Document:

Table of Contents
EXHIBIT
4.1

AMENDMENT NO. 2 AND LIMITED WAIVER
TO
POST-PETITION
LOAN AND SECURITY AGREEMENT

This AMENDMENT NO. 2 AND LIMITED
WAIVER TO POST-PETITION LOAN AND SECURITY AGREEMENT (this
"Amendment") dated as of August
28,  2003, is among the Lenders, BANK OF AMERICA, N.A., as agent
for the Lenders ("Agent"), W.R. GRACE &
CO. and the Subsidiaries of W.R. Grace and Co. parties hereto
(collectively, the
"Borrowers").

WHEREAS, the
parties hereto are parties to a Post-Petition Loan and Security
Agreement dated as of April  1,  2001 (as previously
amended, the "Loan Agreement");
and

WHEREAS, the parties hereto desire to amend the Loan
Agreement as herein set forth:

NOW, THEREFORE, for and in
consideration of the mutual covenants set forth herein and in the Loan
Agreement, and for other valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree
as
follows:

1.    Amendments.    Section
9.1(k) of the Loan Agreement is hereby amended and restated in its
entirety to read as follows.

(k)(i) an ERISA
Event shall occur with respect to a Pension Plan or Multi-employer Plan
which has resulted or would reasonably be expected to result in
liability of any Borrower under Title IV of ERISA to the Pension Plan,
Multi-employer Plan or the PBGC and such liability would reasonably be
expected to cause a Material Adverse Effect; or (ii) any Borrower or
any ERISA Affiliate shall fail to pay when due, after the expiration of
any applicable grace period, any installment payment with respect to
its withdrawal liability under Section 4201 of ERISA under a
Multi-employer Plan in an aggregate amount in excess of
$25,000,000;

2.    Limited Waiver.    Subject to
the conditions precedent set forth below, the Agent and the Lenders
hereby waive any breach or violation of Section 9.1(k)(ii) of the Loan
Agreement (prior to giving effect to this Amendment) arising on or
prior to the date hereof caused solely by the Borrowers' Pension
Plans having an aggregate amount of Unfunded Pension Liability in
excess of $25,000,000. This waiver shall be limited precisely as
written and shall not be deemed to (i) be a consent to any amendment,
waiver or modification of any other term or condition of the Loan
Agreement or any other Loan Document, except to the extent set forth
herein or (ii) prejudice any right or remedy that the Agent or the
Lenders may have or may have in the fixture under or in connection with
the Loan Agreement or any other Loan
Document.

3.    Representations and Warranties of
Borrower.    Each Borrower represents and warrants
that:

(a)    The execution, delivery and
performance by each Borrower of this Amendment has been duly authorized
by all necessary corporate action required on its part and this
Amendment is a legal, valid and binding obligation of each Borrower
enforceable against each Borrower in accordance with its terms except
as the enforcement thereof may be subject to (i) the effect of any
applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting creditors' rights generally and (ii)
general principles of equity (regardless of whether enforcement is
sought in a proceeding in equity or at
law).

(b)    Each of the representations
and warranties contained in the Loan Agreement and the Loan Documents
is true and correct in all material respects on and as of the date
hereof as if made on the date hereof (except to the extent stated to
relate to a specific earlier date, in which case such representations
and warranties shall be true and correct in all material respects as of
such earlier date).

(c)    Upon the
effectiveness of this Amendment, no Event of Default shall have
occurred and be continuing.

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4.    Conditions.    This
Amendment shall be effective upon execution by each Borrower, the Agent
and the Majority Lenders.

5.    Reference to and Effect
Upon the Loan Agreement.

(a)    Except
as specifically amended above, the Loan Agreement and the other Loan
Documents shall remain in full force and effect and are hereby ratified
and confirmed.

(b)    Upon the
effectiveness of this Amendment, each reference in the Loan Agreement
to "this Agreement",
"hereunder",
"hereof",
‘‘herein’’ or words of similar import shall
mean and be a reference to the Loan Agreement as amended
hereby.

6.    Defined Terms.    Except as
otherwise defined herein, all defined terms herein shall have the
meanings ascribed thereto in the Loan
Agreement.

7.    Governing Law.    THIS
AMENDMENT SHALL BE INTERPRETED AND THE RIGHTS AND LIABILITIES OF THE
PARTIES HERETO DETERMINED IN ACCORDANCE WITH THE INTERNAL LAWS
(PROVIDED THAT PERFECTION ISSUES WITH RESPECT TO ARTICLE 9 OF THE UCC
MAY GIVE EFFECT TO APPLICABLE CHOICE OR CONFLICT OF LAW RULES SET FORTH
IN ARTICLE 9 OF THE UCC) OF THE STATE OF NEW YORK TO THE EXTENT NOT
PREEMPTED BY FEDERAL BANKRUPTCY LAWS; PROVIDED THAT THE AGENT AND THE
LENDERS SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL
LAW.

8.    Headings.    Section headings
in this amendment are included herein for convenience of reference only
and shall not constitute a part of this Amendment for any other
purposes.

9.    Counterparts.    This Amendment
may be executed in any number of counterparts, each of which when so
executed shall be deemed an original, but all such counterparts shall
constitute one and the same instrument.

(Signature Pages
Follow)

2

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IN WITNESS
WHEREOF, this Amendment has been duly executed as of the date first
written above.

		BANK OF AMERICA, N.A.,
 as Agent and
Lender

		By: /s/ Edmundo Kahn

Name:
Edmundo Kahn
Title:
VP

		BORROWERS:

		W. R.
Grace & Co.
A-1 Bit & Tool Co., Inc.
 Alewife Boston
Ltd.
Alewife Land Corporation
 Amicon, Inc.
CB Biomedical,
Inc.
CCHP, Inc.
Coalgrace, Inc.
Coalgrace II,
Inc.
Creative Food 'N Fun Company
 Darex Puerto Rico,
Inc.
 Del Taco Restaurants, Inc.
Ecarg, Inc.
Five Alewife
Boston Ltd.
G C Limited Partners I, Inc.
G C Management,
Inc.
GEC Management Corporation
 GN Holdings, Inc.
GPC
Thomasville Corp.
Gloucester New Communities Company, Inc.

Grace A-B Inc.
Grace A-B II Inc.
Grace Chemical Company of
Cuba
Grace Culinary Systems, Inc.
 Grace Drilling Company

Grace Energy Corporation
 Grace Environmental, Inc.
 Grace
Europe, Inc.
Grace H-G Inc.
Grace H-G II Inc.
Grace Hotel
Services Corporation

[Signature Page to
Amendment No. 2 and Limited Waiver to
Post-Petition Loan and
Security Agreement]

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		Grace International Holdings,
Inc.
Grace Offshore Company
Grace PAR Corporation
Grace
Petroleum Libya Incorporated
Grace Tarpon Investors, Inc.

Grace Ventures Corp.
Grace Washington, Inc.
W. R. Grace Capital
Corporation
W. R. Grace & Co.-Conn.
W. R. Grace Land
Corporation
 Gracoal, Inc.
Gracoal II, Inc.
Guanica-Caribe
Land Development Corporation Hanover Square Corporation
Homco
International, Inc.
Kootenai Development Company
L B Realty,
Inc.
Litigation Management, Inc.
 Monolith Enterprises,
Incorporated
 Monroe Street, Inc.
MRA Holdings Corp.
MRA
Intermedco, Inc.
MRA Staffing Systems, Inc.
Remedium Group,
Inc.
Southern Oil, Resin & Fiberglass, Inc.
Water Street
Corporation, each as a Debtor and a
Debtor-in-Possession

		By: /s/ Robert
M.  Tarola

Its Senior Vice President or Vice
President
        or Authorized
Signatory

[Signature Page to
Amendment No. 2 and Limited Waiver to
Post-Petition Loan and
Security Agreement]

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		CC Partners, as a Debtor and
Debtor-in-Possession

		By:    MRA Staffing Systems,
Inc., a General Partner

			
		 	By: /s/ Robert
M.  Tarola

Its: Authorized Signatory

		By:
CCHP, Inc., a General Partner

			
		 	By: /s/ Robert
M.  Tarola

Its: Authorized
Signatory

		Axial Basin Rand Company, as a Debtor and
Debtor-in-Possession

		By: Grace A-B II, Inc., a General
Partner

			
		 	By: /s/ Robert M.
Tarola

Its: Authorized Signatory

		By: Grace A-B,
Inc., a General Partner

			
		 	By: /s/ Robert
M.  Tarola

Its: Authorized
Signatory

		Hayden-Gulch West Coal Company, as a Debtor
and Debtor-in-Possession

		By: Grace H-G, Inc., a General
Partner

			
		 	By: /s/ Robert M.
Tarola

Its: Authorized Signatory

		By: Grace H-G
II, Inc., a General Partner

			
		 	By: /s/ Robert
M.  Tarola

Its: Authorized
Signatory

[Signature Page to Amendment No. 2
and Limited Waiver to
Post-Petition Loan and Security
Agreement]

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		H-G Coal Company, as a Debtor
and Debtor-in-         Possession

		By: Coalgrace,
Inc., a General Partner

			
		 	By: /s/ Robert
M.  Tarola

Its: Authorized Signatory

		By:
Coalgrace II, Inc., a General Partner

			
		 	By:
/s/ Robert M.  Tarola

Its: Authorized
Signatory

		Dewey and Almy, LLC, as a Debtor and
Debtor-
        in-Possession

		By: W. R. Grace
& Co.-Conn., its sole member

			
		 	By: /s/
Robert M.  Tarola

Its: Authorized
Signatory

[Signature Page to Amendment No. 2
and Limited Waiver to
Post-Petition Loan and Security
Agreement]

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		PNC BANK, NATIONAL
ASSOCIATION

		By: /s/ Kysha A.
White

            Kysha A. White
Title: Assistant
Vice President
Address: Two Tower Center
Blvd.

		8th Floor
East Brunswick, New Jersey
08816
Attention: Josephine Griffin
Facsimile: (732)
220-4393

		BANK OF
SCOTLAND

		By: /s/Joseph
Fratus

Title: Joseph Fratus, First Vice President
 Address:
565 5th Avenue

		New York, NY 10017

Attention: Shirley Vargas
Facsimile: (212)
479-2807

		AMSOUTH BANK

		By:
/s/ Frank D. Marsicano

Title: Attorney in Fact
Address:
350 Park Avenue

		New York, New York
10022
Attention: Frank Marsicano

		AmSouth
Capital Corp.
Facsimile: (212)
935-7458

[Signature Page to Amendment No. 2 and
Limited Waiver to

Post-Petition Loan and Security
Agreement]

Table of Contents

		TRANSAMERICA BUSINESS
CAPITAL
CORPORATION

		/s/ Michael S.
Burns

By: Michael S. Burns
SVP — Region
Manager
Address: 555 Theodore Fremd
Ave.

		Suite C301
Rye, NY 10580
Attention:
Brian Joyce

		Facsimile: (914)
921-5883

[Signature Page to Amendment No. 2
and Limited Waiver to
Post-Petition Loan and Security
Agreement]Table of Contents

EXHIBIT
4.2

AMENDMENT NO.
3
TO
POST-PETITION LOAN AND SECURITY AGREEMENT

This
AMENDMENT NO. 3 TO POST-PETITION LOAN AND SECURITY AGREEMENT (this
"Amendment") is dated as of December
17,  2003, among the Lenders, BANK OF AMERICA, N.A., as agent for
the Lenders ("Agent"), W. R. GRACE & CO.
(the "Company") and the Subsidiaries of W. R.
Grace & Co. parties hereto (collectively, the
"Borrowers").

WHEREAS, the parties
hereto are parties to a Post-Petition Loan and Security Agreement dated
as of April  1,  2001 (the "Loan
Agreement"); and

WHEREAS, the parties hereto desire
to amend the Loan Agreement as herein set forth:

NOW, THEREFORE,
for and in consideration of the mutual covenants set forth herein and
in the Loan Agreement, and for other valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties
hereto agree as
follows:

			
		1. 	Amendments.

(a)    Annex
A to the Loan Agreement is hereby amended by amending and restating
clause (h) of the definition of "Restricted
investment" in its entirety to read as
follows:

‘‘(h) loans, made while no
Default or Event of Default has occurred and is continuing, in an
aggregate amount not to exceed $24,750,000 at any time outstanding made
to ART by W. R. Grace &
Co.-Conn.;’’

2.    Amendment
Fee.    The Borrowers, jointly and severally, agree to pay the
Agent, on the Bankruptcy Court Approval Date (defined below) for the
ratable benefit of the Lenders who execute this Amendment, a
non-refundable amendment fee (the "Amendment
Fee") in the amount of
$25,000.

3.    Conditions.    This Amendment shall
be effective upon satisfaction of the following conditions
precedent:

(i)    This Amendment shall have
been executed by each Borrower, the Agent and Majority Lenders;
and

(ii)    The Agent shall have received a
copy of the signed order of the Bankruptcy Court approving this
Amendment and the transactions contemplated hereby (the date on which
the Bankruptcy Court approves this Amendment being referred to herein
as the "Bankruptcy Court Approval
Date").

4.    Reference to and Effect Upon
the Loan Agreement.

(a)    Except as
specifically amended above, the Loan Agreement and the other Loan
Documents shall remain in full force and effect and are hereby ratified
and confirmed.

(b)    Upon the effectiveness
of this Amendment, each reference in the Loan Agreement to
"this Agreement",
"hereunder",
"hereof", "herein"
or words of similar import shall mean and be a reference to the Loan
Agreement as amended hereby.

5.    Defined
Terms.    Except as otherwise defined herein, all defined terms
herein shall have the meanings ascribed thereto in the Loan
Agreement.

6.    Governing Law.    THIS
AMENDMENT SHALL BE INTERPRETED AND THE RIGHTS AND LIABILITIES OF THE
PARTIES HERETO DETERMINED IN ACCORDANCE WITH THE INTERNAL LAWS
(PROVIDED THAT PERFECTION ISSUES WITH RESPECT TO ARTICLE 9 OF THE UCC
MAY GIVE EFFECT TO APPLICABLE CHOICE OR CONFLICT OF LAW RULES SET FORTH
IN ARTICLE 9 OF THE UCC) OF THE STATE OF NEW YORK TO THE EXTENT NOT
PREEMPTED BY FEDERAL BANKRUPTCY LAWS; PROVIDED THAT THE AGENT AND THE
LENDERS SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL
LAW.

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7.    Headings.    Section
headings in this amendment are included herein for convenience of
reference only and shall not constitute a part of this Amendment for
any other purposes.

8.    Counterparts.    This
Amendment may be executed in any number of counterparts, each of which
when so executed shall be deemed an original, but all such counterparts
shall constitute one and the same
instrument.

(Signature Pages
Follow)

2

Table of Contents
IN
WITNESS WHEREOF, this Amendment has been duly executed as of the date
first written above.

		BANK OF AMERICA, N.A.,
 as
Agent and Lender

		By: /s/ Edmundo Kahn

Name:
Edmundo Kahn
Title: Vice
President

		BORROWERS:

		W. R. Grace
& Co.
A-1 Bit & Tool Co., Inc.
 Alewife Boston
Ltd.
Alewife Land Corporation
 Amicon, Inc.
CB Biomedical,
Inc.
CCHP, Inc.
Coalgrace, Inc.
Coalgrace II,
Inc.
Creative Food 'N Fun Company
 Darex Puerto Rico,
Inc.
 Del Taco Restaurants, Inc.
 Ecarg, Inc.
Five Alewife
Boston Ltd.
G C Limited Partners I, Inc.
 G C Management,
Inc.
GEC Management Corporation
 GN Holdings, Inc.
GPC
Thomasville Corp.
Gloucester New Communities Company, Inc.

Grace A-B Inc.
Grace A-B II Inc.
Grace Chemical Company of
Cuba
Grace Culinary Systems, Inc.
 Grace Drilling Company

Grace Energy Corporation
 Grace Environmental, Inc.
 Grace
Europe, Inc.
Grace H-G Inc.
Grace H-G II Inc.
Grace Hotel
Services Corporation
Grace International Holdings, Inc.
Grace
Offshore Company
 Grace PAR Corporation
Grace Petroleum Libya
Incorporated
Grace Tarpon Investors, Inc.
 Grace Ventures
Corp.
Grace Washington, Inc.
W. R. Grace Capital
Corporation
 W. R. Grace & Co.-Conn.
 W. R. Grace Land
Corporation
 Gracoal, Inc.
Gracoal II,
Inc.

[Signature Page to Amendment No. 3 to
Post-Petition Loan and Security Agreement]

Table of Contents

		Guanica-Caribe Land Development
Corporation
Hanover Square Corporation
 Homco International,
Inc.
 Kootenai Development Company
 L B Realty,
Inc.
Litigation Management, Inc.
 Monolith Enterprises,
Incorporated
Monroe Street, Inc.
MRA Holdings Corp.
MRA
Intermedco, Inc.
MRA Staffing Systems, Inc.
 Remedium Group,
Inc.
Southern Oil, Resin & Fiberglass, Inc.
Water Street
Corporation, each as a Debtor and a
Debtor-in-Possession

		By: /s/ Robert M.
Tarola

Its Senior Vice President or Vice
President

[Signature Page to Amendment No. 3
to Post-Petition Loan and Security
Agreement]

Table of Contents

		CC Partners, as a Debtor and
Debtor-in-Possession

		By: MRA Staffing Systems, Inc., a
General Partner

		By: /s/ Robert M.
Tarola

Its: Vice President & Treasurer

		By:
CCHP, Inc., a General Partner

		By: /s/ Robert
M.  Tarola

Its: Vice President &
Treasurer

		Axial Basin Rand Company, as a Debtor and
    Debtor-in-Possession

		By: Grace A-B II, Inc., a
General Partner

		By: /s/ Robert M.
Tarola

Its: Vice President & Treasurer

		By:
Grace A-B, Inc., a General Partner

		By: /s/ Robert
M.  Tarola

Its: Vice President &
Treasurer

		Hayden-Gulch West Coal Company, as a Debtor
and     Debtor-in-Possession

		By: Grace H-G, Inc., a
General Partner

		By: /s/ Robert M.
Tarola

Its: Vice President & Treasurer

		By:
Grace H-G II, Inc., a General Partner

		By: /s/
Robert M.  Tarola

Its: Vice President &
Treasurer

		H-G Coal Company, as a Debtor and
    Debtor-in-Possession

		By: Coalgrace, Inc., a
General Partner

		By: /s/ Robert M.
Tarola

Its: Vice President & Treasurer

		By:
Coalgrace II, Inc., a General Partner

		By: /s/
Robert M.  Tarola

Its: Vice President &
Treasurer

		Dewey and Almy, LLC, as a Debtor and

    Debtor-in-Possession

		By: W. R. Grace &
Co.-Conn., its sole member

		By: /s/ Robert
M.  Tarola

Its: Senior Vice President

[Signature Page to Amendment No. 3 to
Post-Petition Loan and Security
Agreement]

Table of Contents

		GMAC COMMERCIAL CREDIT LLC
(successor by merger to GMAC Commercial Credit LLC)

		By:
/s/ David Duffy

Title: Senior Vice
President
Address:   1290 Avenue of the Americas

		3rd Floor
New York, New York
10104
 Attention: Harvey Winter
 Facsimile: (212)
884-7384

		THE CIT GROUP/BUSINESS
CREDIT

		By: /s/ John Thomas

Title:
AVP
Address:   1211 Avenue of the
Americas

		
New York, New York 10036
 Attention: Monique Fuller
 Facsimile:
(212) 536-1293

		PNC BANK, NATIONAL
ASSOCIATION

		By: /s/ Parameswar
Sivaramakrishnan

		Parameswar
Sivaramakrishnan

		Title: Assistant Vice
President
Address: Two Tower Center
Blvd.

		8th Floor
East Brunswick, New Jersey
08816
Attention: Josephine Griffin
Facsimile: (732)
220-4393

		BANK OF
SCOTLAND

		By: /s/ Susan E.
Hay

		Susan E. Hay
Director, Business
Services

		Address: 565 5th
Avenue

		New York, NY 10017
 Attention:
Shirley Vargas
Facsimile: (212)
479-2807

		AMSOUTH CAPITAL
CORP.

		By: /s/ Stephen V.
Mangiante

Title: Attorney in Fact
Address: 350 Park
Avenue

		New York, New York
10022
Attention:____________

                  Facsimile: (212)
935-7458

[Signature Page to Amendment
No. 3 to
Post-Petition Loan and Security
Agreement]

Table of Contents

		TRANSAMERICA BUSINESS
CAPITAL CORPORATION

		By: /s/ Michael S.
Burns

Title: Michael S. Burns
          SVP
– Region Manager
Address: 555 Theodore Fremd
Ave.

		Suite C301
Rye, NY
10580
Attention: Brian Joyce
Facsimile: (914)
921-5883

[Signature Page to Amendment
No. 3 to
Post-Petition Loan and Security
Agreement]

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