Exhibit 10.1

THIRD AMENDMENT TO CREDIT AGREEMENT

        THIS THIRD AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of March 19, 2004, is by and among Ball Corporation, an Indiana corporation (“Company”), Ball European Holdings, Sarl, a corporation organized under the laws of Luxembourg (“European Holdco”), the financial institutions signatory hereto in their capacity as Lenders (as defined below) under the Credit Agreement (as defined below) and Deutsche Bank AG, New York Branch, as administrative agent for the Lenders (“Administrative Agent”).

W I T N E S S E T H :

        WHEREAS, Company, European Holdco, certain subsidiaries of Company (together with Company and European Holdco, “Borrowers”), certain financial institutions (the “Lenders”) and Administrative Agent are parties to that certain Credit Agreement dated as of December 19, 2002 (as amended, restated, supplemented or otherwise modified and in effect from time to time, the “Credit Agreement”), pursuant to which the Lenders have provided to Borrowers credit facilities and other financial accommodations; and

        WHEREAS, Borrowers desire to create a new class of Term B1 Euro Loans under the Credit Agreement having the same rights and obligations as the Term B Euro Loans under the Loan Documents as set forth in the Credit Agreement and Loan Documents, except as such terms are amended hereby; and

        WHEREAS, subject to the terms hereof, each Term B Euro Lender who executes and delivers this Amendment shall be deemed, upon effectiveness of this Amendment, to have exchanged its Term B Euro Loan for a Term B1 Euro Commitment and Term B1 Euro Loan in the principal amount of such Lender’s Term B Euro Loan immediately prior to the effectiveness of this Amendment and such Lender shall thereafter become a Term B1 Euro Lender rather than a Term B Euro Lender; and

        WHEREAS, each Person who executes and delivers this Amendment as an Additional Term B1 Euro Lender will make Term B1 Euro Loans on the effective date of this Amendment to European Holdco, the proceeds of which will be used by European Holdco to repay in full the outstanding principal amount of Term B Euro Loans of Term B Euro Lenders who do not consent to the exchange of their Term B Euro Loans for Term B1 Euro Loans; and

        WHEREAS, Borrowers shall pay to each Term B Euro Lender all accrued and unpaid interest on its Term B Euro Loans to the date of effectiveness of this Amendment on such date of effectiveness;

        WHEREAS, Borrowers have requested that Administrative Agent and the Lenders amend the Credit Agreement in certain respects as set forth herein and the Lenders and Administrative Agent are agreeable to the same, subject to the terms and conditions hereof.

        NOW, THEREFORE, in consideration of the premises and of the mutual covenants contained herein, and other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows:

        1.    Defined Terms. Terms capitalized herein and not otherwise defined herein are used with the meanings ascribed to such terms in the Credit Agreement.

        2.     Amendments to Credit Agreement. The Credit Agreement is, as of the Third Amendment Effective Date, hereby amended as follows:

        (a)     Section 1.1 of the Credit Agreement is amended by inserting the following new definitions in alphabetical order therein:

                “Additional Term B1 Euro Commitment” means, with respect to an Additional Term B1 Euro Lender, the commitment of such Additional Term B1 Euro Lender to make Additional Term B1 Euro Loans on the Third Amendment Effective Date, in the amount in Euros set forth on Schedule 1.1(a) to the Third Amendment. The aggregate amount of the Additional Term B1 Euro Commitments shall not be less than the outstanding principal amount of Term B Euro Loans of Lenders who are not Consenting Term B Euro Lenders.

                “Additional Term B1 Euro Lender” means a Person with an Additional Term B1 Euro Commitment to make Additional Term B1 Euro Loans to European Holdco on the Third Amendment Effective Date.

                “Additional Term B1 Euro Loan” means a Loan in Euros made pursuant to Section 2.1(a)(iv)(B) on the Third Amendment Effective Date.

                “Consenting Term B Euro Lender” means each Term B Euro Lender who has executed and delivered the Third Amendment on or prior to the Third Amendment Effective Date but shall not include any Term B Euro Lender who notifies the Administrative Agent in writing in connection with the delivery of such signature page that it does not consent to the exchange of its Term B Euro Loans for Term B1 Euro Loans.

                “Scheduled Term B1 Euro Repayments” means, with respect to the principal payments on the Term B1 Euro Loans for each date set forth below, the Euro amount set forth opposite thereto, as reduced from time to time pursuant to Sections 4.3 and 4.4:

                “Third Amendment” means the Third Amendment to Credit Agreement dated as of March 19, 2004 by and among Company, European Holdco, the Lenders signatory thereto and Administrative Agent.

                “Third Amendment Effective Date” has the meaning set forth in the Third Amendment.

                “Term B1 Euro Commitment” means, with respect to a Consenting Term B Euro Lender, the agreement of such Term B Euro Lender to exchange its Term B Euro Loans for an equal aggregate principal amount of Term B1 Euro Loans on the Third Amendment Effective Date pursuant to Section 2.1(a)(v) hereof, as evidenced by such Term B Euro Lender executing and delivering the Third Amendment.

                “Term B1 Euro Lender” means, collectively, (i) each Consenting Term B Euro Lender and (ii) each Additional Term B1 Euro Lender or any Lender which is owed a Term B1 Euro Loan (or portion thereof).

                “Term B1 Euro Loan” and “Term B1 Euro Loans” means a Loan or Loans, as the context may require, in Euros made or deemed made on the Third Amendment Effective Date pursuant to Section 2.1(a)(v)(A) or (B).

                “Term B1 Euro Loan Maturity Date” means December 19, 2009.

                “Term B1 Euro Note” and “Term B1 Euro Notes” have the meanings assigned to those terms in Section 2.2(a).

        (b)     Section 1.1 of the Credit Agreement is further amended by deleting the definition of “Applicable Eurocurrency Margin” therein in its entirety and replacing it with the following new definition:

                “Applicable Eurocurrency Margin” means at any date, (i) with respect to Multicurrency Revolving Loans and Term A Loans, the applicable percentage set forth in the following table under the column Applicable Eurocurrency Margin for Multicurrency Revolving Loans and Term A Loans opposite the Most Recent Leverage Ratio on such date, (ii) with respect to Term B1 Euro Loans, the applicable percentage set forth in the following table under the column Applicable Eurocurrency Margin for Term B1 Euro Loans opposite the Most Recent Leverage Ratio on such date and (iii) with respect to Term B1 Dollar Loans, the applicable percentage set forth in the following table under the column Applicable Eurocurrency Margin for Term B1 Dollar Loans opposite the Most Recent Leverage Ratio as of such date:

;provided, that the Applicable Eurocurrency Margin for Term B1 Dollar Loans shall equal 2.00% at any time the Most Recent Leverage Ratio is equal to or greater than 3.5 to 1.

        (c)     Section 1.1 of the Credit Agreement is further amended by amending and restating the definition of “Lenders” to read as follows:

                “Lender” and “Lenders” have the respective meanings assigned to those terms in the introduction to this Agreement and shall include any Person that becomes a “Lender” as contemplated by the Third Amendment or Section 12.8.

        (d)     A new Section 2.1(a)(v) is hereby added to the Credit Agreement to read as follows:

        “(v)   Term B1 Euro Loans.

                (A)        Subject to the terms and conditions of the Third Amendment, each Consenting Term B Euro Lender severally agrees to exchange the principal amount of its Term B Euro Loan outstanding immediately prior to the effectiveness of the Third Amendment for a like principal amount in Euros of Term B1 Euro Loans on the Third Amendment Effective Date.

                (B)        Subject to the terms and conditions hereof, each Additional Term B1 Euro Lender severally agrees to make Additional Term B1 Euro Loans in Euros to European Holdco on the Third Amendment Effective Date in a principal amount not to exceed its Additional Term B1 Euro Commitment on the Third Amendment Effective Date. European Holdco shall use the gross proceeds of the Additional Term B1 Euro Loans to prepay the remaining Term B Euro Loans which will consist of the Loans of any Term B Euro Lender who is not a Consenting Term B Euro Lender.

                (C)        European Holdco shall pay all accrued and unpaid interest and all other amounts then due and payable under the Credit Agreement with respect to the Term B Euro Loans of the Term B Euro Lenders who are not Consenting Term B Euro Lenders on the Third Amendment Effective Date.

                (D)        The Term B1 Euro Loans shall have the same terms as the Term B Euro Loans as set forth in the Credit Agreement and Loan Documents, except as modified by the Third Amendment. The Additional Term B1 Euro Loans (i) shall be incurred by European Holdco pursuant to a single drawing, which shall be on the Third Amendment Effective Date, (ii) shall be denominated in Euros, and (iii) shall be made as Loans of the same Type and Interest Period as was in effect with respect to the Term B Euro Loans prior to the conversion or repayment as contemplated hereby. Each Additional Term B1 Euro Lender’s Additional Term B1 Euro Commitment shall expire immediately and without further action on the Third Amendment Effective Date if the Additional Term B1 Euro Loans are not made on such date and shall terminate in their entirety on the Third Amendment Effective Date after giving effect to the Borrowing of such Loans on such date. No amount of a Term B1 Euro Loan which is repaid or prepaid by European Holdco may be reborrowed hereunder. For avoidance of doubt, the Term B1 Euro Loans (and all principal, interest and other amounts in respect thereof), will constitute “Obligations” under the Credit Agreement and Loan Documents and shall have the same rights and obligations under the Credit Agreement and Loan Documents as the Term B Euro Loans which shall cease to be outstanding following the exchange or prepayment in full of such Loans as contemplated hereby.

        (e)     Section 2.2(a) of the Credit Agreement is hereby amended by deleting the word “and” at the end of clause (6) thereof and by adding the following new clause (8):

        (f)     Section 2.9 of the Credit Agreement is hereby amended by replacing the reference therein to “Term B Euro Loans” and “Term B Euro Lenders” to “Term B1 Euro Loans” and “Term B1 Euro Lenders”, respectively.

        (g)     Section 4.3(d) is hereby amended by adding the following clause to the end of the proviso at the conclusion of such section:

        (h)     Section 4.4(d) of the Credit Agreement is hereby amended by adding the words “and Term B1” after the words “Term B” in the heading thereof and by adding the following sentence to the end thereof:

        (i)     Schedule 1.1(a) of the Credit Agreement is hereby amended by adding thereto the information set forth on Schedule 1.1(a) attached to this Third Amendment.

        (j)     The Credit Agreement is hereby amended by adding a new Exhibit 2.2(a)(8) in the form of Exhibit 2.2(a)(8) attached to this Third Amendment.

        3.     Representations and Warranties. In order to induce Administrative Agent and the Lenders to enter into this Amendment, each of Company and European Holdco hereby represents and warrants to Administrative Agent and the Lenders, in each case after giving effect to this Amendment, as follows:

        (a)     Each of Company and European Holdco has the right, power and capacity and has been duly authorized and empowered by all requisite corporate or limited liability company and shareholder or member action to enter into, execute, deliver and perform this Amendment and all agreements, documents and instruments executed and delivered pursuant to this Amendment.

        (b)     This Amendment constitutes each of Company’s and European Holdco’s legal, valid and binding obligation, enforceable against it, except as enforcement thereof may be subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and general principles of equity (regardless of whether such enforcement is sought in a proceeding in equity or at law or otherwise).

        (c)     The representations and warranties contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects at and as of the Third Amendment Effective Date as though made on and as of the Third Amendment Effective Date (except to the extent expressly made as of a specified date, in which event such representation and warranty is true and correct in all material respects as of such specified date).

        (d)     Each of Company’s and European Holdco’s execution, delivery and performance of this Amendment do not and will not violate its articles or certificate of incorporation, by-laws or other Organizational Documents, any law, rule, regulation, order, writ, judgment, decree or award applicable to it or any contractual provision to which it is a party or to which it or any of its property is subject.

        (e)     No authorization or approval or other action by, and no notice to or filing or registration with, any governmental authority or regulatory body (other than those which have been obtained and are in force and effect) is required in connection with the execution, delivery and performance by Company, European Holdco or any other Credit Party of this Amendment and all agreements, documents and instruments executed and delivered pursuant to this Amendment.

        (f)     No Event of Default or Unmatured Event of Default exists under the Credit Agreement or would exist after giving effect to this Amendment.

        4.     Conditions to Effectiveness of Amendment. This Amendment shall become effective one (1) Business Day following the date (the “Third Amendment Effective Date”) each of the following conditions precedent is satisfied:

        (a)     Execution and Delivery of Amendment. Administrative Agent (or its counsel) shall have received from (A) Lenders constituting (i) the Required Lenders and (ii) each Term B Euro Lender, or in lieu of one or more Term B Euro Lenders, one or more Additional Term B1 Euro Lenders providing Additional Term B1 Euro Commitments in an amount sufficient to repay all of the principal of the Term B Euro Loans owed to Lenders who are not Consenting Term B Euro Lenders, and (B) Borrowers, either (i) a counterpart of this Amendment signed on behalf of such party or (ii) written evidence satisfactory to Administrative Agent (which may include telecopy transmission of a signed signature page of this Amendment) that such party has signed a counterpart of this Amendment.

        (b)     Execution and Delivery of Officer’s Certificate. Administrative Agent shall have received a certificate of a Responsible Officer of Company and European Holdco in the form of Exhibit A attached hereto.

        (c)     Reaffirmation of Guaranty. Administrative Agent shall have received a Reaffirmation of Guaranty executed by a Responsible Officer of each of European Holdings and the Guarantors which are Domestic Subsidiaries in the form of Exhibit B attached hereto.

        (d)     Notice of Borrowing. Company and European HoldcoE shall have provided Administrative Agent with a Notice of Borrowing two (2) Business Days prior to the Third Amendment Effective Date with respect to the borrowing of Term B1 Euro Loans on the Third Amendment Effective Date.

        (e)     Interest. European Holdco shall have paid to all Term B Euro Lenders simultaneously with the making of the Term B1 Euro Loans hereunder all accrued and unpaid interest on the Term B Euro Loans to the Third Amendment Effective Date.

        (f)     Payment of Fees. Company shall have paid in full to Administrative Agent all fees due and payable pursuant to the Fee Letter of even date hereof between Company and Administrative Agent.

        (g)     Representations and Warranties. The representations and warranties of Company, European Holdco and the other Credit Parties contained in this Amendment, the Credit Agreement and the other Loan Documents shall be true and correct in all material respects as of the Third Amendment Effective Date, with the same effect as though made on such date (except to the extent expressly made as of a specified date, in which event such representation and warranty is true and correct in all material respects as of such specified date).

        (h)     No Defaults. No Unmatured Event of Default or Event of Default under the Credit Agreement shall have occurred and be continuing.

        5.     Miscellaneous. The parties hereto hereby further agree as follows:

        (a)     Costs, Expenses and Taxes. Company hereby agrees to pay all reasonable fees, costs and expenses of Administrative Agent incurred in connection with the negotiation, preparation and execution of this Amendment and the transactions contemplated hereby, including, without limitation, the reasonable fees and expenses of Winston & Strawn, counsel to Administrative Agent.

        (b)     Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Amendment.

        (c)     Headings. Headings used in this Amendment are for convenience of reference only and shall not affect the construction of this Amendment.

        (d)     Integration. This Amendment and the Credit Agreement (as amended hereby) constitute the entire agreement among the parties hereto with respect to the subject matter hereof.

        (e)     Governing Law. THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF SAID STATE, INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW BUT EXCLUDING ALL OTHER CHOICE OF LAW AND CONFLICTS OF LAWS RULES.

        (f)     Binding Effect. This Amendment shall be binding upon, and inure to the benefit of, Borrowers, Administrative Agent, the Lenders and their respective successors and assigns; provided, however, that no Borrower may assign its rights or obligations hereunder or in connection herewith or any interest herein (voluntarily, by operation of law or otherwise) without the prior written consent of the Lenders.

        (g)     Amendment; Waiver. The parties hereto agree and acknowledge that nothing contained in this Amendment in any manner or respect limits or terminates any of the provisions of the Credit Agreement or any of the other Loan Documents other than as expressly set forth herein and further agree and acknowledge that the Credit Agreement (as amended hereby) and each of the other Loan Documents remain and continue in full force and effect and are hereby ratified and confirmed. Except to the extent expressly set forth herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any rights, power or remedy of the Lenders or Administrative Agent under the Credit Agreement or any other Loan Document, nor constitute a waiver of any provision of the Credit Agreement or any other Loan Document. No delay on the part of any Lender or Administrative Agent in exercising any of their respective rights, remedies, powers and privileges under the Credit Agreement or any of the Loan Documents or partial or single exercise thereof, shall constitute a waiver thereof. On and after the Third Amendment Effective Date each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import, and each reference to the Credit Agreement in the Loan Documents and all other documents delivered in connection with the Credit Agreement shall mean and be a reference to the Credit Agreement as amended hereby. Company and European Holdco acknowledge and agree that this Amendment constitutes a “Loan Document” for purposes of the Credit Agreement, including, without limitation, Section 10.1 of the Credit Agreement. None of the terms and conditions of this Amendment may be changed, waived, modified or varied in any manner, whatsoever, except in accordance with Section 12.1 of the Credit Agreement.

        (h)     Reaffirmation of Guaranty. Company undertakes to deliver to Administrative Agent, on or before April 30, 2004, a Reaffirmation of Guaranty executed by a Responsible Officer of each of the Guarantors which are Foreign Subsidiaries in substantially the form of Exhibit B attached hereto.

        (i)     Term B1 Euro Lenders. Company, European Holdco, Administrative Agent and the Required Lenders acknowledge that each lender signatory hereto that is not heretofore a “Lender” under the Credit Agreement, subject to all the terms contained therein, shall, upon the Third Amendment Effective Date, become a “Lender” under the Credit Agreement by its execution and delivery hereof. Each lender signatory hereto that is not heretofore a “Lender” under the Credit Agreement agrees to perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by a Lender.

[Signature Page Follows]

        IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first written above.

EXHIBIT A

CERTIFICATE OF OFFICER

        I, the undersigned, the Insert Title of Ball Corporation (“Company”), and Insert Title of Ball European Holdings, Sarl (“European Holdco”), in accordance with Section 4(b) of that certain Third Amendment to Credit Agreement dated as of March 19, 2004 (the “Agreement”) among Company, European Holdco, the financial institutions signatory thereto as Lenders and Deutsche Bank AG, New York Branch, as Administrative Agent for the Lenders, do hereby certify on behalf of Company and European Holdco, the following:

        Unless otherwise defined herein, capitalized terms used herein shall have the meanings set forth in the Agreement.

[signature page follows]

        IN WITNESS WHEREOF, the undersigned has duly executed and delivered on behalf of Company and European Holdco this Certificate of Officer on this 19th day of March, 2004.

EXHIBIT B

REAFFIRMATION OF GUARANTY

        Each of the undersigned acknowledges receipt of a copy of the Third Amendment to Credit Agreement (the “Agreement”; capitalized terms used herein shall, unless otherwise defined herein, have the meanings provided in the Agreement) dated as of March 19, 2004, by and among Ball Corporation (“Company”), Ball European Holdings, Sarl (“European Holdco”), the financial institutions signatory thereto as Lenders and Deutsche Bank AG, New York Branch as Administrative Agent for the Lenders, consents to such Agreement and each of the transactions referenced in the Agreement and hereby reaffirms its obligations under any Guaranty to which it is a party, including its guaranty of obligations in respect of the Term B1 Euro Loans.

Dated as of March 19, 2004.

Exhibit 2.2(a)(8)

FORM OF
TERM B1 EURO NOTE

€________________

New York, New York
__________,_____

        FOR VALUE RECEIVED, the undersigned, Ball European Holdings, Sarl, a corporation organized under the laws of Luxembourg (“Borrower”), hereby unconditionally promises to pay to the order of ____________________ (the “Lender”) at the office of Deutsche Bank AG, New York Branch located at 90 Hudson Street, 5th Floor, Jersey City, New Jersey 07302, in Euros and in immediately available funds on the Term B1 Euro Loan Maturity Date (as defined in the Credit Agreement referred to below) the principal sum of _______________ (_____________) or, if less, the then unpaid principal amount of all Term B1 Euro Loans (as defined in the Credit Agreement) made by the Lender to Borrower pursuant to Section 2.1(a)(iii) of the Credit Agreement, payable at such times and in such amounts as are specified in the Credit Agreement. Borrower further agrees to pay interest in like money at such office on the unpaid principal amount hereof from time to time outstanding at the applicable interest rate per annum determined as provided in, and payable as specified in, Articles III and IV of the Credit Agreement.

        This Note is one of the Term B1 Euro Notes referred to in the Credit Agreement dated as of December 19, 2002 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) among Borrower, Ball Corporation, an Indiana corporation, Ball Packaging Products Canada Corp., a company organized under the laws of the Province of Nova Scotia, each Subsidiary Borrower (as defined therein), the financial institutions from time to time party thereto, The Bank of Nova Scotia, as Canadian administrative agent and Deutsche Bank AG, New York Branch, as administrative agent, and is entitled to the benefits thereof and of the other Loan Documents (as defined in the Credit Agreement). As provided in the Credit Agreement, this Note is subject to optional and mandatory prepayment prior to the Term B1 Euro Loan Maturity Date, in whole or in part. Terms defined in the Credit Agreement are used herein with their defined meanings unless otherwise defined herein.

        Upon the occurrence of any one or more of the Events of Default specified in the Credit Agreement, all amounts then remaining unpaid on this Note may become, or may be declared to be, immediately due and payable, all as provided therein.

        All parties now and hereafter liable with respect to this Note, whether maker, principal, surety, guarantor, endorser or otherwise, hereby waive presentment, demand, protest and all other notices of any kind.

        THIS NOTE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF SAID STATE, INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW BUT EXCLUDING ALL OTHER CHOICE OF LAW AND CONFLICTS OF LAWS RULES.

Schedule 1.1(a)

On File With Agent.