges, powers of attorney,
            consents, assignments, contracts, notices, letter of credit
            agreements and all other written matter whether heretofore, now or
            hereafter executed by or on behalf of any Loan Party, or any
            Authorized Officer of any Loan Party, and delivered to the Agent or
            any Lender in connection with the Agreement or the transactions
            contemplated thereby. Any reference in the Agreement or any other
            Loan Document to a Loan Document shall include all appendices,
            exhibits or schedules thereto, and all amendments, restatements,
            supplements or other modifications thereto, and shall refer to the
            Agreement or such Loan Document as the same may be in effect at any
            and all times such reference becomes operative.

      2. Amendment to Article I -- New Definitions. The definitions "Domestic
Obligations," "IRB Facility LCs" and "LC Reimbursement Agreements" are hereby
added to Article I of the Credit Agreement in proper alphabetical order:

                  "Domestic Obligations" means all of the Obligations other than
            the Singapore Obligations.

                  "IRB Facility LCs" means, collectively, all commercial or
            stand-by letters of credit issued by the LC Issuer at the request of
            the Borrower for the purpose of providing credit support for one or
            more industrial revenue development bond issues, the proceeds of
            which issues are used by or loaned to one or more Domestic Borrowers
            for the purpose of financing one or more industrial, manufacturing,
            or similar development projects, including, in each case, any
            amendments, modifications, supplements, or replacements.

                  "LC Bond Pledge Agreements" means, collectively, all bond
            pledge agreements entered into by one or more Domestic Borrowers,
            the LC Issuer, and the applicable bond trustees to secure the
            Reimbursement Obligations associated with any particular IRB
            Facility LC or LC Reimbursement Agreement, including, in each case,
            any amendments, modifications, supplements, or replacements.

                  "LC Reimbursement Agreements" means, collectively, all
            reimbursement agreements entered into by one or more Domestic
            Borrowers and the LC Issuer to further evidence the Reimbursement
            Obligations associated with any particular IRB Facility LC,
            including, in each case, any amendments, modifications, supplements,
            or replacements.

       3. Amendment concerning the Defined Term "Aggregate Revolving Commitment"

                                       2
<PAGE>

      (a) Sections 2.15(b), 2.15(c), 2.15(d), 6.7(c), and 8.1(a) of the Credit
Agreement are hereby amended by deleting the text "Revolving Commitment" therein
and replacing it with "Aggregate Revolving Commitment".

      (b) Sections 12.3(a) and 12.3(b) of the Credit Agreement are hereby
amended by deleting the text "Revolving Commitment" therein and replacing it
with "a portion of the Aggregate Revolving Commitment".

      (c) Section 12.6 of the Credit Agreement is hereby amended by deleting the
text "Revolving Commitment" therein and replacing it with "share of the
Aggregate Revolving Commitment".

      4. Amendment to Section 2.1.2. Section 2.1.2(a) of the Credit Agreement is
hereby amended by deleting the first sentence therein and replacing it with the
following:

                  The LC Issuer hereby agrees, on the terms and conditions set
            forth in this Agreement, to issue to a Domestic Loan Party standby
            and commercial Letters of Credit, including, without limitation, the
            IRB Facility LCs (each, a "Facility LC") and to renew, extend,
            increase, decrease or otherwise modify each Facility LC ("Modify,"
            and each such action a "Modification"), from time to time from and
            including the Closing Date of this Agreement and prior to the
            Facility Termination Date upon the request of the Company, on behalf
            of itself or the applicable Loan Party; provided that, the maximum
            face amount of the Facility LC to be issued or Modified, does not
            exceed the lesser of (i) an amount equal to $25,000,000 minus the
            sum of (A) the aggregate undrawn amount of all outstanding Facility
            LCs at such time plus, without duplication, (B) the aggregate unpaid
            Reimbursement Obligations with respect to all Facility LCs
            outstanding at such time and (ii) the Domestic Availability.

      5. Amendment to Section 2.11. Section 2.11(a) of the Credit Agreement is
hereby amended by deleting the first and last sentences therein and replacing
them, respectively, with the following:

                  Each Floating Rate Advance shall bear interest on the
            outstanding principal amount thereof, for each day from and
            including the date such Advance is made or is automatically
            converted from a Fixed Rate Advance into a Floating Rate Advance
            pursuant to Section 2.7, to but excluding the date it is paid or is
            converted into a Fixed Rate Advance pursuant to Section 2.7 hereof,
            at a rate per annum equal to the Floating Rate or Singapore Derived
            Floating Rate, as the case may be, for such day.

                  If at any time Loans are outstanding with respect to which the
            Company has not delivered a notice to the Applicable Agent
            specifying the

                                       3
<PAGE>
            basis for determining the interest rate applicable thereto, those
            Loans shall bear interest at the Floating Rate or the Singapore
            Derived Floating Rate, as the case may be.

      6. Amendment to Section 6.20. Section 6.20(l) of the Credit Agreement is
hereby amended by deleting the text "$500,000" therein and replacing it with
"$1,000,000".

      7. Amendment to Section 8.1. Section 8.1(a)(i) of the Credit Agreement is
hereby amended by deleting the text "Singapore Commitment" therein and replacing
it with "Aggregate Singapore Commitment".

      8. Amendment to Section 9.16. Section 9.16 of the Credit Agreement is
hereby amended in its entirety and replaced with the following:

                  9.16 No Cross Collateralization. For the avoidance of doubt,
            the parties hereto agree that the Collateral of the Singapore Loan
            Parties securing the Secured Obligations of the Singapore Loan
            Parties shall not constitute security for the Domestic Obligations.

      9. Amendment to Section 16.2. Section 16.2 of the Credit Agreement is
hereby amended by deleting the second sentence therein and replacing it with the
following:

                  Upon the occurrence and during the continuance of a Default
            which has not been waived in writing, all such deposits to the Cash
            Management Account in respect of a Borrower shall be credited to
            such Borrower as follows: (1) to the extent such deposits constitute
            the proceeds of the Export-Import Collateral, such deposits shall be
            applied directly to the outstanding principal, accrued and unpaid
            interest, and fees related to the Export-Import Loan and (2) all
            deposits other than those described in the immediately preceding
            subparagraph (1) (except to the extent such deposits remain after
            the Export-Import Loan is indefeasibly paid in full), (a) first to
            the payment of any fees, expenses or Obligations (other than
            Obligations to pay (i) principal and interest relating to the
            Advances and (ii) principal, accrued and unpaid interest, and fees
            related to the Export-Import Loan) then due and payable by the
            Borrowers to the Applicable Agent or Lenders hereunder or under any
            of the other Loan Documents; (b) second, to the ratable payment of
            interest due on the Loans made to the Borrowers (other than interest
            related to the Export-Import Loan); (c) third, to late charges until
            paid in full; (d) fourth, to the principal installments then due and
            payable with respect to the Term Loans; (e) fifth, to the
            outstanding principal amount of any Revolving Loans; (f) sixth, at
            the Required Lenders' option, in their sole and absolute discretion,
            to any and all other outstanding Obligations of the Borrowers (other
            than in respect of the (i) aggregate undrawn amount of any Facility
            LC outstanding for the account of the Borrowers and (ii) principal,

                                       4
<PAGE>
            accrued and unpaid interest, and fees related to the Export-Import
            Loan) in such order as the Required Lenders may choose in their sole
            discretion; and (g) seventh, as cash collateral security against the
            aggregate undrawn amount of any Letter of Credit outstanding for the
            account of the Borrowers and any other Obligations (whether then or
            thereafter outstanding, including, without limitation, to the extent
            not indefeasibly paid in full by the deposits described in
            subparagraph (1) above, the Export-Import Loan) of the Borrowers.

      10. Amendment to Section 16.2. Section 16.2 of the Credit Agreement is
hereby amended by adding the following sentence the end of such section:

                  Notwithstanding the foregoing, (a) all deposits received in
            the Locked Box in Singapore shall be applied to the Singapore
            Obligations in the order set forth above, and (b) all deposits
            received in the Locked Box located in the United States shall be
            applied first to the Domestic Obligations in the order set forth
            above and then to the Singapore Obligations in the order set forth
            above.

      11. Amendment to the Pricing Schedule. The Pricing Schedule attached to
the Credit Agreement is hereby amended by deleting the text "Fixed Charge
Coverage Ratio" from the first row, second column and replacing it with
"Leverage Ratio".

      12. General Terms. This Amendment shall be effective as of the Effective
Date. Except as specifically amended herein, directly or by reference, all of
the terms and conditions set forth in the Credit Agreement are confirmed and
ratified, and shall remain as originally written. This Amendment shall be
construed in accordance with the laws of the State of Ohio, without regard to
principles of conflict of laws. The Credit Agreement and all other Loan
Documents shall remain in full force and effect in all respects as if the unpaid
balance of the principal outstanding, together with interest accrued thereon,
had originally been payable and secured as provided for therein, as amended from
time to time and as modified by this Amendment. Nothing herein shall affect or
impair any rights and powers which the Company, any other Borrower, any Loan
Party, any Lender or the Agent may have under the Credit Agreement and any and
all other Loan Documents.

      13. No Effect. The parties hereto agree that this Amendment shall in no
manner affect or impair the liens and security interests evidenced by the Credit
Agreement and/or any other instruments evidencing, securing or related to the
Obligations.

      14. Counterparts. This Amendment may be executed in counterparts and all
such counterparts shall constitute one agreement binding on all the parties,
notwithstanding that the parties are not signatories to the same counterpart.

                  [Remainder of Page Intentionally Left Blank]

                                       5
<PAGE>
      IN WITNESS WHEREOF, the Company, the other Borrowers, the Lenders and the
Agent have executed this Amendment as of the date first above written.

      BORROWERS:

<TABLE>
<S>                                        <C>
BRUSH ENGINEERED MATERIALS INC.            BEM SERVICES, INC.

By:                                        By:
   ---------------------------------          ----------------------------------
Name:                                      Name:
     -------------------------------            --------------------------------
Title:                                     Title:
      ------------------------------             -------------------------------

BRUSH INTERNATIONAL, INC.                  BRUSH WELLMAN INC.

By:                                        By:
   ---------------------------------          ----------------------------------
Name:                                      Name:
     -------------------------------            --------------------------------
Title:                                     Title:
      ------------------------------             -------------------------------

ZENTRIX TECHNOLOGIES INC.                  BRUSH RESOURCES INC.

By:                                        By:
   ---------------------------------          ----------------------------------
Name:                                      Name:
     -------------------------------            --------------------------------
Title:                                     Title:
      ------------------------------             -------------------------------

BRUSH CERAMIC PRODUCTS INC.                CIRCUITS PROCESSING TECHNOLOGY, INC.

By:                                        By:
   ---------------------------------          ----------------------------------
Name:                                      Name:
     -------------------------------            --------------------------------
Title:                                     Title:
      ------------------------------             -------------------------------

TECHNICAL MATERIALS, INC.                  WILLIAMS ADVANCED MATERIALS INC.

By:                                        By:
   ---------------------------------          ----------------------------------
Name:                                      Name:
     -------------------------------            --------------------------------
Title:                                     Title:
      ------------------------------             -------------------------------

WILLIAMS ACQUISITION, LLC

By:
   ---------------------------------
Name:
     -------------------------------
Title:
      ------------------------------
</TABLE>
<PAGE>
<TABLE>
<S>                                        <C>
                                           SINGAPORE BORROWER:

                                           BRUSH WELLMAN (SINGAPORE) PTE LTD.

                                           By:
                                              ----------------------------------
                                           Name: Tony Ong Wee Swez
                                           Title:  Managing Director

                                           Address: c/o Brush Engineered Materials, Inc.
                                                    17876 St. Clair Avenue
                                                    Cleveland, Ohio 44110
</TABLE>

                                       7
<PAGE>
<TABLE>
<S>                                        <C>
                                           LENDERS:

                                           BANK ONE, NA
                                           Individually, as the Agent, a Lender and LC Issuer

                                           By:
                                               --------------------------------
                                           Name: Joseph J. Virzi
                                           Title:   Senior Vice President

                                           Address:   100 East Broad Street
                                                      Columbus, OH 43215
                                           Attention: Randy R. Radik
                                                      Telephone: (330) 972-1206
                                                      Facsimile: (330) 972-1456
</TABLE>

                                       8
<PAGE>
<TABLE>
<S>                                        <C>
                                           BANK ONE, NA Singapore Branch
                                           as a Lender

                                           By:
                                               --------------------------------
                                           Name:  Joseph J. Virzi
                                           Title: Senior Vice President

                                           Address:   100 East Broad Street
                                                      Columbus, OH 43215
                                           Attention: Randy R. Radik
                                                      Telephone: (330) 972-1206
                                                      Facsimile: (330) 972-1456
</TABLE>

                                       9
<PAGE>
<TABLE>
<S>                                        <C>
                                           LASALLE BANK NATIONAL ASSOCIATION
                                           as a Lender

                                           By:
                                               --------------------------------
                                           Name:  Patrick F. Dunphy
                                           Title: First Vice President

                                           Address :  1300 E. 9th Street, Suite 1000
                                                      Cleveland, OH 44114
                                           Attention: Jeri Zimmerman
                                                      Telephone: (216) 802-2200
                                                      Facsimile: (216) 802-2212
</TABLE>

                                       10
<PAGE>
<TABLE>
<S>                                        <C>
                                           RZB FINANCE LLC
                                           as a Lender

                                           By:
                                               ---------------------------------
                                           Name:
                                                 -------------------------------
                                           Title:
                                                  ------------------------------

                                           By:
                                               ---------------------------------
                                           Name:
                                                 -------------------------------
                                           Title:
                                                  ------------------------------

                                           Address :  24 Grassy Plain Street
                                                      Bethel, CT 06801
                                           Attention: Marisa Mancini
                                                      Telephone: (203) 207-0115
                                                      Facsimile: (203) 744-6474
</TABLE>

                                       11
<PAGE>
<TABLE>
<S>                                        <C>
                                           THE CIT GROUP/BUSINESS CREDIT, INC.
                                           as a Lender

                                           By:
                                               ---------------------------------
                                           Name:  Douglas A. Nickel
                                           Title: Vice President

                                           Address :  Two Wachovia Center, 23rd Fl.
                                                      301 S. Tryon Street
                                                      P.O. Box 30337
                                                      Charlotte, NC 28239-0337
                                           Attention: Robert Newman, Vice President
                                                      Telephone: (704) 339-3044
                                                      Facsimile: (704) 339-2208
</TABLE>

                                       12
<PAGE>
<TABLE>
<S>                                        <C>
                                           FIFTH THIRD BANK
                                           as a Lender

                                           By:
                                               ---------------------------------
                                           Name:  Ken Horner
                                           Title: Vice President

                                           Address :  1404 East Ninth Street, 3rd Floor
                                                      Mail Drop: A65111
                                                      Cleveland, OH 44114
                                           Attention: Ken Horner
                                                      Vice President
                                                      Telephone: (216) 274-5579
                                                      Facsimile: (216) 274-5441
</TABLE>

                                       13
<PAGE>
<TABLE>
<S>                                        <C>
                                           ORIX FINANCIAL SERVICES, INC.
                                           as a Lender

                                           By:
                                               ---------------------------------
                                           Name:
                                                  ------------------------------
                                           Title:
                                                  ------------------------------

                                           Address :  One South Wacker, Suite 2750
                                                      Chicago, IL 60606
                                           Attention: Jonathan Millard
                                                      Telephone: (312) 469-5081
                                                      Facsimile: (770) 970-8181
</TABLE>

                                       14

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