Document:

<PAGE>
                                                                  EXHIBIT 10.3.4

                                                                  EXECUTION COPY

                                THIRD AMENDMENT

          THIRD AMENDMENT, dated as of October 6, 2000 (this "Amendment") to the
Credit Agreement, dated as of July 23, 1998 and as Amended and Restated as of
August 28, 1998 (as amended by the First Amendment, dated as of March 10, 1999,
the Second Amendment, dated as of March 22, 2000 and as may be further amended,
modified or supplemented from time to time, the "Credit Agreement"), among  (i)
DDI Capital Corp., formerly known as Details Capital Corp. (the "Company"); (ii)
Dynamic Details, Incorporated, formerly known as Details, Inc. ("Details");
(iii) Dynamic Details Incorporated, Silicon Valley, formerly known as Dynamic
Circuits, Inc. ("DCI", and collectively with Details, the "Borrowers"); (iv) the
several banks and other financial institutions from time to time parties
thereto, (individually, a "Lender," and collectively, the "Lenders"); (v)
BANKERS TRUST COMPANY, as documentation and co-syndication agent; and (vi) THE
CHASE MANHATTAN BANK ("Chase"), as collateral, co-syndication and administrative
agent (in such capacity, the "Administrative Agent").

                             W I T N E S S E T H :
                             -------------------

          WHEREAS, pursuant to the Credit Agreement the Lenders have agreed to
make, and have made, certain Loans to the Borrowers;

          WHEREAS, the Company and the Borrowers have requested that the Lenders
amend, and the Lenders have agreed to amend, certain of the provisions of the
Credit Agreement upon the terms and subject to the conditions set forth below;

          WHEREAS, the Lenders are willing to effect such amendments to the
Credit Agreement, but only upon the terms and subject to the conditions set
forth below;

          NOW, THEREFORE, the parties hereto hereby agree as follows:

          1. Defined Terms. Capitalized terms used herein and not otherwise
defined are used herein as defined in the Credit Agreement.

          2. Amendments to Section 1.1. (a) Section 1.1 is hereby amended by
adding the following definitions:

          "Consolidated Senior Debt":  at any date, Consolidated Total Debt as
     of such date minus Consolidated Subordinated Debt as of such date.

          "Consolidated Senior Leverage Ratio": as at the last day of any
     period, the ratio of (a) Consolidated Senior Debt to (b) Consolidated
     EBITDA for such period.

          "Consolidated Subordinated Debt":  as of any date of determination,
     all Indebtedness of Details and its Subsidiaries for borrowed money that is
     (a) outstanding on such date and (b) subordinated in right of payment to
     the Obligations, all calculated on a consolidated basis in accordance with
     GAAP.
<PAGE>

                                                                               2

          "Incremental Revolving Lenders":  on any Incremental Revolving Loan
     Activation Date, the Lenders signatory to the Incremental Revolving Loan
     Activation Notice.

          "Incremental Revolving Loan Activation Date":  each date, which shall
     be a Business Day before the Scheduled Revolving Credit Termination Date,
     on which any Lender, at the request of the Borrowers and with the agreement
     of the relevant Lender, shall execute and deliver to the Administrative
     Agent an Incremental Revolving Loan Activation Notice pursuant to Section
     2.4(a).

          "Incremental Revolving Loan Activation Notice":  a notice
     substantially in the form of Exhibit I.

          "Incremental Revolving Loan Amount":  as to each Incremental Revolving
     Lender, on and after the effectiveness of any Incremental Revolving Loan
     Activation Notice, the obligation of such Incremental Revolving Lender to
     make Revolving Credit Loans (and participate in Swing Line Loans and
     Letters of Credit) hereunder from time to time during the period beginning
     on the related Incremental Revolving Loan Closing Date and ending on the
     Scheduled Revolving Credit Termination Date or such earlier date on which
     the Revolving Credit Commitments shall terminate as provided herein in a
     principal amount at any one time outstanding not to exceed the amount set
     forth under the heading "Incremental Revolving Loan Amount" opposite such
     Incremental Revolving Lender's name on such Incremental Revolving Loan
     Activation Notice.

          "Incremental Revolving Loan Closing Date":  each date, which shall be
     a Business Day before the Scheduled Revolving Credit Termination Date,
     designated as such in an Incremental Revolving Loan Activation Notice.

          "Incremental Term Lenders":  on any Incremental Term Loan Activation
     Date, the Lenders signatory to the Incremental Term Loan Activation Notice.

          "Incremental Term Loan Activation Date":  each date, which shall be a
     Business Day before the final maturity of the Tranche A Term Loans (if the
     related Incremental Term Loans are to be made as additional Tranche A Term
     Loans) or the Tranche B Term Loans (if the related Incremental Term Loans
     are to be made as additional Tranche B Term Loans) on which any Lender, at
     the request of the Borrowers and with the agreement of the relevant Lender,
     shall execute and deliver to the Administrative Agent an Incremental Term
     Loan Activation Notice pursuant to Section 2.1.

          "Incremental Term Loan Activation Notice":  a notice substantially in
     the form of Exhibit J.

          "Incremental Term Loan Amount":  as to each Incremental Term Lender,
     on and after the effectiveness of any Incremental Term Loan Activation
     Notice, the obligation of such Incremental Term Lender to make Incremental
     Term Loans hereunder on the related Incremental Term Loan Closing Date in a
     principal amount equal to the amount set forth
<PAGE>

                                                                               3

     under the heading "Incremental Term Loan Amount" opposite such Incremental
     Term Lender's name on such Incremental Term Loan Activation Notice.

          "Incremental Term Loan Closing Date":  each date, which shall be a
     Business Day before the final maturity of the Tranche A Term Loans (if the
     related Incremental Term Loans are to be made as additional Tranche A Term
     Loans) or the Tranche B Term Loans (if the related Incremental Term Loans
     are to be made as additional Tranche B Term Loans) designated as such in an
     Incremental Term Loan Activation Notice.

          "Incremental Term Loans":  a Term Loan made by an Incremental Lender
     pursuant to an Incremental Term Loan Activation Notice in a principal
     amount not to exceed the amount of the Incremental Term Loan Amount
     specified in such Incremental Term Loan Activation Notice.

          "Third Amendment":  the Third Amendment, dated as of October 6, 2000,
     to this Agreement.

          "Third Amendment Effective Date":  the date of effectiveness of the
     Third Amendment.'

          (b)  The definition of "Applicable Margin" is hereby deleted in its
entirety, and  the following new definition is substituted in lieu thereof:

          "'Applicable Margin':  for each Type of Loan, the rate per annum set
     forth under the relevant column heading below:
<TABLE>
<CAPTION>

                                        "ABR Loans   Eurodollar Loans
                                         ---------   ----------------
<S>                                     <C>          <C>
          Revolving Credit Loans and
          Swing Line Loans                    1.25%              2.25%
          Tranche A Term Loans                1.25%              2.25%
          Tranche B Term Loans                2.00%              3.00%
</TABLE>

     ; provided, that on and after the first Adjustment Date occurring after
December 31, 2000, the Applicable Margin with respect to Revolving Credit Loans,
the Swing Line Loans, and Tranche A Term Loans will be determined pursuant to
the Pricing Grid."

          (c)  The definition of "ECF Percentage"  is hereby deleted in its
entirety, and the following new definition is substituted in lieu thereof:

          "'ECF Percentage':  (i) 75%, provided that with respect to each fiscal
     year, the ECF Percentage shall be reduced to (i) 50% if the Consolidated
     Leverage Ratio as of the last day of such fiscal year is not greater that
     4.0 to 1.0, and (ii) 25%, if the Consolidated Leverage Ratio as of the last
     day of such fiscal year is not greater than 3.0 to 1.0."

          (d)  The definition of "Consolidated Total Debt"  is hereby deleted in
its entirety, and the following new definition is substituted in lieu thereof:
<PAGE>

                                                                               4

          `"Consolidated Total Debt":  at any date, the aggregate principal
     amount of all Indebtedness of Details and its Subsidiaries at such date
     (less the amount of cash on the balance sheet of Details and its
     Subsidiaries at such date which is not subject to any Lien, other than a
     Lien securing the Obligations), determined on a consolidated basis in
     accordance with GAAP.'

          3. Amendment to Section 2.1. Section 2.1 is hereby amended by adding
immediately after the amount "$129,000,000." in the ninth line thereof the
following:

          "The Borrowers and all or certain of the Lenders (which may or may not
     be existing Lenders at such time) may up to three times either (a) during
     the period from and including the Third Amendment Effective Date to but
     excluding the final maturity of the Tranche A Term Loans (if the related
     Incremental Term Loans are to be made as additional Tranche A Term Loans)
     agree that such Lenders shall become Tranche A Term Loan Lenders or
     increase the principal amount of their Tranche A Term Commitment or (b)
     during the period from and including the Third Amendment Effective Date to
     but excluding the final maturity of the Tranche B Term Loans (if the
     related Incremental Term Loans are to be made as additional Tranche B Term
     Loans) agree that such Lenders shall become Tranche B Term Loan Lenders or
     increase the principal amount of their Tranche B Term Loan Commitment, in
     either case by executing and delivering to the Administrative Agent an
     Incremental Term Loan Activation Notice specifying (i) the respective
     Incremental Term Loan Amount of such Incremental Term Lenders and (ii) the
     applicable Incremental Term Loan Closing Date, and which shall be otherwise
     duly completed.  Each Incremental Term Lender that is a signatory to an
     Incremental Term Loan Activation Notice severally agrees, on the terms and
     conditions of this Agreement to make term loans to the Borrowers on the
     applicable Incremental Term Loan Closing Date in an aggregate principal
     amount not to exceed the amount of the Incremental Term Loan Amount of such
     Incremental Term Lender specified in such Incremental Term Loan Activation
     Notice.  The Incremental Term Loan Amount shall be treated as an additional
     Tranche A Term Loan Commitment (if the related Incremental Term Loans are
     to be made as additional Tranche A Term Loans) or Tranche B Term Loan
     Commitment (if the related Incremental Term Loans are to be made as
     additional Tranche B Term Loans) and the loans made thereunder shall be
     treated as additional Tranche A Term Loans (if the related Incremental Term
     Loans are to be made as additional Tranche A Term Loans) or Tranche B Term
     Loans (if the related Incremental Term Loans are to be made as additional
     Tranche A Term Loans) for all purposes under the Loan Documents.  Any such
     additional Tranche A Term Loans or Tranche B Term Loans shall mature in
     quarterly installments on the dates set forth in the schedule contained in
     Section 2.3(a), in the case of additional Tranche A Term Loans, or Section
     2.3(b), in the case of additional Tranche B Term Loans, in ratable amounts
     equal to the ratable repayment amounts of the other Tranche A Term Loans or
     Tranche B Term Loans, as the case may be, which are outstanding on the date
     on which such additional Tranche A Term Loans or Tranche B Term Loans, as
     the case may be, are made.  Notwithstanding the foregoing, the aggregate
     principal amount of the Incremental Term Loan Amounts (whether or not then
     outstanding), when combined with the aggregate
<PAGE>

                                                                               5

     principal amount of the Incremental Revolving Loan Amounts (whether or not
     outstanding), shall not exceed $30,000,000."

          4. Amendment to Section 2.4. Section 2.4 is hereby amended by adding
the following at the end of paragraph (a) thereof:

          "The Borrowers and all or certain of the Lenders (which may or may not
     be existing Lenders at such time) may up to three times during the period
     from and including the Third Amendment Effective Date to but excluding the
     Scheduled Revolving Credit Termination Date, agree that such Lenders shall
     become Revolving Credit Lenders or increase the principal amount of their
     Revolving Credit Commitment by executing and delivering to the
     Administrative Agent an Incremental Revolving Loan Activation Notice
     specifying (i) the respective Incremental Revolving Loan Amount of such
     Incremental Revolving Lenders and (ii) the applicable Incremental Revolving
     Loan Closing Date, and which shall be otherwise duly completed.  Each
     Incremental Revolving Lender that is a signatory to an Incremental
     Revolving Loan Activation Notice severally agrees, on the terms and
     conditions of this Agreement (for the avoidance of doubt, in addition to
     any existing Revolving Credit Commitment it has at such time) to make
     revolving loans to the Borrowers and to participate in Swing Line Loans and
     Letters of Credit on the same terms and conditions as the Revolving Credit
     Loans in an aggregate principal amount at any one time outstanding not to
     exceed the amount of the Incremental Revolving Loan Amount of such
     Incremental Revolving Lender specified in such Incremental Revolving Loan
     Activation Notice.  The Incremental Revolving Loan Amount shall be treated
     as an additional Revolving Credit Commitment and the loans made thereunder
     shall be treated as additional Revolving Credit Loans for all purposes
     under the Loan Documents.  Notwithstanding the foregoing, the aggregate
     principal amount of the Incremental Revolving Loan Amounts (whether or not
     outstanding), when combined with the aggregate principal amount of the
     Incremental Term Loan Amounts (whether or not then outstanding), shall not
     exceed $30,000,000."

          5. Amendment to Section 2.11(a). Section 2.11(a) is hereby amended by
(1) deleting the word "and" at the end of clause (v) thereof and substituting in
lieu thereof the following: "," and (2) adding the following clause (vii) to the
end thereof:

          "and (vii) the aggregate amount of Net Cash Proceeds (the "Offering
     Proceeds") from the issuance of Capital Stock of Holdings in a primary
     offering; provided that, within 30 days of receipt thereof, (a) if the
     Offering Proceeds are equal to $125,000,000 (1) the first $26,100,000, or
     an amount approximately equal thereto, of such Offering Proceeds is used to
     redeem the New Intermediate Holdco Notes and to pay any prepayment
     penalties incurred in connection therewith, (2) the next $38,700,000 of
     such Offering Proceeds is used to redeem or repurchase the Company Zeros
     and to pay any prepayment penalties incurred in connection therewith, and
     (3) the next $37,500,000 of such Offering Proceeds is contributed to the
     Borrower as common equity; (b) if the Offering Proceeds are greater than
     $125,000,000 (1) the first $26,100,000, or an amount approximately equal
     thereto, of such Offering Proceeds is used to redeem the New Intermediate
     Holdco Notes and to pay any prepayment penalties incurred in connection
     therewith, (2) the next $38,700,000 of such Offering Proceeds is used to
     redeem or
<PAGE>

                                                                               6

     repurchase the Company Zeros and to pay any prepayment penalties incurred
     in connection therewith, (3) the next $37,500,000 of such Offering Proceeds
     is contributed to the Borrower as common equity, and (4) at least 20% of
     the amount by which the Offering Proceeds exceed $125,000,000 is
     contributed to the Borrower as common equity (provided that no more than
     $50,000,000 shall be required to be contributed to the Borrower pursuant to
     this clause (b)); and (c) if the Offering Proceeds are less than
     $125,000,000, (1) the first $26,100,000, or an amount approximately equal
     thereto, of such Offering Proceeds is used to redeem the New Intermediate
     Holdco Notes and to pay any prepayment penalties incurred in connection
     therewith, (2) 39.13% of the amount of Offering Proceeds remaining after
     giving effect to clause (c)(1) is used to redeem or repurchase the Company
     Zeros and to pay any prepayment penalties incurred in connection therewith;
     and (3) 37.92% of the amount of Offering Proceeds remaining after giving
     effect to clauses (c)(1) and (c)(2), is contributed to the Borrower as
     common equity."

          6. Amendments to Section 7. Section 7 of the Credit Agreement is
hereby amended as follows:

          (a) Section 7.1(b) is hereby amended by deleting such Section in its
entirety and substituting in lieu thereof the following:

                    "(b) Consolidated Senior Leverage Ratio. Permit the
          Consolidated Senior Leverage Ratio as of the last day of any period of
          four consecutive fiscal quarters of Details ending during any period
          set forth below to exceed the ratio set forth below opposite such
          period:

           Period                             Consolidated Senior Leverage Ratio
           ------                             ----------------------------------

Third Amendment Effective Date
     through September 29, 2001                         2.00 to 1.0
September 30, 2001 through September 29, 2002           1.75 to 1.0
September 30, 2002 through September 29, 2003           1.50 to 1.0
September 30, 2003 through thereafter                   1.25 to 1.0"

          (b) Section 7.1(c) is hereby amended by deleting the words "1.05 to
1.0." in the fourth line and substituting in lieu thereof the following:

          "the ratio set forth below opposite such period:

               Period                   Consolidated Fixed Charge Coverage Ratio
               ------                   ----------------------------------------

Third Amendment Effective Date
     through September 29, 2001                       1.20 to 1.0
September 30, 2001 through September 29, 2002         1.50 to 1.0
September 30, 2002 through thereafter                 1.75 to 1.0"

          (c)  Section 7.1(d) is hereby deleted in its entirety.
<PAGE>

                                                                               7

          (d) Section 7.2 is hereby amended by (i) deleting "$10,000,000" from
clause (d) therein and substituting in lieu thereof the following:
"$15,000,000", (ii) deleting "$20,000,000" from clause (m) therein and
substituting in lieu thereof the following: "$30,000,000" and (iii) adding
thereto the following new clause (n):

                    "(n) Indebtedness owing to the seller in connection with any
          acquisition consummated pursuant to Section 7.8(i) ("Seller Paper");
          provided, that (i) such Indebtedness is subordinated to the Loans and
          Commitments on terms and conditions satisfactory to the Administrative
          Agent and (ii) such Indebtedness shall not provide for the payment of
          interest in cash nor for any principal amortization prior to the date
          which is one year following the final maturity of all of the Loans."

          (e) Clause (d) of section 7.6 is hereby amended by (i) deleting
"$4,000,000" from clause (i) therein and substituting in lieu thereof the
following: "$5,000,000" and (ii) deleting "$10,000,000" from clause (i) therein
and substituting in lieu thereof the following: "$15,000,000".

          (f) Section 7.7 is hereby amended by deleting such Section in its
entirety and substituting in lieu thereof the following: "[INTENTIONALLY
OMITTED]".

          (g) Clause 7.8(i) is hereby deleted in its entirety, and the following
new clause (i) is substituted in lieu thereof:

                    "(i) Details and its Subsidiaries may acquire all or
          substantially all of the Capital Stock or assets of any Person or
          business unit of a Person; provided that (i) no Default or Event of
          Default has occurred and is continuing or would result therefrom, (ii)
          the Company would have been in compliance, on a pro forma basis, with
          each of the financial covenants contained in Section 7.1 if such
          acquisition had been made on the first day of the most recently
          completed period of calculation thereof (including after giving effect
          to any Seller Paper) and (iii) immediately prior to consummating such
          acquisition, and after giving pro forma effect thereto, the Available
          Revolving Credit Commitments of all the Lenders shall be at least
          $20,000,000."

                    (h) Section 7.9 is hereby amended by deleting "Except as
          provided in Section 2.11(a)(vi) hereof," at the beginning thereof and
          substituting in lieu thereof the following: "Except as provided in
          Section 2.11(a)(vi) or Section 2.11(a)(vii),".

                    (i) Section 7.17 is hereby amended by inserting the
          following at the beginning thereof: "Except as provided in Section
          2.11(a)(vii),".

          7. Amendment to Section 8(m). (a) Section 8(m) is hereby amended by
deleting clause (ii) thereof in its entirety, and inserting in lieu thereof the
following new clause (ii):

               "(ii) MCM shall conduct, transact or otherwise engage in, or
          commit to
<PAGE>

                                                                               8

          conduct, transact or otherwise engage in, any business or operations,
          other than (A) those businesses in which it is engaged in on the date
          of its acquisition by Holdings or which are reasonably related thereto
          and (B) any purchase of securities or assets constituting all or a
          material part of a business unit of any Person with any Offering
          Proceeds which remain after the uses provided for such Offering
          Proceeds in Section 2.11(a)(vii) hereof, or with any other resources
          generated by MCM;"

     (b) Section 8(m) is hereby amended by deleting clause (vi) thereof in its
entirety, and inserting in lieu thereof the following new clause (vi):

               "(vi) Holdings shall own, lease, manage or otherwise operate any
     properties or assets (including cash and Cash Equivalents), other than (A)
     Capital Stock of New Intermediate Holdco, (B) Capital Stock and
     Indebtedness of MCM or (C) any amount of Offering Proceeds retained in
     accordance with Section 2.11(a)(vii) hereof plus any proceeds thereof,
     which amount Holdings may use for any purpose, or".

          8. Amendment to Annex A. The Credit Agreement is hereby amended by
deleting the Pricing Grid attached as Annex A thereto and substituting in lieu
thereof the following Pricing Grid:

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------
                           Applicable Margin         Applicable Margin
     Consolidated         For Eurodollar Loans       For ABR Loans and             Commitment
    Leverage Ratio       And Letters of Credit        Swing Line Loans              Fee Rate
---------------------------------------------------------------------------------------------------
<S>                     <C>                       <C>                       <C>
[_] 5.00 to 1.0                  2.75%                     1.75%                     0.50%
---------------------------------------------------------------------------------------------------
    5.00 to 1.0 and              2.50%                     1.50%                     0.50%
[_] 4.00 to 1.0
---------------------------------------------------------------------------------------------------
    4.00 to 1.0 and              2.25%                     0.25%                    0.375%
[_] 3.00 to 1.0
---------------------------------------------------------------------------------------------------
    3.00 to 1.0 and              2.25%                     0.25%                    0.375%
[_] 2.50 to 1.0
---------------------------------------------------------------------------------------------------
    2.50 to 1.0                  2.00%                     0.25%                    0.375%
---------------------------------------------------------------------------------------------------
</TABLE>

          9. Fees. In consideration of the agreement of the Lenders to consent
to the amendments contained herein, the Borrowers agree to pay to each Lender
which so consents on or prior to October 6, 2000, an amendment fee in an amount
equal to 25 basis points of the amount of such Lender's Commitment, payable on
the date hereof in immediately available funds.
<PAGE>

                                                                               9

          10. Effectiveness. This Amendment shall become effective on the date
on which the following conditions precedent shall have been satisfied (such
date, the "Effective Date"):

               (a)  Holdings shall have received at least $100,000,000 of
Offering Proceeds;

               (b) the Administrative Agent shall have received counterparts of
this Amendment, duly executed and delivered by Holdings, the Borrowers and the
Required Prepayment Lenders;

               (c) the Administrative Agent shall have received from each of the
Borrowers a copy of the resolutions of such Borrower, certified by the Secretary
of such Borrower, authorizing the execution, delivery and performance of this
Second Amendment, which shall be in form and substance reasonably satisfactory
to the Administrative Agent and shall state that the resolutions thereby
certified have not been amended, modified, revoked or rescinded;

               (d) the Administrative Agent shall have received a certificate of
each of the Borrowers, dated as of the date hereof, as to the incumbency and
signature of the officers of such Borrower executing this Second Amendment,
which shall be in form and substance reasonably satisfactory to the
Administrative Agent;

               (e) the Administrative Agent shall have received such other
documents, instruments and agreements with respect to the matters contemplated
by this Amendment as the Administrative Agent reasonably shall request, and all
such documents, instruments and agreements shall be in form and substance
reasonably satisfactory to the Administrative Agent; and

               (f) the fees referred to in paragraph 9 of this Amendment shall
have been paid.

          11. Representations and Warranties. As of the date hereof and after
giving effect to this Amendment, the Company and each Borrower hereby confirm,
reaffirm and restate the representations and warranties made by it in Section 4
of the Credit Agreement and otherwise in the Loan Documents to which it is a
party; provided that each reference to the Credit Agreement therein shall be
deemed to be a reference to the Credit Agreement after giving effect to this
Amendment. No Default or Event of Default has occurred and is continuing.

          12. Continuing Effect; No Other Amendments. Except as expressly
amended or waived hereby, all of the terms and provisions of the Credit
Agreement and the other Loan Documents are and shall remain in full force and
effect. The amendments and waivers contained herein shall not constitute an
amendment or waiver of any other provision of the Credit Agreement or the other
Loan Documents or for any purpose except as expressly set forth herein.
<PAGE>

                                                                              10

          13. GOVERNING LAW; Counterparts. (a) THIS AMENDMENT SHALL BE GOVERNED
BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK.

          (b) This Amendment may be executed in any number of counterparts, all
of which counterparts, taken together, shall constitute one and the same
instrument. This Amendment may be delivered by facsimile transmission of the
relevant signature pages hereof.
<PAGE>

                                                                              11

          IN WITNESS WHEREOF, the parties have caused this Amendment to be duly
executed and delivered by their respective proper and duly authorized officers
as of the day and year first above written.

                          DDI CAPITAL CORP.

                          By:____________________________________________
                            Title:

                          DYNAMIC DETAILS, INCORPORATED

                          By:____________________________________________
                            Title:

                          DYNAMIC DETAILS, INCORPORATED, SILICON VALLEY

                          By:____________________________________________
                            Title:
<PAGE>

                                                                              12

                          THE CHASE MANHATTAN BANK, as
                          Administrative Agent, Collateral Agent, Co-
                          Syndication Agent and as a Lender

                          By:____________________________________________
                            Title:

                          BANKERS TRUST COMPANY, as
                          Documentation Agent, Co-Syndication Agent
                          and as a Lender

                          By:____________________________________________
                            Title:
<PAGE>

                                                                              13

BANK AUSTRIA CREDITANSTALT CORP.

By:____________________________________________
  Title:
<PAGE>

                                                                              14

THE BANK OF NOVA SCOTIA

By:____________________________________________
  Title:
<PAGE>

                                                                              15

BANKBOSTON, N.A.

By:____________________________________________
  Title:
<PAGE>

                                                                              16

CITIZENS BANK OF MASSACHUSETTS

By:____________________________________________
  Title:
<PAGE>

                                                                              17

CRESCENT/MACH I PARTNERS, L.P.

By:____________________________________________
  Title:
<PAGE>

                                                                              18

CYPRESSTREE INVESTMENT PARTNERS I

By:____________________________________________
  Title:
<PAGE>

                                                                              19

CYPRESSTREE INSTITUTIONAL FUND, LLC

By:____________________________________________
  Title:
<PAGE>

                                                                              20

CYPRESSTREE SENIOR FLOATING RATE FUND

By:____________________________________________
  Title:
<PAGE>

                                                                              21

DEBT STRATEGIES FUND

By:____________________________________________
  Title:
<PAGE>

                                                                              22

DRESDNER BANK AG

By:____________________________________________
  Title:
<PAGE>

                                                                              23

FIRST DOMINION FUNDING II

By:____________________________________________
  Title:
<PAGE>

                                                                              24

FLEET BANK, N.A.

By:____________________________________________
  Title:
<PAGE>

                                                                              25

INDOSUEZ CAPITAL FUNDING IIA, LTD.

By:____________________________________________
  Title:
<PAGE>

                                                                              26

INDOSUEZ CAPITAL FUNDING IV, L.P.

By:____________________________________________
  Title:
<PAGE>

                                                                              27

IBJ WHITEHALL BANK & TRUST COMPANY

By:____________________________________________
  Title:
<PAGE>

                                                                              28

KZH CRESCENT 2 LLC

By:____________________________________________
  Title:
<PAGE>

                                                                              29

KZH CRESCENT 3 LLC

By:____________________________________________
  Title:
<PAGE>

                                                                              30

KZH CYPRESSTREE-1 LLC

By:____________________________________________
  Title:
<PAGE>

                                                                              31

ML SENIOR FLOATING RATE FUND II, INC.

By:____________________________________________
  Title:
<PAGE>

                                                                              32

MSDW PRIME INCOME TRUST

By:____________________________________________
  Title:
<PAGE>

                                                                              33

MASS MUTUAL HIGH YIELD PARTNERS II

By:____________________________________________
  Title:
<PAGE>

                                                                              34

MASSACHUSETTS MUTUAL LIFE
  INSURANCE

By:____________________________________________
  Title:
<PAGE>

                                                                              35

MERRILL LYNCH PRIME RATE PORTFOLIO

By:____________________________________________
  Title:
<PAGE>

                                                                              36

MERRILL LYNCH SENIOR FLOATING RATE FUND

By:____________________________________________
  Title:
<PAGE>

                                                                              37

PILGRIM AMER. HIGH INCOME INVEST. LTD.

By:____________________________________________
  Title:
<PAGE>

                                                                              38

PILGRIM CLO 1999-1

By:____________________________________________
  Title:
<PAGE>

                                                                              39

PILGRIM PRIME RATE INCOME TRUST

By:____________________________________________
  Title:
<PAGE>

                                                                              40

SANKATY HIGH YIELD ASSET PARTNERS

By:____________________________________________
  Title:
<PAGE>

                                                                              41

SOMERS CDO, LIMITED

By:____________________________________________
  Title:
<PAGE>

                                                                              42

SWAPS TRS

By:____________________________________________
  Title:
<PAGE>

                                                                              43

TORONTO DOMINION (NEW YORK) INC.

By:____________________________________________
  Title:
<PAGE>

                                                                              44

VAN KAMPEN SR. FLOATING RATE FUND

By:____________________________________________
  Title:
<PAGE>

                                                                       EXHIBIT I

             [Form of Incremental Revolving Loan Activation Notice]

                  INCREMENTAL REVOLVING LOAN ACTIVATION NOTICE

To:  The Chase Manhattan Bank
as Administrative Agent under the Credit Agreement referred to below

          Reference is hereby made to the Credit Agreement, dated as of July 23,
1998 and as Amended and Restated as of August 28, 1998 (as amended by the First
Amendment, dated as of March 10, 1999, the Second Amendment, dated as of March
22, 2000, the Third Amendment, dated as of October 6, 2000 and as may be further
amended, modified and supplemented and in effect from time to time, the "Credit
Agreement").  Terms defined in the Credit Agreement and not defined herein are
used herein as defined therein.

          This notice is the Incremental Revolving Loan Activation Notice
referred to in the Credit Agreement, and the Borrower signatory hereto and each
of the Lenders signatory hereto (the "Incremental Revolving Lenders") hereby
notify you that:

  1.      The Incremental Revolving Loan Amount of each Incremental Revolving
          Lender is set forth opposite such Incremental Revolving Lender's name
          on the signature pages hereof under the caption "Incremental Revolving
          Loan Amount".

  2.      The Incremental Revolving Loan Closing Date is ______.

          Each of the Incremental Revolving Lenders and the Borrower signatory
hereto hereby agree that the Applicable Margin for this Incremental Revolving
Loan shall be _______.

                              [NAME OF RELEVANT BORROWER]

                              By______________
                                Name:
                                Title:
<PAGE>

Incremental Revolving Loan Amount [NAME OF INCREMENTAL REVOLVING LENDER]
---------------------------------

$

                                By______________
                                  Name:
                                  Title:

CONSENTED TO:

THE CHASE MANHATTAN BANK,
 as Administrative Agent

By_____________
 Name:
 Title:
<PAGE>

                                                                       EXHIBIT J

               [Form of Incremental Term Loan Activation Notice]

                    INCREMENTAL TERM LOAN ACTIVATION NOTICE

To:  The Chase Manhattan Bank
as Administrative Agent under the Credit Agreement referred to below

          Reference is hereby made to the Credit Agreement, dated as of July 23,
1998 and as Amended and Restated as of August 28, 1998 (as amended by the First
Amendment, dated as of March 10, 1999, the Second Amendment, dated as of March
22, 2000, the Third Amendment, dated as of October 6, 2000 and as may be further
amended, modified and supplemented and in effect from time to time, the "Credit
Agreement").  Terms defined in the Credit Agreement and not defined herein are
used herein as defined therein.

          This notice is the Incremental Term Loan Activation Notice referred to
in the Credit Agreement, and the Borrower signatory hereto and each of the
Lenders signatory hereto (the "Incremental Term Lenders") hereby notify you
that:

  1.      The Incremental Term Loan Amount of each Incremental Term Lender is
          set forth opposite such Incremental Term Lender's name on the
          signature pages hereof under the caption "Incremental Term Loan
          Amount".

  2.      The Incremental Term Loan Closing Date is ______.

  3.      The Incremental Term Loans shall be made as Tranche [A/B] Term Loans.

                              [NAME OF RELEVANT BORROWER]

                              By______________
                                Name:
                                Title:
<PAGE>

Incremental Term Loan Amount [NAME OF INCREMENTAL TERM LENDER]
----------------------------

$

                                By______________
                                  Name:
                                  Title:

CONSENTED TO:

THE CHASE MANHATTAN BANK,
 as Administrative Agent

By_____________
 Name:
 Title:<PAGE>

                                                                    EXHIBIT 10.1

CONFIDENTIAL PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED PURSUANT TO REGULATION
240.25B-2B OF THE SECURITIES EXCHANGE ACT OF 1934. [*] INDICATES OMITTED
MATERIAL THAT IS THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST AND IS FILED
SEPARATELY WITH THE COMMISSION.

                        Repurchase of Ribozyme Product

After completing Phase I Clinical Trials, Ribozyme Pharmaceuticals Inc. ("RPI")
has decided to repurchase all rights to the Ribozyme Product, as defined in the
March 17, 1999, Research and Collaboration Agreement, ("Agreement") between RPI
and Eli Lilly and Company ("Lilly"). In exchange for the terms and conditions
set forth in this Repurchase of Ribozyme Product letter ("Letter") Lilly hereby
returns all the Ribozyme Product rights to RPI. All capitalized terms are as set
forth in the Agreement.

     1.0  Reversion of License and Transfer of Information.  Lilly agrees that
          -------------------------------------------------
all rights to Ribozyme Products licensed under the Agreement shall revert to RPI
and that Lilly shall transfer to RPI all material, data, information and
regulatory documentation, including the Ribozyme IND, (jointly, "Data")
reasonably required by RPI to continue Clinical Development of the Ribozyme
Product at Lilly's cost. RPI agrees to accept all such material, information and
regulatory documentation as is and agrees Lilly shall not be liable to RPI for
any reason as a consequence of RPI's use of any such material, information or
regulatory documentation. Transfer of Data shall occur within thirty (30) days
of the last signature of this Letter. Lilly agrees to cooperate with RPI on the
performance of regulatory audits that are reasonably required of Data. Data does
not include basic research and biology, Specialty Lab data, antiviral assay in
cell culture and any activities related to work in Japan.

     2.0  RPI Development.  RPI agrees to continue the development of Ribozyme
          ---------------
Product to demonstrate efficacy in the Field at a cost of at least [ * ],
excluding any costs paid to Lilly, by September 28, 2001. If RPI spends less
than such sum then RPI will refund any difference to Lilly by October 28, 2001.

     3.0  Termination Fee.   Lilly shall pay RPI a Termination Fee based upon
          ----------------
RPI's spending to date representing the Ribozyme Product in the amount of two
million, seven hundred seventy four thousand, one hundred and nine U.S. dollars
($2,774,109) within ninety (90) days of September 28, 2000. Lilly waives its
right under the Agreement to direct any amount of such Termination Fee to any
other Lilly project at RPI.

     4.0  Royalty.  Under Section 6.5.3 of the Agreement, RPI shall pay Lilly a
          --------
royalty of [ * ] on the Net Sales of each Ribozyme Product by RPI, its
Affiliates or sublicensees. The terms of sections 7.1, 7.2, 7.4-7.7 of the
Agreement as they relate to this section 4.0 shall survive the termination of
the Agreement.

     5.0  Milestone.  RPI shall pay Lilly a one time milestone for the first to
          ---------
occur of the following milestones:

          a) [ * ] upon RPI closing an agreement or agreements for development
          or marketing rights to a Ribozyme Product with a third party(ies),
          payable as follows:
<PAGE>

               i) [ * ] upon RPI closing an agreement that includes any one of
               the following major countries: U.S., Germany, Italy, Spain,
               United Kingdom, France, Japan, Canada, Brazil, China, Taiwan,
               Korea or India ("Major Country"); or
               ii) [ * ] upon RPI closing an agreement for any four or more
               territories or countries of which none are a Major Country; or
               iii) Two, [ * ] payments where the first payment is made upon
               RPI closing any agreement for development or marketing rights to
               a Ribozyme Product with a third party for any three or less
               territories or countries of which none are a Major Country and a
               second payment for [ * ] upon closing any other agreement for
               development or marketing rights to a Ribozyme Product with a
               third party anywhere; or

          b) [ * ] upon the submission of  an NDA for a Ribozyme Product in
          the United States.

     6.0  [ * ]

     7.0  Release.  Each party hereby agrees that all performance and duties
          -------
were satisfactorily performed by each other under the Agreement and that no
further duties or obligations under the Agreement are due except for those set
forth in this Letter.

     8.0  Equity Conversion and Common Stock.  The terms of the Stock Purchase
          ----------------------------------
Agreement, April 30, 1999, between the parties is unaffected by this
termination. The parties agree that Lilly shall convert each share of Series L
Preferred into U.S. $1,500,000 of common stock and that the Conversion Notice
and Conversion Date shall be the termination date of the Agreement. The
termination date of the Agreement shall be December 28, 2000..The common stock
is to be valued for purpose of the conversion at the average closing price for
such stock as reported on the Nasdaq National Market for the trading days
between November 27 and December 28, 2000. In addition, RPI shall give Lilly
three million U.S. dollars ($3,000,000) in RPI common stock based on the closing
price of RPI stock on December 28, 2000, as payment for Lilly efforts in
generating and providing Data.

If RPI agrees to the following terms and conditions for termination of the
Agreement, please execute both copies of this letter in the space provided below
and return one original to me.

/s/ Ralph E. Christoffersen
---------------------------
Ralph E. Christoffersen
President & CEO, RPI
Date: September 28, 2000

Agreed to by Lilly:

/s/ August M. Watanabe
----------------------
August M. Watanabe
President Lilly Research Laboratories
Date: September 28, 2000

[*]  Confidential treatment requested.

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