Document:

<PAGE>

                                                                    Exhibit 10.1

                  AMENDMENT NO. 2 dated as of September 25, 2000 among THOMAS
& BETTS CORPORATION (the "Borrower"), the BANKS party hereto (the "Banks"),
MORGAN GUARANTY TRUST COMPANY OF NEW YORK, as Agent (the "Agent"), J.P.
MORGAN SECURITIES INC., as Arranger, and BANK OF AMERICA N.A. and WACHOVIA
BANK OF GEORGIA, N.A., as Co-Agents.

                  The parties hereto are parties to a Five-Year Credit
Agreement dated as of July 1, 1999 (as amended by Amendment No. 1 dated as of
January 4, 2000 and in effect on the date hereof, the "Credit Agreement").

                  The Borrower has requested that the Credit Agreement be
amended to, among other things, (i) decrease pro rata the aggregate amount of
the Commitments of all Banks from $300,000,000 to $200,000,000, (ii) change
the pricing of Loans thereunder, (iii) exclude a $223.9 million special
charge to continuing operations, recorded during the Borrower's second fiscal
quarter ended July 2, 2000, from the calculation of the financial ratio
required by Section 5.07, and (iv) modify certain of the representations,
warranties and covenants of the Borrower, all as set forth herein.

                  Accordingly, the parties hereto agree as follows:

                  SECTION 1.01. DEFINITIONS; INTERPRETATION. Capitalized
terms used but not otherwise defined herein have the respective meanings
ascribed thereto in the Credit Agreement. The replacement of the Pricing
Schedule as provided by Section 1.02(8) hereof shall be deemed to have effect
from the Amendment Effective Date without retroactive effect.

                  SECTION 1.02. AMENDMENTS. Effective as of the Amendment
Effective Date, the Credit Agreement is amended as follows:

                  (1) The references on the cover page to the aggregate
amount of the Commitments are changed to refer to the aggregate amount of
$200,000,000, and the Schedule to the Credit Agreement entitled "Commitment
Schedule" is amended to read in its entirety in accordance with Schedule 1
hereto.

                  (2) A new definition of "Facility Fee Rate" is added to
Section 1.01 in the appropriate alphabetical location, to read as follows:

         "FACILITY FEE RATE" means, a rate per annum determined in accordance
         with the Pricing Schedule.

                  (3) A new definition of "Utilization Fee Rate" is added to
Section 1.01 in the appropriate alphabetical location, to read as follows:

<PAGE>

         "UTILIZATION FEE RATE" means a rate per annum determined in accordance
         with the Pricing Schedule.

                 (4) Section 2.09 is amended to read in its entirety as follows:

                 SECTION 2.09.  FEES.

                           (a) FACILITY FEES. The Borrower shall pay to the
                  Agent, for the account of the Banks ratably in proportion to
                  their Credit Exposures, a facility fee calculated for each day
                  at the Facility Fee Rate for such day on the aggregate amount
                  of the Credit Exposures on such day. Such facility fee shall
                  accrue for each day from and including the Effective Date to
                  but excluding the day on which the Credit Exposures are
                  reduced to zero. Fees accrued for the account of the Banks
                  under this Section shall be payable quarterly in arrears on
                  each Quarterly Payment Date and on the day on which the
                  Commitments terminate in their entirety (and, if later, on the
                  day on which the Credit Exposures are reduced to zero).

                           (b) UTILIZATION FEE. For each day on which the
                  aggregate outstanding principal amount of Committed Loans
                  equals or exceeds 25% of the aggregate amount of the
                  Commitments the Borrower shall pay to the Agent, for the
                  account of the Banks ratably in accordance with the respective
                  aggregate outstanding principal amounts of the Committed Loans
                  made by them, a utilization fee at a rate per annum equal to
                  the Utilization Fee Rate on the aggregate amount of the
                  outstanding Committed Loans, payable on each day on which
                  interest is payable under Section 2.07 above.

                           (c) AGENT'S FEE. The Borrower shall pay to the Agent,
                  for its own account, such agency fee as has been separately
                  agreed between the Borrower and the Agent.

                  (5) (a) Section 4.04(a) is amended by changing the date
"December 28, 1997" to "January 2, 2000", and by changing the phrase "1997
Form 10-K" to read "1999 Form 10-K, as amended".

                  (b) Section 4.04(b) is amended by changing the date "April
5, 1998" to "July 2, 2000", and by changing the phrase "latest Form 10-Q" to
read "Form 10-Q for the second fiscal quarter ended July 2, 2000".

                  (c) Section 4.04(c) is amended by changing the date "April
5, 1998" to "August 21, 2000".

                                        2

<PAGE>

                  (d) Section 4.05 is amended by changing the case of the
first word thereof to the lower-case and adding immediately prior thereto the
phrase "Except as disclosed in the Borrower's 1999 Form 10-K,".

                  (6)      Section 5.07 is amended to read in its entirety as
                           follows:

                           SECTION 5.07. OPERATING CASH FLOW RATIO. At no date
                  shall the ratio of (i) Consolidated Operating Cash Flow for
                  the four most recent consecutive fiscal quarters of the
                  Borrower ended on or most recently prior to such date to (ii)
                  Total Borrowed Funds as of such date, be less than (a) .35 for
                  the Borrower's fiscal quarters ending October 1, 2000 and
                  December 31, 2000, (b) .30 for the Borrower's fiscal quarter
                  ending April 1, 2001 and (c) .20 for the Borrower's fiscal
                  quarters ending on and after July 1, 2001.

                           The calculation of Consolidated Operating Cash Flow
                  for any period of four consecutive fiscal quarters which
                  includes the Borrower's fiscal quarter ending July 2, 2000
                  shall exclude the special charges totaling $223.9 million
                  incurred by the Borrower and described in Note 6 to Condensed
                  Consolidated Financial Statements set forth in Borrower's
                  Quarterly Report on Form 10-Q for its fiscal quarter ended
                  July 2, 2000.

                  (7)      A new Section 5.13 is added, to read in its entirety
                           as follows:

                           SECTION 5.13. STOCK REPURCHASES. During the period
                  from and including September 25, 2000 to and including
                  December 31, 2000, the Borrower will not repurchase, or enter
                  into any agreement to purchase, directly or indirectly, any of
                  its shares of capital stock.

                  (8) The schedule to the Credit Agreement entitled "Pricing
Schedule" is amended in its entirety in accordance with Schedule 2 hereto.

                  SECTION 1.03. REPRESENTATIONS AND WARRANTIES. The Borrower
represents and warrants to the Agent and the Banks as of the Amendment Effective
Date that each of the representations and warranties set forth in Article 4 of
the Credit Agreement, as amended hereby, is true on and as of the Amendment
Effective Date as if made on and as of the Amendment Effective Date.

                  SECTION 1.04. AMENDMENT EFFECTIVE DATE. This Agreement shall
become effective on the date (the "AMENDMENT EFFECTIVE DATE") on which the Agent
notifies the Borrower that the following conditions have been satisfied:

                                        3

<PAGE>

                  (i)   EXECUTION AND DELIVERY.  This Agreement shall have been
         executed and delivered by the Borrower, the Agent and the Required
         Banks;

                  (ii) FEES. The Agent shall have received evidence of payment
         of (a) the up-front fee provided for in the fee letter dated as of the
         date hereof between the Borrower and the Agent, (b) the Agent's fee
         referred to in the letter dated of the date hereof between the Borrower
         and the Agent, and (c) any costs and expenses then payable (to the
         extent invoiced) under Section 1.05 hereof.

The Agent shall promptly notify the Banks of the occurrence of the Amendment
Effective Date.

                  SECTION 1.05. COSTS AND EXPENSES.  The Borrower shall pay
all reasonable out-of-pocket expenses of the Agent, including fees and
disbursements of special counsel for the Agent, in connection with the
execution and delivery of this Agreement.

                  SECTION 1.06. MISCELLANEOUS.

                  (a) This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns,
except that the Borrower may not assign or otherwise transfer any of its
rights under this Agreement without the prior written consent of all the
Banks.

                  (b) This Agreement shall be governed by and construed in
accordance with the law of the State of New York.

                  (c) This Agreement may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if
the signatures hereto were upon the same instrument. This Agreement and the
fee letters referred to herein constitute the entire agreement and
understanding among the parties hereto and supersede any and all prior
agreements and understandings, oral or written, relating to the subject
matter hereof and thereof.

                                        4

<PAGE>

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

                                       THOMAS & BETTS CORPORATION

                                       By:  /s/ Thomas C. Oviatt
                                          ------------------------------
                                          Name:  Thomas C. Oviatt
                                          Title:  Treasurer

                                       MORGAN GUARANTY TRUST COMPANY OF NEW
                                       YORK, as Agent and a Bank

                                       By:/s/ Dennis Wilczek
                                          ------------------------------
                                          Name:  Dennis Wilczek
                                          Title:  Associate

                                       BANK OF AMERICA N.A.

                                       By:/s/ Ameet A. Tijoriwala
                                          ------------------------------
                                          Name:  Ameet A. Tijoriwala
                                          Title:  Vice President

                                       WACHOVIA BANK, N.A.

                                       By: /s/ Karin E. Reel
                                          ------------------------------
                                          Name:  Karin E. Reel
                                          Title:  Vice President

<PAGE>

                                       ABN AMRO BANK N.V.

                                       By:  /s/ Mary L. Honda
                                          ------------------------------------
                                          Name:  Mary L. Honda
                                          Title:  Vice President

                                       By:  /s/ Charles M. Fowler
                                          ------------------------------------
                                          Name:  Charles H. Fowler
                                          Title:  Vice President

                                       THE BANK OF NOVA SCOTIA

                                       By:  /s/ F.C.H. Ashby
                                          ------------------------------------
                                          Name:  F.C.H. Ashby
                                          Title:  Senior Manager Loan Operations

                                       CIBC INC.

                                       By:  /s/ Dominic Sorresso
                                          ------------------------------------
                                          Name:  Dominic Sorresso
                                          Title:  Executive Director
                                                  CIBC World Markets Corp.,
                                                  as Agent

                                       DEUTSCHE BANK AG, NEW YORK
                                          AND/OR CAYMAN ISLANDS BRANCH

                                       By:  /s/ Sheryl Paynter
                                          ------------------------------------
                                          Name:  Sheryl Paynter
                                          Title:  Vice President

                                       By:  /s/ Christoph Koch
                                          ------------------------------------
                                          Name:  Christoph Koch
                                          Title:  Vice President

<PAGE>

                                       FIRST UNION NATIONAL BANK

                                       By:  /s/ Andy Tompkins
                                          ------------------------------------
                                          Name:  Andy Tompkins
                                          Title:  Vice President

                                       SUNTRUST BANK, NASHVILLE, N.A.

                                       By:  /s/ Bryan W. Ford
                                          ------------------------------------
                                          Name:  Bryan W. Ford
                                          Title:  Vice President

                                       THE NORTHERN TRUST COMPANY

                                       By:  /s/ Ashish S. Bhagwat
                                          ------------------------------------
                                          Name:  Ashish S. Bhagwat
                                          Title:  Second Vice President

                                       BANCA NAZIONALE DEL LAVORO
                                          S.P.A. NEW YORK BRANCH

                                       By:  /s/ Giulio Giovine
                                          ------------------------------------
                                          Name:  Giulio Giovine
                                          Title:  Vice President

                                       By:  /s/ Leonardo Valentini
                                          ------------------------------------
                                          Name:  Leonardo Valentini
                                          Title:  First Vice President

                                      -7-

<PAGE>

                                       THE BANK OF NEW YORK

                                       By:  /s/ Steven Cavaluzzo
                                          ------------------------------------
                                          Name:  Steven Cavaluzzo
                                          Title:  Vice President

                                       THE BANK OF TOKYO-MITSUBISHI LTD.

                                       By:  /s/ Stephanie Geesey
                                          ------------------------------------
                                          Name:  S. Geesey
                                          Title:  Attorney-in-fact

                                       AMSOUTH BANK f/k/a
                                       FIRST AMERICAN NATIONAL BANK

                                       By:  /s/ Jonathan C. Tutor
                                          ------------------------------------
                                          Name:  Jonathan C. Tutor
                                          Title:  Vice President

                                       KBC BANK N.V.

                                       By:  /s/ Robert Snauffer
                                          ------------------------------------
                                          Name:  Robert Snauffer
                                          Title:  First Vice President

                                       By:  /s/ Raymond F. Murray
                                          ------------------------------------
                                          Name:  Raymond F. Murray
                                          Title:  First Vice President

<PAGE>

                                       THE SUMITOMO BANK, LTD.

                                       By:  /s/ C. Michael Garrido
                                          ------------------------------------
                                          Name:  C. Michael Garrido
                                          Title:  Senior Vice President

                                       UNION PLANTERS BANK, N.A.

                                       By:  /s/ Shea Buchignani
                                          ------------------------------------
                                          Name:  Shea Buchignani
                                          Title:  Assistant Vice President

<PAGE>

                                   SCHEDULE 1

                               COMMITMENT SCHEDULE

<TABLE>
<CAPTION>
Bank                                                                                      Commitment
----                                                                                      ----------
<S>                                                                                       <C>
Morgan Guaranty Trust Company of New York............................................     17,200,000

Bank of America N.A..................................................................     17,200,000

Wachovia Bank, N.A...................................................................     17,200,000

ABN AMRO Bank N.V....................................................................     13,200,000

The Bank of Nova Scotia..............................................................     13,200,000

CIBC Inc.............................................................................     13,200,000

Deutsche Bank AG, New York and/or Cayman Islands Branch..............................     13,200,000

First Union National Bank............................................................     13,200,000

SunTrust Bank, Nashville, N.A........................................................     13,200,000

The Northern Trust Company...........................................................     13,200,000

Banco Nazionale del Lavoro S.p.A., New York Branch...................................      8,000,000

The Bank of New York.................................................................      8,000,000

The Bank of Tokyo-Mitsubishi Ltd.....................................................      8,000,000

First American National Bank.........................................................      8,000,000

KBC Bank N.V.........................................................................      8,000,000

The Sumitomo Bank Ltd................................................................      8,000,000

Union Planters Bank, N.A.............................................................      8,000,000

                                                     TOTAL                              $200,000,000
                                                                                        ============
</TABLE>

<PAGE>

                                   SCHEDULE 2

                                PRICING SCHEDULE

Each of "CD MARGIN", "EURO-DOLLAR MARGIN", "UTILIZATION FEE RATE" and "FACILITY
FEE RATE" means, for any date, the rates set forth below in the row opposite
such term and in the column corresponding to the "PRICING LEVEL" that applies at
such date:

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
                           Level I       Level II        Level III        Level IV        Level V
                          Pricing         Pricing         Pricing         Pricing         Pricing
---------------------- --------------- -------------- ---------------- --------------- --------------
<S>                    <C>             <C>            <C>              <C>             <C>
CD Margin                  0.625%         0.725%          1.050%           1.325%          1.875%
---------------------- --------------- -------------- ---------------- --------------- --------------
Euro-Dollar                0.500%         0.600%          0.925%           1.200%          1.750%
Margin
---------------------- --------------- -------------- ---------------- --------------- --------------
Utilization Fee            0.125%         0.125%          0.125%           0.000%          0.000%
Rate
---------------------- --------------- -------------- ---------------- --------------- --------------
Facility Fee               0.125%         0.150%          0.200%           0.300%          0.500%
Rate
-----------------------------------------------------------------------------------------------------
</TABLE>

         For purposes of this Schedule, the following terms have the
following meanings, subject to the concluding paragraph of this Schedule:

         "LEVEL I PRICING" applies at any date if, at such date, the
Borrower's long-term debt is rated BBB+ or higher by S&P OR Baa1 or higher by
Moody's.

         "LEVEL II PRICING" applies at any date if, at such date, (i) the
Borrower's long-term debt is rated BBB or higher by S&P OR Baa2 or higher by
Moody's and (ii) Level I Pricing does not apply.

         "LEVEL III PRICING" applies at any date if, at such date, (i) the
Borrower's long-term debt is rated BBB- or higher by S&P OR Baa3 or higher by
Moody's and (ii) neither Level I Pricing nor Level II Pricing applies.

         "LEVEL IV PRICING" applies at any date if, at such date, (i) the
Borrower's long-term debt is rated BB+ or higher by S&P OR Ba1 or higher by
Moody's and (ii) none of Level I Pricing, Level II Pricing and Level III
Pricing applies.

         "LEVEL V PRICING" applies at any date if, at such date, no other
Pricing Level applies.

         "PRICING LEVEL" refers to the determination of which of Level I
Pricing, Level II Pricing, Level III Pricing, Level IV Pricing or Level V
Pricing applies at any date.

         The credit ratings to be utilized for purposes of this Schedule are
those assigned to the senior unsecured long-term debt securities of the
Borrower without third-party credit

<PAGE>

enhancement, and any rating assigned to any other debt security of the
Borrower shall be disregarded. The rating in effect at any date is that in
effect at the close of business on such date.

         If the Moody's rating and the S&P rating differ by more than one
rating level, then the applicable Pricing Level shall be one rating level
higher than the Pricing Level resulting from the application of the lower of
such ratings (for which purpose the rating level representing Level I Pricing
is deemed to be the highest rating level).

         During the initial Pricing Level while either Moody's or S&P
maintain the Borrower on "credit watch" status, Level III Pricing shall be
deemed to apply.<PAGE>

                                                                    Exhibit 10.2

                                  $200,000,000

                       SECOND AMENDED AND RESTATED 364-DAY
                                CREDIT AGREEMENT

                                   dated as of

                               SEPTEMBER 25, 2000

                                      among

                           THOMAS & BETTS CORPORATION

                             THE BANKS PARTY HERETO

                                       and

                              WACHOVIA BANK, N.A.,
                                      AGENT

                           ---------------------------

                           WACHOVIA SECURITIES, INC.,
                                    ARRANGER

                              BANK OF AMERICA N.A.,
                              AS SYNDICATION AGENT

                               ABN AMRO BANK N.V.,
                             AS DOCUMENTATION AGENT

<PAGE>

                           SECOND AMENDED AND RESTATED
                                CREDIT AGREEMENT

                  SECOND AMENDED AND RESTATED CREDIT AGREEMENT dated as of
September 25, 2000 among THOMAS & BETTS CORPORATION (the "Borrower"), the BANKS
party hereto (the "Banks"), WACHOVIA BANK, N.A., as Agent (the "Agent"),
WACHOVIA SECURITIES, INC., as Arranger (the "Arranger"), BANK OF AMERICA N.A.,
as Syndication Agent, and ABN AMRO BANK N.V., as Documentation Agent.

                  The parties hereto are parties to an Amended and Restated
364-Day Credit Agreement dated as of June 30, 1999 (as amended by the First
Amendment dated as of June 26, 2000 and in effect on the date hereof, the
"Existing Credit Agreement").

                  The Borrower has requested that the Existing Credit Agreement
be amended to, among other things, (i) decrease pro rata the aggregate amount of
the Commitments of all Banks from $260,000,000 to $200,000,000, (ii) change the
pricing of Loans thereunder, (iii) exclude a $223.9 million special charge to
continuing operations, recorded during the Borrower's second fiscal quarter
ended July 2, 2000, from the calculation of the financial ratio required by
Section 5.07, and (iv) modify certain of the representations, warranties and
covenants of the Borrower, all as set forth herein, and that the Existing Credit
Agreement be restated in its entirety as so amended, all as of the Second
Restatement Effective Date as hereinafter defined.

                  Accordingly, the parties hereto agree as follows:

                  SECTION 1.01. DEFINITIONS; INTERPRETATION. Capitalized terms
used but not otherwise defined herein have the respective meanings ascribed
thereto in the Existing Credit Agreement. The provisions hereof relating to the
Applicable Facility Fee Rate, the Applicable Utilization Fee Rate and the
Euro-Dollar Margin shall be deemed to have effect from the Second Restatement
Effective Date without retroactive effect.

                  SECTION 1.02. AMENDMENTS.  Effective as of the Second
Restatement Effective Date, the Existing Credit Agreement is amended as follows
and, as so amended, is hereby restated in its entirety:

                  (1) The references on the cover page and in the introduction
to the aggregate amount of the Commitments are changed to refer to the aggregate
amount of $200,000,000, and Schedule 1 ("Commitment Schedule") is amended to
read in its entirety in accordance with Schedule 1 hereto.

                  (2) A new definition of "Applicable Facility Fee Rate" is
added to Section 1.01 in the appropriate alphabetical location, to read as
follows:

<PAGE>

                  "APPLICABLE FACILITY FEE RATE" means, for any Rating Level
         Period, the rate set forth below opposite the reference to such Rating
         Level Period:

<TABLE>
<CAPTION>
                   Rating Level Period                         Applicable Facility Fee Rate
                   -------------------                         ----------------------------
                  <S>                                          <C>
                  Rating Level I Period                                  0.105%
                  Rating Level II Period                                 0.125%
                  Rating Level III Period                                0.175%
                  Rating Level IV Period                                 0.250%
                  Rating Level V Period                                  0.500%
</TABLE>

         PROVIDED, that each change in the Applicable Facility Fee Rate
         resulting from a change from one Rating Level Period to another shall
         be effective on the effective date of such change in the Rating Level
         Period, and (ii) during the initial Rating Level Period while either
         Moody's or S&P maintain the Borrower on "credit watch" status, Rating
         Level III Period shall be deemed to apply.

                  (3) A new definition of "Applicable Utilization Fee Rate" is
added to Section 1.01 in the appropriate alphabetical location, to read as
follows:

                  "APPLICABLE UTILIZATION FEE RATE" means, for any Rating Level
         Period, the rate set forth below opposite the reference to such Rating
         Level Period:

<TABLE>
                  <S>                                                    <C>
                  Rating Level I Period                                  0.125%
                  Rating Level II Period                                 0.125%
                  Rating Level III Period                                0.125%
                  Rating Level IV Period                                 0.000%
                  Rating Level V Period                                  0.000%
</TABLE>

         PROVIDED, that each change in the Applicable Utilization Fee Rate
         resulting from a change from one Rating Level Period to another shall
         be effective on the effective date of such change in the Rating Level
         Period, and (ii) during the initial Rating Level Period while either
         Moody's or S&P maintain the Borrower on "credit watch" status, Rating
         Level III Period shall be deemed to apply.

                  (4) The definition of "CD Margin" is amended to read in its
entirety as follows:

                           "CD MARGIN" means, for any CD Loan during any Rating
                           Level Period, the rate per annum set forth below
                           opposite the reference to such Rating Level Period:

                                    -2-

<PAGE>

<TABLE>
<CAPTION>

                   Rating Level Period                                CD Margin
                   -------------------                                ---------
                  <S>                                                 <C>
                  Rating Level I Period                                  0.645%
                  Rating Level II Period                                 0.750%
                  Rating Level III Period                                1.075%
                  Rating Level IV Period                                 1.375%
                  Rating Level V Period                                  1.875%
</TABLE>

         PROVIDED, that (i) each change in the CD Margin resulting from a change
         from one Rating Level Period to another shall be effective on the
         effective date of such change in the Rating Level Period, and (ii)
         during the initial Rating Level Period while either Moody's or S&P
         maintain the Borrower on "credit watch" status, Rating Level III Period
         shall be deemed to apply.

                  (5) The definition of "Euro-Dollar Margin" is amended to read
in its entirety as follows:

                           "EURO-DOLLAR MARGIN" means, for any Euro-Dollar Loan
                           during any Rating Level Period, the rate per annum
                           set forth below opposite the reference to such Rating
                           Level Period:

<TABLE>
<CAPTION>
                   Rating Level Period                         Euro-Dollar Margin
                   -------------------                         ------------------
                  <S>                                          <C>
                  Rating Level I Period                              0.520%
                  Rating Level II Period                             0.625%
                  Rating Level III Period                            0.950%
                  Rating Level IV Period                             1.250%
                  Rating Level V Period                              1.750%
</TABLE>

         PROVIDED, that (i) each change in the Euro-Dollar Margin resulting from
         a change from one Rating Level Period to another shall be effective on
         the effective date of such change in the Rating Level Period, and (ii)
         during the initial Rating Level Period while either Moody's or S&P
         maintain the Borrower on "credit watch" status, Rating Level III Period
         shall be deemed to apply.

                  (6) A new definition of "Rating Level Period" is added to
Section 1.01 in the appropriate alphabetical location, to read as follows:

                  "RATING LEVEL PERIOD" means a Rating Level I Period, a Rating
         Level II Period, a Rating Level III Period, a Rating Level IV Period or
         a Rating Level V Period; PROVIDED that:

                           (i)   "RATING LEVEL I PERIOD" means a period during
                                 which the Moody's Rating is at or above Baa1 or
                                 the S&P Rating is at or above BBB+;

                                     -3-

<PAGE>

                           (ii)  "RATING LEVEL II PERIOD" means a period that is
                                 not a Rating Level I Period during which the
                                 Moody's Rating is at or above Baa2 or the S&P
                                 Rating is at or above BBB;

                           (iii) "RATING LEVEL III PERIOD" means a period that
                                 is neither a Rating Level I Period nor a Rating
                                 Level II Period during which the Moody's Rating
                                 is at or above Baa3 or the S&P Rating is at or
                                 above BBB-;

                           (iv)  "RATING LEVEL IV PERIOD" means a period that is
                                 neither a Rating Level I Period, nor a Rating
                                 Level II Period, nor a Rating Level III Period
                                 during which the Moody's Rating is at or above
                                 Ba1 or the S&P Rating is at or above BB+; and

                           (v)   "RATING LEVEL V PERIOD" means each period other
                                 than a Rating Level I Period, a Rating Level II
                                 Period, a Rating Level III Period or a Rating
                                 Level IV Period, and shall include any period
                                 during which neither a Moody's Rating nor an
                                 S&P Rating shall be in effect;

         and PROVIDED, FURTHER, that:

                           (x)   if the Moody's Rating and the S&P Rating differ
                                 by more than one rating level, then the
                                 applicable Rating Level Period shall be one
                                 rating level higher than the Rating Level
                                 Period resulting from the application of the
                                 lower of such ratings (for which purpose the
                                 rating level representing Rating Level I Period
                                 is deemed to be the highest rating level); and

                           (y)   the terms "MOODY'S RATING" and "S&P RATING"
                                 mean, at any time, the rating of the Borrower's
                                 senior unsecured, non-credit enhanced,
                                 long-term debt obligations then most recently
                                 announced by Moody's or S&P, respectively.

                  (7)      Section 2.09 is amended to read in its entirety as
follows:

                  SECTION 2.09.  FEES.

                           (a) FACILITY FEE. The Borrower shall pay to the
                  Agent, for the account of the Banks ratably in proportion to
                  their respective Credit Exposures, a facility fee (the
                  "FACILITY FEE") at a rate per annum equal to

                                     -4-

<PAGE>

                  the Applicable Facility Fee Rate, payable quarterly in arrears
                  on each Quarterly Payment Date and on the day on which the
                  Commitments terminate in their entirety (and, if later, on
                  the day on which the Credit Exposures are reduced to zero).

                           (b) UTILIZATION FEE. For each day on which the
                  aggregate outstanding principal amount of Committed Loans
                  equals or exceeds 25% of the aggregate amount of the
                  Commitments, the Borrower shall pay to the Agent, for the
                  account of the Banks ratably in accordance with the respective
                  aggregate outstanding principal amounts of the Committed Loans
                  made by them, a utilization fee (the "UTILIZATION FEE") at a
                  rate per annum equal to the Applicable Utilization Fee Rate on
                  the aggregate outstanding amount of the Committed Loans,
                  payable on each day on which interest is payable under Section
                  2.07.

                           (c) AGENT'S AND ARRANGER'S FEE. The Borrower shall
                  pay to each of the Agent and the Arranger, for its own
                  account, such agency fee and arranger fee, respectively, as
                  has been separately agreed between the Borrower, the Agent and
                  the Arranger.

                  (8) (a) Section 4.04(a) is amended by changing the date
"January 3, 1999" to "January 2, 2000", and by changing the phrase "1998 Form
10-K, as amended by Borrower's Form 10-K/A filed June 7, 1999 with the SEC" to
read "1999 Form 10-K, as amended,".

                  (b) Section 4.04(b) is amended by changing the date "April 4,
1999" to "July 2, 2000", and by changing the phrase "latest Form 10-Q, as
amended by Borrower's Form 10-Q/A filed June 7, 1999 with the SEC" to read "Form
10-Q for the second fiscal quarter ended July 2, 2000".

                  (c) Section 4.04(c) is amended by changing the date "April 4,
1999" to "August 21, 2000".

                  (d) Section 4.05 is amended by changing the phrase "1998
Form 10-K" to read "1999 Form 10-K".

                  (9) Section 5.07 is amended to read in its entirety as
follows:

                           SECTION 5.07. OPERATING CASH FLOW RATIO. At no date
                  shall the ratio of (i) Consolidated Operating Cash Flow for
                  the four most recent consecutive fiscal quarters of the
                  Borrower ended on or most recently prior to such date to (ii)
                  Total Borrowed Funds as of such date, be less than (a) .35 for
                  the Borrower's fiscal quarters ending October 1, 2000 and
                  December 31, 2000, (b) .30 for the Borrower's fiscal quarter
                  ending April 1, 2001 and (c) .20 for the Borrower's fiscal
                  quarters ending on and after July 1, 2001.

                                     -5-

<PAGE>

                           The calculation of Consolidated Operating Cash Flow
                  for any period of four consecutive fiscal quarters which
                  includes the Borrower's fiscal quarter ending July 2, 2000
                  shall exclude the special charges totaling $223.9 million
                  incurred by the Borrower and described in Note 6 to Condensed
                  Consolidated Financial Statements set forth in Borrower's
                  Quarterly Report on Form 10-Q for its fiscal quarter ended
                  July 2, 2000.

                  (10)     A new Section 5.13 is added, to read in its entirety
as follows:

                           SECTION 5.13. STOCK REPURCHASES. During the period
                  from and including September 25, 2000 to and including
                  December 31, 2000, the Borrower will not repurchase, or enter
                  into any agreement to purchase, directly or indirectly, any of
                  its shares of capital stock.

                  SECTION 1.03. REPRESENTATIONS AND WARRANTIES. The Borrower
represents and warrants to the Agent and the Banks as of the Second Restatement
Effective Date that each of the representations and warranties set forth in
Article 4 of the Existing Credit Agreement, as amended hereby, is true on and as
of the Second Restatement Effective Date as if made on and as of the Second
Restatement Effective Date.

                  SECTION 1.04. SECOND RESTATEMENT EFFECTIVE DATE. This
Agreement shall become effective on the date (the "SECOND RESTATEMENT EFFECTIVE
DATE") on which the Agent notifies the Borrower that the following conditions
have been satisfied:

                  (i) EXECUTION AND DELIVERY. This Agreement shall have been
         executed and delivered by the Borrower, the Agent and the Required
         Banks.

                  (ii) CORPORATE DOCUMENTS. The Agent shall have received all
         such documents as it may reasonably request relating to the existence
         of the Borrower, the corporate authority for and the validity of this
         Agreement and any other matters relevant hereto, all in form and
         substance reasonably satisfactory to the Agent.

                  (iii) OPINIONS. The Agent shall have received (a) an opinion
         of Milbank, Tweed, Hadley & McCloy LLP, special New York counsel for
         the Borrower substantially in the form of Exhibit A-1 hereto, (b) an
         opinion of the Borrower's Vice President-General Counsel or its
         Assistant General Counsel, substantially in the form of Exhibit A-2
         hereto, and (c) an opinion of Womble Carlyle Sandridge & Rice, PLLC,
         special counsel for the Agent, substantially in the form of Exhibit A-3
         hereto, each dated the Second Restatement Effective Date.

                  (iv) NOTES. The Agent shall have received for the account of
         each Bank a duly executed Note dated the Second Restatement Effective
         Date complying with the

                                      -6-

<PAGE>

         provisions of Section 2.05 of the Existing Credit Agreement against
         delivery of the Notes outstanding under the Existing Credit Agreement
         marked "cancelled".

                  (v) FEES. The Agent shall have received evidence of payment of
         (a) the up-front fee as provided for in the fee letter dated as of the
         date hereof between the Borrower and the Agent and (b) any costs and
         expenses then payable (to the extent invoiced) under Section 1.05
         hereof.

The Agent shall promptly notify the Banks of the occurrence of the Second
Restatement Effective Date.

                  SECTION 1.05. COSTS AND EXPENSES.  The Borrower shall pay
all reasonable out-of-pocket expenses of the Agent, including fees and
disbursements of special counsel for the Agent, in connection with the
execution and delivery of this Agreement.

                  SECTION 1.06. MISCELLANEOUS.

                  (a) This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns,
except that the Borrower may not assign or otherwise transfer any of its rights
under this Agreement without the prior written consent of all the Banks.

                  (b) This Agreement shall be governed by and construed in
accordance with the law of the State of New York.

                  (c) This Agreement may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the
signatures hereto were upon the same instrument. This Agreement and the fee
letter referred to herein constitute the entire agreement and understanding
among the parties hereto and supersede any and all prior agreements and
understandings, oral or written, relating to the subject matter hereof and
thereof.

                                     -7-

<PAGE>

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

                                        THOMAS & BETTS CORPORATION

                                        By:/s/  Thomas C. Oviatt
                                           -----------------------------------
                                            Name:  Thomas C. Oviatt
                                            Title:  Treasurer

                                        WACHOVIA BANK, N.A., as Agent and
                                            a Bank

                                        By:/s/  Karin E. Reel
                                           -----------------------------------
                                              Name:  Karin E. Reel
                                              Title:  Vice President

                                        BANK OF AMERICA, N.A.

                                        By:/s/ Ameet A. Tijoriwala
                                           -----------------------------------
                                              Name:  Ameet A. Tijoriwala
                                              Title:  Vice President

                                        ABN AMRO BANK N.V.

                                        By:/s/ Mary L. Honda
                                           -----------------------------------
                                            Name:  Mary L. Honda
                                            Title:  Vice President

                                        By:/s/ Charles H. Fowler
                                           -----------------------------------
                                            Name:  Charles H. Fowler
                                            Title:  Vice President

<PAGE>

                                        THE BANK OF NOVA SCOTIA

                                        By:/s/ F.C.H. Ashby
                                           -----------------------------------
                                            Name:  F.C.H. Asbhy
                                            Title:  Senior Manager Loan
                                                    Operations

                                        CIBC INC.

                                        By:/s/ Dominic Sorresso
                                           -----------------------------------
                                            Name:  Dominic Sorresso
                                            Title:  Executive Director
                                                    CIBC World Markets Corp.,
                                                    as Agent

                                        DEUTSCHE BANK AG, NEW YORK
                                           AND/OR CAYMAN ISLANDS BRANCH

                                        By:/s/ Sheryl Paynter
                                           -----------------------------------
                                            Name:  Sheryl Paynter
                                            Title:  Vice President

                                        By:/s/ Christoph Koch
                                           -----------------------------------
                                            Name:  Christoph Koch
                                            Title:  Vice President

                                        FIRST UNION NATIONAL BANK

                                        By:/s/ Andy Tompkins
                                           -----------------------------------
                                            Name:  Andy Tompkins
                                            Title:  Vice President

<PAGE>

                                        SUNTRUST BANK, NASHVILLE, N.A.

                                        By:/s/ Bryan W. Ford
                                           -----------------------------------
                                            Name:  Bryan W. Ford
                                            Title:  Vice President

                                        THE NORTHERN TRUST COMPANY

                                        By:/s/ Ashish S. Bhagwat
                                           -----------------------------------
                                            Name:  Ashish S. Bhagwat
                                            Title:  Second Vice President

                                        BANCA NAZIONALE DEL LAVORO
                                           S.P.A. NEW YORK BRANCH

                                        By:/s/ Giulio Giovine
                                           -----------------------------------
                                              Name:  Giulio Giovine
                                              Title:  Vice President

                                        By:/s/ Leonardo Valentini
                                           -----------------------------------
                                            Name:  Leonardo Valentini
                                            Title:  First Vice President

                                        THE BANK OF NEW YORK

                                        By:/s/ Steven Cavaluzzo
                                           -----------------------------------
                                            Name:  Steven Cavaluzzo
                                            Title:  Vice President

<PAGE>

                                        BANK OF TOKYO-MITSUBISHI
                                        TRUST COMPANY

                                        By:/s/ Stephanie Geesey
                                           -----------------------------------
                                            Name:  S. B. Geesey
                                            Title:  Vice President

                                        AMSOUTH BANK f/k/a
                                        FIRST AMERICAN NATIONAL BANK

                                        By:/s/ Jonathan C. Tutor
                                           -----------------------------------
                                              Name:  Jonathan C. Tutor
                                              Title:  Vice President

                                        KBC BANK N.V.

                                        By:/s/ Robert Snauffer
                                           -----------------------------------
                                            Name:  Robert Snauffer
                                            Title:  First Vice President

                                        By:/s/ Raymond F. Murray
                                           -----------------------------------
                                            Name:  Raymond F. Murray
                                            Title:  First Vice President

<PAGE>

                                        THE SUMITOMO BANK, LTD.

                                        By:/s/ C. Michael Garrido
                                           -----------------------------------
                                            Name:  C. Michael Garrido
                                            Title:  Senior Vice President

                                        UNION PLANTERS BANK, N.A.

                                        By:/s/ Shea Buchignani
                                           -----------------------------------
                                              Name:  Shea Buchignani
                                              Title:  Assistant Vice President

                                     -12-

<PAGE>

                                   SCHEDULE 1

                               COMMITMENT SCHEDULE

<TABLE>
<CAPTION>

Bank                                                                                      Commitment
----                                                                                      ----------
<S>                                                                                       <C>
Wachovia Bank, N.A................................................................        20,000,000
Bank of America N.A...............................................................        17,000,000
ABN AMRO Bank N.V.................................................................        17,000,000
Deutsche Bank AG, New York and/or Cayman Islands Branch...........................        15,000,000
The Bank of Nova Scotia...........................................................        13,000,000
SunTrust Bank, Nashville, N.A.....................................................        13,000,000
The Northern Trust Company........................................................        13,000,000
Bank of Tokyo-Mitsubishi Trust Company............................................        13,000,000
Union Planters Bank, N.A..........................................................        13,000,000
Banco Nazionale del Lavoro S.p.A., New York Branch................................        11,000,000
The Bank of New York..............................................................        11,000,000
CIBC Inc..........................................................................        10,000,000
First Union National Bank.........................................................        10,000,000
First American National Bank......................................................        10,000,000
KBC Bank N.V......................................................................         7,000,000
The Sumitomo Bank Ltd.............................................................         7,000,000
                                                     TOTAL                              $200,000,000
                                                                                        ============

</TABLE>

<PAGE>

                                                                     EXHIBIT A-1

            [FORM OF OPINION OF MILBANK, TWEED, HADLEY & McCLOY LLP]

                       [Second Restatement Effective Date]

Each of the Banks party
to the Agreement
referred to below

Wachovia Bank, N.A., as Agent
191 Peachtree Street, N.E.
Atlanta, Georgia

Ladies and Gentlemen:

         We have acted as special New York counsel to Thomas & Betts
Corporation, a corporation organized under the laws of Tennessee (the
"BORROWER"), in connection with the Second Amended and Restated 364-Day Credit
Agreement dated as of September 25, 2000 (the "AGREEMENT") among the Borrower,
the lenders named therein (the "BANKS"), Wachovia Bank, N.A., as Agent (in such
capacity, the "AGENT"), Wachovia Securities, Inc., as Arranger, Bank of America
N.A., as Syndication Agent, and ABN AMRO Bank N.V., as Documentation Agent,
providing for loans to be made by said lenders to the Borrower in an aggregate
principal amount at any time outstanding not exceeding $200,000,000. Terms
defined in the Agreement are used herein as defined therein. This opinion is
being delivered pursuant to Section 1.04(iii)(a) of the Agreement.

         In rendering the opinions expressed below, we have examined the
Existing Credit Agreement, the Agreement and the Notes and such corporate
records of the Borrower and such other documents as we have deemed necessary as
a basis for the opinions expressed below. In our examination, we have assumed
the genuineness of all signatures, the authenticity of all documents submitted
to us as originals and the conformity with authentic original documents of all
documents submitted to us as copies. When relevant facts were not independently
established, we have relied upon representations made in or pursuant to the
Agreement or certificates of appropriate representatives of the Borrower.

         In rendering the opinions expressed below, we have assumed, with
respect to the Agreement and the Notes, that:

         (i)      such documents have been duly authorized by, have been duly
                  executed and delivered by, and (except, to the extent provided
                  below, as to the Borrower) constitute legal, valid, binding
                  and enforceable obligations of, all of the parties to such
                  documents;

<PAGE>

         (ii)     all signatories to such documents have been duly authorized;
                  and

         (iii)    all of the parties to such documents are duly organized and
                  validly existing and have the power and authority (corporate
                  or other) to execute, deliver and perform such documents.

         Based upon and subject to the foregoing and subject also to the
comments and qualifications set forth below, and having considered such
questions of law as we have deemed necessary as a basis for the opinions
expressed below, we are of the opinion that the Agreement constitutes, and each
Note issued pursuant thereto when duly executed and delivered pursuant thereto
will constitute, a legal, valid and binding obligation of the Borrower,
enforceable against the Borrower in accordance with its terms, except as may be
limited by bankruptcy, insolvency, reorganization, moratorium or other similar
laws relating to or affecting the rights of creditors generally and except as
the enforceability of thereof is subject to the application of general
principles of equity (regardless of whether considered in a proceeding in equity
or at law), including, without limitation, (a) the possible unavailability of
specific performance, injunctive relief or any other equitable remedy and (b)
concepts of materiality, reasonableness, good faith and fair dealing.

         The foregoing opinions are subject to the comments and qualifications
 set forth in our opinion dated ___, 1999 with respect to the Existing Credit
 Agreement, a copy of which is attached hereto.

         The foregoing opinions are limited to matters involving the Federal
laws of the United States and the law of the State of New York, and we do not
express any opinion as to the laws of any other jurisdiction.

         This opinion letter is, pursuant to Section 1.04(iii)(a) of the
Agreement, provided to you by us in our capacity as special New York counsel to
the Borrower and may not be relied upon by any Person for any purpose other than
in connection with the transactions contemplated by the Agreement without, in
each instance, our prior written consent.

                                                  Very truly yours,

                                     -2-

<PAGE>

                                                                     EXHIBIT A-2

                 [FORM OF OPINION OF THOMAS & BETTS CORPORATION]

                       [Second Restatement Effective Date]

Each of the Banks party
to the Agreement
referred to below

Wachovia Bank, N.A., as Agent
191 Peachtree Street, N.E.
Atlanta, Georgia

Ladies and Gentlemen:

         I am [Vice President-General Counsel][Assistant General Counsel] of
Thomas & Betts Corporation, a corporation organized under the laws of Tennessee
(the "BORROWER"), and I, or attorneys under my supervision, have acted as
counsel to the Borrower in connection with the Second Amended and Restated
364-Day Credit Agreement dated as of September 25, 2000 (the "AGREEMENT") among
the Borrower, the banks party thereto (the "BANKS"), Wachovia Bank, N.A., in its
capacity as agent for said Banks (the "AGENT"), Wachovia Securities, Inc., as
Arranger, Bank of America N.A., as Syndication Agent, and ABN AMRO Bank N.V., as
Documentation Agent, providing for, among other things, the making of loans by
the Banks in an aggregate principal amount up to $200,000,000. All capitalized
terms used but not defined herein have the respective meanings given to such
terms in the Agreement.

         In rendering the opinions expressed below, I have examined such
corporate records and documents as I have deemed necessary as a basis for the
opinions expressed below.

         In my examination, I have assumed the genuineness of all signatures,
the authenticity of all documents submitted to me as originals and the
conformity with authentic original documents of all documents submitted to me as
copies. When relevant facts were not independently established, I have relied
upon statements of governmental officials and upon representations made in or
pursuant to the Agreement and the Notes and certificates of appropriate
representatives of the Borrower.

         Based upon and subject to the foregoing and subject also to the
comments and qualifications set forth below, and having considered such
questions of law as I have deemed necessary as a basis for the opinions
expressed below, I am of the opinion that:

                  1. The Borrower is a corporation duly incorporated, validly
         existing and in good standing under the laws of Tennessee, and has all
         corporate powers and all material

<PAGE>

         governmental licenses, authorizations, consents and approvals required
         to carry on its business as now conducted.

                  2. Each of the Agreement and the Notes has been duly
         authorized, executed and delivered by the Borrower. The execution,
         delivery and performance by the Borrower of the Agreement and the Notes
         are within the Borrower's corporate powers, (i) have been duly
         authorized by all necessary corporate action on the part of the
         Borrower, (ii) require no action by or in respect of, or filing with,
         any governmental body, agency or official (other than as may be
         required of any particular Bank) and (iii) do not contravene or
         constitute a default under (x) any provision of any law or regulation
         applicable to the Borrower, (y) the charter or by-laws of the Borrower
         or (z) any instrument or agreement evidencing or governing Material
         Debt of the Borrower or any of its Significant Subsidiaries known to me
         or any material agreement, judgment, injunction, order, decree or other
         instrument known to me to be binding upon the Borrower, or result in
         the creation or imposition of any Lien on any asset of the Borrower or
         any of its Significant Subsidiaries under any of the foregoing.

                  3. Except as set forth in the Borrower's (i) Annual Report on
         Form 10-K for the fiscal year ended January 2, 2000, (ii) Quarterly
         Report on Form 10-Q for the quarter ended July 2, 2000 and (iii)
         Current Report on Form 8-K dated August 28, 2000, to the best of my
         knowledge, there is no action, suit or proceeding pending against, or
         threatened against or affecting, the Borrower or any of its Significant
         Subsidiaries before any court or arbitrator or any governmental body,
         agency or official, which could reasonably be expected to materially
         adversely affect the business, consolidated financial position or
         consolidated results of operations of the Borrower and its Consolidated
         Subsidiaries, considered as a whole or which in any manner draws into
         question the validity of the Agreement or the Notes.

         The foregoing opinions are limited to matters involving the federal
laws of the United States and the laws of the State of Tennessee, and I do not
express any opinion as to the laws of any other jurisdiction.

         This opinion letter is provided to you pursuant to Section 1.04(iii)(b)
of the Agreement, and may not be relied upon by any Person for any purpose other
than in connection with the transactions contemplated by the Agreement without,
in each instance, my prior written consent.

                                        Very truly yours,

                                     -2-

<PAGE>

                                                                     EXHIBIT A-3

               [OPINION OF WOMBLE CARLYLE SANDRIDGE & RICE, PLLC]

                       [Second Restatement Effective Date]

To the Banks and the Agent
Referred to Below
c/o Wachovia Bank, N.A., as Agent
191 Peachtree Street, N.E.
Atlanta, Georgia

Dear Ladies and Gentlemen:

         We have participated in the preparation of the Second Amended and
Restated 364-Day Credit Agreement (the "AGREEMENT") dated as of September 25,
2000 among Thomas & Betts Corporation, a Tennessee corporation (the "BORROWER"),
the banks listed on the signature pages thereof (the "BANKS") and Wachovia Bank,
N.A., as Agent (the "AGENT"), and have acted as special counsel for the Agent
for the purpose of rendering this opinion pursuant to Section 1.04(iii)(c) of
the Agreement. Terms defined in the Agreement are used herein as therein
defined.

         We have examined originals or copies, certified or otherwise identified
to our satisfaction, of such documents, corporate records, certificates of
public officials and other instruments and have conducted such other
investigations of fact and law as we have deemed necessary or advisable for
purposes of this opinion.

         Upon the basis of the foregoing, we are of the opinion that the
Agreement constitutes, and each Note issued pursuant thereto when duly executed
and delivered pursuant thereto will constitute, a valid and binding agreement of
the Borrower, in each case enforceable in accordance with its terms, except as
the same may be limited by bankruptcy, insolvency or similar laws affecting
creditors' rights generally and by general principles of equity.

         We are members of the Bar of the State of Georgia and the foregoing
opinion is limited to the laws of the State of Georgia and the Federal laws of
the United States of America. Insofar as the foregoing opinion involves matters
governed by the laws of Tennessee, we have relied, without independent
investigation, upon the opinion of [Penelope Y. Turnbow], a copy of which has
been delivered to you. In giving the foregoing opinion, we express no opinion as
to the effect (if any) of any law of any jurisdiction (except the State of
Georgia) in which any Bank is located which limits the rate of interest that
such Bank may charge or collect.

         This opinion is rendered solely to you in connection with the above
matter. This opinion may not be relied upon by you for any other purpose or by
any other person without our prior written consent.

                                                              Very truly yours,

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