Document:

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                                                                  EXHIBIT 10.14

                    MAYO FOUNDATION FOR MEDICAL EDUCATION AND
                      RESEARCH TECHNOLOGY LICENSE CONTRACT

                      Article 1.00 - Preliminary Provisions

1.01     DATE. The Effective Date of this contract is July 7, 1998.

1.02     PARTIES.  There are two parties to this contract.  They are:

(a)      MAYO FOUNDATION FOR MEDICAL EDUCATION AND RESEARCH, a Minnesota
         nonprofit corporation, located at 200 First Street SW, Rochester,
         Minnesota 55905-0001 (called "MAYO" in this contract), and

(b)      EXACT Laboratories, Inc., a Delaware for-profit corporation, located at
         63 Great Road, Maynard, Massachusetts 01754, (called the "COMPANY" in
         this contract).

1.03 PURPOSE OF CONTRACT. Whereas the COMPANY owns and has independently
developed its proprietary technology directed to the diagnosis of colorectal
disease, including cancer, for eventual approval by the medical community and
health regulatory agencies and then for clinical use; and is producing
improvements, enhancements and inventions related to that technology including
developing diagnostic tests based upon detecting the loss of heterozygosity
and/or various genetic markers in stool samples for the early detection of
colorectal cancer; and has been interested in obtaining information related to
patient attitudes, hospital procedures and/or requirements and information
related to its own technology and know-how in comparison with other methods of
patient management; and,

         Whereas MAYO is a foundation for medical education and research and has
the knowledge, know-how and personnel to discuss, conduct, evaluate, implement
and clinically assess the value, benefit and technical advantages of diagnostic
procedures in colorectal disease, including the technology of the COMPANY,

         The COMPANY and MAYO are mutually interested in (a) determining whether
the COMPANY's technology is effective and predictive; and in (b) the successful
implementation of the COMPANY's technology, products, processes and methods in
the medical community for public use and benefit.

         MAYO, therefore, intends to grant a license for certain of its know-how
to the COMPANY. Both parties acknowledge that MAYO has carefully selected the
COMPANY because of the COMPANY's unique characteristics and proprietary
technology which make the COMPANY especially suitable as a licensee of such
know-how. The COMPANY enters this licensing contract with MAYO for use of the
Licensed Know-how on a non-exclusive basis.

                           Article 2.00 - Definitions.

2.01 LICENSED KNOW-HOW means the know-how of David Ahlquist, M.D. of Mayo
Rochester used by the COMPANY between January 1, 1996 and December 31, 1997 to
assist in the successful clinical evaluation, regulatory approval and
implementation of the COMPANY's

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technology within the medical community and by the health regulatory agencies
and in the marketing and manufacture of the Technology. Such Know-how includes
Mayo information that is publicly available as well as information related to
the work of Dr. Ahlquist in the Field of Use. The Know-how includes knowledge of
research and clinical investigations and studies, patient needs and attitudes,
hospital procedures and needs, statistical evaluations, market size and
characteristics, knowledge of vendors and suppliers of alternative technology,
general experience in the medical field, as well as the results of Dr.
Ahlquist's interactions with research, academic, clinical and other medical
personnel.

2.02 AFFILIATE means a legal entity controlled by, or controlling, another legal
entity, or which is an Affiliate of an Affiliate, or an Affiliate of an
Affiliate of an Affiliate, "control" means direct or indirect beneficial
ownership of at least fifty (50) percent of the voting stock of a corporation;
direct or indirect ownership of at least fifty (50) percent of the income of a
legal entity; or possession of at least fifty (50) percent of the voting rights
of the members of a nonprofit or nonstock corporation. MAYO's Affiliates
include, but are not limited to: Mayo Foundation; Rochester Methodist Hospital;
Saint Mary's Hospital; Mayo Clinic Jacksonville, Florida; St. Luke's Hospital,
Jacksonville, Florida; Mayo Clinic Arizona; Mayo Clinic Hospital, Arizona, Mayo
Regional Practices, P.C., Decorah, Iowa; and Mayo Regional Practices of
Wisconsin, Ltd.

2.03 FIELD OF USE means the application of the COMPANY's technology for the
detection of colorectal cancer.

2.04 MATERIAL BREACH means breaches of this contract which are specified in this
contract as being material breaches, and in addition any breach of this contract
which the non-breaching party in the exercise of its good faith discretion
determines is so injurious to the relationship between the parties that this
contract should be liable to immediate termination.

2.05 MAYO INFORMATION includes the information embodied in the Licensed Know-how
or expressly marked, labeled, referenced in writing, or otherwise designated by
MAYO as confidential, which is disclosed to the COMPANY by MAYO, relating to
MAYO's markets, customers, patients, parents, inventions, products, procedures,
designs, plans, organization, employees, or business in general, but does not
include:

         (a) any information which is publicly available or becomes publicly
available as a matter of due course and/or MAYO disclosure; or

         (b) information which is or becomes part of the public domain through
no action, omission or fault attributable to the COMPANY; or

         (c) information which the COMPANY had or could have had in its
possession before disclosure by MAYO to the COMPANY; or

         (d) information which is received, was received or could have been
received by the COMPANY from a third party having a legal right to transmit such
information; or

         (e) information that is or was developed by the COMPANY independent of
any disclosure by MAYO or Dr. Ahlquist.

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                                      -3-

Nothing in this agreement shall prevent the COMPANY from disclosing licensed
know-how received from Dr. Ahlquist, under this agreement, to an affiliate of
the COMPANY.

2.06 TERMINATION of this contract means the ending, expiration, recession, or
any other discontinuation of this contract for any reason whatsoever.

2.07 TERRITORY means worldwide.

2.08 COMPANY INFORMATION means any and all information that is proprietary to
the COMPANY. MAYO and Dr. Ahlquist herein agree to obtain the COMPANY's consent
prior to disclosure of the COMPANY's information, which consent will not be
unreasonably withheld. MAYO and Dr. Ahlquist shall disclose such information
only as and when reasonably necessary and shall require the persons to whom such
information is disclosed to agree to maintain the information confidential.

                         Article 3.00 - Grant of Rights.

3.01 GRANT, MAYO grants to the COMPANY a nonexclusive license to use the
licensed know-how, in the territory within the field of use, according to the
terms of this contract.

                          Article 4.00 - Consideration.

4.01 CONSIDERATION. On February 4, 1998, the COMPANY granted MAYO twenty
thousand (20,000) shares of the COMPANY common stock as a consideration for
entering into the contract. This is a nonrefundable and fully paid consideration
for this license.

                 Article 5.00 - Warranties and Indemnification.

5.01 USE OF NAME AND LOGO. The COMPANY shall not use publicly for publicity,
promotion, or otherwise, any logo, name, trade name, service mark, or trademark
of Mayo or its Affiliates, including, but not limited to, the terms "Mayo,"
"Mayo Clinic," or any simulation, abbreviation, or adaptation of the same, or
the name of any Mayo employee or agent, without MAYO's prior, written, express
consent, which consent shall not be unreasonably withheld. MAYO may withhold
such consent in MAYO's absolute discretion. Violation of this Section 5.01 is a
Material Breach of this contract, entitling MAYO to appropriate equitable or
legal relief.

5.02 INDEMNIFICATION. The COMPANY shall defend, indemnify, and hold harmless
MAYO and MAYO's Affiliates from all liability, demands, expresses, losses, fees
(including attorneys' fees) and settlements, for death, personal injury,
illness, or property damage arising out of use by the COMPANY of information
furnished under this contract.

As used in Sections 5.01 and 5.02, MAYO and its Affiliates include the trustees,
officers, agents, and employees of MAYO and its Affiliates, and the COMPANY
includes not only its Affiliates as defined in the contract, but also any of its
contractors and subcontractors.

5.03 WAIVER OF SUBROGATION. The COMPANY expressly waives any right of
subrogation that it may have against MAYO resulting from any claim, demand,
liability,

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judgment, settlement, costs, fees (including attorneys' fees), and expenses for
which the COMPANY has agreed to indemnify MAYO and its Affiliates or hold MAYO
and its Affiliates harmless under Section 6.04 of this contract.

5.04 ADDITIONAL WAIVERS. THE COMPANY AGREES THAT MAYO SHALL NOT BE LIABLE FOR
ANY LOSS OR DAMAGE CAUSED BY DELAY IN FURNISHING PRODUCTS OR SERVICE` OR ANY
OTHER PERFORMANCE UNDER THIS CONTRACT, UNLESS RESULTING FROM MAYO'S NEGLIGENCE
OR WILLFUL AND WANTON MISCONDUCT. IN NO EVENT SHALL MAYO'S LIABILITY OF ANY KIND
INCLUDE ANY SPECIAL, INDIRECT, INCIDENTAL, OR CONSEQUENTIAL LOSSES OR DAMAGES,
EVEN IF MAYO HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN NO CASE
SHALL. MAYO'S LIABILITY FOR DAMAGES OF ANY TYPE EXCEED THE TOTAL VALUE OF EQUITY
WHICH HAS ACTUALLY BEEN GRANTED TO MAYO BY THE COMPANY AS OF THE DATE OF FILING
OF THE ACTION AGAINST MAYO WHICH RESULTS IN THE SETTLEMENT OR AWARD OF DAMAGES.

                      Article 6.00 -- Term and Termination.

6.01 TERM. This contract will terminate on December 31, 2001, unless extended by
mutual agreement of the parties.

6.02 SURVIVAL. The COMPANY's obligations stated in Section 2.05 of this contract
survive the Termination of this contract.

                       Article 7.00 -- General Provisions.

7.01 ASSIGNMENT AND SUBCONTRACT. The COMPANY is strictly prohibited horn
assigning.; or subcontracting any of its obligations or rights under this
contract without MAYO's prior, express, written consent, which consent shall not
be unreasonably withheld by MAYO. Any other attempted assignment or subcontract
is void. The contract is personal to the COMPANY.

7.02 WAIVER. No part of this contract may be waived except by the further
written agreement of the parties. Forbearance in any form from demanding the
performance of a duty owed under this contract is not a waiver of that duty.
Until complete performance of a duty owed under this contract is accomplished,
the party to which that duty is owed may invoke any remedy under this contract
or under law, despite its past forbearance in demanding performance of that
duty.

7.03 GOVERNING LAW AND JURISDICTION. This Agreement and its effects are subject
to and shall be construed and enforced in accordance with the laws of the State
of Minnesota, excluding its conflict of laws and choice of law provisions. All
disputes shall be resolved by arbitration or mediation.

7.04 HEADINGS. The headings of articles and sections used in this document are
for convenience of reference only, and are not a part of this contract.

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7.05 NOTICES. Any notice required to be given under this contract is properly
provided if in writing and either personally delivered, or sent by express or
certified trail, postage prepaid, to the parties at the following addresses,
Unless other addresses are provided consistent with this section 7.05.

Mayo Foundation for Medical Education and Research
200 First Street SW
Rochester, Minnesota 559050001
Attn: Technology Transfer Division, Mayo Medical Ventures

EXACT Laboratories, Inc.
63 Great Road
Maynard, Massachusetts 01754
Attn: Stanley N. Lapidus, President

Unless otherwise expressly specified in this contract, notices sent by mail arc
considered effective upon the earlier of: the fifth (5th) day after dispatch (or
the tenth (10th) day after dispatch if dispatched by air mail other than in the
United States) or the day of actual receipt. Notices personally delivered are
considered effective upon the date of delivery. It is the responsibility of the
party giving notice to obtain a receipt for delivery of the notice, if that
party considers such a receipt advisable.

7.06 LIMITATION OF RIGHTS CREATED. This contract is intended only to benefit the
two parties to it. They have no intention to create any interests for any other
party. Specifically, no interests are intended to be created for any customer,
patient, research subjects, or other persons (or their relatives, heirs,
dependents, or personal representatives) by or upon whom the Licensed Invention
may be used.

7.07 INDEPENDENT CONTRACTOR. In the performance of their respective duties under
this contract, the parties are independent contractors of each other. Neither is
the agent, employee, or servant of the other.! Each is responsible only for its
own conduct. 7.08 ENTIRE CONTRACT. This document states the entire contract
between the parties about its subject matter. All past and contemporaneous
discussions, agreements, proposals, promises, warranties, representations,
guarantees, correspondence, and understandings, whether oral or written, formal
or informal, with respect to the subject matter of this contract, are entirely
superseded by this contract.

7.09 UNENFORCEABLE PROVISION. The unenforceability of any part of this contract
will not affect any other part. This contract will be construed as if the
unenforceable parts had been omitted.

7.10 CHANGES TO CONTRACT. No part of this contract, including this Section
10.10, may be changed except in writing, through another document signed by both
parties.

7.17 CONSTRUCTION. Both parties agree to all of the terms of this contract. Both
parties execute this contract only after reviewing it thoroughly. That one party
or the other may have

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drafted all or part of this contract will not cause this contract to be read
more strictly against the drafting party. This contract, and any chances to it,
will be interpreted on the basis that both parties contributed equally to the
drafting of each of its parts.

7.12 NONDISCLOSURE. Neither party shall disclose any of the terms of this
contract without the express, prior, written consent of the other party, or
unless required by law.

7.13 COMPANY KNOW-HOW. This agreement does not provide MAYO with rights to use
any of the COMPANY's technology; know-how or other intellectual property.

MAYO FOUNDATION FOR MEDICAL EDUCATION AND RESEARCH:

Signed:_________________________________________________________________________

Printed Name:___________________________________________________________________

Title:__________________________________________________________________________

Date:___________________________________________________________________________

EXACT LABORATORIES, INC.:

Signed:_________________________________________________________________________

Printed Name:___________________________________________________________________

Title:__________________________________________________________________________

Date:___________________________________________________________________________

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                                 AMENDMENT No. 1
                   TO THE TECHNOLOGY LICENSE AGREEMENT BETWEEN
               MAYO FOUNDATION FOR MEDICAL EDUCATION AND RESEARCH
                             AND EXACT LABORATORIES

Effective as of 20 March 2000, the Technology License Agreement dated ,July 7,
1998 between Mayo Foundation for Medical Education and Research (MAYO) and EXACT
Laboratories (COMPANY) is hereby amended under the following terms:

         Section 2.01 LICENSED KNOW-HOW is amended by substituting the following
         sentences within that Section, with the remainder of Section 2.01
         remaining unchanged:

         (a)      "Licensed Know-How means the know-how of David Ahlquist, M.D.
                  of Mayo Rochester used by the COMPANY between January 1, 1998
                  and December 31, 1997 to assist in the successful clinical
                  evaluation, regulatory approval and implementation of the
                  COMPANY's technology within the medical community and by the
                  health regulatory agencies and In the marketing and
                  manufacture of the technology." is DELETED;

         (b)      and REPLACED with: "Licensed Know-How means the know-how of
                  David Ahlquist, M.D. of Mayo Rochester used by the COMPANY
                  between January 1, 1996 and December 31, 1999 to assist in the
                  successful clinical evaluation, regulatory approval and
                  implementation of the COMPANY's technology within the medical
                  community and by the health regulatory agencies and in the
                  marketing and manufacture of the technology.

AND

         Section 4.01 CONSIDERATION is amended as follows:

         (a)      "On February 4, 1998, the COMPANY granted MAYO twenty thousand
                  (20,000) shares of the COMPANY common stock as a consideration
                  for entering into the contract. This is a nonrefundable and
                  fully paid consideration for this license." is DELETED;

         (b)      and REPLACED with: "On February 4, 1998, the COMPANY granted
                  MAYO twenty thousand (20,000) shares and on March 20th, 2000
                  the COMPANY granted MAYO an additional seventeen thousand five
                  hundred (17,500) shares of the COMPANY common stock as a
                  consideration for entering into the contract. This is a
                  nonrefundable and fully paid consideration for this license:'

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The terms of this Amendment No. 1 supersede any conflicting or inconsistent
terms in the Technology License Agreement. All other provisions of the original
Technology License Agreement effective July 7, 1998 remain in full force and
effect.

MAYO FOUNDATION FOR MEDICAL                 EXACT LABORATORIES
EDUCATION AND RESEARCH

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Signature                                   Signature

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Name                                        Name

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Title                                       Title

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Date                                        Date<PAGE>

                                                                     EXHIBIT 4.1

                                                                  EXECUTION COPY

                  FIRST AMENDMENT TO FIRST AMENDED AND RESTATED
                                CREDIT AGREEMENT

                  This FIRST AMENDMENT TO FIRST AMENDED AND RESTATED CREDIT
AGREEMENT (this "AMENDMENT") is dated as of October 25, 2000 and entered into by
and among Manufacturers' Services Limited, a Delaware corporation ("Company"),
the financial institutions listed on the signature pages hereof, Bank of
America, N.A., as Administrative Agent, as Collateral Agent, and as Issuing
Lender, DLJ Capital Funding, Inc., as Syndication Agent and ABN AMRO Bank N.V.
and Barclays Bank PLC as Co-documentation Agents, and is made with reference to
that certain First Amended and Restated Credit Agreement (the "CREDIT
AGREEMENT"), dated as of September 29, 2000, by and among Company, Lenders, DLJ
Capital Funding, Inc., as Syndication Agent, and Bank of America, N.A., as
Administrative Agent, as Collateral Agent and as Issuing Lender and ABN AMRO
Bank N.V. and Barclays Bank PLC as Co-documentation Agents. Capitalized terms
used herein without definition shall have the same meanings herein as set forth
in the Credit Agreement.

                                    RECITALS

                  WHEREAS, Company and Lenders have agreed to amend the Credit
Agreement to (1) amend the terms and conditions of the Acquisition Term Loans,
(2) provide a borrowing base for the Loans and (3) clarify that no existing
Leasehold Property is a Material Leasehold Property; and

                  WHEREAS, Company and Lenders have agreed to amend the Credit
Agreement in certain other respects.

                  NOW, THEREFORE, in consideration of the premises and the
agreements, provisions and covenants herein contained, the parties hereto agree
as follows:

SECTION 1.        AMENDMENTS TO THE CREDIT AGREEMENT

1.1      AMENDMENT TO SUBSECTION 1.1:  CERTAIN DEFINED TERMS.

         A. Subsection 1.1 of the Credit Agreement is hereby amended by adding
the following definitions:

         "ACCOUNTS RECEIVABLE" means, as at any date of determination thereof,
the unpaid portion of the obligations as stated on the respective invoice issued
to a customer of a Person with respect to Inventory sold and shipped or services
performed in the ordinary course of business, net of any credits, rebates or
offsets asserted or granted by such Person to the respective customer; PROVIDED
that no intercompany account shall be an Account Receivable.

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         "BORROWING BASE" means, as at any date of determination, (a) the sum of
(1) 85% of all Eligible Accounts Receivable of Company and its Domestic
Subsidiaries, (2) 45% of all Eligible Inventory of Company and its Domestic
Subsidiaries and (3) the lesser of (A) (i) the sum of 40% of all Eligible
Accounts Receivable of Company's Foreign Subsidiaries and (ii) 15% of all
Eligible Inventory of Company's Foreign Subsidiaries and (B) $50,000,000 MINUS
(b) the outstanding principal amount of the Term Loans. Notwithstanding any
other provision of this Agreement, the percentages set forth above may not be
increased without the consent of all of the Lenders.

         "BORROWING BASE CERTIFICATE" means a certificate substantially in the
form of Exhibit XIV delivered to Administrative Agent by Company pursuant
subsection 6.1(xvi).

         "ELIGIBLE ACCOUNTS RECEIVABLE" means, as at any date of determination,
the aggregate dollar value as shown on the books and records of Company and its
Subsidiaries of all Accounts Receivable; PROVIDED, HOWEVER, that unless
otherwise agreed by Requisite Lenders, the following Accounts Receivable are not
Eligible Accounts Receivable:

                  (i) Accounts Receivable which, at the date of issuance of the
         respective invoice therefor, were payable more than sixty-five (65)
         days after the date of issuance of such invoice;

                  (ii) Accounts Receivable which remain unpaid for more than
         ninety (90) days after the due date specified in the original invoice
         or for more than one hundred and twenty (120) days after invoice date
         if no due date was specified;

                  (iii) Accounts Receivable with respect to which the customer
         is the United States of America or any department, agency or
         instrumentality thereof unless, with respect to such Accounts
         Receivable, the Federal Assignment of Claims Act (31 U.S.C. Section
         3727) has been complied with;

                  (iv) Accounts Receivable with respect to which the customer is
         an Affiliate of a Person or a director, officer, agent, stockholder or
         employee of a Person or any of its Affiliates, other than Accounts
         Receivable resulting from arms-length transactions in the ordinary
         course of business;

                  (v) Accounts Receivable due from a customer if more than
         twenty-five percent (25%) of the aggregate amount of Accounts
         Receivable of such customer have at the time remained unpaid for more
         than one hundred and twenty ( 120) days after the invoice date or
         ninety (90) days after the due date specified in the original invoice;

                  (vi) As to Accounts Receivable of Company or a Domestic
         Subsidiary, Accounts Receivable evidenced by an instrument (as defined
         in Article 9 of the UCC) not in the possession of Collateral Agent;

                  (vii) As to Accounts Receivable of Company or a Domestic
         Subsidiary, Accounts Receivable with respect to which Collateral Agent
         does not have a valid, First

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         Priority Lien, and Accounts Receivable subject to any Lien except those
         in favor of Collateral Agent and Permitted Encumbrances junior to the
         Liens in favor of Collateral Agent;

                  (viii) As to Accounts Receivable of Company's Foreign
         Subsidiaries, Accounts Receivable subject to any Lien;

                  (ix) Accounts Receivable with respect to which the customer is
         the subject of any bankruptcy or other insolvency proceeding;

                  (x) Accounts Receivable with respect to which the customer's
         obligation to pay is conditional or subject to a repurchase obligation
         or contractual right to return, including bill and hold sales,
         guaranteed sales, sale or return transactions, sales on approvals or
         consignment sales;

                  (xi) Accounts Receivable with respect to which there is any
         unresolved dispute with the customer (but only to the extent of such
         dispute) involving more than $150,000 in the aggregate for such
         customer;

                  (xii) Accounts Receivable with respect to which the customer
         is located in New Jersey, Minnesota or any other state denying
         creditors access to its courts in the absence of a Notice of Business
         Activities Report or other similar filing, unless such Person has
         either qualified as a foreign corporation authorized to transact
         business in such state or has filed a Notice of Business Activities
         Report or similar filing with the applicable state agency for the then
         current year;

                  (xiii) Accounts Receivable as to which Company or a Subsidiary
         of Company does not have lawful and absolute title or which Accounts
         Receivable are not, in such Person's reasonable judgment, collectible
         in the ordinary course of business; and

                  (xiv) Accounts Receivable which Requisite Lenders determine in
         their reasonable discretion to be unacceptable for borrowing purposes.

         "ELIGIBLE INVENTORY" means as at any date of determination, the
aggregate Dollar value as shown on the books and records of Company and its
Subsidiaries of all Inventory (including raw materials, purchased parts and
work-in-process Inventory); PROVIDED, however that unless otherwise agreed by
Requisite Lenders, the following Inventory is not Eligible Inventory:

                  (i) finished goods which do not meet specifications of the
         purchase order for such goods in any material respect;

                  (ii) as to Inventory of Company and its Domestic Subsidiaries,
         Inventory with respect to which Collateral Agent does not have a valid,
         First Priority Lien;

                  (iii) Inventory with respect to which there exists any Lien in
         favor of any Person other than Collateral Agent, except, as to
         Inventory of Company and its Domestic Subsidiaries, Permitted
         Encumbrances junior to the Liens in favor of Collateral Agent;

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                  (iv) Inventory produced in violation of the Fair Labor
         Standards Act or subject to the so-called "hot goods" provisions
         contained in Title 29 U.S.C. 215(a)(i);

                  (v) Goods belonging to third parties that have been consigned
         to Company or a Subsidiary of Company;

                  (vi) Inventory in the custody of third parties for processing
         or manufacture;

                  (vii) Inventory in the possession of Company or a Subsidiary
         of Company but intended by such Person for return to the supplier
         thereof;

                  (viii) Inventory in the custody or possession of Company or a
         Subsidiary of Company on a sale-on-approval or sale-or -return basis or
         subject to any other repurchase or return agreement; PROVIDED however,
         that Company or a Subsidiary of Company having the right (but not the
         obligation) to return Inventory after it has been purchased by Company
         or a Subsidiary of Company shall not cause such Inventory not to be
         Eligible Inventory;

                  (ix) Inventory that is unsalable, obsolete, damaged, or
         otherwise unfit for sale or consumption in the normal course of
         business of Company or a Subsidiary of Company;

                  (x) Inventory that is subject to any bona fide dispute or
         other claim on the part of any Person other than the Lien in favor of
         Collateral Agent, or to any right of offset or counterclaim; and

                  (xi) Inventory which Requisite Lenders determine, in their
         reasonable discretion, to be unacceptable for borrowing purposes.

         "FIRST AMENDMENT" means the First Amendment to First Amended and
Restated Credit Agreement, dated as of October 25, 2000.

         "FIRST AMENDMENT EFFECTIVE DATE" means the date on which the conditions
to the effectiveness of the First Amendment are satisfied, which shall be no
later than October 26, 2000.

         "INVENTORY" means, with respect to any Person as of any date of
determination, all goods, merchandise and other personal property which are then
held by such Person for sale or lease, including raw materials, work in process,
packaging, packing and other materials used in assembling or packaging goods or
merchandise for delivery to a customer.

         "PREPAYMENT AMOUNT" means, (a) in respect of the Acquisition Term
Loans, (i) until September 30, 2001, 101% of the principal amount being prepaid,
(ii) from September 30, 2001 until September 30, 2002, 100.5% of the principal
amount being prepaid and (iii) thereafter, 100% of the principal amount being
prepaid and (b) in respect of other Term Loans, as set forth in the Increased
Commitments Agreement.

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         B. Subsection 1.1 of the Credit Agreement is hereby further amended by
deleting the definition of "Material Leasehold Property" and inserting the
following in lieu thereof:

         "MATERIAL LEASEHOLD PROPERTY" means a Leasehold Property (other than
any Leasehold Property listed on SCHEDULE 5.5B) reasonably determined by Agents
to be of material value as Collateral or of material importance to the
operations of Company or any of its Subsidiaries.

1.2      AMENDMENT TO SUBSECTION 2.1: COMMITMENTS; MAKING OF REVOLVING LOANS;
         THE REGISTER; OPTIONAL NOTES.

         Subsection 2.1 of the Credit Agreement is hereby amended by deleting
the last paragraph of subsection 2.1A(i) and inserting the following in lieu
thereof:

                  "Anything contained in this Agreement to the contrary
         notwithstanding, the Revolving Loans and the Revolving Loan Commitments
         shall be subject to the limitation that in no event shall the Total
         Utilization of Revolving Loan Commitments at any time exceed the lesser
         of (a) the Revolving Loan Commitments then in effect and (b) subject to
         subsection 2.4A(iii)(e), the then applicable Borrowing Base."

1.3      AMENDMENT TO SUBSECTION 2.2:  INTEREST ON THE LOANS.

         A. Subsection 2.2A of the Credit Agreement is hereby amended by
deleting clause (iv) thereof and inserting the following in lieu thereof:

                  "(iv) Subject to the provisions of subsections 2.2E, 2.2G and
                  2.7 the Acquisition Term Loans shall bear interest through
                  maturity as follows:

                           (a) if a Base Rate Loan, then at the sum of the Base
                  Rate PLUS 3.00% per annum; and ----

                           (b) if a LIBOR Loan, then at the sum of LIBOR PLUS
                  4.00% per annum."

1.4      AMENDMENT TO SUBSECTION 2.4: REPAYMENTS, PREPAYMENTS AND REDUCTIONS IN
         REVOLVING LOAN COMMITMENTS; GENERAL PROVISIONS REGARDING PAYMENTS;
         APPLICATIONS OF PROCEEDS OF COLLATERAL AND PAYMENTS UNDER SUBSIDIARY
         Guaranty.

         A. Subsection 2.4A(i) is hereby amended by deleting the second sentence
thereof and inserting the following in lieu thereof:

         "Company may, upon not less than one Business Day's prior written or
telephonic notice, in the case of Base Rate Loans, and three Business Days'
prior written or telephonic notice, in the case of LIBOR Loans, in each case
given to Administrative Agent by 9:00 A.M. (San Francisco time) on the date
required and, if given by telephone, promptly confirmed in writing to
Administrative Agent (which original written or telephonic notice Administrative
Agent will promptly transmit by telefacsimile or telephone to each Lender for
the Loans to be prepaid), at any time and from time to time, upon payment of the
Prepayment Amount (in the case of a

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prepayment of the Acquisition Term Loans), prepay any Term Loans or Revolving
Loans on any Business Day in whole or in part in an aggregate minimum principal
amount of $500,000 and multiples of $100,000 in excess of that amount in the
case of a Base Rate Loan, and $3,000,000 and multiples of $100,000 in excess of
that amount in the case of a LIBOR Loan; PROVIDED, HOWEVER, that a LIBOR Loan
may only be prepaid on the expiration of the Interest Period applicable
thereto."

         B. Subsection 2.4A(iii) is hereby amended by deleting clause (e)
thereof and inserting the following in lieu thereof:

         "(e) PREPAYMENTS DUE TO REDUCTIONS OR RESTRICTIONS OF REVOLVING LOAN
COMMITMENTS. Company shall from time to time prepay FIRST the Swing Line Loans
and SECOND the Revolving Loans to the extent necessary to give effect to the
limitations set forth in subsection 2.1A(i); PROVIDED that if the Total
Utilization of Revolving Loan Commitments exceeds the then applicable Borrowing
Base solely by reason of a reduction in the Borrowing Base subsequent to the
making of Swing Line Loans or Revolving Loans, then Company may prepay the Swing
Line Loans or Revolving Loans, as aforesaid, within five Business Days of the
date of reduction of the Borrowing Base."

         C. Subsection 2.4A(iv) is hereby amended by adding the following as
clause (d) thereof:

         "(d) APPLICATION OF MANDATORY PAYMENTS OF ACQUISITION TERM LOANS. In
the case of any mandatory prepayment of the Acquisition Term Loans pursuant to
subsection 2.4A(iii), one or more Acquisition Term Loan Lenders may waive the
right to receive the amount of such mandatory prepayment of the Acquisition Term
Loans. If any such Lender elects to waive the right to receive the amount of
such mandatory prepayment, 50% of the amount that otherwise would have been
applied to prepay the Acquisition Term Loans of such Lender shall be applied
instead FIRST to the prepayment of the Revolving Loans to the extent any are
then outstanding and to the permanent reduction of the Revolving Loan
Commitments in an amount equal to the prepayment of the Revolving Loans and
SECOND to the permanent reduction of the Revolving Loan Commitments; PROVIDED
that in no event shall the Revolving Loan Commitments be reduced to an amount
below $100,000,000 as a result of this subsection 2.4A(iv)(d). Any amount not so
applied to mandatory prepayment of Loans may be retained by Company."

         D. Subsection 2.4B is hereby amended by deleting clause (ii) thereof
and inserting the following in lieu thereof:

         "(ii) APPLICATION OF PAYMENTS TO PRINCIPAL AND INTEREST. Except as
provided in subsection 2.2C, all payments in respect of the principal amount of
any Loan, in the case of Loans other than Acquisition Term Loans, or Prepayment
Amount, in the case of Acquisition Term Loans, shall include payment of accrued
interest on the principal amount being repaid or prepaid, but shall be without
prepayment premium (except as provided in subsection 2.4A(i) and subsection
2.6D) and all such payments (and, in any event, any payments in respect of any
Loan on a date when interest is due and payable with respect to such Loan) shall
be applied to the payment of interest before application to principal or
Prepayment Amount."

                                       6
<PAGE>

1.5      AMENDMENT TO SUBSECTION 3.1: ISSUANCE OF LETTERS OF CREDIT AND LENDERS'
         PURCHASE OF PARTICIPATIONS THEREIN.

         Subsection 3.1A of the Credit Agreement is hereby amended by adding the
following at the end of clause (i) thereof:

         "or if, after giving effect to such issuance, the Total Utilization of
Revolving Loan Commitments would exceed the then applicable Borrowing Base"

1.6      AMENDMENT TO SUBSECTION 6.1: FINANCIAL STATEMENTS AND OTHER REPORTS.

         Subsection 6.1 is hereby amended by renumbering clause (xvi) as clause
(xvii) and by inserting the following as clause (xvi):

         "(xvi) BORROWING BASE CERTIFICATES: as soon as practicable and, in any
event, within 15 days after the end of each calendar month, and in addition,
from time to time upon the request of Administrative Agent and at any other date
Company may choose, a Borrowing Base Certificate on a combined and consolidating
basis as of the last date of such period or the date so requested or chosen, as
the case may be; and"

1.7      AMENDMENT TO SUBSECTION 6.5: INSPECTION RIGHTS; LENDER MEETING.

         Subsection 6.5 is hereby amended by inserting the following as
subsection C:

         "C. AUDITS OF INVENTORY AND ACCOUNTS RECEIVABLE. Company shall, and
shall cause each of its Subsidiaries to, permit any authorized representatives
designated by Administrative Agent to conduct an audit of all Inventory and
Accounts Receivable of Company and its Subsidiaries once during each Fiscal Year
(or, if an Event of Default has occurred and is continuing, once during each
Fiscal Quarter). The results of the first such audit shall be delivered on or
prior to December 31, 2000, and any subsequent audit shall be conducted upon the
written request of Administrative Agent or any Lender delivered to Company and
(if such request is made by a Lender) Administrative Agent. Each such audit
shall be satisfactory in scope and substance to Administrative Agent, all upon
reasonable notice and at such reasonable times during normal business hours as
may reasonably be requested."

1.8      AMENDMENT TO SUBSECTION 11.2: EXPENSES.

         Subsection 11.2 is hereby amended by deleting clause (vi) thereof and
inserting the following in lieu thereof:

         "(vi) the costs of any audits or reports provided for under subsection
6.5C with respect to Inventory or Accounts Receivable of Company and its
Subsidiaries and the costs of custody or preservation of any of the Collateral;"

                                       7
<PAGE>

1.9      AMENDMENTS TO EXHIBITS AND SCHEDULES.

         A. The Credit Agreement is hereby amended by adding Exhibit XIV hereto
as Exhibit XIV thereto.

         B. Schedule 5.5B to the Credit Agreement is hereby amended by deleting
it in its entirety and inserting Schedule 5.5B hereto in lieu thereof.

         C. Schedule 5.1 to the Credit Agreement is hereby amended by deleting
it in its entirety and inserting Schedule 5.1 hereto in lieu thereof.

SECTION 2. CONDITIONS TO EFFECTIVENESS

         Section 1 of this Amendment shall become effective only upon the
effectiveness of this Amendment as provided in Section 4 and upon satisfaction
of the following conditions precedent (the date of satisfaction of such
conditions being referred to herein as the "FIRST AMENDMENT EFFECTIVE DATE").
Company shall deliver to Administrative Agent the following:

         1. Resolutions of the Board of Directors of Company, approving and
authorizing the execution, delivery, and performance of this Amendment,
certified as of the First Amendment Effective Date by its corporate secretary or
an assistant secretary as being in full force and effect without modification or
amendment;

         2. Signature and incumbency certificates of the officers of Company;

         3. Opinions of counsel to Company in form and substance satisfactory to
the Agents and their counsel; and

         4. A Borrowing Base Certificate as of September 30, 2000.

SECTION 3. REPRESENTATIONS, WARRANTIES AND AGREEMENTS

         In order to induce Lenders to enter into this Amendment, Company hereby
represents, warrants and agrees that after giving effect to this Amendment:

                  (a) as of the date hereof, there exists no Event of Default or
                  Potential Event of Default under the Credit Agreement;

                  (b) all representations and warranties contained in the Credit
                  Agreement and the other Loan Documents are true, correct and
                  complete in all material respects on and as of the date hereof
                  except to the extent such representations and warranties
                  specifically relate to an earlier date, in which case they
                  were true, correct and complete in all material respects on
                  and as of such earlier date;

                  (c) as of the date hereof, Company has performed all
                  agreements to be performed on its part as set forth in the
                  Credit Agreement, unless performance of any such agreements
                  has been previously waived; and

                                       8
<PAGE>

                  (d) as of the date hereof, there is no pending or, to the
                  knowledge of Company, threatened action, suit, proceeding,
                  governmental investigation or arbitration against or affecting
                  Company or any of its Subsidiaries or any property of Company
                  or any of its Subsidiaries.

SECTION 4. COUNTERPARTS; EFFECTIVENESS

         This Amendment may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed an original, but all such counterparts
together shall constitute but one and the same instrument; signature pages may
be detached from multiple separate counterparts and attached to a single
counterpart so that all signature pages are physically attached to the same
document. Subject to the provisions of Section 2, this Amendment shall become
effective upon the execution of counterparts hereof by Company, Administrative
Agent, Collateral Agent, Syndication Agent, and Requisite Lenders, and, in each
case, receipt by Company, Administrative Agent, Collateral Agent and Syndication
Agent of written notification of such execution and authorization of delivery
thereof.

SECTION 5. REFERENCE TO AND EFFECT ON THE CREDIT AGREEMENT AND OTHER LOAN
           DOCUMENTS

         On and after the First Amendment Effective Date:

                  (a) each reference in the Credit Agreement to "this
                  Agreement", "hereunder", "hereof", "herein" or words of like
                  import referring to the Credit Agreement, and each reference
                  in the other Loan Documents to the "Credit Agreement",
                  "thereunder", "thereof" or words of like import referring to
                  the Credit Agreement shall mean and be a reference to the
                  Credit Agreement as amended hereby;

                  (b) except as specifically amended by this Amendment, the
                  Credit Agreement and the other Loan Documents shall remain in
                  full force and effect and are hereby ratified and confirmed;
                  and

                  (c) the execution, delivery and performance of this Amendment
                  shall not constitute a waiver of any provision of, or operate
                  as a waiver of any right, power or remedy of Collateral Agent,
                  Administrative Agent, Syndication Agent or any of the Lenders
                  under the Credit Agreement or any of the other Loan Documents.

SECTION 6. GOVERNING LAW

         THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH,
THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING WITHOUT LIMITATION SECTION
5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT REGARD
TO CONFLICTS OF LAWS PRINCIPLES.

                                       9

<PAGE>

SECTION 7. ACKNOWLEDGEMENT AND CONSENT BY GUARANTORS

         Each guarantor listed on the signature pages hereof ("GUARANTORS")
hereby acknowledges that it has read this Amendment and consents to the terms
thereof, and hereby confirms and agrees that, notwithstanding the effectiveness
of this Amendment, the obligations of each Guarantor under its applicable
Guaranty shall not be impaired or affected and the applicable Guaranty is, and
shall continue to be, in full force and effect and is hereby confirmed and
ratified in all respects.

                [The remainder of page intentionally left blank.]

                                       10

<PAGE>

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

COMPANY:                        MANUFACTURERS' SERVICES LIMITED

                                By: /s/ John D. MacInnes
                                    ------------------------------------------
                                    JOHN D. MACINNES

                                Title: Treasurer
                                       ---------------------------------------

ADMINISTRATIVE AND
COLLATERAL AGENT:               BANK OF AMERICA, N.A.
                                as Administrative Agent and as Collateral Agent

                                By: /s/ Liliana Claar
                                    ------------------------------------------
                                    LILIANA CLAAR

                                Title: Vice President
                                       ---------------------------------------

LENDERS:

                                BANK OF AMERICA, N.A.,
                                individually and as Issuing Lender

                                By: /s/ James P. Johnson
                                    ------------------------------------------
                                    JAMES P. JOHNSON

                                Title: Managing Director
                                       ---------------------------------------

                                DLJ CAPITAL FUNDING, INC.,
                                individually and as Syndication Agent

                                By:____________________________________________

                                Title:_________________________________________

                                      S-1

<PAGE>

                                ABN AMRO BANK N.V.

By: /s/ Richard R. DaCosta             By: /s/ Lynn R. Schade
    -----------------------------          -------------------------------
    RICHARD R. DACOSTA                     LYNN R. SCHADE

Title: Group Vice President                Title: Vice President
       --------------------------                 ------------------------

                                       THE BANK OF NOVA SCOTIA

                                       By: /s/ T.M. Pitcher
                                           -------------------------------
                                           T.M. PITCHER

                                       Title: Authorized Signatory
                                              ----------------------------

                                       BARCLAYS BANK PLC

                                       By: /s/ John Diamond
                                           -------------------------------
                                           JOHN DIAMOND

                                       Title: Director
                                              ----------------------------

                                       THE CHASE MANHATTAN BANK

                                       By:
                                           -------------------------------

                                       Title:
                                              ----------------------------

                                       CITIZENS BANK OF MASSACHUSETTS

                                       By: /s/ R. Scott Haskell
                                           -------------------------------
                                           R. SCOTT HASKELL

                                       Title: Vice President
                                              ----------------------------

                                      S-2

<PAGE>

                                GMAC CC COMMERCIAL CREDIT LLC

                                By:____________________________________________

                                Title:_________________________________________

                                IBM CREDIT CORPORATION

                                By:____________________________________________

                                Title:_________________________________________

                                THE PROVIDENT BANK

                                By: /s/ Marshall M. Stuart
                                    ------------------------------------------
                                    MARSHALL M. STUART

                                Title: Vice President
                                       ---------------------------------------

                                TEXTRON FINANCIAL CORPORATION

                                By: /s/ illegible
                                    ------------------------------------------
                                    ILLEGIBLE

                                Title: Managing Director
                                       ---------------------------------------

                                      S-3

<PAGE>

                                       UPS CAPITAL CORPORATION

                                       By:
                                           -------------------------------

                                       Title:
                                              ----------------------------

                                       ERSTE BANK, NEW YORK BRANCH

By: /s/ John S. Runnlon                By: /s/ Robert J. Wagman
    -----------------------------          -------------------------------
    JOHN S. RUNNLON                        ROBERT J. WAGMAN

Title: First Vice President                Title: Assistant Vice President
       --------------------------                 ------------------------
Erste Bank New York Branch                 Erste Bank New York Branch

GUARANTORS:                            MANUFACTURERS' SERVICES LIMITED

                                       By: /s/ John D. MacInnes
                                           -------------------------------
                                           JOHN D. MACINNES

                                       Title: Treasurer
                                              ----------------------------

                                       MANUFACTURERS' SERVICES CENTRAL
                                       U.S. OPERATIONS, INC.

                                       By: /s/ John D. MacInnes
                                           -------------------------------
                                           JOHN D. MACINNES

                                       Title: Treasurer
                                              ----------------------------

                                       MANUFACTURERS' SERVICES WESTERN
                                       U.S. OPERATIONS, INC

                                       By: /s/ John D. MacInnes
                                           -------------------------------
                                           JOHN D. MACINNES

                                       Title: Treasurer
                                              ----------------------------

                                      S-4
<PAGE>

                                       MANUFACTURERS' SERVICES SALT LAKE
                                       CITY OPERATIONS, INC.

                                       By: /s/ John D. MacInnes
                                           -------------------------------
                                           JOHN D. MACINNES

                                       Title: Treasurer
                                              ----------------------------

                                       MSL SPV SPAIN, INC.

                                       By: /s/ John D. MacInnes
                                           -------------------------------
                                           JOHN D. MACINNES

                                       Title: Treasurer
                                              ----------------------------

                                       MSL/QUALITRONICS, INC.

                                       By: /s/ Edward DeJesus
                                           -------------------------------
                                           EDWARD DEJESUS

                                       Title: Treasurer
                                              ----------------------------

                                      S-5

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