Document:

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                                                                   Exhibit 10.41

                                                                  CONFORMED COPY

                     THIRD AMENDMENT, CONSENT AND WAIVER dated as of January 24,
              2001 (this "AMENDMENT"), to the Credit Agreement dated as of May
              28, 1999, as amended by the First Amendment dated as of October 8,
              1999, and the Second Amendment dated as of March 9, 2000 (the
              "CREDIT AGREEMENT"), among GENERAL CABLE CORPORATION (the
              "COMPANY"), GK TECHNOLOGIES, INCORPORATED, GENERAL CABLE HOLDINGS
              (UK) LIMITED, GENERAL CABLE HOLDINGS (SPAIN), SRL, GENERAL CABLE
              HOLDINGS, INC., the other BORROWING SUBSIDIARIES from time to time
              party thereto, the LENDERS from time to time party thereto, THE
              CHASE MANHATTAN BANK, as administrative agent (in such capacity,
              the "ADMINISTRATIVE AGENT") and as collateral agent for the
              Lenders (in such capacity, the "COLLATERAL AGENT"), CHASE
              MANHATTAN INTERNATIONAL LIMITED, as London Agent, and BANK ONE,
              MICHIGAN, MERRILL LYNCH CAPITAL CORPORATION and PNC BANK, NATIONAL
              ASSOCIATION, as Co-Documentation Agents.

       A. Pursuant to the Credit Agreement, the Lenders and the Issuing Bank
have agreed to extend credit to the Borrowers on the terms and subject to the
conditions set forth therein.

       B. The Company has informed the Administrative Agent that, through one of
more of its Subsidiaries, it intends to sell all the issued and outstanding
capital stock of its wholly owned Subsidiaries Pyrotenax Cables Ltd., an Ontario
corporation ("PYROTENAX ONTARIO"), and Pyrotenax Cables Limited, a corporation
incorporated under the laws of England ("PYROTENAX UK" and, together with
Pyrotenax Ontario, "PYROTENAX"), to a third party for cash consideration of
approximately $64,000,000 (such transaction, the "PYROTENAX SALE").

       C. The Company has informed the Administrative Agent that, in accordance
with Section 2.11(c) of the Credit Agreement, it intends to apply $43,000,000 of
the Net Proceeds of the Pyrotenax Sale (the "REINVESTMENT PROCEEDS") within 180
days of receipt to acquire real property, equipment or other tangible assets to
be used in the business of the Company and the Subsidiaries and will prepay Term
Borrowings with the balance of the Net Proceeds thereof. The Company has also
informed the Administrative Agent that it intends to repay Revolving Borrowings
in an amount equal to the amount of Reinvestment Proceeds.

       D. The Company has requested that the Required Lenders (i) consent to the
Pyrotenax Sale and waive compliance by the Company with the provisions of
Section 6.04(a) of the Credit Agreement, to the extent necessary to consummate
the Pyrotenax Sale, and (ii) authorize and direct the Collateral Agent to
release from the lien of the Security Documents the capital stock of Pyrotenax
Ontario.

       E. The Company has informed the Administrative Agent that it intends to
establish a Domestic Receivables Facility (as defined in Section 2 below) and
that it intends to apply the Net Proceeds thereof to prepay Term Borrowings in
accordance with Section 2.11(c) of the Credit Agreement. The Company has
requested that the Required Lenders approve certain amendments to the Credit
Agreement to accomodate the establishment of the Domestic Receivables Facility.

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       F. The Company has also requested that the Required Lenders amend certain
other provisions of the Credit Agreement.

       G. The Required Lenders are willing to agree to such amendments, consents
and waivers on the terms and subject to the conditions set forth in this
Amendment.

       H. Each capitalized term used and not otherwise defined herein shall have
the meaning assigned to it in the Credit Agreement.

       Accordingly, 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 agree as follows:

       SECTION 1. CONSENT AND WAIVER. (a) The Required Lenders hereby consent to
the Pyrotenax Sale and waive compliance by the Company with the provisions of
Section 6.04(a) of the Credit Agreement, to the extent necessary to consummate
the Pyrotenax Sale.

       (b) The Required Lenders hereby authorize and direct the Collateral Agent
to execute and deliver any and all documents that it may deem necessary or
desirable to evidence the release from the lien of the Security Documents (i) on
the capital stock of Pyrotenax Ontario, effective upon the consummation of the
Pyrotenax Sale and (ii) on accounts receivable sold pursuant to any Domestic
Receivables Facility, upon the consummation of the sale thereof.

       SECTION 2. Amendment of Credit Agreement. The undersigned Lenders,
constituting the Required Lenders, hereby agree that the Credit Agreement shall
be amended as set forth below, effective as of the Amendment Effective Date (as
defined below):

       (a) Amendment of Section 1.01. Section 1.01 of the Credit Agreement is
hereby amended as follows:

              (i) the definition of "Applicable Rate" is hereby amended by
       deleting the tables set forth therein and substituting in lieu thereof
       the following tables:

              Table I

                                             ABR    Eurocurrency  Commitment Fee
              Leverage Ratio:               Spread     Spread          Rate
              ---------------               ------   ------------  -------------

                 Category 1
                 ----------
                 Greater than  4.0           2.00%      3.00%         0.500%

                 Category 2
                 ----------
                 Less than or equal to 4.0   1.75%      2.75%         0.500%
                 and Greater than 3.5

                 Category 3
                 ----------
                 Less than or equal to 3.5   1.50%      2.50%         0.425%
                 and Greater than 3.0

                 Category 4
                 ----------
                 Less than or equal to 3.0   1.25%      2.25%         0.375%
                 and Greater than 2.5

                 Category 5
                 ----------
                 Less than or equal to 2.5   1.00%      2.00%         0.350%

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                                                                               3

          Table II

                                           ABR        Eurocurrency
          Leverage Ratio:                Spread         Spread
          ---------------                ------       ------------

              Category 1
              ----------
              Greater than 4.0            2.50%          3.50%

              Category 2
              ----------
              Less than or equal to 4.0   2.25%          3.25%
              and Greater than 3.5

              Category 3
              ----------
              Less than or equal to 3.5   2.00%          3.00%
              and Greater than 2.5

              Category 4
              ----------
              Less than or equal to 2.5   1.75%          2.75%

              (ii) the definition of "Collateral Requirement" is hereby amended
       by inserting the following at the end thereof:

              "Notwithstanding the foregoing, no Domestic Receivables Subsidiary
              will be required to become a party to the Security Agreement or to
              create Liens on its assets thereunder in order for the Collateral
              Requirement to be satisfied.";

              (iii) the last sentence of the definition of "EBITDA" is hereby
       amended and restated in its entirety to read as follows:

              "Solely for purposes of determining compliance with the covenants
              contained in Article VI, following the completion of any
              acquisition or sale of any Subsidiary or other significant
              business unit, EBITDA for any period of four fiscal quarters,
              including the quarter during which such sale or acquisition shall
              have been completed shall be determined on a pro forma basis
              giving effect to such sale or acquisition (and excluding that
              portion of EBITDA attributable to the assets sold therein or
              including that portion of EBITDA attributable to the asset
              acquired therein, as applicable) as if such sale or acquisition
              had occurred on the first day of such period."

              (iv) the definition of "EXCESS CASH FLOW" is hereby amended by:

                     (A) inserting the words "(other than decreases in Net
              Working Capital attributable to Net Working Capital divested as
              part of an asset sale)" before the word "plus" in clause (c)(i)
              thereof; and

                     (B) inserting the words "(other than increases in Net
              Working Capital attributable to Net Working Capital acquired as
              part of an asset purchase)" before the word "plus" in clause
              (d)(ii) thereof.

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                                                                               4

              (v) the definition of "GUARANTEE REQUIREMENT" is hereby amended by
       inserting the following at the end thereof:

              "Notwithstanding the foregoing, no Domestic Receivables Subsidiary
              will be required to become a Subsidiary Guarantor in order for the
              Guarantee Requirement to be satisfied."

              (vi) the definition of "NET WORKING CAPITAL" is hereby amended by
       inserting the words "plus, without duplication, the aggregate amount of
       accounts receivable sold into any Domestic Receivables Facility as of
       such date" immediately before the words "minus (b) the consolidated" in
       such definition.

              (vii) the definition of "PREPAYMENT EVENT" is hereby amended by
       inserting the words "including accounts receivable" after the words
       "any property or asset of the Company or any Subsidiary" in clause (a)
       thereof, and by inserting the words "(including any Indebtedness incurred
       or deemed to be incurred in connection with any Domestic Receivables
       Facility)" after the word "Indebtedness" where it first occurs in clause
       (d) thereof;

              (viii) the definition of "TOTAL DEBT" is hereby amended by
       inserting the following immediately prior to the period:

              ", plus the aggregate of the amounts paid by the purchasers under
              each Domestic Receivables Facility accounted for as a true sale
              and not Indebtedness on the books of the Company for accounts
              receivable that have not been either collected or written off as
              uncollectible."

              (ix) the definition of "INTEREST EXPENSE" is hereby amended and
       restated in its entirety to read as follows:

                     "'INTEREST EXPENSE' means, for any period, the interest
              expense of the Company and its consolidated Subsidiaries for such
              period determined on a consolidated basis in accordance with GAAP,
              including (i) the amortization of debt discounts to the extent
              included in interest expense in accordance with GAAP, (ii) the
              amortization of all fees (including fees with respect to interest
              rate protection agreements or other interest rate hedging
              arrangements) payable in connection with the incurrence of
              Indebtedness to the extent included in interest expense in
              accordance with GAAP, (iii) the portion of any rents payable under
              capital leases allocable to interest expense in accordance with
              GAAP and (iv) in connection with any Domestic Receivables Facility
              accounted for as a true sale and not Indebtedness, the portion of
              any purchase discount under such Domestic Receivables Facility
              intended to compensate the purchasers thereunder for the seller's
              use of the purchasers' funds between the purchase date and the
              anticipated date of collection on the applicable accounts
              receivable, as determined by reference to the documentation for
              such Domestic Receivables Facility, or absent any reference in
              such documentation to such compensation, as determined by the
              Company by a reasonable method. Solely for purposes of determining
              compliance with the covenants contained in Article VI, following
              the completion of any sale or acquisition of any Subsidiary or
              other significant business unit, Interest Expense for any period,
              including the quarter during

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              which such sale or acquisition shall have been completed shall be
              determined on a pro forma basis giving effect to such sale or
              acquisition and to any repayment of Indebtedness with the proceeds
              thereof (and excluding that portion of Interest Expense
              attributable to such Indebtedness, assuming for such purpose that
              such Indebtedness bore interest at all times during such period at
              the rate applicable to Eurocurrency Tranche A Term Loans on the
              date of such sale) or incurrence of Indebtedness in connection
              with such acquisition, as the case may be, as if such sale or
              acquisition had occurred on the first day of such period."

              (x) the following definitions are hereby inserted in their
       appropriate alphabetical order:

                     "'DOMESTIC RECEIVABLES FACILITY' means any receivables
              purchase facility established for sales by the Company or Domestic
              Subsidiaries of accounts receivable to any Domestic Receivables
              Subsidiary or third-party purchaser so long as (i) such sales are
              without recourse to any non- selling Domestic Subsidiaries (other
              than any Domestic Receivables Subsidiary), whether pursuant to any
              Guarantee or representation as to collectibility or otherwise, and
              any recourse to any seller of accounts receivable shall be limited
              to recourse for dilution, breaches of representations, warranties
              and covenants and other customary limited recourse for receivables
              purchase facilities reasonably satisfactory to the Administrative
              Agent, (ii) the aggregate Net Proceeds received by the Company and
              the Domestic Subsidiaries (other than any Domestic Receivables
              Subsidiary) for accounts receivable that have not been either
              collected or written off as uncollectible shall not be less than
              $125,000,000, (iii) any Indebtedness issued to finance the
              purchase of accounts receivable under such receivables purchase
              facility shall not mature or amortize earlier than the third
              anniversary of the date of issuance (other than as a result of
              nonpayment of amounts when due, failure to have the required
              amount of eligible receivables and trapped cash to support such
              outstanding Indebtedness, bankruptcy events or other customary
              early amortization events for receivables purchase facilities
              reasonably satisfactory to the Administrative Agent), (iv) any
              commitments to support such receivables purchase facility shall
              not terminate earlier than the third anniversary of the initial
              purchase of accounts receivable (other than pursuant to early
              termination as a result of bankruptcy events or other customary
              early termination events for receivables purchase facilities
              reasonably satisfactory to the Administrative Agent), (v) the
              terms of such receivables purchase facility and the Indebtedness
              issued or commitments made in support thereof shall not require
              the Company or any of its Subsidiaries (other than any Domestic
              Receivables Subsidiary) to perform or observe any financial
              covenants and shall not cross-default to Indebtedness of the
              Company or any of its Subsidiaries (other than any Domestic
              Receivables Subsidiary) other than in connection with bankruptcy
              events and (vi) the Administrative Agent shall be reasonably
              satisfied with the structure and documentation for such
              transaction and that the terms of such transaction shall be
              consistent with those prevailing in the market at the time for
              similar transactions rated BBB or better by S&P or having
              comparable ratings from other rating agencies.

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                                                                               6

                     'DOMESTIC RECEIVABLES SUBSIDIARY' means a special purpose
              "bankruptcy remote" entity that is a Domestic Subsidiary and
              engaged solely in the business of purchasing accounts receivable
              from the Company or one or more Domestic Subsidiaries and
              reselling or borrowing against such accounts receivable, and
              owning no assets other than accounts receivable and proceeds
              thereof.

                     'PYROTENAX SALE' has the meaning assigned to such term in
              the Third Amendment, Consent and Waiver dated as of January 24,
              2001 to this Agreement."

              (b) AMENDMENT OF SECTION 6.01. Section 6.01 of the Credit
Agreement is hereby amended by (i) replacing the figure "$15,000,000 in clause
(g) thereof with the figure "$25,000,000", (ii) replacing the words "; and" with
the punctuation ";" at the end of clause (h) thereof, (iii) inserting the words
" and extensions, renewals and replacements of any such Indebtedness that do not
increase the outstanding principal amount thereof or shorten the term thereof;
and" at the end of clause (i) thereof and (iv) inserting the following at the
end thereof:

              "(j) the obligations of Domestic Subsidiaries (including any
       Domestic Receivables Subsidiary) in connection with sales of receivables
       under any Domestic Receivables Facility, to the extent such obligations
       constitute Indebtedness."

       (c) AMENDMENT OF SECTION 6.02. Section 6.02 of the Credit Agreement is
hereby amended by (i) replacing the figure "$15,000,000" in clause (h) thereof
with the figure "$25,000,000", (ii) deleting the word "and" at the end of
paragraph (h) thereof, (iii) deleting the period at the end of paragraph (i)
thereof and replacing it with "; and" and (iv) inserting the following new
paragraph (j):

              "(j) sales by the Company or Domestic Subsidiaries of accounts
       receivable pursuant to any Domestic Receivables Facility."

       (d) AMENDMENT OF SECTION 6.03. Section 6.03 of the Credit Agreement is
hereby amended by replacing the figure "$5,000,000" therein with the figure
"$20,000,000".

       (e) AMENDMENT OF SECTION 6.04. Section 6.04(a) of the Credit Agreement is
hereby amended and restated in its entirety as follows:

              "SECTION 6.04. FUNDAMENTAL CHANGES. (a) The Company will not, and
       will not permit any Material Subsidiary to, merge into or consolidate
       with any other Person, or permit any other Person to merge into or
       consolidate with it, or sell, transfer, lease or otherwise dispose of (in
       one transaction or in a series of transactions) all or substantially all
       of its assets (whether now owned or hereafter acquired), or liquidate or
       dissolve, except that, if at the time thereof and immediately after
       giving effect thereto no Default shall have occurred and be continuing
       and the Collateral Requirement and the Guarantee Requirement shall be
       satisfied, (i) any Person (other than a Domestic Receivables Subsidiary)
       may merge into the Company in a transaction in which the Company is the
       surviving corporation, (ii) any Person (other than the Company) may merge
       into any Material Subsidiary (other than a Domestic Receivables
       Subsidiary) in a transaction in which the surviving entity is a
       Subsidiary, (iii) any Material Subsidiary (other than a Domestic
       Receivables Subsidiary) may sell,

<PAGE>   7

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       transfer, lease or otherwise dispose of its assets to the Company or to
       another Material Subsidiary and (iv) any Material Subsidiary may
       liquidate or dissolve if the Company determines in good faith that such
       liquidation or dissolution is in the best interests of the Company and is
       not materially disadvantageous to the Lenders; PROVIDED that any such
       merger involving a Person that is not a Wholly Owned Material Subsidiary
       immediately prior to such merger shall not be permitted unless also
       permitted by Section 6.05; PROVIDED further that any merger described in
       clause (i) or (ii) with any Person that is not a Subsidiary shall be
       permitted only if (x) such Person is engaged in substantially the same
       business as the Company or any Subsidiary or another business reasonably
       related or incidental thereto and (y) the Company would be in compliance
       on a pro forma basis with the covenants set forth in Sections 6.10 and
       6.11 as of the last day of the fiscal quarter immediately preceding the
       date of such merger, as if such merger had occurred on the first day of
       the four fiscal quarter period ending on such date."

       (f) AMENDMENT OF SECTION 6.07. Section 6.07 of the Credit Agreement is
hereby amended and restated in its entirety to read as follows:

              "SECTION 6.07. RESTRICTED PAYMENTS. The Company will not, and will
       not permit any of its Subsidiaries to, declare or make, or agree to pay
       or make, directly or indirectly, any Restricted Payment, except that, so
       long as no Default shall have occurred and be continuing or would result
       therefrom (a) the Company may declare and pay dividends with respect to
       its capital stock payable solely in (A) additional shares of its common
       stock or (B) in cash in an amount not to exceed in any fiscal quarter the
       lesser of (x) $2,000,000 and (y) the Dividend Basket (as defined in
       clause (b) below), (b) so long as the aggregate available unused
       Revolving Commitments are not less than $75,000,000 or would not be
       reduced to below such amount as a result therefrom and so long as the
       Leverage Ratio was at all times less than 3.0 to 1.0 for the period of
       the two most recently ended consecutive fiscal quarters and the then
       elapsed portion of the current fiscal quarter and the Leverage Ratio
       would not be increased to 3.0 to 1.0 or greater as a result therefrom,
       the Company may repurchase or redeem shares of its capital stock in an
       aggregate amount at any time for all such repurchases and redemptions
       after the date hereof, together with all cash dividends declared and paid
       pursuant to clause (a)(B), not greater than $50,000,000 PLUS 25% of the
       Company's consolidated net income (as adjusted pursuant to the final
       sentence of this Section 6.07) from December 31, 1998, through the end of
       the most recently ended fiscal quarter of the Company at such time (the
       sum of such amounts being called the "Dividend Basket"); PROVIDED that if
       the Leverage Ratio shall be less than 2.50 to 1.00 for a period of not
       less than 90 consecutive days including the last days of two fiscal
       quarters of the Company, then 50%, rather than 25%, of the Company's
       consolidated net income for all subsequent periods shall be added to the
       Dividend Basket, (c) Subsidiaries may declare and pay dividends ratably
       with respect to their capital stock and (d) the Company may make
       Restricted Payments pursuant to and in accordance with stock option plans
       or other benefit plans for management or employees of the Company and its
       Subsidiaries. For purposes of calculating the Dividend Basket, any gains
       or losses from the sale of any Subsidiary or of any significant business
       unit occurring after January 24, 2001 shall be excluded from the
       Company's consolidated net income."

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                                                                               8

       (g) AMENDMENT OF SECTION 6.09. The proviso to Section 6.09 of the Credit
Agreement is hereby amended by deleting the word "and" at the end of clause (iv)
thereto and replacing in lieu thereof a comma and inserting the new clause (vi)
immediately after clause (v) thereto which shall read as follows:

              "and (vi) the foregoing shall not apply to customary provisions in
              receivables purchase facilities"

       (h) AMENDMENT OF SECTION 6.10. Section 6.10 of the Credit Agreement is
hereby amended and restated in its entirety to read as follows:

              "SECTION 6.10. LEVERAGE RATIO. The Company will not permit the
       Leverage Ratio at any time during any of the periods set forth below to
       exceed the ratio set forth opposite such period:

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

                9/30/99 through 12/31/99                  4.25:1.00

                1/1/00 through 3/31/00                    6.25:1.00

                4/1/00 through 6/30/00                    6.50:1.00

                7/1/00 through 9/30/00                    4.50:1.00

                10/1/00 through 12/31/00                  4.50:1.00

                1/1/01 through 9/30/01                    4.50:1.00

                10/1/01 through  6/30/02                  4.25:1.00

                7/1/02 through 6/30/03                    3.75:1.00

                7/1/03 through 6/30/04                    3.25:1.00

                7/1/04 and thereafter                     2.25:1.00"

       (i) AMENDMENT OF SECTION 6.11. Section 6.11 of the Credit Agreement is
hereby amended and restated in its entirety to read as follows:

              "SECTION 6.11. INTEREST COVERAGE RATIO. The Company will not
       permit the Interest Coverage Ratio for any period of four fiscal quarters
       ending during any of the periods set forth below to be less than the
       ratio set forth opposite such period:

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

                9/30/99 through 12/31/99                  2.75:1.00

                1/1/00 through 3/31/00                    1.75:1.00

                4/1/00 through 6/30/00                    1.50:1.00

                7/1/00 through 9/30/00                    2.25:1.00

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                                                                               9

                10/1/00 through 12/31/00                  2.25:1.00

                1/1/01 through 6/30/01                    2.25:1.00

                7/1/01 through 6/30/02                    2.25:1.00

                7/1/02 through 6/30/03                    2.50:1.00

                7/1/03 through 6/30/04                    3.00:1.00

                7/1/04 through 6/30/05                    4.00:1.00

                7/1/05 and thereafter                     4.50:1.00"

       (j) AMENDMENT OF ARTICLE VII. Clause (g) of Article VII of the Credit
Agreement is hereby amended and restated in its entirety to read as follows:

              "(g) (i) any event or condition occurs that results in any
       Material Indebtedness becoming due prior to its scheduled maturity or
       that enables or permits (any applicable grace or cure period having
       expired) the holder or holders of any Material Indebtedness or any
       trustee or agent on its or their behalf to cause any Material
       Indebtedness to become due, or to require the prepayment, repurchase,
       redemption or defeasance thereof, prior to its scheduled maturity;
       PROVIDED that this subclause (i) shall not apply to secured Indebtedness
       that becomes due as a result of the voluntary sale or transfer of the
       property or assets securing such Indebtedness; or (ii) there shall occur
       any event which constitutes or with the giving of notice, the lapse of
       time or both would constitute a default, event of ineligibility, event of
       termination or similar event under any receivables purchase facility
       referred to in Section 6.02(i) or (j) under which the aggregate amount
       paid by the purchasers for accounts receivable that have not been either
       collected or written off as uncollectible shall exceed $10,000,000, or
       the applicable Foreign Subsidiary or Domestic Receivables Subsidiary
       shall fail to observe or perform any term, covenant, condition or
       agreement contained in any such receivables purchase facility if the
       effect of any such failure shall be to cause or to permit the purchasers
       thereunder or any agent acting on their behalf to cause (with or without
       the giving of notice, lapse of time or both) such receivables purchase
       facility or the commitments of the purchasers thereunder to terminate or
       cease to be fully available;"

       SECTION 3. CONVERSION OF TRANCHE A-1 TERM LOANS. The UK Borrower shall
have a one-time option to convert all or a portion of the Tranche A-1 Term Loans
denominated in Sterling outstanding on the Amendment Effective Date into Tranche
A-1 Term Loans denominated in Euros upon the last day of the Interest Period
applicable to the Tranche A-1 Term Loans denominated in Euros as of the
Amendment Effective Date. To exercise such option, the UK Borrower shall so
notify the London Agent not later than 11:00 a.m., London time, four Business
Days before the last day of the Interest Period applicable to the Tranche A-1
Term Loans, specifying the aggregate principal amount of all Tranche A-1 Term
Loans denominated in Sterling to be converted into Tranche A-1 Term Loans
denominated in Euros. The principal amount of each Tranche A-1 Term Loan so
converted shall be determined based upon the Exchange Rate in effect on the date
that is four Business Days before the last day of the Interest Period applicable
to such Tranche A-1 Term Loan. The UK Borrower shall have no further option to
convert Tranche A-1 Term Loans denominated in Sterling into Tranche A-1 Term
Loans denominated in Euros after the UK

<PAGE>   10

                                                                              10

Borrower has exercised the option to convert Tranche A-1 Term Loans pursuant to
this Section 3 or if the UK Borrower fails to notify the Administrative Agent of
its election to exercise its option pursuant to this Section 3 by the date and
time specified above.

       SECTION 4. REPRESENTATIONS AND WARRANTIES. To induce the other parties
hereto to enter into this Amendment, the Company and each Borrowing Subsidiary
represents and warrants to each of the Lenders, the Administrative Agent and the
Collateral Agent that, as of the Amendment Effective Date:

       (a) The representations and warranties set forth in Article III of the
Credit Agreement are true and correct in all material respects on and as of the
Amendment Effective Date with the same effect as though made on and as of the
Amendment Effective Date, except to the extent such representations and
warranties expressly relate to an earlier date.

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

       SECTION 5. EFFECTIVENESS. This Amendment shall become effective when the
Administrative Agent shall have received counterparts of this Amendment that,
when taken together, bear the signatures of the Company, each Borrowing
Subsidiary, each Subsidiary Guarantor and the Required Lenders (the "AMENDMENT
EFFECTIVE DATE").

       SECTION 6. AMENDMENT FEE. The Company agrees to pay on the Amendment
Effective Date to each Lender that executes and delivers a copy of this
Amendment to the Administrative Agent (or its counsel) on or prior to January
24, 2001 an amendment fee (the "AMENDMENT FEE") in an amount equal to 0.25% of
such Lender's Revolving Commitment (whether used or unused) and outstanding Term
Loans, in each case as of the Amendment Effective Date; PROVIDED that the
Borrower shall have no liability for any such Amendment Fee if this Amendment
does not become effective.

       SECTION 7. EFFECT OF AMENDMENT. 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, the
Administrative Agent, the Collateral Agent or the Loan Parties under the Credit
Agreement or any other Loan Document, 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 other provision of the
Credit Agreement or any other Loan Document, 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 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
other Loan Document 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. This Amendment shall constitute a
"LOAN DOCUMENT" for all purposes of the Credit Agreement and the other Loan
Documents.

       SECTION 8. COUNTERPARTS. 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. Delivery
of any executed counterpart of a signature page of this Amendment by facsimile
transmission shall be as effective as delivery of a manually executed
counterpart hereof.

<PAGE>   11

                                                                              11

       SECTION 9. APPLICABLE LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

       SECTION 10. 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.

       SECTION 11. HEADINGS. The headings of this Amendment are for purposes
of reference only and shall not limit or otherwise affect the meaning hereof.

<PAGE>   12

                                                                              12

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

                                       GENERAL CABLE CORPORATION,

                                         by
                                           /s/      Christopher F. Virgulak
                                           --------------------------------
                                           Name:    Christopher F. Virgulak
                                           Title:   Exec. VP

                                       GK TECHNOLOGIES, INCORPORATED,

                                         by
                                           /s/      Christopher F. Virgulak
                                           --------------------------------
                                           Name:    Christopher F. Virgulak
                                           Title:   Exec. VP

                                       GENERAL CABLE HOLDINGS, INC.,

                                         by
                                           /s/      Christopher F. Virgulak
                                           --------------------------------
                                           Name:    Christopher F. Virgulak
                                           Title:   Exec. VP

                                       GENERAL CABLE HOLDINGS (UK)
                                       LIMITED,

                                         by
                                           /s/      Christopher F. Virgulak
                                           --------------------------------
                                           Name:    Christopher F. Virgulak
                                           Title:   Director

                                       GENERAL CABLE HOLDINGS (SPAIN),
                                       SRL,

                                         by
                                           /s/      Christopher F. Virgulak
                                           -------------------------------
                                           Name:    Christopher F. Virgulak
                                           Title:   Director

<PAGE>   13

                                                                              13

                                      THE CHASE MANHATTAN BANK,
                                      individually, as Administrative Agent
                                      and as Collateral Agent,

                                        by
                                          /s/      Peter S. Predun
                                          -------------------------------
                                          Name:    Peter S. Predun
                                          Title:   Vice President

                                      CHASE MANHATTAN
                                      INTERNATIONAL LIMITED, as London
                                      Agent,

                                        by
                                          /s/      Peter S. Predun
                                          -------------------------------
                                          Name:    Peter S. Predun
                                          Title:   Vice President

                                      BANK ONE, MICHIGAN, individually and
                                      as Co-Documentation Agent,

                                        by
                                          /s/      James A. Tutt, Jr.
                                          -------------------------------
                                          Name:    James A. Tutt, Jr.
                                          Title:   First Vice President

                                      MERRILL LYNCH CAPITAL
                                      CORPORATION, individually and as
                                      Co-Documentation Agent,

                                        by
                                          /s/      Carol J.E. Feeley
                                          -------------------------------
                                          Name:    Carol J.E. Feeley
                                          Title:   Vice President
                                                   Merrill Lynch Capital Corp.

                                      PNC BANK, NATIONAL ASSOCIATION,
                                      individually and as Co-Documentation
                                      Agent,

                                         by
                                          /s/      Jacqueline M. Webb
                                          -------------------------------
                                          Name:    Jacqueline M. Webb
                                          Title:   Vice President
<PAGE>   14

                                                                              14

                                      FIRST UNION NATIONAL BANK,

                                        by
                                          /s/      Jorge A. Gonzalez
                                          -----------------------------------
                                          Name:    Jorge A. Gonzalez
                                          Title:   Senior Vice President

                                      TORONTO DOMINION (NEW YORK), INC.,

                                        by
                                          /s/      Gwen Zirkle
                                          -----------------------------------
                                          Name:    Gwen Zirkle
                                          Title:   Vice President

                                      FLEET NATIONAL BANK,

                                        by
                                          /s/      Irene Bertozzi-Bartenstein
                                          -----------------------------------
                                          Name:    Irene Bertozzi-Bartenstein
                                          Title:   Vice President

                                      BANK OF TOKYO-MITSUBISHI, LTD.
                                      CHICAGO BRANCH,

                                        by
                                          /s/      Hisashi Miyashiro
                                          -----------------------------------
                                          Name:    Hisashi Miyashiro
                                          Title:   Deputy General Manager

                                      BNP PARIBAS,

                                        by
                                          /s/      Richard  L. Sted
                                          -----------------------------------
                                          Name:    Richard  L. Sted
                                          Title:   Managing Director and
                                                   Central Region Manager

                                         by
                                          /s/      Christine L. Howatt
                                          -----------------------------------
                                          Name:    Christine L. Howatt
                                          Title:   Vice President

<PAGE>   15

                                                                              15

                                        THE FUJI BANK, LTD,

                                          by
                                            /s/      Peter L. Chinnici
                                            -----------------------------------
                                            Name:    Peter L. Chinnici
                                            Title:   Senior Vice President &
                                                     Group Head

                                        MICHIGAN NATIONAL BANK,

                                          by
                                            /s/      John M. Bebb
                                            -----------------------------------
                                            Name:    John M. Bebb
                                            Title:   Vice President

                                        NATIONAL CITY BANK,

                                          by
                                            /s/      Beth A. Newton
                                            -----------------------------------
                                            Name:    Beth A. Newton
                                            Title:   Vice President

                                        THE ROYAL BANK OF SCOTLAND PLC,

                                          by
                                            /s/      Jayne Seaford
                                            -----------------------------------
                                            Name:    Jayne Seaford
                                            Title:   Vice President

                                        CITIZENS BANK OF MASSACHUSETTS,

                                          by
                                            /s/      Marie C. Duprey
                                            -----------------------------------
                                            Name:    Marie C. Duprey
                                            Title:   Vice President

                                        THE BANK OF NOVA SCOTIA,

                                          by
                                            /s/      N. Bell
                                            -----------------------------------
                                            Name:    N. Bell
                                            Title:   Assistant Agent

<PAGE>   16

                                                                              16

                                        COMERICA BANK,

                                          by
                                            /s/      Lisa M. Kotula
                                            -----------------------------------
                                            Name:    Lisa M. Kotula
                                            Title:   Account Officer

                                        BANK AUSTRIA CREDITANSTALT
                                        CORPORATE FINANCE, INC.,

                                          by
                                            /s/      Sheila A Maher
                                            -----------------------------------
                                            Name:    Sheila A. Maher
                                            Title:   Vice President

                                          by
                                            /s/      Diane B. Vaccaro
                                            -----------------------------------
                                            Name:    Diane B. Vaccaro
                                            Title:   Vice President

                                        IKB DEUTSCHE INDUSTRIEBANK AG
                                        LUXEMBOURG BRANCH,

                                          by
                                            /s/      Dr. Frank Schaum
                                            -----------------------------------
                                            Name:    Dr. Frank Schaum
                                            Title:   Head of Structured Finance

                                          by
                                            /s/      Manfred Zlwey
                                            -----------------------------------
                                            Name:    Manfred Zlwey
                                            Title:   Director

                                        CHIAO TUNG BANK CO., LTD.
                                        NEW YORK AGENCY,

                                          by
                                            /s/      Shyn-Jiann Peng
                                            -----------------------------------
                                            Name:    Shyn-Jiann Peng
                                            Title:   SVP & GM

<PAGE>   17

                                                                              17

                                        BANK LEUMI USA,

                                          by
                                            /s/      Gloria Bucher
                                            -----------------------------------
                                            Name:    Gloria Bucher
                                            Title:   Senior Vice President
                                                     Managing Director

                                        SOUTHERN PACIFIC BANK,

                                          by
                                            /s/      Cheryl A. Wasilewski
                                            -----------------------------------
                                            Name:    Cheryl A. Wasilewski
                                            Title:   Senior Vice President

                                        BANCO ESPIRITO SANTO, S.A.,

                                          by
                                            /s/      Andrew M. Orsen
                                            -----------------------------------
                                            Name:    Andrew M. Orsen
                                            Title:   Vice President

                                           by
                                            /s/      Cristina N. Ferreira
                                            -----------------------------------
                                            Name:    Cristina N. Ferreira
                                            Title:   Vice President

                                        NATIONAL WESTMINSTER BANK PLC,
                                        By: NatWest Capital Markets Limited,
                                            its Agent,

                                        By: Greenwich Capital Markets, Inc.,
                                            its Agent,

                                          by
                                            /s/      Harry Paschalidis
                                            -----------------------------------
                                            Name:    Harry Paschalidis
                                            Title:   Assistant Vice President

                                        By: PPM America, Inc., as Attorney-in-
                                        fact, on behalf of Jackson National
                                        Life Insurance Company,

                                          by
                                            /s/      David C. Wagner
                                            ----------------------------------
                                            Name:    David C. Wagner
                                            Title:   Vice President

<PAGE>   18

                                                                              18

                                        CAPTIVA FINANCE LTD.,

                                          by
                                            /s/      David Dyer
                                            ------------------------------------
                                            Name:    David Dyer
                                            Title:   Director

                                        CAPTIVA II  FINANCE LTD.,

                                          by
                                            /s/      David Dyer
                                            ------------------------------------
                                            Name:    David Dyer
                                            Title:   Director

                                        CAPTIVA III FINANCE LTD. (ACCT.
                                        275), as advised by Pacific Investment
                                        Management Company LLC,

                                          by
                                            /s/     David Dyer
                                            ------------------------------------
                                            Name:   David Dyer
                                            Title:  Director

                                        CAPTIVA IV FINANCE LTD. (ACCT. 1275),

                                          by
                                            /s/      David Dyer
                                            ------------------------------------
                                            Name:    David Dyer
                                            Title:   Director

                                        CYPRESSTREE INVESTMENT
                                        PARTNERS I, LTD.,
                                        By: CypressTree Investment Management
                                        Company, Inc., as Portfolio Manager,

                                          by
                                            /s/      P. Jeffrey Huth
                                            ------------------------------------
                                            Name:    P. Jeffrey Huth
                                            Title:   Principal

<PAGE>   19

                                                                              19

                                        CYPRESSTREE INVESTMENT
                                        PARTNERS II, LTD.,
                                        By: CypressTree Investment Management
                                        Company, Inc., as Portfolio Manager,

                                          by
                                            /s/      P. Jeffrey Huth
                                            ------------------------------------
                                            Name:    P. Jeffrey Huth
                                            Title:   Principal

                                        CYPRESSTREE INVESTMENT FUND, LLC,
                                        By: CypressTree Investment Management
                                        Company, Inc., as Managing Member,

                                          by
                                            /s/      P. Jeffrey Huth
                                            ------------------------------------
                                            Name:    P. Jeffrey Huth
                                            Title:   Principal

                                        CYPRESSTREE INSTITUTIONAL FUND, LLC,
                                        By: CypressTree Investment Management
                                        Company, Inc., as Managing Member,

                                          by
                                            /s/      P. Jeffrey Huth
                                            ------------------------------------
                                            Name:    P. Jeffrey Huth
                                            Title:   Principal

                                        CYPRESSTREE SENIOR FLOATING
                                        RATE FUND,
                                        By: CypressTree Investment Management
                                        Company, Inc., as Portfolio Manager,

                                          by
                                            /s/      P. Jeffrey Huth
                                            ------------------------------------
                                            Name:    P. Jeffrey Huth
                                            Title:   Principal

<PAGE>   20

                                                                              20

                                        NORTH AMERICAN SENIOR
                                        FLOATING RATE FUND,
                                        By: CypressTree Investment Management
                                        Company, Inc., as Portfolio Manager,

                                          by
                                            /s/      P. Jeffrey Huth
                                            -----------------------------------
                                            Name:    P. Jeffrey Huth
                                            Title:   Principal

                                        SENIOR DEBT PORTFOLIO,
                                        By: Boston Management and Research as
                                        Investment Advisor,

                                          by
                                            /s/      Payson F. Swaffield
                                            -----------------------------------
                                            Name:    Payson F. Swaffield
                                            Title:   Vice President

                                        EATON VANCE SENIOR INCOME
                                        TRUST,
                                        By: Eaton Vance Management as Invest-
                                        ment Advisor,

                                          by
                                            /s/      Payson F. Swaffield
                                            -----------------------------------
                                            Name:    Payson F. Swaffield
                                            Title:   Vice President

                                        EATON VANCE INSTITUTIONAL
                                        SENIOR LOAN FUND,
                                        By: Eaton Vance Management as Invest-
                                        ment Advisor,

                                          by
                                            /s/      Payson F. Swaffield
                                            -----------------------------------
                                            Name:    Payson F. Swaffield
                                            Title:   Vice President

<PAGE>   21

                                                                              21

                                        OCTAGON INVESTMENT PARTNERS II, LLC,
                                        By: Octagon Credit Investors, LLC as
                                        Sub-Investment Manager,

                                          by
                                            /s/      Michael B. Nechamkin
                                            -----------------------------------
                                            Name:    Michael B. Nechamkin
                                            Title:   Portfolio Manager

                                        OCTAGON INVESTMENT PARTNERS
                                        III, LLC,
                                        By: Octagon Credit Investors, LLC as
                                        Portfolio Manager,

                                          by
                                            /s/      Michael B. Nechamkin
                                            -----------------------------------
                                            Name:    Michael B. Nechamkin
                                            Title:   Portfolio Manager

                                        PERSEUS CDO I,  LIMITED,
                                        By: David L. Babson & Company Inc. under
                                        delegated authority from Massachusetts
                                        Mutual Life Insurance Company as Port-
                                        folio Manager,

                                          by
                                            /s/      Mark A. Ahmed
                                            ------------------------------------
                                            Name:    Mark A. Ahmed
                                            Title:   Managing Director

                                        SIMSBURY CLO LIMITED,
                                        By: David L. Babson & Company Inc. under
                                        delegated authority from Massachusetts
                                        Mutual Life Insurance Company as Port-
                                        folio Manager,

                                          by
                                            /s/      Mark A. Ahmed
                                            ------------------------------------
                                            Name:    Mark A. Ahmed
                                            Title:   Managing Director

<PAGE>   22

                                                                              22

                                        SAAR HOLDINGS CDO LIMITED,
                                        By: David L. Babson & Company Inc. under
                                        delegated authority from Massachusetts
                                        Mutual Life Insurance Company as
                                        Portfolio Manager,

                                          by
                                            /s/      Mark A. Ahmed
                                            ------------------------------------
                                            Name:    Mark A. Ahmed
                                            Title:   Managing Director

                                        SOMERS CDO LIMITED,
                                        By: David L. Babson & Company Inc. under
                                        delegated authority from Massachusetts
                                        Mutual Life Insurance Company as
                                        Portfolio Manager,

                                          by
                                            /s/      Mark A. Ahmed
                                            ------------------------------------
                                            Name:    Mark A. Ahmed
                                            Title:   Managing Director

                                        AERIES FINANCE- II LTD.,
                                        By: INVESCO Senior Secured
                                        Management, Inc. as Sub-Managing Agent,

                                          by
                                            /s/      Gregory Stoeckle
                                            ------------------------------------
                                            Name:    Gregory Stoeckle
                                            Title:   Authorized Signatory

                                        CERES FINANCE LTD.,
                                        By: INVESCO Senior Secured
                                        Management, Inc. as Sub-Managing Agent,

                                          by
                                            /s/      Gregory Stoeckle
                                            ------------------------------------
                                            Name:    Gregory Stoeckle
                                            Title:   Authorized Signatory

<PAGE>   23

                                                                              23

                                        FLOATING RATE PORTFOLIO,
                                        By: INVESCO Senior Secured
                                        Management, Inc. as Attorney in fact,

                                          by
                                            /s/      Gregory Stoeckle
                                            ------------------------------------
                                            Name:    Gregory Stoeckle
                                            Title:   Authorized Signatory

                                        CHARTER VIEW PORTFOLIO,
                                        By: INVESCO Senior Secured
                                        Management, Inc. as Investment Advisor,

                                          by
                                            /s/      Gregory Stoeckle
                                            ------------------------------------
                                            Name:    Gregory Stoeckle
                                            Title:   Authorized Signatory

                                        STRATA FUNDING LTD.,
                                        By: INVESCO Senior Secured
                                        Management, Inc. as Sub-Managing Agent,

                                          by
                                            /s/      Gregory Stoeckle
                                            ------------------------------------
                                            Name:    Gregory Stoeckle
                                            Title:   Authorized Signatory

                                        TRITON CBO III, LIMITED,
                                        By: INVESCO Senior Secured
                                        Management, Inc. as Investment Advisor,

                                          by
                                            /s/      Gregory Stoeckle
                                            ------------------------------------
                                            Name:    Gregory Stoeckle
                                            Title:   Authorized Signatory

                                        AMARA 2 FINANCE, LTD.,
                                        By: INVESCO Senior Secured
                                        Management, Inc. as Sub-Advisor,

                                          by
                                            /s/      Gregory Stoeckle
                                            ------------------------------------
                                            Name:    Gregory Stoeckle
                                            Title:   Authorized Signatory

<PAGE>   24

                                                                              24

                                        AVALON CAPITAL LTD.,
                                        By: INVESCO Senior Secured
                                        Management, Inc. as Portfolio Advisor,

                                          by
                                            /s/      Gregory Stoeckle
                                            ------------------------------------
                                            Name:    Gregory Stoeckle
                                            Title:   Authorized Signatory

                                        AVALON CAPITAL LTD. 2,
                                        By: INVESCO Senior Secured
                                        Management, Inc. as Portfolio Advisor,

                                          by
                                            /s/      Gregory Stoeckle
                                            ------------------------------------
                                            Name:    Gregory Stoeckle
                                            Title:   Authorized Signatory

                                        GALAXY CLO 1999-1, LTD,
                                        By: SAI Investment Adviser, Inc. its
                                        Collateral Manager,

                                          by
                                            /s/      Kevin Buckle
                                            ------------------------------------
                                            Name:    Kevin Buckle
                                            Title:   Authorized Agent

                                        KZH CRESCENT LLC,

                                          by
                                            /s/      Susan Lee
                                            ------------------------------------
                                            Name:    Susan Lee
                                            Title:   Authorized Agent

                                        KZH CRESCENT-2 LLC,

                                          by
                                            /s/      Susan Lee
                                            ------------------------------------
                                            Name:    Susan Lee
                                            Title:   Authorized Agent

<PAGE>   25

                                                                              25

                                        KZH CRESCENT-3 LLC,
                                          by
                                            /s/      Susan Lee
                                            ------------------------------------
                                            Name:    Susan Lee
                                            Title:   Authorized Agent

                                        KZH CYPRESS TREE-1 LLC,

                                          by
                                            /s/      Susan Lee
                                            ------------------------------------
                                            Name:    Susan Lee
                                            Title:   Authorized Agent

                                        KZH ING-1 LLC,

                                          by
                                            /s/      Susan Lee
                                            ------------------------------------
                                            Name:    Susan Lee
                                            Title:   Authorized Agent

                                        KZH ING-2 LLC,

                                          by
                                            /s/      Susan Lee
                                            ------------------------------------
                                            Name:    Susan Lee
                                            Title:   Authorized Agent

                                        KZH ING-3 LLC,

                                          by
                                            /s/      Susan Lee
                                            ------------------------------------
                                            Name:    Susan Lee
                                            Title:   Authorized Agent

                                        KZH LANGDALE LLC,

                                          by
                                            /s/      Susan Lee
                                            ------------------------------------
                                            Name:    Susan Lee
                                            Title:   Authorized Agent

<PAGE>   26

                                                                              26

                                        KZH PONDVIEW LLC,

                                          by
                                            /s/      Susan Lee
                                            ------------------------------------
                                            Name:    Susan Lee
                                            Title:   Authorized Agent

                                        KZH SHOSHONE LLC,

                                          by
                                            /s/      Susan Lee
                                            ------------------------------------
                                            Name:    Susan Lee
                                            Title:   Authorized Agent

                                        KZH SOLEIL LLC,

                                          by
                                            /s/      Susan Lee
                                            ------------------------------------
                                            Name:    Susan Lee
                                            Title:   Authorized Agent

                                        KZH SOLEIL-2 LLC,

                                          by
                                            /s/      Susan Lee
                                            ------------------------------------
                                            Name:    Susan Lee
                                            Title:   Authorized Agent

                                        KZH WATERSIDE LLC,

                                          by
                                            /s/      Susan Lee
                                            ------------------------------------
                                            Name:    Susan Lee
                                            Title:   Authorized Agent

                                        FRANKLIN FLOATING RATE TRUST,

                                          by
                                            /s/      Chauncey Lufkin
                                            ------------------------------------
                                            Name:    Chauncey Lufkin
                                            Title:   Vice President

<PAGE>   27

                                                                              27

                                        FRANKLIN CLO I, LIMITED,

                                          by
                                            /s/      Chauncey Lufkin
                                            ------------------------------------
                                            Name:    Chauncey Lufkin
                                            Title:   Vice President

                                        VAN KAMPEN PRIME RATE INCOME TRUST,
                                        By: Van Kampen Investment Advisory
                                        Corp.,

                                          by
                                            /s/      Darvin D. Pierce
                                            ------------------------------------
                                            Name:    Darvin D. Pierce
                                            Title:   Principal

                                        ADDISON CDO, LIMITED (ACCT 1279),
                                        By: Pacific Investment Management
                                        Company LLC, as its Investment Advisor,

                                          by
                                            /s/      Mohan V. Phansalkar
                                            ------------------------------------
                                            Name:    Mohan V. Phansalkar
                                            Title:   Senior Vice President

                                        ATHENA CDO, LIMITED (ACCT 1277),
                                        By: Pacific Investment Management
                                        Company LLC, as its Investment Advisor,

                                          by
                                            /s/      Mohan V. Phansalkar
                                            ------------------------------------
                                            Name:    Mohan V. Phansalkar
                                            Title:   Senior Vice President

                                        BEDFORD CDO, LIMITED (ACCT 1276),
                                        By: Pacific Investment Management
                                        Company LLC, as its Investment Advisor,

                                          by
                                            /s/      Mohan V. Phansalkar
                                            ------------------------------------
                                            Name:    Mohan V. Phansalkar
                                            Title:   Senior Vice President

<PAGE>   28

                                                                              28

                                        DELANO COMPANY (ACCT 274),
                                        By: Pacific Investment Management
                                        Company LLC, as its Investment Advisor,

                                          by
                                            /s/      Mohan V. Phansalkar
                                            ------------------------------------
                                            Name:    Mohan V. Phansalkar
                                            Title:   Senior Vice President

                                        JISSEKIKUN FUNDING, LTD. (ACCT 1288),
                                        By: Pacific Investment Management
                                        Company LLC, as its Investment Advisor,

                                          by
                                            /s/      Mohan V. Phansalkar
                                            ------------------------------------
                                            Name:    Mohan V. Phansalkar
                                            Title:   Senior Vice President

                                        ROYALTON COMPANY (ACCT 280),
                                        By: Pacific Investment Management
                                        Company LLC, as its Investment Advisor,

                                          by
                                            /s/      Mohan V. Phansalkar
                                            ------------------------------------
                                            Name:    Mohan V. Phansalkar
                                            Title:   Senior Vice President

                                        TRIGON HEALTHCARE INC. (ACCT 674),
                                        By: Pacific Investment Management
                                        Company LLC, as its Investment Advisor,
                                        acting through The Bank of New York in t
                                        Nominee Name of Hare & Co.,

                                          by
                                            /s/      Mohan V. Phansalkar
                                            ------------------------------------
                                            Name:    Mohan V. Phansalkar
                                            Title:   Senior Vice President

<PAGE>   29

                                                                              29

                                        TRAVELERS CORPORATE LOAN FUND INC.,
                                        By: Travelers Asset Management
                                        International Company LLC,

                                          by
                                            /s/      William M. Gardner
                                            ------------------------------------
                                            Name:    William M. Gardner
                                            Title:   Assistant Investment Office

                                        NORTHWOODS CAPITAL, LIMITED,
                                        By: Angelo, Gordon & Co., L.P. as
                                        Collateral Manager,

                                          by
                                            /s/      John W. Fraser
                                            ------------------------------------
                                            Name:    John W. Fraser
                                            Title:   Managing Director

                                        NORTHWOODS CAPITAL II, LIMITED,
                                        By: Angelo, Gordon & Co., L.P. as
                                        Collateral Manager,

                                          by
                                            /s/      John W. Fraser
                                            ------------------------------------
                                            Name:    John W. Fraser
                                            Title:   Managing Director

                                        AG CAPITAL FUNDING PARTNERS, L.P.,
                                        By: Angelo, Gordon & Co., L.P. as
                                        Investment Advisor,

                                          by
                                            /s/      John W. Fraser
                                            ------------------------------------
                                            Name:    John W. Fraser
                                            Title:   Managing Director

                                        ARCHIMEDES FUNDING II, LTD.,
                                        By: ING Capital Advisors LLC, as
                                        Collateral Manager,

                                          by
                                            /s/      Steven Gorski
                                            ------------------------------------
                                            Name:    Steven Gorski
                                            Title:   Vice President &
                                                     Senior Credit Analyst

<PAGE>   30

                                                                              30

                                        ARCHIMEDES FUNDING III, LTD.,
                                        By: ING Capital Advisors LLC, as
                                        Collateral Manager,

                                          by
                                            /s/      Steven Gorski
                                            ------------------------------------
                                            Name:    Steven Gorski
                                            Title:   Vice President &
                                                     Senior Credit Analyst

                                        NEMEAN CLO, LTD.,
                                        By: ING Capital Advisors LLC, as
                                        Investment Manager,

                                          by
                                            /s/      Steven Gorski
                                            ------------------------------------
                                            Name:    Steven Gorski
                                            Title:   Vice President &
                                                     Senior Credit Analyst

                                        SEQUILS-ING I (HBDGM), LTD.,
                                        By: ING Capital Advisors LLC, as
                                        Collateral Manager,

                                          by
                                            /s/      Steven Gorski
                                            ------------------------------------
                                            Name:    Steven Gorski
                                            Title:   Vice President &
                                                     Senior Credit Analyst

                                        WINDSOR LOAN FUNDING, LIMITED,
                                        By: Stanfield Capital Partners LLC as it
                                        Investment Manager,

                                          by
                                            /s/      Gregory L. Smith
                                            ------------------------------------
                                            Name:    Gregory L. Smith
                                            Title:   Partner

<PAGE>   31

                                                                              31

                                        STANFIELD/RMF TRANSATLANTIC CDO LTD.,
                                        By: Stanfield Capital Partners LLC as it
                                        Collateral Manager,

                                          by
                                            /s/      Gregory L. Smith
                                            ------------------------------------
                                            Name:    Gregory L. Smith
                                            Title:   Partner

                                        STANFIELD CLO LTD.,
                                        By: Stanfield Capital Partners LLC as it
                                        Collateral Manager,

                                          by
                                            /s/      Gregory L. Smith
                                            ------------------------------------
                                            Name:    Gregory L. Smith
                                            Title:   Partner

                                        AMMC CDO I, LIMITED
                                        By: American Money Management Corp., as
                                        Collateral Manager,

                                          by
                                            /s/      David P. Meyer
                                            ------------------------------------
                                            Name:    David P. Meyer
                                            Title:   Vice President

                                        OPPENHEIMER SENIOR FLOATING
                                        RATE FUND,

                                           by
                                            /s/      David Mabry
                                            ------------------------------------
                                            Name:    David Mabry
                                            Title:   Vice President

                                        HARBOURVIEW CDO II, LIMITED,

                                           by
                                            /s/      Scott Farrar
                                            ------------------------------------
                                            Name:    Scott Farrar
                                            Title:   Vice President

<PAGE>   32

                                                                              32

                                        TYLER TRADING, INC.,

                                           by
                                            /s/      Johnny E. Graves
                                            ------------------------------------
                                            Name:    Johnny E. Graves
                                            Title:   President

                                        APEX (IDM) CDO I, LTD.,

                                           by
                                            /s/      Amos N. Beason
                                            ------------------------------------
                                            Name:    Amos N. Beason
                                            Title:   Director

                                        TRYON CLO LTD. 2000-1,

                                           by
                                            /s/      Amos N. Beason
                                            ------------------------------------
                                            Name:    Amos N. Beason
                                            Title:   Director

                                        THERMOPYLAE FUNDING CORP.,

                                           by
                                            /s/      Frank B. Bilotta
                                            ------------------------------------
                                            Name:    Frank B. Bilotta
                                            Title:   Vice President

                                        WINGED FOOT FUNDING TRUST,

                                          by
                                            /s/      Ann E. Morris
                                            ------------------------------------
                                            Name:    Ann E. Morris
                                            Title:   Authorized Agent

                                        OLYMPIC  FUNDING TRUST, SERIES 1999-1,

                                          by
                                            /s/      Ann E. Morris
                                            ------------------------------------
                                            Name:    Ann E. Morris
                                            Title:   Authorized Agent

<PAGE>   33

                                                                              33

                                        SRF TRADING, INC.,

                                          by
                                            /s/      Ann E. Morris
                                            ------------------------------------
                                            Name:    Ann E. Morris
                                            Title:   Assistant Vice President

                                        STEIN ROE FLOATING RATE LIMITED
                                        LIABILITY COMPANY,

                                          by
                                            /s/      Brian W. Good
                                            ------------------------------------
                                            Name:    Brian W. Good
                                            Title:   Senior Vice President
                                                     Stein Roe & Farnham
                                                     Incorporated, as Advisor to
                                                     Stein Roe Floating Rate
                                                     Limited Liability Company

                                        SEQUILS I, LTD,
                                        By: TCW Advisors, Inc. as its Collateral
                                        Manager,

                                          by
                                            /s/      Mark Gold
                                            ------------------------------------
                                            Name:    Mark Gold
                                            Title:   Managing Director

                                          by
                                            /s/      Jonathan Berg
                                            ------------------------------------
                                            Name:    Jonathan Berg
                                            Title:   Assistant Vice President

                                        SEQUILS IV, LTD,
                                        By: TCW Advisors, Inc. as its Collateral
                                        Manager,

                                          by
                                            /s/      Mark Gold
                                            ------------------------------------
                                            Name:    Mark Gold
                                            Title:   Managing Director

                                          by
                                            /s/      Jonathan Berg
                                            ------------------------------------
                                            Name:    Jonathan Berg
                                            Title:   Assistant Vice President

<PAGE>   34

                                                                              34

                                        CONTINENTAL ASSURANCE
                                        COMPANY SEPARATE ACCOUNT (E),
                                        By: TCW Asset Management Company as
                                        Attorney-in-Fact,

                                          by
                                            /s/      Mark Gold
                                            ------------------------------------
                                            Name:    Mark Gold
                                            Title:   Managing Director

                                          by
                                            /s/      Jonathan Berg
                                            ------------------------------------
                                            Name:    Jonathan Berg
                                            Title:   Assistant Vice President

                                        UNITED OF OMAHA LIFE INSURANCE
                                        COMPANY,
                                        By: TCW Asset Management Company, its
                                        Investment Advisor,

                                          by
                                            /s/      Mark Gold
                                            ------------------------------------
                                            Name:    Mark Gold
                                            Title:    Managing Director

                                          by
                                            /s/      Jonathan Berg
                                            ------------------------------------
                                            Name:    Jonathan Berg
                                            Title:   Assistant Vice President

                                        SEQUILS PILGRIM-1, LTD.,
                                        By: ING Pilgrim Investments, Inc. as its
                                        investment manager,

                                          by
                                            /s/      Robert L. Wilson
                                            ------------------------------------
                                            Name:    Robert L. Wilson
                                            Title:   Vice President

                                        PILGRIM AMERICA HIGH INCOME INVESTMENTS,
                                        By: ING Pilgrim Investments, Inc. as its
                                        investment manager,

                                          by
                                            /s/      Robert L. Wilson
                                            ------------------------------------
                                            Name:    Robert L. Wilson
                                            Title:   Vice President

<PAGE>   35

                                                                              35

                                        PILGRIM CLO 1991-1, LTD.,
                                        By: ING Pilgrim Investments, Inc. as its
                                        investment manager,

                                          by
                                            /s/      Robert L. Wilson
                                            ------------------------------------
                                            Name:    Robert L. Wilson
                                            Title:   Vice President

                                        PILGRIM PRIME RATE TRUST,
                                        By: ING Pilgrim Investments, Inc. as its
                                        investment manager,

                                          by
                                            /s/      Robert L. Wilson
                                            ------------------------------------
                                            Name:    Robert L. Wilson
                                            Title:   Vice President<PAGE>   1
                                                                   Exhibit 10.42

                            GENERAL CABLE CORPORATION
                             2000 STOCK OPTION PLAN
                             ----------------------

                        (EFFECTIVE AS OF OCTOBER 3, 2000)

1.     PURPOSE

       The General Cable Corporation 2000 Stock Option Plan (the "Plan") is
intended to provide incentives which will attract, retain and motivate highly
competent persons as non-employee directors and employees of General Cable
Corporation (the "Company") and any of its subsidiary corporations, limited
liability companies or other forms of business entities now existing or
hereafter formed or acquired ("Subsidiaries"), by providing them opportunities
to acquire shares of the common stock, par value $.01 per share, of the Company
("Common Stock"). Furthermore, the Plan is intended to assist in aligning the
interests of the Company's non-employee directors and employees with those of
its stockholders.

2.     ADMINISTRATION

       a. The Plan generally shall be administered by a committee (the
"Committee"), which shall be the Board of Directors of the Company (the
"Board"), or, once established, a committee or subcommittee of the Board of
Directors appointed by the Board from among its members. The Committee may be
the Board's Compensation Committee. Unless the Board determines otherwise, the
Committee shall be comprised solely of not less than two members who each shall
qualify as a (i) "Non-Employee Director" within the meaning of Rule 16b-3(b)(3)
(or any successor rule) under the Securities Exchange Act of 1934, as amended
(the "Exchange Act") and (ii) an "outside director" within the meaning of
Section 162(m) of the Internal Revenue Code of 1986, as amended (the "Code") and
the regulations thereunder.

       The Committee is authorized, subject to the provisions of the Plan, to
establish such rules and regulations as it deems necessary for the proper
administration of the Plan and to make such determinations and interpretations
and to take such action in connection with the Plan and any Stock Options (as
described in Section 6 below) granted as it deems necessary or advisable. All
determinations and interpretations made by the Committee shall be binding and
conclusive on all Participants (as defined in Section 3) and their legal
representatives. No member of the Board, no member of the Committee and no
employee of the Company shall be liable for any act or failure to act hereunder,
except in circumstances involving his or her bad faith, gross negligence or
willful misconduct, or for any act or failure to act hereunder by any other
member or employee or by any agent to whom duties in connection with the
administration of this Plan have been delegated. The Company shall indemnify
members of the Committee and any agent of the Committee who is an employee of
the Company, against any and all liabilities or expenses to which they may be
subjected by reason of any act or failure

<PAGE>   2

to act with respect to their duties on behalf of the Plan, except in
circumstances involving such person's bad faith, gross negligence or willful
misconduct.

       b. The Committee shall have authority to grant Stock Options to
non-employee directors and to the executive officers of the Company ("Executive
Officers"). The Chief Executive Officer shall have the authority to determine
and grant Stock Options to employees of the Company and its Subsidiaries who are
not Executive Officers and to take all necessary administrative actions required
to implement his actions under the Plan. With respect to Stock Options proposed
for groups of employees, the Chief Executive Officer shall make recommendations
to the Committee on the aggregate amount of Stock Options and the eligible
Participants and the Committee shall have the authority to change or modify the
aggregate amount of such Stock Options. Notwithstanding the foregoing, during
the three-year period commencing on the date the Plan is adopted, at least a
majority of the shares of Common Stock underlying Stock Options awarded under
the Plan must be awarded to employees who are not officers or directors of the
Company.

       c. The Committee may delegate to one or more of its members, or to one or
more agents, such administrative duties as it may deem advisable, and the
Committee, or any person to whom it has delegated duties as aforesaid, may
employ one or more persons to render advice with respect to any responsibility
the Committee or such person may have under the Plan. The Committee may employ
such legal or other counsel, consultants and agents as it may deem desirable for
the administration of the Plan and may rely upon any opinion or computation
received from any such counsel, consultant or agent. Expenses incurred by the
Committee in the engagement of such counsel, consultant or agent shall be paid
by the Company, or the Subsidiaries or affiliate whose employees have benefited
from the Plan, as determined by the Committee. The Chief Executive Officer in
administering the Plan may obtain and rely upon opinions or computations from
counsel, consultants or agents and the Company will pay all expenses incurred in
connection with such consultations, advice or computations.

3.     PARTICIPANTS

       For the purposes of the Plan, "Participants" shall mean the following
persons who are eligible to receive Stock Options under the Plan: (i) such
non-employee directors as the Committee in its sole discretion may designate
from time to time to receive Stock Options under the Plan, and (ii) certain
employees of the Company and its Subsidiaries who are "exempt employees" as
defined under the Fair Labor Standards Act of 1938 ("Exempt Employees") whom the
Committee may designate as Participants from time to time, provided that at all
times more than 50% of all Exempt Employees are designated as Participants.
Designation of a Participant to receive a Stock Option in any year shall not
require the Committee or the Chief Executive Officer as applicable to designate
such person to receive a Stock Option in any other year or, once designated, a
Stock Option with terms identical to those of a Stock Option as granted to the
Participant in any other year. The Committee or the Chief Executive

                                      -2-

<PAGE>   3

Officer as applicable shall consider such factors as they deem pertinent in
selecting Participants and in determining the type and amount of their
respective Stock Options.

4.     STOCK OPTION AGREEMENTS

       Stock Options shall be evidenced by agreements (which need not be
identical) in such forms as the Committee or the Chief Executive Officer may
from time to time approve; provided, however, that in the event of any conflict
between the provisions of the Plan and any such agreements, the provisions of
the Plan shall prevail.

5.     COMMON STOCK AVAILABLE UNDER THE PLAN

       a. Shares Available. The aggregate number of shares of Common Stock that
may be subject to Stock Options granted under this Plan shall be 1,000,000
shares of Common Stock, which may be authorized and unissued or treasury shares,
subject to any adjustments made in accordance with Section 7 below.

       b. Maximum Individual Limit. The maximum number of shares of Common Stock
with respect to which Stock Options may be granted to any individual Participant
under the Plan during the term of the Plan shall not exceed 250,000 shares
(subject to adjustments made in accordance with Section 7 below).

       c. Shares Underlying Stock Options That Again Become Available. Any
shares of Common Stock subject to a Stock Option, which for any reason are
cancelled, terminated without having been exercised, forfeited, settled in cash
or delivered to the Company as part or full payment for the exercise of a Stock
Option, shall again be available for Stock Options under the Plan. The preceding
sentence shall apply only for purposes of determining the aggregate number of
shares of Common Stock subject to Stock Options, but shall not apply for
purposes of determining the maximum number of shares of Common Stock subject to
Stock Options that any individual Participant may receive.

6.     STOCK OPTIONS

       a. In General. The Committee is authorized to grant Stock Options to
non-employee directors and key employees of the Company who are Executive
Officers and shall, in its sole discretion, determine such non-employee
directors and Executive Officers who will receive Stock Options and the number
of shares of Common Stock underlying each Stock Option. The Chief Executive
Officer is authorized to grant Stock Options to employees of the Company and any
of its Subsidiaries who are not Executive Officers and shall in his discretion
determine such persons and the number of shares of Common Stock underlying each
Stock Option. Notwithstanding the foregoing, during the three-year period
commencing on the date the Plan is adopted, at least a majority of the shares of
Common Stock underlying Stock Options awarded under the Plan must be awarded to
employees who are not officers or directors of the Company. Stock Options must
be Stock Options which do not qualify as incentive

                                      -3-
<PAGE>   4

stock options within the meaning of Section 422 of the Code. The Committee or
the Chief Executive Officer may grant to any Participant one or more Stock
Options. Each Stock Option shall be subject to such terms and conditions
consistent with the Plan as the Committee or the Chief Executive Officer may
impose from time to time. In addition, each Stock Option shall be subject to the
following limitations set forth in this Section 6.

       b. Exercise Price. Each Stock Option granted hereunder shall have such
per-share exercise price as the Committee may determine on the date of grant;
provided, however, that the per-share exercise price shall not be less than 100
percent of the Fair Market Value (as defined in Section 12 below) of the Common
Stock on the date the option is granted.

       c. Payment of Exercise Price. The Stock Option exercise price may be paid
in cash or, at the discretion of the Committee or the Chief Executive Officer,
by the delivery of shares of Common Stock then owned by the Participant for at
least six months, by the withholding of shares of Common Stock for which a Stock
Option is exercisable, or by a combination of these methods. At the discretion
of the Committee or the Chief Executive Officer, a payment may also be made by
delivering a properly executed exercise notice to the Company together with a
copy of irrevocable instructions to a broker to deliver promptly to the Company
the amount of sale or loan proceeds to pay the exercise price. To facilitate the
foregoing, the Company may enter into agreements for coordinated procedures with
one or more brokerage firms. The Committee or the Chief Executive Officer may
prescribe any other method of paying the exercise price that it determines to be
consistent with applicable law and the purpose of the Plan, including, without
limitation, in lieu of the exercise of a Stock Option by delivery of shares of
Common Stock then owned by a Participant for at least six months, providing the
Company with a notarized statement attesting to the number of shares owned,
where upon verification by the Company, the Company would issue to the
Participant only the number of incremental shares to which the Participant is
entitled upon exercise of the Stock Option. In determining which methods a
Participant may utilize to pay the exercise price, the Committee or the Chief
Executive Officer may consider such factors as they determine are appropriate.

       d. Exercise Period. Stock Options granted under the Plan shall be
exercisable at such time or times and subject to such terms and conditions as
shall be determined by the Committee or the Chief Executive Officer; provided,
however, that no Stock Option shall be exercisable later than ten years after
the date it is granted. All Stock Options shall terminate at such earlier times
and upon such conditions or circumstances as the Committee or the Chief
Executive Officer shall, in their discretion, set forth in such option agreement
on the date of grant.

7.     ADJUSTMENT PROVISIONS

       If there shall be any change in the Common Stock of the Company, through
merger, consolidation, reorganization, recapitalization, stock dividend, stock
split,

                                       -4-
<PAGE>   5

reverse stock split, split up, spinoff, combination of shares, exchange of
shares, dividend in kind or other like change in capital structure or
distribution (other than normal cash dividends) to stockholders of the Company,
an adjustment shall be made to each outstanding Stock Option such that each such
Stock Option shall thereafter be exercisable for such securities, cash and/or
other property as would have been received in respect of the Common Stock
subject to such Stock Option had such Stock Option been exercised in full
immediately prior to such change or distribution, and such an adjustment shall
be made successively each time any such change shall occur. In addition, in the
event of any such change or distribution, in order to prevent dilution or
enlargement of Participants' rights under the Plan, the Committee or the Chief
Executive Officer shall have the authority to adjust, in an equitable manner,
the number and kind of shares that may be issued under the Plan, the number and
kind of shares subject to outstanding Stock Options, the exercise price
applicable to outstanding Stock Options, and the Fair Market Value of the Common
Stock and other value determinations applicable to outstanding Stock Options.
Appropriate adjustments may also be made by the Committee or the Chief Executive
Officer in the terms of any Stock Options under the Plan to reflect such changes
or distributions and to modify any other terms of outstanding Stock Options on
an equitable basis.

8.     CHANGE IN CONTROL

       a. Accelerated Vesting. Notwithstanding any other provision of this Plan,
if there is a Change in Control of the Company (as defined in Section 8(b)
below), the Committee or the Chief Executive Officer, in their discretion, may
take such actions as they deem appropriate with respect to outstanding Stock
Options, including, without limitation, accelerating the exercisability, vesting
and/or payout of such Stock Options.

       b. Definition. For purposes of this Section 8, (i) if there is an
employment agreement or a change-in-control agreement between the Participant
and the Company or any of its Subsidiaries in effect, "Change in Control" shall
have the same definition as the definition of "change in control" contained in
such employment agreement or change-in-control agreement, or (ii) if "Change in
Control" is not defined in such employment agreement or change-in-control
agreement, or if there is no employment agreement or change-in-control agreement
between the Participant and the Company or any of its Subsidiaries in effect, a
"Change in Control" of the Company shall be deemed to have occurred upon any of
the following events:

              (1)    any person or other entity (other than any of the Company's
                     Subsidiaries or any employee benefit plan sponsored by the
                     Company or any of its Subsidiaries) including any person as
                     defined in Section 13(d)(3) of the Securities Exchange Act
                     of 1934, as amended (the "Exchange Act"), becomes the
                     beneficial owner, as defined in Rule 13d-3 under the
                     Exchange Act, directly or indirectly, of more than 35
                     percent of the total combined voting power of all classes
                     of capital stock of the Company normally

                                      -5-
<PAGE>   6

                     entitled to vote for the election of directors of the
                     Company (the "Voting Stock");

              (2)    the stockholders of the Company approve the sale of all or
                     substantially all of the property or assets of the Company
                     and such sale occurs;

              (3)    the Company's Common Stock shall cease to be publicly
                     traded (other than a suspension of trading that lasts for a
                     short period of time);

              (4)    the stockholders of the Company approve a consolidation or
                     merger of the Company with another corporation (other than
                     with any of the Company's Subsidiaries), the consummation
                     of which would result in the shareholders of the Company
                     immediately before the occurrence of the consolidation or
                     merger owning, in the aggregate, less than 60 percent of
                     the Voting Stock of the surviving entity, and such
                     consolidation or merger occurs; or

              (5)    a change in the Company's Board occurs with the result that
                     the members of the Board on the Effective Date (as defined
                     in Section 19(a) below) of the Plan (the "Incumbent
                     Directors") no longer constitute a majority of such Board,
                     provided that any person becoming a director (other than a
                     director whose initial assumption of office is in
                     connection with an actual or threatened election contest or
                     the settlement thereof, including but not limited to a
                     consent solicitation, relating to the election of directors
                     of the Company) whose election or nomination for election
                     was supported by two-thirds (2/3) of the then Incumbent
                     Directors shall be considered an Incumbent Director for
                     purposes hereof.

Notwithstanding anything contained in the Plan to the contrary, a Change in
Control of the Company shall not include an initial public offering of the
Company.

       c. Cashout. The Committee or the Chief Executive Officer, in their
discretion, may determine that, upon the occurrence of a Change in Control of
the Company, each Stock Option outstanding hereunder shall terminate within a
specified number of days after notice to the holder, and such holder shall
receive, with respect to each share of Common Stock subject to such Stock
Option, an amount equal to the excess of the Fair Market Value of such shares of
Common Stock immediately prior to the occurrence of such Change in Control over
the exercise price per share of such Stock Option; such amount to be payable in
cash, in one or more kinds of property (including the property, if any, payable
in the transaction) or in a combination thereof, as the Committee or the Chief
Executive Officer, in their discretion, shall determine.

9.     TERMINATION OF EMPLOYMENT

                                      -6-
<PAGE>   7

       a. Subject to any written agreement between the Participant and the
Company or any of its Subsidiaries, if a Participant's employment is terminated
due to death or disability:

              (1)    all unexercisable Stock Options held by the Participant on
                     the date of the Participant's death or the date of the
                     termination of his or her employment, as the case may be,
                     shall immediately become exercisable as of such date and
                     shall remain exercisable until the earlier of (i) the end
                     of the one-year period following the date of the
                     Participant's death or the date of the termination of his
                     or her employment, as the case may be, or (ii) the date the
                     Stock Option would otherwise expire; and

              (2)    all exercisable Stock Options held by the Participant on
                     the date of the Participant's death or the date of the
                     termination of his or her employment, as the case may be,
                     shall remain exercisable until the earlier of (i) the end
                     of the one-year period following the date of the
                     Participant's death or the date of the termination of his
                     or her employment, as the case may be, or (ii) the date the
                     Stock Option would otherwise expire.

       b. Subject to any written agreement between the Participant and the
Company or any of its Subsidiaries, if a Participant's employment is terminated
by the Company for Cause (as defined in Section 9(e) below), all exercisable and
all unexercisable Stock Options held by the Participant on the date of the
termination of his or her employment for Cause shall immediately be forfeited by
such Participant as of such date.

       c. Subject to any written agreement between the Participant and the
Company or any of its Subsidiaries, if a Participant's employment is terminated
for any reason other than for Cause or other than due to death or disability:

              (1)    all unexercisable Stock Options held by the Participant on
                     the date of the termination of his or her employment shall
                     immediately be forfeited by such Participant as of such
                     date; and

              (2)    all exercisable Stock Options held by the Participant on
                     the date of the termination of his or her employment shall
                     remain exercisable until the earlier of (i) the end of the
                     90-day period following the date of the termination of the
                     Participant's employment or (ii) the date the Stock Option
                     would otherwise expire.

       d. Notwithstanding anything contained in the Plan to the contrary, the
Committee or the Chief Executive Officer may, in their sole discretion, provide
that:

                                      -7-
<PAGE>   8

              (1)    any or all unexercisable Stock Options held by the
                     Participant on the date of the Participant's death and/or
                     the date of the termination of his or her employment shall
                     immediately become exercisable as of such date and shall
                     remain exercisable until a date that occurs on or prior to
                     the date the Stock Option is scheduled to expire; and/or

              (2)    any or all exercisable Stock Options held by the
                     Participant on the date of the Participant's death and/or
                     the date of the termination of his or her employment shall
                     remain exercisable until a date that occurs on or prior to
                     the date the Stock Option is scheduled to expire.

       e. For purposes of this Section 9, (i) if there is an employment
agreement between the Participant and the Company or any of its Subsidiaries in
effect, "Cause" shall have the same definition as the definition of "cause"
contained in such employment agreement; or (ii) if "Cause" is not defined in
such employment agreement or if there is no employment agreement between the
Participant and the Company or any of its Subsidiaries in effect, "Cause" shall
include, but is not limited to:

              (1)    any willful and continuous neglect of or refusal to perform
                     the employee's duties or responsibilities with respect to
                     the Company or any of its Subsidiaries, insubordination,
                     dishonesty, gross neglect or willful malfeasance by the
                     Participant in the performance of such duties and
                     responsibilities, or the willful taking of actions which
                     materially impair the Participant's ability to perform such
                     duties and responsibilities, or any serious violation of
                     the rules or regulations of the Company;

              (2)    the violation of any local, state or federal criminal
                     statute, including, without limitation, an act of
                     dishonesty such as embezzlement, theft or larceny;

              (3)    intentional provision of services in competition with the
                     Company or any of its Subsidiaries, or intentional
                     disclosure to a competitor of the Company or any of its
                     Subsidiaries of any confidential or proprietary information
                     of the Company or any of its Subsidiaries; or

              (4)    any similar conduct by the Participant with respect to
                     which the Company determines in its discretion that the
                     Participant has terminated employment under circumstances
                     such that the payment of any compensation attributable to
                     any Stock Option granted under the Plan would not be in the
                     best interest of the Company or any of its Subsidiaries.

                                      -8-
<PAGE>   9

10.    TRANSFERABILITY

       Each Stock Option granted under the Plan to a Participant which is
subject to restrictions on transferability and/or exercisability shall not be
transferable otherwise than by will or the laws of descent and distribution,
and/or shall be exercisable, during the Participant's lifetime, only by the
Participant. In the event of the death of a Participant, each Stock Option
theretofore granted to him or her shall be exercisable during such period after
his or her death as the Committee or the Chief Executive Officer shall, in their
discretion, set forth in such option on the date of grant and then only by the
executor or administrator of the estate of the deceased Participant or the
person or persons to whom the deceased Participant's rights under the Stock
Option shall pass by will or the laws of descent and distribution.
Notwithstanding the foregoing, at the discretion of the Committee or the Chief
Executive Officer, a Stock Option may permit the transferability of such Stock
Option by a Participant solely to members of the Participant's immediate family
or trusts or family partnerships for the benefit of such persons, subject to any
restriction included in the Stock Option agreement.

                                      -9-

<PAGE>   10

11.    OTHER PROVISIONS

       Stock Options granted under the Plan may also be subject to such other
provisions (whether or not applicable to the Stock Option granted to any other
Participant) as the Committee or the Chief Executive Officer determines on the
date of grant to be appropriate, including, without limitation, for the
installment purchase of Common Stock under Stock Options, to assist the
Participant in financing the acquisition of Common Stock, for the forfeiture of,
or restrictions on resale or other disposition of, Common Stock acquired under
any form of Stock Option, for the acceleration of exercisability or vesting of
Stock Options in the event of a change in control of the Company, for the
payment of the value of Stock Options to Participants in the event of a change
in control of the Company, or to comply with federal and state securities laws,
or understandings or conditions as to the Participant's employment in addition
to those specifically provided for under the Plan. In addition, except as
otherwise provided herein, a Participant may defer receipt or payment of any
Stock Option granted under this Plan, in accord with the terms any deferred
compensation plan or arrangement of the Company.

12.    FAIR MARKET VALUE

       For purposes of this Plan and any Stock Options granted hereunder, Fair
Market Value shall be (i) the closing price of the Common Stock on the date of
calculation (or on the last preceding trading date if Common Stock was not
traded on such date) if the Common Stock is readily tradeable on a national
securities exchange or other market system or (ii) if the Common Stock is not
readily tradeable, the amount determined in good faith by the Committee or the
Chief Executive Officer as the fair market value of the Common Stock.

13.    WITHHOLDING

       All payments or distributions of Stock Options made pursuant to the Plan
shall be net of any amounts required to be withheld pursuant to applicable
federal, state and local tax withholding requirements. If the Company proposes
or is required to distribute Common Stock pursuant to the Plan, it may require
the recipient to remit to it or to the corporation that employs such recipient
an amount sufficient to satisfy such tax withholding requirements prior to the
delivery of any certificates for such Common Stock. In lieu thereof, the Company
or the employing corporation shall have the right to withhold the amount of such
taxes from any other sums due or to become due from such corporation to the
recipient as the Committee or the Chief Executive Officer shall prescribe. The
Committee or the Chief Executive Officer may, in their discretion, and subject
to such rules as it may adopt (including any as may be required to satisfy
applicable tax and/or non-tax regulatory requirements), permit an optionee to
pay all or a portion of the federal, state and local withholding taxes arising
in connection with any Stock Option consisting of shares of Common Stock by
electing to have the Company withhold shares of Common Stock having a Fair
Market Value equal to the amount of tax to be withheld, such tax calculated at
rates required by statute or regulation.

                                      -10-
<PAGE>   11

14.    TENURE

       A Participant's right, if any, to continue to serve the Company as a
director, officer, employee, or otherwise, shall not be enlarged or otherwise
affected by his or her designation as a Participant under the Plan.

15.    UNFUNDED PLAN

       Participants shall have no right, title, or interest whatsoever in or to
any investments which the Company may make to aid it in meeting its obligations
under the Plan. Nothing contained in the Plan, and no action taken pursuant to
its provisions, shall create or be construed to create a trust of any kind, or a
fiduciary relationship between the Company and any Participant, beneficiary,
legal representative or any other person. To the extent that any person acquires
a right to receive payments from the Company under the Plan, such right shall be
no greater than the right of an unsecured general creditor of the Company. All
payments to be made hereunder shall be paid from the general funds of the
Company and no special or separate fund shall be established and no segregation
of assets shall be made to assure payment of such amounts except as expressly
set forth in the Plan. The Plan is not intended to be subject to the Employee
Retirement Income Security Act of 1974, as amended.

16.    NO FRACTIONAL SHARES

       No fractional shares of Common Stock shall be issued or delivered
pursuant to the Plan or any Stock Option. The Committee or the Chief Executive
Officer shall determine whether cash, or Stock Options, or other property shall
be issued or paid in lieu of fractional shares or whether such fractional shares
or any rights thereto shall be forfeited or otherwise eliminated.

17.    DURATION, AMENDMENT AND TERMINATION

       No Stock Option shall be granted more than ten years after the Effective
Date; provided, however, that the terms and conditions applicable to any Stock
Option granted prior to such date may thereafter be amended or modified by
mutual agreement between the Company and the Participant or such other persons
as may then have an interest therein. Also, by mutual agreement between the
Company and a Participant hereunder, under this Plan or under any other present
or future plan of the Company, Stock Options may be granted to such Participant
in substitution and exchange for, and in cancellation of, any Stock Options
previously granted such Participant under this Plan, or any other present or
future plan of the Company. The Board may amend the Plan from time to time or
suspend or terminate the Plan at any time. However, no action authorized by this
Section 17 shall reduce the amount of any existing Stock Option or change the
terms and conditions thereof without the Participant's consent. No amendment of
the Plan shall (i) increase the total number of shares which may be issued under
the Plan or the maximum number of shares with

                                      -11-
<PAGE>   12

respect to Stock Options that may be granted to any individual under the Plan or
(ii) modify the requirements as to eligibility for Stock Options under the Plan.

18.    GOVERNING LAW

       This Plan, Stock Options granted hereunder and actions taken in
connection herewith shall be governed and construed in accordance with the laws
of the Commonwealth of Kentucky (regardless of the law that might otherwise
govern under applicable Kentucky principles of conflict of laws).

19.    EFFECTIVE DATE

       a. The Plan shall be effective as of the date on which the Plan is
adopted by the Board (the "Effective Date").

       b. This Plan shall terminate on the 10th anniversary of the Effective
Date unless sooner terminated by the Board.

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