Exhibit 10-p-3

AMENDED AND RESTATED 364-DAY CREDIT AGREEMENT

      AMENDED AND RESTATED CREDIT AGREEMENT dated as of October 28, 2003 among
Rockwell Automation, Inc. (the “Borrower”), the Banks listed on the signature
pages hereof (the “Banks”) and JPMorgan Chase Bank, as Administrative Agent (the
“Agent”).

W I T N E S S E T H:

      WHEREAS, the parties hereto have heretofore entered into a 364-Day Credit
Agreement dated as of October 29, 2002 (the “Credit Agreement”); and

      WHEREAS, the parties hereto desire to amend the Credit Agreement as set
forth herein and to restate the Credit Agreement in its entirety to read as set
forth in the Credit Agreement with the amendments specified below;

      NOW, THEREFORE, the parties hereto agree as follows:

      SECTION 1.     Defined Terms; References. Unless otherwise specifically
defined herein, each term used herein which is defined in the Credit Agreement
has the meaning assigned to such term in the Credit Agreement. Each reference to
“hereof”, “hereunder”, “herein” and “hereby” and each other similar reference
and each reference to “this Agreement” and each other similar reference
contained in the Credit Agreement shall, after the Restatement Effective Date
(as defined below), refer to the Credit Agreement as amended and restated
hereby.

      SECTION 2.     Amendments. Effective as of the Restatement Effective Date:

        (a) The definition of “Termination Date” in Section 1.01 of the Credit
Agreement is amended by changing the date specified therein from “October 28,
2003” to “October 26, 2004”.           (b) Section 4.04(a) of the Credit
Agreement is amended by changing each instance of the date specified therein
from September 30, 2001 to “September 30, 2002”.           (c) Section 4.04(b)
of the Credit Agreement is amended by changing each instance of the date
specified therein from “June 30, 2002” to “June 30, 2003”.          
(d) Section 4.04(c) of the Credit Agreement is amended by changing the dates
specified therein as follows: (i) “September 30, 2001” becomes “September 30,
2002”; (ii) “December 31, 2001” becomes “December 31, 2002”; (iii) “March 31,
2002” becomes “March 31, 2003”; and (iv) “June 30, 2002” becomes “June 30,
2003”.           (e) Section 4.05 of the Credit Agreement is amended by changing
the dates specified therein as follows: (i) “September 30, 2001” becomes
“September 30, 2002”; (ii) “December 31, 2001” becomes “December 31, 2002”;
(iii) “March 31, 2002” becomes “March 31, 2003”; and (iv) “June 30, 2002”
becomes “June 30, 2003”.

      SECTION 3.     Changes In Commitments. With effect from and including the
Restatement Effective Date, (i) each Person listed on the signature pages hereof
which is not a party to the Credit Agreement (each, a “New Bank”) shall become a
Bank party to the Credit Agreement and (ii) the Commitment of each Bank shall be
the amount set forth opposite the name of such Bank on the signature pages
hereof. On the Restatement Effective Date, any Bank whose Commitment is changed
to zero (each, an “Exiting Bank”) shall cease to be a Bank party to the Credit
Agreement, and all accrued fees and other amounts payable under the Credit
Agreement for the account of each Exiting Bank shall be due and payable on such
date; provided that the provisions of Sections 8.03, 8.04 and 9.03 of the Credit
Agreement shall continue to inure to the benefit of each Exiting Bank after the
Restatement Effective Date.

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      SECTION 4.     Representations Of Borrower. The Borrower represents and
warrants that (i) the representations and warranties of the Borrower set forth
in Article 4 of the Credit Agreement will be true on and as of the Restatement
Effective Date and (ii) no Default will have occurred and be continuing on such
date.

      SECTION 5.     Governing Law. This Amendment and Restatement shall be
governed by and construed in accordance with the laws of the State of New York.

      SECTION 6.     Effect of Amendments. Except as expressly set forth herein,
the amendments contained herein shall not constitute a waiver or amendment of
any term or condition of the Credit Agreement, and all such terms and conditions
shall remain in full force and effect and are hereby ratified and confirmed in
all respects.

      SECTION 7.     Counterparts. This Amendment and Restatement may be signed
in any number of counterparts, each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument.

      SECTION 8.     Effectiveness. This Amendment and Restatement shall become
effective as of the date hereof subject to satisfaction of the following
conditions (the “Restatement Effective Date”):

        (a) the Agent shall have received from each of the Borrower and the
Banks a counterpart hereof signed by such party or facsimile or other written
confirmation (in form satisfactory to the Agent) that such party has signed a
counterpart hereof;           (b) the Agent shall have received an opinion of
counsel for the Borrower (which may be in-house counsel), substantially in the
form of Exhibit D to the Credit Agreement with reference to this Amendment and
Restatement and the Credit Agreement as amended and restated hereby;          
(c) the Agent shall have received all documents it may reasonably request
relating to the existence of the Borrower, the corporate authority for and the
validity of this Amendment, and any other matters relevant hereto, all in form
and substance satisfactory to the Agent; and           (d) the Agent shall have
received payment by the Borrower (i) for the account of each Bank, of a
participation fee in the amount heretofore mutually agreed upon and (ii) to the
Agent, of any other amount due and payable.

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      IN WITNESS WHEREOF, the parties hereto have caused this Amendment and
Restatement to be duly executed as of the date first above written.

  ROCKWELL AUTOMATION, INC.

  By:  /s/ THOMAS J. MULLANY

 

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  Name:        Thomas J. Mullany

  Title: Vice President & Treasurer

  Address: 777 East Wisconsin Avenue

  Suite 1400   Milwaukee, WI 53202

  Attention: William J. Calise   Telecopy: (414) 212-5357

  Internet Address:  www.rockwellautomation.com

  JPMORGAN CHASE BANK,             as Administrative Agent and as a Bank    
By: /s/ KAREN M. SHARF  

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  Name:        Karen M. Sharf

  Title: Vice President

  Address: 1111 Fannin Street, 10th Flr.

  Houston, TX 77002

  Attention: Candace Grayson

  Loan & Agency Services

  Telecopy: (713) 750-2938

  JPMORGAN CHASE BANK

  By:  /s/ KAREN M. SHARF

 

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  Name: Karen M. Sharf   Title:  Vice President

Commitments
$30,500,000

3

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  BANK OF AMERICA, N.A.

  By:  /s/ MEGAN MCBRIDE

 

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  Name:  Megan McBride

  Title:  Principal

Commitments
$26,500,000

  CITIBANK, N.A.

  By:  /s/ DAVID L. HARRIS

 

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  Name:        David L. Harris

  Title: Vice President

Commitments
$26,500,000

  DEUTSCHE BANK AG   NEW YORK BRANCH

  By:  /s/ OLIVER SCHWARZ

 

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  Name:        Oliver Schwarz

  Title: Vice President

  By:  /s/ DR. MICHAEL DIETZ

 

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  Name:        Dr. Michael Dietz

  Title: Director

Commitments
$26,500,000

4

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  MELLON BANK, N.A.

  By:  /s/ DANIEL J. LENCKOS

 

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  Name:        Daniel J. Lenckos

  Title: First Vice President

Commitments
$26,500,000

  UBS LOAN FINANCE LLC

  By:  /s/ WILFRED V. SAINT

 

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  Name:        Wilfred V. Saint

  Title: Associate Director

  Banking Products Services

  By:  /s/ JOSELIN FERNANDES

 

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  Name:        Joselin Fernandes

  Title: Associate Director

  Banking Products Services

Commitments
$26,500,000

  WELLS FARGO BANK, N.A.

  By:  /s/ CHARLES W. REED

 

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  Name:        Charles W. Reed

  Title: Vice President

  By:  /s/ MARY D. FALCK

 

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  Name:        Mary D. Falck

  Title: Senior Vice President

Commitments
$26,500,000

5

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  BANK ONE, NA

  By:  /s/ JENNY A. GILPIN

 

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  Name:        Jenny A. Gilpin

  Title: Managing Director

Commitments
$20,750,000

  COMERICA BANK

  By:  /s/ JAMES B. HAEFFNER

 

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  Name:        James B. Haeffner

  Title: First Vice President

Commitments
$20,750,000

  KEYBANK NATIONAL ASSOCIATION

  By:  /s/ THOMAS J. PURCELL

 

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  Name:        Thomas J. Purcell

  Title: Senior Vice President

Commitments
$20,750,000

  THE BANK OF NOVA SCOTIA

  By:  /s/ M. KUS

 

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  Name: M. Kus   Title:   Director

Commitments
$20,750,000

6

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  CREDIT LYONNAIS        NEW YORK BRANCH

  By:  /s/ LEE E. GREVE

 

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  Name: Lee E. Greve   Title:   First Vice President

Commitments
$15,000,000

  THE BANK OF NEW YORK

  By:  /s/ MARK WRIGLEY

 

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  Name: Mark Wrigley   Title:   Vice President

Commitments
$15,000,000

  U.S. BANK NATIONAL ASSOCIATION

  By:  /s/ ROBERT A. FLOSBACH

 

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  Name: Robert A. Flosbach   Title:   Senior Vice President

Commitments
$15,000,000

  M&I MARSHALL & ILSLEY BANK

  By:  /s/ LEO D. FREEMAN

 

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  Name:        Leo D. Freeman

  Title: Vice President

  By:  /s/ JAMES R. MILLER

 

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  Name:        James R. Miller

  Title: Vice President

Commitments
$10,000,000

7

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  THE NORTHERN TRUST COMPANY

  By:  /s/ DANIEL J. BOOTE

 

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  Name:        Daniel J. Boote

  Title: Vice President

Commitments
$10,000,000

Total Commitments

$337,500,000

8