Document:

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                                                                    Exhibit 10.2

               FIRST AMENDMENT dated as of September 17, 2002 (this
               "AMENDMENT"), to the FIVE-YEAR COMPETITIVE ADVANCE AND REVOLVING
               CREDIT FACILITY AGREEMENT dated as of March 2, 2001 (the "CREDIT
               AGREEMENT"), among PERKINELMER, INC., a Massachusetts corporation
               (the "COMPANY"), the Borrowing Subsidiaries (as such term is
               defined in the Credit Agreement, and, together with the Company,
               the "BORROWERS"), the lenders party thereto from time to time
               (the "LENDERS") and JPMORGAN CHASE BANK (as successor to THE
               CHASE MANHATTAN BANK), a New York banking corporation, as
               administrative agent for the Lenders (in such capacity, the
               "ADMINISTRATIVE AGENT").

          WHEREAS, pursuant to the Credit Agreement, the Lenders have agreed to
extend credit to the Borrowers on the terms and subject to the conditions set
forth therein; and

          WHEREAS, the Company has requested that the Lenders amend certain
provisions of the Credit Agreement as set forth in this Amendment and the
Lenders whose signatures appear below, constituting at least the Required
Lenders, are willing to amend the Credit Agreement on the terms and subject to
the conditions set forth herein.

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

          SECTION 1. DEFINED TERMS. Capitalized terms used but not defined
herein have the meanings assigned to them in the Credit Agreement as amended
hereby.

          SECTION 2. AMENDMENT OF SECTION 1.01 OF THE CREDIT AGREEMENT. Section
1.01 of the Credit Agreement is hereby amended by deleting the definition of
"Applicable Percentage" set forth therein in its entirety and substituting in
lieu thereof the following definition:

          "`APPLICABLE PERCENTAGE' shall mean on any date, with respect to
     Eurocurrency Standby Loans or with respect to the Facility Fee, as the case
     may be, the applicable percentage set forth below under the caption
     "Eurocurrency Spread" or "Facility Fee Percentage", as the case may be,
     based upon the Ratings in effect on such date.

================================================================================
Rating                  Eurocurrency Spread             Facility Fee Percentage
------                  -------------------             -----------------------
--------------------------------------------------------------------------------
CATEGORY 1
Aa3 or higher by Moody's;       .380%                           .070%
AA- or higher by S&P
--------------------------------------------------------------------------------

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                                                                               2

================================================================================
Rating                  Eurocurrency Spread             Facility Fee Percentage
------                  -------------------             -----------------------
--------------------------------------------------------------------------------
Category 2
A1 or A2 by Moody's;            .450%                           .100%
A+ or A by S&P
--------------------------------------------------------------------------------
CATEGORY 3
A3 by Moody's;                  .525%                           .125%
A- by S&P
--------------------------------------------------------------------------------
CATEGORY 4
Baa1 by Moody's;                .600%                           .150%
BBB+ by S&P
--------------------------------------------------------------------------------
CATEGORY 5
Baa2 by Moody's;                .825%                           .175%
BBB by S&P
--------------------------------------------------------------------------------
CATEGORY 6
Baa3 by Moody's;                1.025%                          .225%
BBB- by S&P
--------------------------------------------------------------------------------
CATEGORY 7
Ba1 by Moody's;                 1.200%                          .300%
BB+ by S&P
--------------------------------------------------------------------------------
CATEGORY 8
Less than Ba1 by Moody's;       1.500%                          .500%
Less than BB+ by S&P
================================================================================

For purposes of the foregoing, (i) if either rating agency shall not have a
Rating in effect (other than as a result of circumstances referred to in the
penultimate sentence of this definition), such rating agency shall be deemed to
have a Rating in Category 8; (ii) if the Ratings shall fall or be deemed to fall
within different Categories, the Applicable Percentage shall be based upon the
higher of the two Categories; PROVIDED, HOWEVER, that if the difference in the
Ratings is greater than one Category, the Applicable Percentage will be based on
the Category which is one Category below the higher Rating; and (iii) if any
Rating shall be changed (other than as a result of a change in the rating system
of Moody's or S&P), such change shall be effective as of the date on which it is
first announced by the rating agency making such change. Each such change in the
Applicable Percentage shall apply during the period commencing on the effective
date of such change and ending on the date immediately preceding the effective
date of the next such change. If the rating system of Moody's or S&P shall
change, or if either such rating agency shall cease to be in the business of
rating corporate debt obligations, the

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parties hereto shall negotiate in good faith to amend the references to specific
ratings in this definition to reflect such changed rating system or the
non-availability of ratings from such rating agency, and pending the
effectiveness of any such amendment the Applicable Percentage shall be
determined by reference to the rating most recently in effect prior to such
change or cessation. Notwithstanding the foregoing, each Applicable Percentage
set forth above under the caption "Eurocurrency Spread" shall be increased (x)
by (i) unless clause (ii) below shall apply, .125% per annum on any day on which
(A) the sum of the Revolving Credit Exposure and the aggregate Competitive Loan
Exposures shall exceed (B) 33% of the Total Commitment or (ii) .25% per annum on
any day on which (A) (1) the sum of the Revolving Credit Exposure and the
aggregate Competitive Loan Exposures shall exceed (2) 33% of the Total
Commitment and (B) the Company's senior, unsecured, non-credit enhanced,
long-term indebtedness shall be rated below Baa2 by Moody's or below BBB by S&P
or shall not be rated by either such rating agency and (y) by an additional .25%
per annum in the event that the ratio of (A) consolidated Indebtedness of the
Company to (B) Consolidated EBITDA at the end of the most recent period of four
consecutive fiscal quarters shall have been greater than or equal to 3.00 to
1.00."

          (b) Section 1.01 of the Credit Agreement is hereby amended by deleting
the definition of "Consolidated EBITDA" set forth therein in its entirety and
substituting in lieu thereof the following definition:

          "`CONSOLIDATED EBITDA' shall mean, (i) for any period prior to and
     including the fiscal quarter ended on June 30, 2002 and for purposes of all
     calculations of Consolidated EBITDA including such periods, the amount set
     forth as "EBITDA-adjusted with Fluid Science" with respect to such period
     on Schedule 1.01, and (ii) for any period subsequent to the fiscal quarter
     ended on June 30, 2002, Consolidated Net Income of the Company and its
     Consolidated Subsidiaries for such period (excluding (A) gains and losses
     on sales of assets (other than inventory sold in the ordinary course of
     business) during such period, (B) the effect of non-cash extraordinary
     items and accounting changes for such period, (C) non-cash restructuring
     charges for such period and (D) solely for periods prior to and including
     the fiscal quarter ending March 31, 2003 and for purposes of all
     calculations of Consolidated EBITDA including such periods, cash
     restructuring charges during such period in an aggregate amount not to
     exceed $50,000,000; PROVIDED, HOWEVER, that cash paid by the Company with
     respect to such cash restructuring charges shall not exceed $25,000,000 in
     any fiscal quarter), plus income taxes during such period, plus the
     aggregate amount deducted in determining such Consolidated Net Income for
     such period in respect of Consolidated Interest Expense of the Company and
     its Consolidated Subsidiaries for such period, plus all amounts
     attributable to depreciation and amortization of the Company and its
     Consolidated Subsidiaries for such period; PROVIDED, HOWEVER, that solely
     for the purposes of calculating the financial ratios set forth in Sections
     5.06, 5.07 and 5.11, for any fiscal quarter in which the sale of the Fluid
     Sciences business is consummated, (A) the sale of the Fluid Sciences
     business shall be deemed to have been consummated on the first day of such
     fiscal quarter and (B) the consolidated EBITDA of the Fluid Sciences
     business shall be excluded from the calculation of Consolidated EBITDA for
     such fiscal quarter and the three fiscal quarters immediately preceding
     such fiscal quarter."

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          (c) Section 1.01 of the Credit Agreement is hereby amended by deleting
the definition of "Consolidated Interest Expense"set forth therein in its
entirety and substituting in lieu thereof the following definition:

          "`CONSOLIDATED INTEREST EXPENSE' shall mean, for any period, the gross
     interest expense of the Company and its Consolidated Subsidiaries
     (excluding the amortization of transaction costs) in respect of
     Indebtedness included within clauses (i) through (iv) and (viii) through
     (xii) of the definition of Indebtedness for such period, all determined in
     accordance with GAAP; PROVIDED, HOWEVER, that solely for the purpose of
     calculating the financial ratio set forth in Section 5.06, for any fiscal
     quarter in which the sale of the Fluid Sciences business is consummated,
     25% of the gross interest expense of the Company and its Consolidated
     Subsidiaries shall be excluded from the calculation of Consolidated
     Interest Expense for all of such fiscal quarter and the three fiscal
     quarters immediately preceding such fiscal quarter."

          (d) The definition of "Indebtedness" in Section 1.01 of the Credit
Agreement is hereby amended by deleting the words "and (vi) all Indebtedness of
others guaranteed by such person" and substituting in lieu thereof the
following:

     "(vi) all Guarantees by such person of Indebtedness of others, PROVIDED,
     that the amount of any such Guarantee at any time shall be deemed to be an
     amount equal to the maximum amount for which such person may be liable
     pursuant to the terms of the instrument embodying such Guarantee, (vii) all
     obligations, contingent or otherwise, of such Person as an account party in
     respect of letters of credit and letters of guaranty other than letters of
     credit or letters of guarantee obtained in the ordinary course of business
     to support trade payables and in any event not securing Indebtedness,
     (viii) all obligations of such person in respect of Hedging Agreements,
     (ix) all obligations, contingent or otherwise, of such person in respect of
     bankers' acceptances, (x) all Securitization Transactions of such person,
     (xi) all Attributable Debt of such person and (xii) all Synthetic Lease
     Obligations of such person. The Indebtedness of any person shall include
     the Indebtedness of any other entity (including any partnership in which
     such person is a general partner) to the extent such person is liable
     therefor as a result of such person's ownership interest in or other
     relationship with such entity, except to the extent the terms of such
     Indebtedness provide that such person is not liable therefor; PROVIDED,
     HOWEVER, that, solely for purposes of calculating the financial ratios
     referred to in Sections 2.08(e)(ii), 5.06, 5.07 and 5.11, Indebtedness
     shall not include (A) obligations in respect of Hedging Agreements and (B)
     obligations with respect to operating leases in respect of up to
     $65,000,000 of Sale-Leaseback Transactions existing as of the Amendment
     Date."

          (e) Section 1.01 of the Credit Agreement is hereby amended by
inserting the following definitions in the correct alphabetical order:

          "`AMENDMENT DATE' shall mean September 17, 2002.

          `ATTRIBUTABLE DEBT' shall mean, with respect to any Sale-Leaseback
     Transaction, the present value (discounted at the rate set forth or
     implicit in the terms of the lease included in such Sale-Leaseback
     Transaction, compounded semiannually) of the total obligations of the
     lessee for rental payments (other than

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     (a) amounts required to be paid on account of taxes, maintenance, repairs,
     insurance, assessments, utilities, operating and labor costs and (b) other
     items which do not constitute payments for property rights or amounts
     related to contingent rents (such as those based on sales)) during the
     remaining term of the lease included in such Sale-Leaseback Transaction
     (including any period for which such lease has been extended). In the case
     of any lease which is terminable by the lessee upon payment of a penalty,
     the Attributable Debt shall be the lesser of the Attributable Debt
     determined assuming termination upon the first date such lease may be
     terminated (in which case the Attributable Debt shall also include the
     amount of the penalty, but no rent shall be considered as required to be
     paid under such lease subsequent to the first date upon which it may be so
     terminated) or the Attributable Debt determined assuming no such
     termination.

          `CAPITAL LEASE OBLIGATIONS' of any person means the obligations of
     such person to pay rent or other amounts under any lease of (or other
     arrangement conveying the right to use) real or personal property, or a
     combination thereof, which obligations are required to be classified and
     accounted for as capital leases on a balance sheet of such person under
     GAAP, and the amount of such obligations shall be the capitalized amount
     thereof determined in accordance with GAAP.

          `GUARANTEE' of or by any person (the "GUARANTOR") shall mean any
     obligation, contingent or otherwise, of the guarantor guaranteeing or
     having the economic effect of guaranteeing any Indebtedness or other
     obligation of any other person (the "PRIMARY OBLIGOR") in any manner,
     whether directly or indirectly, and including any obligation of the
     guarantor, direct or indirect, (a) to purchase or pay (or advance or supply
     funds for the purchase or payment of) such Indebtedness or other obligation
     or to purchase (or to advance or supply funds for the purchase of) any
     security for the payment thereof, (b) to purchase or lease property,
     securities or services for the purpose of assuring the owner of such
     Indebtedness or other obligation of the payment thereof, (c) to maintain
     working capital, equity capital or any other financial statement condition
     or liquidity of the primary obligor so as to enable the primary obligor to
     pay such Indebtedness or other obligation or (d) as an account party in
     respect of any letter of credit or letter of guaranty issued to support
     such Indebtedness or obligation; PROVIDED, that the term Guarantee shall
     not include endorsements for collection or deposit in the ordinary course
     of business.

          `HEDGING AGREEMENT' shall mean any interest rate protection agreement,
     foreign currency exchange agreement, commodity price protection agreement
     or other interest or currency exchange rate or commodity price hedging
     arrangement. The "principal amount" of the obligations of the Company or
     any Subsidiary in respect of any Hedging Agreement at any time shall be the
     maximum aggregate amount (giving effect to any netting agreements) that the
     Company or such Subsidiary would be required to pay to the counterparty
     thereunder in accordance with the terms of such Hedging Agreement if such
     Hedging Agreement were terminated at such time.

          `OBLIGATIONS' shall mean (a) the due and punctual payment by the
     Borrowers of (i) the principal of and interest (including interest accruing
     during the pendency of any bankruptcy, insolvency, receivership or other
     similar

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     proceeding, regardless of whether allowed or allowable in such proceeding)
     on the Loans, when and as due, whether at maturity, by acceleration, upon
     one or more dates set for prepayment or otherwise and (ii) all other
     monetary obligations of the Borrowers under the Credit Agreement, including
     fees, costs, expenses and indemnities, whether primary, secondary, direct,
     contingent, fixed or otherwise (including monetary obligations incurred
     during the pendency of any bankruptcy, insolvency, receivership or other
     similar proceeding, regardless of whether allowed or allowable in such
     proceeding) and (b) the due and punctual performance of all other
     obligations of the Borrowers under or pursuant to the Credit Agreement.

          `SALE-LEASEBACK TRANSACTION' means any arrangement whereby the Company
     or a Subsidiary shall sell or transfer any property, real or personal, used
     or useful in its business, whether now owned or hereinafter acquired, and
     thereafter rent or lease such property.

          `SECURITIZATION TRANSACTION' means any transfer by the Company or any
     Subsidiary of accounts receivable or interests therein (a) to a trust,
     partnership, corporation or other entity, which transfer is funded in whole
     or in part, directly or indirectly, by the incurrence or issuance by the
     transferee or any successor transferee of Indebtedness or other securities
     that are to receive payments from, or that represent interests in, the cash
     flow derived from such accounts receivable or interests, or (b) directly to
     one or more investors or other purchasers. The amount of any Securitization
     Transaction shall be deemed at any time to be the aggregate principal or
     stated amount of the Indebtedness or other securities referred to in the
     preceding sentence or, if there shall be no such principal or stated
     amount, the purchase price paid by the ultimate transferee or transferees
     of the accounts receivable transferred pursuant to such Securitization
     Transaction net of collections reducing the investment of such transferee
     or transferees in such accounts receivable.

          `SYNTHETIC LEASE' shall mean a lease of property or assets designed to
     permit the lessee (i) to claim depreciation on such property or assets
     under U. S. tax law and (ii) to treat such lease as an operating lease or
     not to reflect the leased property or assets on the lessee's balance sheet
     under GAAP.

          `SYNTHETIC LEASE OBLIGATIONS' shall mean, with respect to any
     Synthetic Lease at any time, an amount equal to the higher of (x) the
     aggregate termination value or purchase price or similar payments in the
     nature of principal payable thereunder and (y) the then aggregate
     outstanding principal amount of the notes or other instruments issued by,
     and the amount of the equity investment, if any, in the lessor under such
     Synthetic Lease."

          SECTION 3. AMENDMENT OF SECTION 3.05 OF THE CREDIT AGREEMENT. Section
3.05 of the Credit Agreement is hereby amended by deleting the word "There" in
the first line and substituting in lieu therefor the following:

          "Other than as set forth on Schedule 3.05 attached hereto, there".

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          SECTION 4. AMENDMENT OF ARTICLE V OF THE CREDIT AGREEMENT.

          (a) AMENDMENT OF SECTION 5.01. Section 5.01(c) of the Credit Agreement
is hereby amended by deleting the words "Sections 5.06 and 5.07 " and
substituting in lieu therefor the following:

          "Sections 5.06, 5.07 and 5.11,".

          (b) AMENDMENT OF SECTION 5.01. Section 5.01(c) of the Credit Agreement
is hereby amended by (i) deleting the word "and" immediately preceding clause
(ii) and substituting in lieu therefor a comma and (ii) inserting immediately
after the word "thereto" in the seventh line the following:

     ", and, as applicable, (iii) stating that the amount of cash paid by the
     Company in such fiscal quarter with respect to the cash restructuring
     charges set forth in the definition of Consolidated EBITDA does not exceed
     an aggregate amount of $25,000,000".

          (c) AMENDMENT OF SECTION 5.08. Section 5.08 of the Credit Agreement is
hereby amended by deleting in its entirety clause (b) and substituting therefor
the following:

          "(b) (i) Liens existing on the Amendment Date (which Liens shall
     secure only those obligations which they secure on the Amendment Date and,
     in the case of the Company's Receivables Sale Agreement dated December 21,
     2001 only, additional obligations incurred thereunder after the Amendment
     Date so long as the aggregate amount of all obligations thereunder shall
     not exceed $51,000,000 at any time) and, to the extent that the
     Indebtedness in respect of any such Liens is extended, renewed or replaced,
     Liens securing solely the Indebtedness in respect of such extension,
     renewal or replacement; PROVIDED that in each case such Liens shall apply
     only to the property and assets to which they apply on the Amendment Date
     (and no other property or assets) and (ii) any Lien on fixed or capital
     assets acquired, constructed or improved by the Company or any Subsidiary
     (and extensions, renewals and replacements thereof that do not increase the
     outstanding principal amount thereof) securing obligations in an aggregate
     amount not exceeding $35,000,000 incurred during any fiscal year; PROVIDED
     that (x) such Lien and the Indebtedness secured thereby are incurred prior
     to or within 180 days after such acquisition or the completion of such
     construction or improvement, (y) the Indebtedness secured thereby does not
     exceed the cost of acquiring, constructing or improving such fixed or
     capital assets and (z) such Lien shall not apply to any other property or
     assets of the Company or any Subsidiary;"

          (d) AMENDMENT OF ARTICLE V. Article V of the Credit Agreement is
hereby amended by adding the following Sections at the end thereof:

               "SECTION 5.11. CONSOLIDATED INDEBTEDNESS TO CONSOLIDATED EBITDA
     RATIO. The Company will not permit the ratio of (a) consolidated
     Indebtedness of the Company and the Subsidiaries at any date to (b)
     Consolidated EBITDA for the period of four consecutive fiscal quarters
     ended at or most

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     recently prior to such date to be greater than the ratio set forth below
     opposite the period during which such date occurs:

        Period                          Ratio
        ------                          -----

        Through 9/30/02                 4.00:1.00
        10/1/02 through 12/31/02        4.50:1.00
        1/1/03 through 3/31/03          4.30:1.00
        4/1/03 through 6/30/03          3.80:1.00
        7/1/03 through 9/30/03          3.55:1.00
        10/1/03 through 12/31/03        3.25:1.00
        and thereafter

               SECTION 5.12. CERTAIN NEGATIVE PLEDGES. Neither the Company nor
     any Subsidiary will enter into any agreement that would (a) limit its
     ability to create Liens on its assets to secure the Obligations or the
     "Obligations" under and as defined in the 364-Day Facility or (b) require
     the sharing of the benefit of any Liens referred to in the preceding clause
     (a) with the holders of any other obligations of the Company or any
     Subsidiary; PROVIDED, HOWEVER, that this Section 5.12 will not prohibit the
     Company or any Subsidiary from entering into (i) agreements with respect to
     purchase money financing, Capital Lease Obligations and Sale-Leaseback
     Transactions which prohibit the creation of Liens with respect to the
     assets that are the subject of such agreements, (ii) agreements which
     refinance secured Indebtedness existing as of the Amendment Date that
     prohibit the creation of Liens with respect to the assets securing such
     Indebtedness; PROVIDED, that such refinancings do not provide for the
     granting of security in any collateral not securing the Indebtedness so
     refinanced; and PROVIDED, FURTHER, that the principal amount of such
     Indebtedness is not increased and (iii) an amendment to the Master Lease
     Agreement and Deed of Trust dated as of December 28, 2000, between
     PerkinElmer Business Trust No. 2000-1 and PerkinElmer Optoelectronics, NC,
     Inc. (the "Master Lease") pursuant to which the lenders thereunder would be
     allowed, on terms reasonably satisfactory to the Administrative Agent, to
     share in the benefit of any Liens referred to in the preceding clause (a)
     to the extent that the assets secured pursuant to the Master Lease are not
     adequate to satisfy obligations owed under the Master Lease.

               SECTION 5.13. FURTHER ASSURANCES. Notwithstanding any other
     provision contained herein, in the event the Company or any Subsidiary
     shall be party to, enter into or amend any agreement or instrument
     evidencing or related to any Indebtedness (including, without limitation,
     the Master Lease) and such agreement or instrument (as so amended, if
     applicable) shall contain any affirmative or negative covenant, event of
     default or similar provision that is more restrictive than the analogous
     provision in this Agreement or for which there is no analogous provision in
     this Agreement (including, without limitation, the granting of any Lien
     permitted under Section 5.08 to secure "Obligations" under and as defined
     in the Master Lease (other than any Liens granted with respect thereto
     existing on the Amendment Date)), then this Agreement shall be deemed to
     have

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                                                                               9

     been amended to incorporate such affirmative or negative covenant, event of
     default or similar provision for so long as such affirmative or negative
     covenant, event of default or similar provision shall continue to be
     applicable pursuant to such other agreement or instrument. The Company (a)
     represents that it has provided the Administrative Agent with complete and
     accurate copies of each such agreement or instrument existing on the
     Amendment Date and containing any such covenant, event of default or
     similar provision, and (b) covenants and agrees that it will (i) provide
     the Administrative Agent with complete and accurate copies of each such
     agreement or instrument, and of each amendment, modification and waiver,
     entered into after the Amendment Date, promptly after the execution
     thereof, and (ii) execute any and all further documents and agreements,
     including amendments hereto, and take all such further actions necessary or
     reasonably requested by the Administrative Agent to give effect to this
     Section 5.13.

               SECTION 5.14 AMENDMENT OF THE MASTER LEASE. The Company may amend
     the terms of the Master Lease to allow for an acceleration of the final
     maturity date thereunder; PROVIDED, HOWEVER, that in any event the Company
     will not permit the obligations under the Master Lease to mature any
     earlier than the earlier of (x) February 28, 2003 and (y) the date of the
     consummation of the sale of the Fluid Sciences business."

               SECTION 5. AMENDMENT OF ARTICLE VI OF THE CREDIT AGREEMENT.
     Article VI of the Credit Agreement is hereby amended by deleting the words
     "Section 5.02 or 5.06 through 5.09;" at the end of clause (d) thereof, and
     substituting therefor the following:

               "Sections 5.02, 5.06 through 5.09 or 5.11 through 5.13;"

               SECTION 6. SCHEDULES. (a) Schedules 2.01 and 3.08 to the Credit
     Agreement are hereby deleted and Schedules 2.01 and 3.08 hereto are
     substituted in lieu thereof, and (b) Schedule 3.05 hereto is hereby added
     to the Credit Agreement.

               SECTION 7. REPRESENTATIONS AND WARRANTIES. To induce the other
     parties hereto to enter into this Amendment, each of the Borrowers
     represents and warrants to each other party hereto that, after giving
     effect to this Amendment:

               (a) The representations and warranties set forth in Article III
          of the Credit Agreement, as amended by this Amendment, are true and
          correct on and as of the date of this Amendment (other than
          representations or warranties expressly made only on and as of an
          earlier date, in which case such representations and warranties are
          true and correct in all material respects as of such earlier date);
          and

               (b) No Default or Event of Default has occurred and is
          continuing.

               SECTION 8. CONDITIONS TO EFFECTIVENESS. This Amendment shall
     become effective on the date on which (i) the Administrative Agent shall
     have received counterparts of this Amendment that, when taken together,
     bear the signatures of each of the Borrowers and the Required Lenders and
     (ii) the Administrative Agent shall have received the amendment fees
     separately agreed upon (the date on which such conditions have been
     satisfied being called the "AMENDMENT EFFECTIVE DATE").

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                                                                              10

               SECTION 9. EFFECT OF AMENDMENT. On and after the Amendment
     Effective Date, each reference in the Credit Agreement to "this Agreement",
     "hereunder", "herein", or words of like import shall mean and be a
     reference to the Credit Agreement as amended hereby. Except as expressly
     set forth herein, this Amendment shall not by implication or otherwise
     limit, impair, constitute a waiver of or otherwise affect the rights and
     remedies of the Lenders under the Credit Agreement or any document executed
     in connection therewith, and shall not alter, modify, amend or in any way
     affect any of the terms, conditions, obligations, covenants or agreements
     contained in the Credit Agreement or any document executed in connection
     therewith, all of which are ratified and affirmed in all respects and shall
     continue in full force and effect. Nothing herein shall be deemed to
     entitle any of the Borrowers to a consent to, or a waiver, amendment,
     modification or other change of, any of the terms, conditions, obligations,
     covenants or agreements contained in the Credit Agreement or any document
     executed in connection therewith in similar or different circumstances.
     This Amendment shall apply and be effective only with respect to the
     provisions of the Credit Agreement specifically referred to herein.

               SECTION 10. COUNTERPARTS. This Amendment may be executed in two
     or more counterparts, each of which shall constitute an original, but all
     of which when taken together shall constitute but one contract. Delivery of
     an executed counterpart of a signature page of this Amendment by facsimile
     transmission shall be as effective as delivery of a manually executed
     counterpart hereof.

               SECTION 11. APPLICABLE LAW. THIS AMENDMENT SHALL BE CONSTRUED IN
     ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

               SECTION 12. HEADINGS. Section headings used herein are for
     convenience of reference only, are not part of, and are not to be taken
     into consideration in interpreting, this Amendment.

               SECTION 13. EXPENSES. The Company agrees to pay the reasonable
     out of pocket expenses incurred by the Administrative Agent in connection
     with the preparation of this Amendment, including the reasonable fees,
     disbursements and other charges of its counsel.

<PAGE>

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

                                      PERKINELMER, INC.,

                                        By
                                           -------------------------------------
                                           Name:
                                           Title:

                                      JPMORGAN CHASE BANK, individually and as
                                      Administrative Agent and Collateral Agent,

                                        By
                                           -------------------------------------
                                           Name:
                                           Title:

                                      J.P. MORGAN EUROPE LIMITED, individually
                                      and as London Agent,

                                        By
                                           -------------------------------------
                                           Name:
                                           Title:

<PAGE>

                                           SIGNATURE PAGE TO THE FIRST AMENDMENT
                                          DATED AS OF SEPTEMBER 17, 2002, TO THE
                                         PERKINELMER, INC. FIVE-YEAR COMPETITIVE
                                           ADVANCE AND REVOLVING CREDIT FACILITY
                                             AGREEMENT DATED AS OF MARCH 1, 2002

                                                To Approve the Amendment

                                                Name of Institution:

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

                                                  By
                                                     ---------------------------
                                                     Name:
                                                     Title:Executed in 6 Parts
                                             Counterpart No. (   )

                              NATIONAL EQUITY TRUST
                          LOW FIVE PORTFOLIO SERIES 48
                            REFERENCE TRUST AGREEMENT

     This  Reference  Trust  Agreement  dated  ________,  2002 among  Prudential
Investment   Management  Services  LLC,  as  Depositor,   Prudential  Securities
Incorporated,  as Portfolio Supervisor and The Bank of New York, as Trustee sets
forth certain  provisions in full and incorporates other provisions by reference
to the document entitled  "National Equity Trust, Trust Indenture and Agreement"
(the "Basic Agreement") dated February 2, 2000. Such provisions as are set forth
in full herein and such provisions as are incorporated by reference constitute a
single instrument (the "Indenture").

                                WITNESSETH THAT:

     In  consideration  of the  premises  and of the  mutual  agreements  herein
contained, the Depositor and the Trustee agree as follows: Part I.

                     STANDARD TERMS AND CONDITIONS OF TRUST

     Subject to the provisions of Part II hereof,  all the provisions  contained
in the Basic  Agreement are herein  incorporated  by reference in their entirety
and  shall be deemed  to be a part of this  instrument  as fully and to the same
extent as though said provisions had been set forth in full in this instrument.

A.   Article I, entitled "Definitions," shall be amended as follows:

(i)  Section  1.01-Definitions  shall be amended to add the following definition
     at the end thereof:

<PAGE>

                                      -2-

     "Portfolio  Supervisor" of the Trust shall have the meaning  assigned to it
in Part II of the Reference Trust Agreement.

B.   Article  III,  entitled  "Administration  of  Trust,"  shall be  amended as
     follows:

     (i) The third  paragraph of Section  3.05-Distribution  shall be amended by
deleting any reference to Depositor and replacing it with Portfolio Supervisor.

     (ii)  Section  3.14-Deferred  Sales  Charge  shall  be  amended  to add the
following sentences at the end thereof:

"References to Deferred Sales Charge in this Trust Indenture and Agreement shall
include any Creation and  Development  Fee  indicated  in the  prospectus  for a
Trust.  The  Creation  and  Development  Fee  shall be  payable  on each date so
designated  and in an amount  determined  as specified in the  prospectus  for a
Trust."

C.   Article VIII, entitled "Depositor," shall be amended as follows:

     (i) Section 8.07-Compensation shall be amended by deleting any reference to
Depositor and replacing it with Portfolio Supervisor.

D.   Article IX,  entitled  "Additional  Covenants;  Miscellaneous  Provisions,"
     shall be amended as follows:

     (i) The first sentence of Section 9.05 - Written Notice shall be amended by
deleting the language "Prudential Securities  Incorporated at One Seaport Plaza,
New  York,  New  York  10292"  and  replacing  it  with  "Prudential  Investment
Management LLC at 100 Mulberry Street,  Gateway Center Three, Newark, New Jersey
07102".

                                    Part II.

                     SPECIAL TERMS AND CONDITIONS OF TRUST

     The following special terms and conditions are hereby agreed to:

<PAGE>

                                      -3-

A.   The Trust is denominated National Equity Trust, Low Five Portfolio Series
     48.

B.   The Units of the Trust shall be subject to a deferred sales charge.

C.   The publicly traded stocks listed in Schedule A hereto are those which,
     subject to the terms of this Indenture, have been or are to be deposited in
     Trust under this Indenture as of the date hereof.

D.   The term "Depositor" shall mean Prudential  Investment  Management Services
     LLC.

E.   The  term  "Portfolio   Supervisor"   shall  mean   Prudential   Securities
     Incorporated.

F.   The aggregate number of Units referred to in Sections 2.03 and 9.01 of the
      Basic Agreement is          as of the date hereof.

G.   A Unit of the Trust is hereby declared initially equal to 1/     th of the
     Trust.

H.   The term "First Settlement Date" shall mean                        , 2002.

I.   The terms  "Computation  Day" and "Record Date" shall mean on the tenth day
     of            2002,          2003,        2003 and                2003.

J.   The term "Distribution Date" shall mean on the twenty-fifth  day
     of            2002,          2003,        2003 and                2003.

K.   The term "Termination Date" shall mean          , 2003.

L.   The Trustee's Annual Fee shall be $.90 (per 1,000 Units) for 49,999,999 and
     below  units  outstanding  $.84 (per  1,000  Units) on the next  50,000,000
     Units,  $.78 (per 1,000 Units) on the next 100,000,000  Units and $.66 (per
     1,000 Units) on Units in excess of 200,000,000  Units.  In calculating  the
     Trustee's annual fee, the fee applicable to the number of units outstanding
     shall apply to all units outstanding.

M.   The Depositor's  Portfolio  supervisory service fee shall be $.25 per 1,000
     Units.

               [Signatures and acknowledgments on separate pages]

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