Document:

<PAGE>

                                  EXHIBIT 4.6

                      AMENDMENT NO. 1 TO RIGHTS AGREEMENT

     THIS AMENDMENT NO. 1 TO RIGHTS AGREEMENT (this "Amendment"), dated as of
November 15, 2001, is between Quanta Services, Inc., a Delaware corporation (the
"Company"), and American Stock Transfer & Trust Company, as rights agent (the
"Rights Agent").

     WHEREAS, the Company and the Rights Agent are parties to a Rights
Agreement, dated as of March 8, 2000 (the "Rights Agreement"); and

     WHEREAS, pursuant thereto and the provisions of the certificate of
incorporation of the Company, the Company distributed a Right (as defined in the
Rights Agreement) to each holder of common stock, limited vote common stock and
series A convertible preferred stock of the Company; and

     WHEREAS, the Company desires to amend the Rights Agreement pursuant to
Section 27 of the Rights Agreement as set forth below;

     NOW, THEREFORE, the Rights Agreement is hereby amended as follows:

     1.   Amendment of Section 1(g).

          Section 1 of the Rights Agreement is amended by deleting subsection
(g) thereof and replacing it with the following:

               (g) "Series B Preferred Stock Equivalents" shall have the meaning
     set forth in Section 11(a)(iii) hereof.

     2.   Amendment of Section 1(k).

          Section 1 of the Rights Agreement is amended by deleting subsection
(k) thereof and replacing it with the following:

               (k) "Exempt Person" shall mean (i) the Company or any Subsidiary
     (as such term is hereinafter defined) of the Company, in each case
     including, without limitation, in its fiduciary capacity, or any employee
     benefit plan of the Company or of any Subsidiary of the Company, or any
     entity or trustee holding Common Stock for or pursuant to the terms of any
     such plan or for the purpose of funding any such plan or funding other
     employee benefits for employees of the Company or of any Subsidiary of the
     Company, and (ii) the corporation known as of the date hereof as UtiliCorp
     United Inc. ("UtiliCorp") or any Affiliate or Associate of UtiliCorp,
     unless and until (1) UtiliCorp or such Affiliate or Associate shall be
     deemed to be the Beneficial Owner of more than 39.0% of the total number of
     shares of Common Stock outstanding (on an as converted
<PAGE>

     basis), assuming full conversion of all securities (provided, however, if
     UtiliCorp or such Affiliate or Associate shall be deemed to be the
     Beneficial Owner of more than 39.0% of such number of shares of Common
     Stock prior to the earlier of notice to UtiliCorp of or first public
     announcement of the November 2001 amendments to the Agreement, UtiliCorp or
     such Affiliate or Associate will continue to qualify as an Exempt Person
     unless and until UtiliCorp or such Affiliate or Associate shall, at any
     time after such earlier time, become the Beneficial Owner of any additional
     shares of Common Stock (other than pursuant to a dividend or distribution
     paid or made by the Company on the outstanding Common Stock or Series A
     Preferred Stock or pursuant to a split or subdivision of the outstanding
     Common Stock or Series A Preferred Stock), unless, upon becoming the
     Beneficial Owner of such additional shares of Common Stock, UtiliCorp or
     such Affiliate or Associate is not then the Beneficial Owner of 39.0% of
     the total number of shares of Common Stock outstanding (on an as converted
     basis), assuming full conversion of all securities), (2) UtiliCorp or such
     Affiliate or Associate makes a public announcement of the intent to
     commence a tender or exchange offer which would result in UtiliCorp, or any
     Affiliate or Associate of UtiliCorp, becoming the Beneficial Owner of more
     than 49.9% of the total number of shares of Common Stock outstanding (on an
     as converted basis), assuming full conversion of all securities and full
     exercise of all outstanding rights, options and warrants to acquire the
     Common Stock, or (3) there is a UtiliCorp Change of Control.

     3.   Amendment of Section 1(ee).

          Section 1 of the Rights Agreement is amended by deleting subsection
(ee) thereof and replacing it with the following:

          (ee) Intentionally Omitted.

     4.   Amendment of Section 1.

          Section 1 of the Rights Agreement is amended by adding two new
subsections, subsection (ii) and subsection (jj), at the end thereof which shall
read in their entirety as follows:

               (ii) "Acquiring Person Rights" shall have the meaning set forth
     in Section 11(a)(ii) hereof.

               (jj) "Series C Preferred Stock" shall mean the Series C Junior
     Convertible Preferred Stock, par value $0.00001 per share, of the Company
     having the rights and preferences set forth in the Form of Certificate of
     Designation attached to this Agreement as Exhibit D.

                                       2
<PAGE>

     5.   Amendment of Section 3(a).

          Section 3(a) of the Rights Agreement is amended by deleting the second
sentence thereof and replacing it with the following:

     As soon as practicable after the Distribution Date, the Company will
     prepare and execute, the Rights Agent will countersign and the Company will
     send or cause to be sent (and the Rights Agent will, if requested, send) by
     first-class, insured, postage-prepaid mail, to each record holder of Common
     Stock and Series A Preferred Stock as of the Close of Business on the
     Distribution Date, at the address of such holder shown on the records of
     the Company, a Right Certificate, in substantially the form of Exhibit B
     hereto (a "Right Certificate"), evidencing one Right (subject to adjustment
     as provided herein) for each share of Common Stock or Series A Preferred
     Stock (on an as converted basis) so held.

     6.   Amendment of Section 3(c).

          Section 3(c) of the Rights Agreement is amended by deleting the final
sentence of the stock certificate legend provided for therein.

     7.   Amendment of Section 7(c).

          Section 7(c) of the Rights Agreement is amended by adding the
following at the end thereof:

     Notwithstanding the foregoing, upon the due tender of a Right Certificate
     representing Acquiring Person Rights upon or after a Flip-In Event, the
     Company shall cause the delivery of certificates representing shares of
     Series C Preferred Stock, rather than shares of Series B Preferred Stock,
     to, or upon the order of, the holder of the Rights pursuant to the terms
     hereof.

     8.   Amendment of Section 11(a)(ii).

          Section 11(a) of the Rights Agreement is amended by deleting
subsection (ii) thereof and replacing it with the following:

               (ii) Subject to Section 24 of this Agreement, in the event any
     Person becomes an Acquiring Person (the first occurrence of such event
     being referred to hereinafter as the "Flip-In Event"), then (A) the
     Purchase Price shall be adjusted to be the Purchase Price in effect
     immediately prior to the Flip-In Event multiplied by the number of one one-
     thousandths of a share of Series B Preferred Stock for which a Right was
     exercisable immediately prior to such Flip-In Event, whether or not such
     Right was then exercisable, and (B) each holder of a Right, except as
     otherwise provided in this Section 11(a)(ii) and Section 11(a)(iii) hereof,
     shall thereafter have the right to receive, upon exercise thereof at a
     price equal to the Purchase Price (as so adjusted), in accordance with the
     terms of this Agreement,  such number of shares of Series B Preferred Stock

                                       3
<PAGE>

     as shall equal the result obtained by dividing the Purchase Price (as so
     adjusted) by 50% of the current per share market price of the Common Stock
     (determined pursuant to Section 11(d) hereof) on the date of such Flip-In
     Event; provided, however, that the Purchase Price (as so adjusted) and the
     number of shares of Series B Preferred Stock so receivable upon exercise of
     a Right shall, following the Flip-In Event, be subject to further
     adjustment as appropriate in accordance with Section 11(f) hereof.
     Notwithstanding anything in this Agreement to the contrary, however, from
     and after the Flip-In Event, any Rights ("Acquiring Person Rights") that
     are beneficially owned by (x) any Acquiring Person (or any Affiliate or
     Associate of any Acquiring Person), (y) a transferee of any Acquiring
     Person (or any such Affiliate or Associate) who becomes a transferee after
     the Flip-In Event or (z) a transferee of any Acquiring Person (or any such
     Affiliate or Associate) who became a transferee prior to or concurrently
     with the Flip-In Event pursuant to either (I) a transfer from the Acquiring
     Person to holders of its equity securities or to any Person with whom it
     has any continuing agreement, arrangement or understanding regarding the
     transferred Rights or (II) a transfer which the Board of Directors has
     determined is part of a plan, arrangement or understanding which has the
     purpose or effect of avoiding the provisions of this paragraph, and
     subsequent transferees of such Persons, shall not be exercisable for Series
     B Preferred Stock pursuant to the immediately preceding sentence, but
     rather shall entitle the holder thereof to receive, upon exercise thereof
     at a price equal to the Purchase Price (as adjusted pursuant to clause (A)
     of the first sentence of this subparagraph (ii)), in accordance with the
     terms of this Agreement, such number of one one-thousandths of a share of
     Series C Preferred Stock as shall equal the number of one one-thousandths
     of a share of Series B Preferred Stock the holder thereof would otherwise
     receive upon exercise of such Rights pursuant to the immediately preceding
     sentence; provided, however, that the Purchase Price (as so adjusted) and
     the number of shares of Series C Preferred Stock so receivable upon
     exercise of an Acquiring Person Right shall, following the Flip-In Event,
     be subject to further adjustment as appropriate in accordance with Section
     11(f) hereof.  The Company shall use all reasonable efforts to ensure that
     the provisions of this Section 11(a)(ii) are complied with, but shall have
     no liability to any holder of Right Certificates or other Person as a
     result of its failure to make any determinations with respect to an
     Acquiring Person or its Affiliates, Associates or transferees hereunder.
     From and after the occurrence of an event specified in Section 13(a)
     hereof, any Rights that theretofore have not been exercised pursuant to the
     first sentence of this Section 11(a)(ii) shall thereafter be exercisable
     only in accordance with Section 13 and not pursuant to the first sentence
     of this Section 11(a)(ii).

     9.   Amendment of Section 11(a)(iii).

          Section 11(a) of the Rights Agreement is amended by deleting
subsection (iii) thereof and replacing it with the following:

               (iii)  In the event that there shall not be sufficient shares of
     Series B Preferred Stock issued but not outstanding or authorized but
     unissued to permit the exercise in full of the Rights in accordance with
     the first sentence of the foregoing subparagraph (ii), the Board of
     Directors shall, with respect to such deficiency, to the extent permitted
     by applicable law and any material agreements then in effect to which the
     Company is a party (A) determine the excess (such

                                       4
<PAGE>

     excess, the "Spread") of (1) the value of the shares of Series B Preferred
     Stock issuable upon the exercise of a Right in accordance with the first
     sentence of the foregoing subparagraph (ii) (the "Current Value") over (2)
     the Purchase Price (as adjusted in accordance with the first sentence of
     the foregoing subparagraph (ii)), and (B) with respect to each Right (other
     than Acquiring Person Rights), make adequate provision to substitute for
     the shares of Series B Preferred Stock issuable in accordance with the
     first sentence of the foregoing subparagraph (ii) upon exercise of the
     Right and payment of the Purchase Price (as adjusted in accordance
     therewith), (1) cash, (2) a reduction in such Purchase Price, (3) other
     equity securities of the Company (including, without limitation, shares or
     fractions of shares of preferred stock which, by virtue of having dividend,
     voting and liquidation rights substantially comparable to those of the
     shares of Series B Preferred Stock, are deemed in good faith by the Board
     of Directors to have substantially the same value as the shares of Series B
     Preferred Stock (such shares or fractions of shares of stock are
     hereinafter referred to as "Series B Preferred Stock Equivalents")), (4)
     debt securities of the Company, (5) other assets, or (6) any combination of
     the foregoing, having a value which, when added to the value of the shares
     of Series B Preferred Stock issued upon exercise of such Right, shall have
     an aggregate value equal to the Current Value (less the amount of any
     reduction in such Purchase Price), where such aggregate value has been
     determined by the Board of Directors upon the advice of a nationally
     recognized investment banking firm selected in good faith by the Board of
     Directors; provided, however, that if the Company shall not make adequate
     provision to deliver value pursuant to clause (B) above within thirty (30)
     days following the Flip-In Event (the date of the Flip-In Event being the
     "Section 11(a)(ii) Trigger Date"), then the Company shall be obligated to
     deliver, to the extent permitted by applicable law and any material
     agreements then in effect to which the Company is a party, upon the
     surrender for exercise of such a Right and without requiring payment of
     such Purchase Price, shares of Series B Preferred Stock (to the extent
     available), and then, if necessary, cash, which shares and/or cash have an
     aggregate value equal to the Spread. To the extent that the Company
     determines that some action need be taken pursuant to the first sentence of
     this Section 11(a)(iii), the Company shall provide, subject to Section
     11(a)(ii) hereof and the last sentence of this Section 11(a)(iii) hereof,
     that such action shall apply uniformly to all outstanding Rights (other
     than Acquiring Person Rights). For purposes of this Section 11(a)(iii), the
     value of the shares of Common Stock and the shares of Series B Preferred
     Stock shall be the current per share market price (as determined pursuant
     to Section 11(d)(i) and (ii), respectively) on the Section 11(a)(ii)
     Trigger Date and the per share or fractional value of any "Series B
     Preferred Stock Equivalent" shall be deemed to equal the current per share
     market price of the Common Stock. The Board of Directors of the Company
     may, but shall not be required to, establish procedures to allocate the
     right to receive shares of Series B Preferred Stock upon the exercise of
     the Rights (other than Acquiring Person Rights) among holders of such
     Rights pursuant to this Section 11(a)(iii).

                                       5
<PAGE>

     10.  Amendment of Section 13(a).

          Section 13 of the Rights Agreement is amended by deleting subsection
(a) thereof and replacing it with the following:

               (a) In the event, directly or indirectly, at any time after the
     Flip-In Event (i) the Company shall consolidate with or shall merge into
     any other Person, (ii) any Person shall merge with and into the Company and
     the Company shall be the continuing or surviving corporation of such merger
     and, in connection with such merger, all or part of the Common Stock,
     Series A Preferred Stock or both shall be changed into or exchanged for
     stock or other securities of any other Person (or of the Company) or cash
     or any other property, or (iii) the Company shall sell or otherwise
     transfer (or one or more of its Subsidiaries shall sell or otherwise
     transfer), in one or more transactions, assets or earning power aggregating
     50% or more of the assets or earning power of the Company and its
     Subsidiaries (taken as a whole) to any other Person (other than the Company
     or one or more wholly-owned Subsidiaries of the Company), then upon the
     first occurrence of such event, proper provision shall be made so that: (A)
     each holder of a Right (other than Acquiring Person Rights) shall
     thereafter have the right to receive, upon the exercise thereof at the
     Purchase Price (as theretofore adjusted in accordance with the first
     sentence of Section 11(a)(ii) hereof), in accordance with the terms of this
     Agreement and in lieu of shares of Series B Preferred Stock, such number of
     validly authorized and issued, fully paid, non-assessable and freely
     tradeable shares of Common Stock of the Principal Party (as such term is
     hereinafter defined), not subject to any liens, encumbrances, rights of
     first refusal or other adverse claims, as shall equal the result obtained
     by dividing the Purchase Price (as theretofore adjusted in accordance with
     the first sentence of Section 11(a)(ii) hereof) by 50% of the current per
     share market price of the Common Stock of such Principal Party (determined
     pursuant to Section 11(d) hereof) on the date of consummation of such
     consolidation, merger, sale or transfer; provided, however, that the
     Purchase Price (as theretofore adjusted in accordance with the first
     sentence of Section 11(a)(ii) hereof) and the number of shares of Common
     Stock of such Principal Party so receivable upon exercise of such a Right
     shall be subject to further adjustment as appropriate in accordance with
     Section 11(f) hereof to reflect any events occurring in respect of the
     Common Stock of such Principal Party after the occurrence of such
     consolidation, merger, sale or transfer; (B) such Principal Party shall
     thereafter be liable for, and shall assume, by virtue of such
     consolidation, merger, sale or transfer, all the relevant obligations and
     duties of the Company pursuant to this Agreement; (C) the term "Company"
     shall thereafter be deemed to refer to such Principal Party; and (D) such
     Principal Party shall take such steps (including, but not limited to, the
     reservation of a sufficient number of its shares of Common Stock in
     accordance with Section 9 hereof) in connection with such consummation of
     any such transaction as may be necessary to assure that the provisions
     hereof shall thereafter be applicable, as nearly as reasonably may be, in
     relation to the shares of its Common Stock thereafter deliverable upon the
     exercise of the Rights (other than Acquiring Person Rights); provided that,
     upon the subsequent occurrence of any consolidation, merger, sale

                                       6
<PAGE>

     or transfer of assets or other extraordinary transaction in respect of such
     Principal Party, each holder of such a Right shall thereupon be entitled to
     receive, upon exercise of such a Right and payment of the Purchase Price as
     provided in this Section 13(a), such cash, shares, rights, warrants and
     other property which such holder would have been entitled to receive had
     such holder, at the time of such transaction, owned the Common Stock of the
     Principal Party receivable upon the exercise of a Right pursuant to this
     Section 13(a), and such Principal Party shall take such steps (including,
     but not limited to, reservation of shares of stock) as may be necessary to
     permit the subsequent exercise of the Rights in accordance with the terms
     hereof for such cash, shares, rights, warrants and other property.

     11.  Amendment of Section 13(c).

          Section 13 of the Rights Agreement is amended by deleting subsection
(c) thereof and replacing it with the following:

               (c) The Company shall not consummate any consolidation, merger,
     sale or transfer referred to in Section 13(a) hereof unless prior thereto
     the Company and the Principal Party involved therein shall have executed
     and delivered to the Rights Agent an agreement confirming that the
     requirements of Sections 13(a) and (b) hereof shall promptly be performed
     in accordance with their terms and that such consolidation, merger, sale or
     transfer of assets shall not result in a default by the Principal Party
     under this Agreement as the same shall have been assumed by the Principal
     Party pursuant to Sections 13(a) and (b) hereof and providing that, as soon
     as practicable after executing such agreement pursuant to this Section 13,
     the Principal Party will:

                    (i) prepare and file a registration statement under the
          Securities Act, if necessary, with respect to the Rights  (other than
          Acquiring Person Rights) and the securities purchasable upon exercise
          of the Rights  (other than Acquiring Person Rights) on an appropriate
          form, use its best efforts to cause such registration statement to
          become effective as soon as practicable after such filing and use its
          best efforts to cause such registration statement to remain effective
          (with a prospectus at all times meeting the requirements of the
          Securities Act) until the Expiration Date and similarly comply with
          applicable state securities laws;

                    (ii) use its best efforts, if the Common Stock of the
          Principal Party shall be listed or admitted to trading on the New York
          Stock Exchange or on another national securities exchange, to list or
          admit to trading (or continue the listing of) the Rights  (other than
          Acquiring Person Rights) and the securities purchasable upon exercise
          of the Rights  (other than Acquiring Person Rights) on the New York
          Stock Exchange or such securities exchange, or, if the Common Stock of
          the Principal Party shall not be listed or admitted to trading on the
          New York Stock Exchange or a national securities exchange, to cause
          the Rights (other than Acquiring Person Rights) and the securities
          receivable upon exercise of the Rights  (other

                                       7
<PAGE>

          than Acquiring Person Rights) to be authorized for quotation on NASDAQ
          or on such other system then in use;

                    (iii)  deliver to holders of the Rights  (other than
          Acquiring Person Rights) historical financial statements for the
          Principal Party which comply in all respects with the requirements for
          registration on Form 10 (or any successor form) under the Exchange
          Act; and

                    (iv) obtain waivers of any rights of first refusal or
          preemptive rights in respect of the Common Stock of the Principal
          Party subject to purchase upon exercise of outstanding Rights (other
          than Acquiring Person Rights).

     12.  Amendment of Section 13(d).

          Section 13 of the Rights Agreement is amended by deleting subsection
(d) thereof and replacing it with the following:

               (d) In case the Principal Party has provision in any of its
     authorized securities or in its certificate of incorporation or by-laws or
     other instrument governing its affairs, which provision would have the
     effect of (i) causing such Principal Party to issue (other than to holders
     of Rights (excluding Acquiring Person Rights) pursuant to this Section 13),
     in connection with, or as a consequence of, the consummation of a
     transaction referred to in this Section 13, shares of Common Stock or
     functional equivalents thereto of such Principal Party at less than the
     then current market price per share thereof (determined pursuant to Section
     11(d) hereof) or securities exercisable for, or convertible into, Common
     Stock or  functional equivalents thereto of such Principal Party at less
     than such then current market price, or (ii) providing for any special
     payment, tax or similar provision in connection with the issuance of the
     Common Stock of such Principal Party pursuant to the provisions of Section
     13, then, in such event, the Company hereby agrees with each holder of
     Rights that it shall not consummate any such transaction unless prior
     thereto the Company and such Principal Party shall have executed and
     delivered to the Rights Agent a supplemental agreement providing that the
     provision in question of such Principal Party shall have been canceled,
     waived or amended, or that the authorized securities shall be redeemed, so
     that the applicable provision will have no effect in connection with, or as
     a consequence of, the consummation of the proposed transaction.

                                       8
<PAGE>

     13.  Amendment of Section 14.

          Section 14 of the Rights Agreement is amended by adding a new
subsection, subsection (e), at the end thereof which shall read in its entirety
as follows:

               (e) The Company shall not be required to issue fractions of
     Series C Preferred Stock (other than fractions which are integral multiples
     of one one-thousandth of a share of Series C Preferred Stock) or to
     distribute certificates which evidence fractional shares of Series C
     Preferred Stock (other than fractions which are integral multiples of one
     one-thousandth of a share of Series C Preferred Stock) upon the exercise of
     Rights.  Interests in fractions of Series C Preferred Stock in integral
     multiples of one one-thousandth of a share of Series C Preferred Stock may,
     at the election of the Company, be evidenced by depositary receipts,
     pursuant to an appropriate agreement between the Company and a depositary
     selected by it; provided, that such agreement shall provide that the
     holders of such depositary receipts shall have all the rights, privileges
     and preferences to which they are entitled as beneficial owners of the
     Series C Preferred Stock represented by such depositary receipts.

     14.  Amendment of Section 20(e).

          Section 20 of the Rights Agreement is amended by deleting subsection
(e) thereof and replacing it with the following:

               (e) The Rights Agent shall not be under any responsibility in
     respect of the validity of this Agreement or the execution and delivery
     hereof (except the due execution hereof by the Rights Agent) or in respect
     of the validity or execution of any Right Certificate (except its
     countersignature thereof); nor shall it be responsible for any breach by
     the Company of any covenant or condition contained in this Agreement or in
     any Right Certificate; nor shall it be responsible for any change in the
     exercisability of the Rights or any change or adjustment in the terms of
     the Rights provided for in Sections 3, 11, 13, 23 and 24, or the
     ascertaining of the existence of facts that would require any such change
     or adjustment (except with respect to the exercise of Rights evidenced by
     Right Certificates after receipt of a certificate furnished pursuant to
     Section 12, describing such change or adjustment); nor shall it by any act
     hereunder be deemed to make any representation or warranty as to the
     authorization or reservation of any shares of Series B Preferred Stock or
     other securities to be issued pursuant to this Agreement or any Right
     Certificate or as to whether any shares of Series B Preferred Stock or
     other securities will, when issued, be validly authorized and issued, fully
     paid and nonassessable.

                                       9
<PAGE>

     15.  Amendment of Section 20(j).

          Section 20 of the Rights Agreement is amended by deleting subsection
(j) thereof and replacing it with the following:

               (j) If, with respect to any Rights Certificate surrendered to the
     Rights Agent for exercise or transfer, the certificate contained in the
     form of assignment or the form of election to purchase set forth on the
     reverse thereof, as the case may be, has not been completed to certify
     whether or not the holder is an Acquiring Person (or an Affiliate or
     Associate thereof) or a transferee thereof, the Rights Agent shall not take
     any further action with respect to such requested exercise or transfer
     without first consulting with the Company.

     16.  Amendment of Section 24(a).

          Section 24 of the Rights Agreement is amended by deleting subsection
(a) thereof and replacing it with the following:

               (a) The Board of Directors of the Company may, at its option, at
     any time after the Flip-In Event, exchange all or part of the then
     outstanding and exercisable Rights (other than Acquiring Person Rights) for
     Series B Preferred Stock at an exchange ratio of one one-thousandth of a
     share of Series B Preferred Stock per Right (such amount per Right being
     hereinafter referred to as the "Exchange Ratio").  Notwithstanding the
     foregoing, the Board of Directors shall not be empowered to effect such
     exchange at any time after an Acquiring Person shall have become the
     Beneficial Owner of shares of Common Stock aggregating 50% or more of the
     shares of Common Stock then outstanding.  From and after the occurrence of
     an event specified in Section 13(a) hereof, any Rights that theretofore
     have not been exchanged pursuant to this Section 24(a) shall thereafter be
     exercisable only in accordance with Section 13 and may not be exchanged
     pursuant to this Section 24(a).  The exchange of the Rights by the Board of
     Directors may be made effective at such time, on such basis and with such
     conditions as the Board of Directors in its sole discretion may establish.

     17.  Amendment of Section 24(b).

          Section 24 of the Rights Agreement is amended by deleting subsection
(b) thereof and replacing it with the following:

               (b) Immediately upon the effectiveness of the action of the Board
     of Directors of the Company ordering the exchange of any Rights pursuant to
     paragraph (a) of this Section 24 and without any further action and without
     any notice, the right to exercise such Rights shall terminate and the only
     right thereafter of a holder of such Rights shall be to receive that number
     of shares of Series B Preferred Stock equal to the number

                                       10
<PAGE>

     of such Rights held by such holder multiplied by the Exchange Ratio. The
     Company shall promptly give public notice of any such exchange; provided,
     however, that the failure to give, or any defect in, such notice shall not
     affect the validity of such exchange. The Company shall promptly mail a
     notice of any such exchange to all of the holders of the Rights so
     exchanged at their last addresses as they appear upon the registry books of
     the Rights Agent. Any notice which is mailed in the manner herein provided
     shall be deemed given, whether or not the holder receives the notice. Each
     such notice of exchange will state the method by which the exchange of the
     shares of Series B Preferred Stock for Rights will be effected and, in the
     event of any partial exchange, the number of Rights which will be
     exchanged. Any partial exchange shall be effected pro rata based on the
     number of Rights (other than Acquiring Person Rights) held by each holder
     of Rights.

     18.  Amendment of Section 24(c).

          Section 24 of the Rights Agreement is amended by deleting subsection
(c) thereof and replacing it with the following:

               (c) The Company may at its option substitute, and, in the event
     that there shall not be sufficient shares of Series B Preferred Stock
     issued but not outstanding or authorized but unissued to permit an exchange
     of Rights for Series B Preferred Stock as contemplated in accordance with
     this Section 24, the Company shall substitute to the extent of such
     insufficiency, for each share of Series B Preferred Stock or fraction
     thereof that would otherwise be issuable upon exchange of a Right, a number
     of equivalent preferred shares (as such term is defined in Section 11(b))
     such that the current per share market price (determined pursuant to
     Section 11(d) hereof) of one equivalent preferred share multiplied by such
     number or fraction is equal to the current per share market price of one
     share of Series B Preferred Stock (determined pursuant to Section 11(d)
     hereof) as of the date of such exchange.

     19.  Amendment of Section 30.

          Section 30 of the Rights Agreement is amended by deleting subsection
(a) thereof and replacing it with the following:

               (a) The Board of Directors of the Company shall have the
     exclusive power and authority to administer this Agreement and to exercise
     the rights and powers specifically granted to the Board of Directors of the
     Company or to the Company, or as may be necessary or advisable in the
     administration of this Agreement, including, without limitation, the right
     and power to (i) interpret the provisions of this Agreement, and (ii) make
     all determinations deemed necessary or advisable for the administration of
     this Agreement (including, without limitation, a determination whether: to
     exchange the outstanding Rights for Series B Preferred Stock pursuant to
     Section 24; to redeem or not redeem the Rights; or to amend or not to amend
     this Agreement).  All such actions,

                                       11
<PAGE>

     calculations, interpretations and determinations that are done or made by
     the Board of Directors of the Company in good faith, shall be final,
     conclusive and binding on the Company, the Rights Agent, the holders of the
     Rights, as such, and all other parties.

     20.  Amendment to Exhibits.

          The Exhibits to the Rights Agreement are amended by (i) deleting
Exhibit B thereto and replacing it with the new form of Exhibit B which is
attached hereto and (ii) adding thereto a new Exhibit, Exhibit D, as the final
Exhibit which shall read in its entirety as attached hereto.

     21.  Effectiveness.

     This Amendment shall be deemed effective as of the date hereof as if
executed by both parties hereto on such date.  Except as amended hereby, the
Rights Agreement shall remain in full force and effect and shall be otherwise
unaffected hereby.

     22.  Miscellaneous.

     This Amendment shall be deemed to be a contract made under the laws of the
State of Delaware and for all purposes shall be governed by and construed in
accordance with the laws of such state applicable to contracts to be made and
performed entirely within such state.  This Amendment may be executed in any
number of counterparts, each of such counterparts shall for all purposes be
deemed to be an original, and all such counterparts shall together constitute
but one and the same instrument.  If any term, provision, covenant or
restriction of this Amendment is held by a court of competent jurisdiction or
other authority to be invalid, illegal, or unenforceable, the remainder of the
terms, provisions, covenants and restrictions of this Amendment shall remain in
full force and effect and shall in no way be affected, impaired or invalidated.

                                       12
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed as of the date set forth above.

                         QUANTA SERVICES, INC.

                         By:    /s/ Dana A. Gordon
                                ------------------------------------------
                         Name:  Dana A. Gordon
                         Title: Vice President-General Counsel

                         AMERICAN STOCK TRANSFER & TRUST COMPANY,
                         as rights agent

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

                                       13
<PAGE>

                                                                       EXHIBIT B

                           FORM OF RIGHT CERTIFICATE

                         Certificate No. R - __________

NOT EXERCISABLE AFTER MARCH 8, 2010 OR EARLIER IF REDEMPTION OR EXCHANGE OCCURS.
THE RIGHTS ARE SUBJECT TO REDEMPTION AT $0.01 PER RIGHT AND TO EXCHANGE ON THE
TERMS SET FORTH IN THE RIGHTS AGREEMENT.

                               RIGHT CERTIFICATE

                             QUANTA SERVICES, INC.

          This certifies that ______________________________________ or
registered assigns, is the registered owner of the number of Rights set forth
above, each of which entitles the owner thereof, subject to the terms,
provisions and conditions of the Rights Agreement, dated as of March 8, 2000, as
the same may be amended from time to time (the "Rights Agreement"), between
Quanta Services, Inc., a Delaware corporation (the "Company"), and American
Stock Transfer & Trust Company, as Rights Agent (the "Rights Agent"), to
purchase from the Company at any time after the Distribution Date (as such term
is defined in the Rights Agreement) and prior to 5:00 p.m., New York City time,
on March 8, 2010 at the office or agency of the Rights Agent designated for such
purpose, or of its successor as Rights Agent, one one-thousandth of a fully paid
non-assessable share of Series B Junior Participating Preferred Stock, par value
$0.00001 per share (the "Series B Preferred Stock"), of the Company at a
purchase price of $230.00 per one one-thousandth of a share of Series B
Preferred Stock (the "Purchase Price"), upon presentation and surrender of this
Right Certificate with the Form of Election to Purchase duly executed; provided,
however, that to take into account the 3 for 2 stock dividend payable on April
7, 2000, the Purchase Price shall, on April 7, 2000, automatically and without
any notice, certificate or other action by or to the Company, Rights Agent or
holders of the Rights (under Section 12 of the Rights Agreement or otherwise),
be $153.33.  The number of Rights evidenced by this Rights Certificate (and the
number of one one-thousandths of a share of Series B Preferred Stock which may
be purchased upon exercise hereof) set forth above, and the Purchase Price set
forth above, are the number and Purchase Price as of __________, based on the
Series B Preferred Stock as constituted at such date.  As provided in the Rights
Agreement, the Purchase Price, the number of one one-thousandths of a share of
Series B Preferred Stock (or other securities or property) which may be
purchased upon the exercise of the Rights and the number of Rights evidenced by
this Right Certificate are subject to modification and adjustment upon the
happening of certain events.

          This Right Certificate is subject to all of the terms, provisions and
conditions of the Rights Agreement, which terms, provisions and conditions are
hereby incorporated herein by reference and made a part hereof and to which
Rights Agreement reference is hereby made for a full description of the rights,
limitations of rights, obligations, duties and immunities hereunder of the
Rights Agent, the Company and the holders of the Right Certificates.  Copies of
the Rights Agreement are on file at the principal executive

                                       14
<PAGE>

offices of the Company and the above-mentioned office or agency of the Rights
Agent. The Company will mail to the holder of this Right Certificate a copy of
the Rights Agreement without charge after receipt of a written request therefor.

          This Right Certificate, with or without other Right Certificates, upon
surrender at the office or agency of the Rights Agent designated for such
purpose, may be exchanged for another Right Certificate or Right Certificates of
like tenor and date evidencing Rights entitling the holder to purchase a like
aggregate number of shares of Series B Preferred Stock as the Rights evidenced
by the Right Certificate or Right Certificates surrendered shall have entitled
such holder to purchase. If this Right Certificate shall be exercised in part,
the holder shall be entitled to receive upon surrender hereof another Right
Certificate or Right Certificates for the number of whole Rights not exercised.

          Subject to the provisions of the Rights Agreement, the Rights
evidenced by this Certificate (i) may be redeemed by the Company at a redemption
price of $0.01 per Right or (ii) may be exchanged in whole or in part for shares
of Series B Preferred Stock.

          No fractional shares of Preferred Stock will be issued upon the
exercise or exchange of any Right or Rights evidenced hereby (other than
fractions of Preferred Stock which are integral multiples of one one-thousandth
of a share of Preferred Stock, which may, at the election of the Company, be
evidenced by depository receipts), but in lieu thereof a cash payment will be
made, as provided in the Rights Agreement.

          No holder of this Right Certificate, as such, shall be entitled to
vote or receive dividends or be deemed for any purpose the holder of the Series
B Preferred Stock or of any other securities of the Company which may at any
time be issuable on the exercise or exchange hereof, nor shall anything
contained in the Rights Agreement or herein be construed to confer upon the
holder hereof, as such, any of the rights of a stockholder of the Company or any
right to vote for the election of directors or upon any matter submitted to
stockholders at any meeting thereof, or to give or withhold consent to any
corporate action, or to receive notice of meetings or other actions affecting
stockholders (except as provided in the Rights Agreement) or to receive
dividends or subscription rights, or otherwise, until the Right or Rights
evidenced by this Right Certificate shall have been exercised or exchanged as
provided in the Rights Agreement.

          This Right Certificate shall not be valid or obligatory for any
purpose until it shall have been countersigned by the Rights Agent.

                                       15
<PAGE>

          WITNESS the facsimile signature of the Chief Executive Officer and the
Secretary of the Company and its corporate seal.

Dated as of _________________.

QUANTA SERVICES, INC.

By:  _________________________________
     Chief Executive Officer

ATTEST:

--------------------------------------
Secretary

Countersigned:

AMERICAN STOCK TRANSFER & TRUST COMPANY, as Rights Agent

By:  _________________________________

Name:  _______________________________
Its:  ________________________________

                                       16
<PAGE>

                   FORM OF REVERSE SIDE OF RIGHT CERTIFICATE

                               FORM OF ASSIGNMENT
                (TO BE EXECUTED BY THE REGISTERED HOLDER IF SUCH
               HOLDER DESIRES TO TRANSFER THE RIGHT CERTIFICATE)

          FOR VALUE RECEIVED __________________________________________________
hereby sells, assigns and transfers unto ______________________________________
_______________________________________________________________________________
                 (Please print name and address of transferee)

_____________ Rights represented by this Right Certificate, together with all
right, title and interest therein, and does hereby irrevocably constitute and
appoint _________________________________________ Attorney, to transfer said
Rights on the books of the within-named Company, with full power of
substitution.

Dated:  ______________________________

--------------------------------------
Signature

Signature Guaranteed:

          Signatures must be guaranteed by a bank, trust company, broker, dealer
or other eligible institution participating in a recognized signature guarantee
medallion program.

                               (To be completed)

          The undersigned hereby certifies that the Rights evidenced by this
Right Certificate are ______ [or] are not ________ beneficially owned by, were
________ [or] were not ________ acquired by the undersigned from, and are
________ [or] are not ________ being assigned to an Acquiring Person or an
Affiliate or Associate thereof (as defined in the Rights Agreement). (Please
Mark with an X as appropriate)

--------------------------------------
Signature

                                       17
<PAGE>

            FORM OF REVERSE SIDE OF RIGHT CERTIFICATE - (CONTINUED)

                          FORM OF ELECTION TO PURCHASE
                 (TO BE EXECUTED IF HOLDER DESIRES TO EXERCISE
                 RIGHTS REPRESENTED BY THE RIGHTS CERTIFICATE)

To Quanta Services, Inc.

          The undersigned hereby irrevocably elects to exercise
___________________________ Rights represented by this Right Certificate to
purchase the shares of Series B Preferred Stock (or other securities or
property) issuable upon the exercise of such Rights and requests that
certificates for such shares of Series B Preferred Stock (or such other
securities) be issued in the name of:

________________________________________________________________________________
                        (Please print name and address)

________________________________________________________________________________

If such number of Rights shall not be all the Rights evidenced by this Right
Certificate, a new Right Certificate for the balance remaining of such Rights
shall be registered in the name of and delivered to:

Please insert social security or other identifying number

________________________________________________________________________________
                        (Please print name and address)

________________________________________________________________________________

Dated:________________________________

______________________________________
Signature

       (Signature must conform to holder specified on Right Certificate)

Signature Guaranteed:

          Signature must be guaranteed by a bank, trust company, broker, dealer
or other eligible institution participating in a recognized signature guarantee
medallion program.

                               (To be completed)

                                       18
<PAGE>

          The undersigned certifies that the Rights evidenced by this Right
Certificate are ________ [or] are not ________ beneficially owned by, and were
________ [or] were not ________ acquired by the undersigned from, an Acquiring
Person or an Affiliate or Associate thereof (as defined in the Rights
Agreement).  (Please Mark with an X as appropriate)

--------------------------------------
Signature

                                       19
<PAGE>

                                     NOTICE

          The signature in the Form of Assignment or Form of Election to
Purchase, as the case may be, must conform to the name as written upon the face
of this Right Certificate in every particular, without alteration or enlargement
or any change whatsoever.

          In the event the certification set forth above in the Form of
Assignment or the Form of Election to Purchase, as the case may be, is not
completed, such Assignment or Election to Purchase will not be honored.

                                       20
<PAGE>

                                                                       EXHIBIT D

                                    FORM OF
                           CERTIFICATE OF DESIGNATION

                                       OF

                  SERIES C JUNIOR CONVERTIBLE PREFERRED STOCK

                                       OF

                             QUANTA SERVICES, INC.

             PURSUANT TO SECTION 151 OF THE GENERAL CORPORATION LAW
                            OF THE STATE OF DELAWARE

          QUANTA SERVICES, INC., a corporation organized and existing under the
General Corporation Law of the State of Delaware (the "Corporation"), in
accordance with the provisions of Section 103 thereof, DOES HEREBY CERTIFY:

          That pursuant to the authority vested in the Board of Directors in
accordance with the provisions of the Restated Certificate of Incorporation of
the said Corporation, the said Board of Directors adopted the following
resolution creating a series of 1,000,000 shares of Preferred Stock designated
as "Series C Junior Convertible Preferred Stock":

          RESOLVED, that pursuant to the authority vested in the Board of
Directors of this Corporation in accordance with the provisions of the Restated
Certificate of Incorporation, a series of Preferred Stock, par value $0.00001
per share, of the Corporation be and hereby is created, and that the designation
and number of shares thereof and the voting and other powers, preferences and
relative, participating, optional or other rights of the shares of such series
and the qualifications, limitations and restrictions thereof are as follows:

          SERIES C JUNIOR CONVERTIBLE PREFERRED STOCK

          1.   Designation and Amount.   There shall be a series of Preferred
Stock that shall be designated as "Series C Junior Convertible Preferred Stock,"
and the number of shares constituting such series shall be 1,000,000. Such
number of shares may be increased or decreased by resolution of the Board of
Directors; provided, however, that no decrease shall reduce the number of shares
of Series C Junior Convertible Preferred Stock to less than the number of shares
then issued and outstanding plus the number of shares issuable upon exercise of
outstanding rights, options or warrants or upon conversion of outstanding
securities issued by the Corporation.

                                       21
<PAGE>

          2.   Dividends.  The holders of shares of Series C Junior Convertible
Preferred Stock shall not be entitled to receive any dividends.

          3.   Voting Rights.   The holders of shares of Series C Junior
Convertible Preferred Stock shall not be entitled to vote, except as otherwise
required by applicable law.  In each such matter where applicable law affords
the holders of Series C Junior Convertible Preferred Stock the right to vote,
each share of Series C Junior Convertible Preferred Stock shall entitle the
holder thereof to one vote.

          4.   Reacquired Shares.  Any shares of Series C Junior Convertible
Preferred Stock purchased or otherwise acquired by the Corporation in any manner
whatsoever shall be retired promptly after the acquisition thereof.  All such
shares shall upon their retirement become authorized but unissued shares of
Preferred Stock and may be reissued as part of a new series of Preferred Stock
to be created by resolution or resolutions of the Board of Directors, subject to
any conditions and restrictions on issuance set forth herein.

          5.   Liquidation, Dissolution or Winding Up.

          (a) Upon any liquidation, dissolution or winding up of the
Corporation, voluntary or otherwise, no distribution shall be made to the
holders of shares of stock ranking junior upon liquidation, dissolution or
winding up to the Series C Junior Convertible Preferred Stock unless, prior
thereto, the holders of shares of Series C Junior Convertible Preferred Stock
shall have received an amount per share (the "Series C Liquidation Preference")
equal to $10.00.

          (b) In the event, however, that there are not sufficient assets
available to permit payment in full of the Series C Liquidation Preference and
the liquidation preferences of all other classes and series of stock of the
Corporation, if any, that rank on a parity with the Series C Junior Convertible
Preferred Stock in respect thereof, then the assets available for such
distribution shall be distributed ratably to the holders of the Series C Junior
Convertible Preferred Stock and the holders of such parity shares in proportion
to their respective liquidation preferences.

          (c) Neither the merger or consolidation of the Corporation into or
with another entity nor the merger or consolidation of any other entity into or
with the Corporation shall be deemed to be a liquidation, dissolution or winding
up of the Corporation within the meaning of this Section 5.

          6.   No Redemption.   Shares of Series C Junior Convertible Preferred
Stock shall not be subject to redemption by the Corporation.

          7.   Conversion.

          (a) Each whole share of Series C Junior Convertible Preferred Stock is
convertible, at any time from and after the thirtieth day following the
conclusion of the next annual meeting of stockholders of the Corporation
(provided, however, such date shall be extended to the first anniversary

                                       22
<PAGE>

of such thirtieth day if prior thereto any person has become an "Acquiring
Person" (as defined in the Rights Agreement, dated as of March 8, 2000, between
the Corporation and American Stock Transfer & Trust Company, as rights agent, as
such may be amended from time to time)), at the option of the holder thereof,
into one thousand (as such may be adjusted from time to time pursuant to Section
7(b) hereof, the "Conversion Ratio") shares of Common Stock, par value $0.00001
per share, of the Corporation (the "Common Stock").

          (b) If the Corporation shall at any time or from time to time (i)
declare and pay any dividend on Common Stock payable in shares of Common Stock,
(ii) subdivide the outstanding Common Stock, or (iii) combine the outstanding
Common Stock into a smaller number of shares, then in each such case the
Conversion Ratio in effect immediately prior to such event shall be adjusted by
multiplying such Conversion Ratio by a fraction the numerator of which is the
number of shares of Common Stock outstanding immediately after such event and
the denominator of which is the number of shares of Common Stock that were
outstanding immediately prior to such event. Any adjustments made pursuant to
this Section 7(b) shall become effective on the date of the respective dividend,
subdivision or combination. Such adjustments shall be made successively.

          (c) Before any holder of Series C Junior Convertible Preferred Stock
shall be entitled to convert the same into Common Stock, such holder shall
surrender the certificate or certificates for such Series C Junior Convertible
Preferred Stock to the Corporation at the Corporation's principal office, or at
the office of any transfer agent appointed by the Corporation, which certificate
or certificates, if the Corporation shall so request, shall be duly endorsed to
the Corporation or in blank, and shall give written notice to the Corporation
that the holder elects to convert such shares of Series C Junior Convertible
Preferred Stock into Common Stock and shall state in such notice the name or
names in which he wishes the certificate or certificates for Common Stock to be
issued.

          (d) The Corporation will, as soon as practicable after such surrender
of certificates for Series C Junior Convertible Preferred Stock accompanied by
the written notice above prescribed, issue and deliver or cause to be issued and
delivered, to the holder or to his nominee or nominees, certificates for the
number of shares of Common Stock to which the holder shall be entitled.  Subject
to the following provisions of this Section, such conversion shall be deemed to
have been made as of the date of such surrender of the Series C Junior
Convertible Preferred Stock to be converted, and the person or persons entitled
to receive the Common Stock issuable upon conversion of such Series C Junior
Convertible Preferred Stock shall be treated for all purposes as the record
holder or holders of such Common Stock on such date.

          (e) As soon as practicable after the surrender of a certificate
representing shares of Series C Junior Convertible Preferred Stock that is
converted in part, the Corporation shall issue or cause to be issued for the
holder a new certificate representing shares of Series C Junior Convertible
Preferred Stock equal in number to the unconverted portion of the shares of
Series C Junior Convertible Preferred Stock represented by the certificate so
surrendered.

                                       23
<PAGE>

          (f) The Corporation shall reserve and keep available, out of its
authorized and unissued Common Stock, solely for the purpose of effecting the
conversion of the Series C Junior Convertible Preferred Stock, such number of
shares of Common Stock as shall from time to time be sufficient to effect the
conversion of all shares of Series C Junior Convertible Preferred Stock from
time to time outstanding.

          (g) The Corporation will pay any and all issue and other taxes (other
than taxes based on income) that may be payable in respect of any issuance or
delivery of shares of Common Stock on conversion of the Series C Junior
Convertible Preferred Stock pursuant hereto.  The Corporation shall not,
however, be required to pay any tax which may be payable in respect of any
transfer involving the issuance and delivery of Common Stock in a name other
than that in which the Series C Junior Convertible Preferred Stock so converted
was registered, and no such issuance or delivery shall be made unless and until
the person requesting such issuance has paid to the Corporation the amount of
any such tax, or has established, to the satisfaction of the Corporation, that
such tax has been paid.

          8.   Consolidation, Merger.   In case the Corporation shall enter into
any consolidation or merger transaction in which the outstanding shares of
Common Stock are exchanged for or changed into other stock or securities, cash
and/or any other property, then in any such case each share of Series C Junior
Convertible Preferred Stock shall at the same time be converted into the right
to receive an amount per share equal to $10.00, and, in connection with any such
transaction where appraisal rights are available to the holders of the Series C
Junior Convertible Preferred Stock under Section 262 of the General Corporation
Law of the State of Delaware, each such share shall be deemed to have a fair
value of $10.00 per share for purposes thereof.

          9.   Ranking.  The Series C Junior Convertible Preferred Stock shall
rank on a parity with the Series B Junior Participating Preferred Stock, par
value $0.00001 per share, of the Corporation as to the distribution of assets
upon liquidation, dissolution or winding up.  The Series C Junior Convertible
Preferred Stock shall rank junior to all other series of Preferred Stock as to
the distribution of assets upon liquidation, dissolution or winding up, unless
the terms of any such series shall provide otherwise, and shall rank senior to
the Common Stock as to such matters.

          10.  Amendment.  At any time that any shares of Series C Junior
Convertible Preferred Stock are outstanding, the Restated Certificate of
Incorporation of the Corporation shall not be amended in any manner which would
materially alter or change the powers, preferences or special rights of the
Series C Junior Convertible Preferred Stock so as to affect them adversely
without the affirmative vote of the holders of two-thirds of the outstanding
shares of Series C Junior Convertible Preferred Stock, voting separately as a
class.

          11.  Fractional Shares.  Series C Junior Convertible Preferred Stock
may be issued in fractions of a share that shall entitle the holder, in
proportion to such holder's fractional shares, to exercise voting rights, if
any, participate in distributions and to have the benefit of all other rights of
holders of Series C Junior Convertible Preferred Stock.

                                       24
<PAGE>

          IN WITNESS WHEREOF, the undersigned has executed this Certificate this
__ day of ___________, 2001.

QUANTA SERVICES, INC.

By:  _________________________________
Name:  _______________________________
Title:  ______________________________

                                       25EXHIBIT 4.2

<PAGE>

                                   AVNET, INC.

                        OFFICERS' CERTIFICATE PURSUANT TO
                  SECTION 301 OF THE INDENTURE IDENTIFIED BELOW

     The undersigned officers of Avnet, Inc. (the "Company"), acting pursuant to
Section  301 of the  Indenture  dated as of October  1, 2000 (the  "Indenture"),
between  the  Company  and  Bank  One  Trust  Company,  N.A.,  as  trustee  (the
"Trustee"),  and pursuant to the  authorization  contained in resolutions of the
Chief  Financial  Officer of the Company  duly adopted on November 13, 2001 (the
"Resolutions"),  do hereby certify that there was established in the Resolutions
a series of the Company's  debt  securities  designated as 8% Notes due November
15, 2006 (the  "Notes"),  which are to be issued under the  Indenture  and which
have  been  registered  for sale with the  Securities  and  Exchange  Commission
pursuant to a Registration  Statement on Form S-3  (Registration  No. 333-39530)
under  the  Securities  Act of 1933,  as  amended.

     The terms of the Notes,  as  authorized,  adopted and approved by the Chief
Financial  Officer of the Company pursuant to Section 301 of the Indenture,  are
set forth in the Resolutions, which are attached hereto as Annex A.

<PAGE>

     IN WITNESS WHEREOF the undersigned have executed this Officers' Certificate
on behalf of the Company as of this 14th day of November, 2001.

                                                   /s/Raymond Sadowski
                                                   -----------------------------
                                                   Raymond Sadowski
                                                   Senior Vice President
                                                     and Chief Financial Officer

(CORPORATE SEAL)

                                                   /s/David R. Birk
                                                   -----------------------------
                                                   David R. Birk
                                                   Senior Vice President,
                                                   General Counsel and Secretary

<PAGE>

                                                                         ANNEX A

                                   RESOLUTIONS
                    ADOPTED BY THE CHIEF FINANCIAL OFFICER OF
                                   AVNET, INC.
                              ON NOVEMBER 13, 2001

     WHEREAS,  at a  meeting  of the Board of  Directors  of  Avnet,  Inc.  (the
"Company") held on March 24, 2000, the Board authorized the issuance and sale by
the Company  from time to time of up to  $500,000,000  in gross  proceeds to the
Company of various  securities  (the  "Securities"),  including  unsecured  debt
securities ("Debt Securities"); and

     WHEREAS, at the aforementioned  meeting,  the Board of Directors granted to
the  Finance  Committee  of the Board of  Directors  (the  "Finance  Committee")
authority to exercise all of the powers and  authority of the Board of Directors
in connection with issuances and sales of Securities, and authorized the Finance
Committee in its sole discretion to delegate to the Chief  Financial  Officer of
the Company the authority to exercise any or all of the  Committee's  powers and
authority; and

     WHEREAS,  on June 16,  2000,  the  Company  filed with the  Securities  and
Exchange  Commission (the  "Commission")  a Registration  Statement on Form S-3,
Registration  No.  333-39530  (the  "Registration  Statement"),  to  effect  the
registration  under the  Securities  Act of 1933,  as amended  (the  "Securities
Act"),  of up to  $500,000,000  in gross  proceeds  to the  Company  of  various
securities, including Debt Securities; and

     WHEREAS,  at a meeting of the Board of  Directors  of the  Company  held on
September  20,  2000,  the  Board  authorized  the  issuance  of  an  additional
$1,000,000,000 of Securities under the Registration Statement; and

     WHEREAS, on September 28, 2000, the Company filed an Amendment No. 1 to the
Registration Statement to effect the registration under the Securities Act of up
to $1,500,000,000 in gross proceeds to the Company of the Securities; and

     WHEREAS,   on  September  29,  2000,  at  9:30  a.m.,   Eastern  time,  the
Registration  Statement  became  effective  under  the  Securities  Act  and the
Indenture  described  below relating to the Debt  Securities was qualified under
the Trust Indenture Act of 1939, as amended (the "Trust Indenture Act"); and

     WHEREAS,  to date the Company has issued  $574,559,500 in gross proceeds to
the Company of Debt  Securities  comprised of $325,000,000  aggregate  principal
amount of  Floating  Rate Notes due 2001 and  $250,000,000  aggregate  principal
amount of 8.20% Notes due 2003; and

     WHEREAS,  at a meeting of the Finance  Committee  held on November 5, 2001,
the Chief  Financial  Officer  of the  Company  was  authorized,  empowered  and
directed  on behalf of the  Company,  and to the full  extent  that the  Finance
Committee could so act, to establish  pricing and all other terms  (including to
the full extent as set forth in Section 301 of the  Indenture  evidenced  to the
Finance Committee) for up to $500,000,000  aggregate  principal amount (or, with
respect to all or

                                       1

<PAGE>

any portion  thereof,  in the  discretion of the Chief  Financial  Officer,  the
equivalent  amount  denominated  in Euros)  of  unsecured  senior  indebtedness,
provided that such indebtedness having a term of up to but not exceeding 5 years
shall  bear  interest  at a rate not to exceed  8.83% per  annum;  and the Chief
Financial Officer,  the General Counsel and other proper officers of the Company
were  authorized,  empowered and  directed,  to the full extent of the power and
authority  of the Finance  Committee,  to  negotiate,  enter  into,  execute and
deliver  on  behalf  of  the  Company  all  agreements  (including  the  Pricing
Agreement)   and  other   documents   necessary  to  consummate   the  financing
contemplated; and

     WHEREAS,  on November 6, 2001, a prospectus  dated  September 29, 2000 (the
"Prospectus"),  and a preliminary  prospectus  supplement dated November 6, 2001
(the  "Preliminary  Prospectus  Supplement"),  relating to Debt Securities to be
offered as ___%  Notes due 200_ of the  Company  were filed with the  Commission
pursuant to Rule 424(b)(5)  under the  Securities  Act and first  distributed to
potential investors; and

     WHEREAS,  on November 13, 2001, the Chief Financial Officer of the Company,
pursuant to authority  given to him by the Finance  Committee,  established  the
terms of $400,000,000  aggregate  principal amount of Debt Securities and caused
to be executed  and  delivered  on behalf of the  Company the Pricing  Agreement
referred to in paragraph 25B below; and

     WHEREAS, on November 14, 2001, a final prospectus supplement dated November
14,  2001 (the  "Prospectus  Supplement"),  relating to  $400,000,000  aggregate
principal amount of Debt Securities offered as 8% Notes due 2006 of the Company,
was filed with the Commission  pursuant to Rule  424(b)(2)  under the Securities
Act and first distributed to investors;

     NOW, THEREFORE,  BE IT RESOLVED,  that the actions taken by the officers of
the Company in preparing,  filing and  distributing  the Preliminary  Prospectus
Supplement  and the Prospectus  Supplement are hereby in all respects  ratified,
confirmed, approved and adopted; and further

     RESOLVED,  that there is hereby  established an issue of one series of Debt
Securities of the Company to be designated as hereinafter  provided,  which Debt
Securities  shall be issued under the Indenture dated as of October 1, 2000 (the
"Indenture")  between the Company and Bank One Trust Company,  N.A., as Trustee,
and shall constitute  general,  unsecured and unsubordinated  obligations of the
Company (such Debt Securities being hereinafter  referred to collectively as the
"Notes"); and further

     RESOLVED,  that the  designation and terms of each series of Notes shall be
as set forth below and are adopted pursuant to Section 301 of the Indenture, and
such  designation  and  terms  shall be  deemed to  constitute,  and are  hereby
expressly  made, a part of the  Indenture  (all  capitalized  terms used but not
defined below shall have the same meanings as in the Indenture):

     1.   Title of the Securities: 8% Notes due November 15, 2006 (the "Notes").

                                       2

<PAGE>

     2. Any limit upon the aggregate  principal  amount of the Notes that may be
authenticated and delivered under the Indenture (except for Notes  authenticated
and delivered upon  registration  of transfer of, or in exchange for, or in lieu
of, other Notes pursuant to the Indenture): $400,000,000.

     3. Date on which the  principal of the Notes will be payable:  November 15,
2006.

     4.   A. The rate at which the Notes will bear  interest:  The Notes will
     bear interest at a rate of 8% per annum.

          B. The date from which such interest will accrue:  Each Note will bear
     interest from November 16, 2001, or from the most recent  Interest  Payment
     Date to which interest on such Note or a predecessor  Note has been paid or
     duly provided for.

          C.  Interest  Payment  Dates:  Interest  on the Notes  will be payable
     semi-annually  on the 15th day of each May and November  beginning  May 15,
     2002.

          D. Regular  Record Date for the  interest  payable on the Notes on any
     Interest  Payment  Date:  The date 15 calendar  days prior to such Interest
     Payment Date, whether or not such date shall be a Business Day.

          E. Basis upon which  interest  will be  calculated:  A 360-day year of
     twelve 30-day months.

     5. Place or places where,  subject to the provisions of Section 1002 of the
Indenture,  the  principal of and interest on the Notes shall be payable,  where
Notes may be surrendered for registration of transfer or for exchange, and where
notices  and  demands  to or upon the  Company  in  respect of the Notes and the
Indenture may be served: At the following office or agency of the Trustee:  Bank
One Trust Company,  N.A., 14 Wall Street,  8th Floor,  New York, New York 10005,
Attention: Corporate Trust Administration.

     6.  Provisions  for  redemption  of the Notes,  in whole or in part, at the
option of the Company:  The Notes will not be redeemable  or repayable  prior to
their Stated Maturity.

     7. Provisions for mandatory redemption, repayment or purchase of the Notes:
The Company has no  obligation  to redeem or purchase the Notes  pursuant to any
sinking fund or analogous provisions or at the option of a Holder.

     8.  Denominations in which Notes are issuable:  The Notes are issuable only
in book-entry form in denominations of $1,000 and integral multiples of $1,000.

     9. If other than the  Trustee,  the  identity  of each  Security  Registrar
and/or Paying Agent with respect to the Notes: Not applicable.

     10. If other than the total principal  amount  thereof,  the portion of the
principal  amount  of the  Notes  that  shall be  payable  upon  declaration  of
acceleration of the Maturity thereof pursuant to Section 502 of the Indenture or
the method by which such portion shall be determined: Not applicable.

                                       3

<PAGE>

     11. If other than the Dollar,  the Currency or  Currencies in which payment
of the principal of or interest on the Notes shall be made or in which the Notes
shall be denominated: Not applicable.

     12. Whether the amount of payments of principal of or interest on the Notes
may be determined with reference to an index, formula or other method: No.

     13. Whether the principal of or interest on the Notes is to be payable,  at
the election of the Company or a Holder thereof, in one or more Currencies other
than that in which the Notes are denominated or stated to be payable: No.

     14.  Provisions,  if any,  granting  special rights to the Holders of Notes
upon the occurrence of such events as may be specified: None.

     15. Any  deletions  from,  modifications  of or  additions to the Events of
Default  or  covenants  (including  any  deletions  from,  modifications  of  or
additions to any of the provisions of Section 1009) or other undertakings of the
Company with respect to the Notes: None.

     16.  A. Whether the Notes are to be issuable as Registered  Securities,
     Bearer Securities (with or without coupons) or both:  Registered Securities
     only.

          B. Whether any Notes are to be issuable  initially in temporary global
     form: No.

          C. Whether any Notes are to be issuable in permanent  global form with
     or without  coupons and, if so, whether  beneficial  owners of interests in
     any such permanent global security may exchange such interests for Notes in
     certificated form and of like tenor of any authorized form and denomination
     and the  circumstances  under which any such exchanges may occur,  if other
     than in the manner provided in Section 305 of the Indenture: All Notes will
     be represented by one or more fully registered  permanent global securities
     as described in the Prospectus Supplement under the caption "Description of
     the Notes -- Depositary."  Except as described in the sixth paragraph under
     the said caption,  beneficial owners of interests in such global securities
     may not exchange  such  interests  for any form of  certificate  evidencing
     Notes. In the event that such a right of exchange should arise,  the manner
     of such exchange shall be as provided in Section 305 of the Indenture.

          D. Depository for the Notes: The Depository Trust Company.

     17.  The date as of which  any  Bearer  Securities  of the  series  and any
temporary  global  Security  representing  Outstanding  Securities of the series
shall be dated if other than the date of original issuance of the first Security
of the series to be issued: Not applicable.

     18.  A. The Person to whom any interest on any  Registered  Security of
     the series  shall be  payable,  if other than the Person in whose name such
     Security (or one or more Predecessor Securities) is registered at the close
     of business on the Regular Record Date for such interest: Not applicable.

                                        4

<PAGE>

          B. The manner in which,  or the Person to whom,  any  interest  on any
     Bearer  Security of the series  shall be payable,  if  otherwise  than upon
     presentation  and  surrender  of the coupons  appertaining  thereto as they
     severally mature: Not Applicable

          C. The extent to which, or the manner in which,  any interest  payable
     on a temporary  global Security on an Interest Payment Date will be paid if
     other than in the manner  provided  in Section  304 of the  Indenture:  Not
     Applicable

     19. The  applicability of Sections 1402 and/or 1403 of the Indenture to the
Notes and any provisions in modification of, in addition to or in lieu of any of
the provisions of Article Fourteen:  The defeasance and discharge  provisions of
Sections  1402  and  1403  are  fully  applicable  to the  Notes.  There  are no
provisions  in  modification  of,  in  addition  to or in  lieu  of  any  of the
provisions of Article Fourteen of the Indenture.

     20.  Whether the Notes are to be issuable in definitive  form (whether upon
original  issue or upon  exchange  of a  temporary  Note)  only upon  receipt of
certain certificates or other documents or satisfaction of other conditions: No.

     21.  Whether,  under what  circumstances  and the  Currency  in which,  the
Company will pay additional amounts as contemplated by Section 1004 on the Notes
to any Holder who is not a United States person  (including any  modification to
the definition of such term) in respect of any tax,  assessment or  governmental
charge: No.

     22. The designation of the initial Exchange Rate Agent: Not applicable.

     23.  If the  Notes  are to be  convertible  into  or  exchangeable  for any
securities of any Person (including the Company),  the terms and conditions upon
which such Securities will be so convertible or exchangeable: Not applicable.

     24. Whether the Notes are to be subordinated or unsubordinated indebtedness
of the Company: The Notes are to be unsubordinated indebtedness of the Company.

     25. Any other terms of or  provisions  applicable to the Notes and the sale
thereof:

          A.  Form of  Notes:  The  form  of  permanent  global  Note  shall  be
     substantially in the form of Exhibit A attached hereto.

          B. Manner of Sale: The Company has engaged Banc of America  Securities
     LLC as  lead  underwriter  for the  purpose  of  selling  the  Notes  in an
     underwritten  public  offering in the United States,  all as more fully set
     forth  in  the  Pricing  Agreement  and  Standard  Underwriting   Agreement
     Provisions attached hereto as Exhibit B.

          C.  Issue  price to the  public of the  Notes:  99.226%  of  principal
     amount.

          D.  Underwriters'  commission  or  discount  as a  percentage  of  the
     principal amount of Notes to be issued: .6% of principal amount;

                                        5

<PAGE>

          E. Additional  Notes:  The Company will have the ability,  without the
     consent  of the  Holders  of the  Notes,  to reopen  the  series  and issue
     additional Notes.

     and further

     RESOLVED,  that the proper  officers of the Company are hereby  authorized,
empowered and directed to execute and deliver an Officers'  Certificate pursuant
to Section 301 of the Indenture with respect to the Notes, as well as such other
agreements, certificates, instruments and documents and to do such other acts as
they may from time to time  determine are necessary or  appropriate  in order to
effectuate the purposes of any of the foregoing resolutions; and further

     RESOLVED,  that all  acts and  things  done by any of the  officers  of the
Company prior to the date hereof that are within the authority  conferred by any
of the  foregoing  resolutions  are hereby  ratified,  confirmed,  approved  and
adopted.

                                        6

<PAGE>

                                                                       EXHIBIT A

                                  FORM OF NOTE

     This Security is issued in global form and is registered in the name of The
Depository Trust Company,  a New York corporation (the "Depositary" or "DTC") or
a nominee of the Depositary.  This Security is not  exchangeable  for Securities
registered  in the name of a Person  other than the  Depositary  or its  nominee
except in the limited circumstances described in the Indenture,  and no transfer
of this  Security  (other  than a transfer  of this  Security  as a whole by the
Depositary to a nominee of the  Depositary or by a nominee of the  Depositary to
the Depositary or another nominee of the Depositary) may be registered except in
the limited circumstances described in the Indenture.

     Unless this certificate is presented by an authorized representative of DTC
to Avnet, Inc. or its agent for registration of transfer,  exchange, or payment,
and any  certificate  issued is  registered in the name of Cede & Co. or in such
other  name as is  requested  by an  authorized  representative  of DTC (and any
payment  is made to Cede & Co. or to such  other  entity as is  requested  by an
authorized representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR  OTHERWISE BY OR TO ANY PERSON IS WRONGFUL  inasmuch as the  registered
owner hereof, Cede & Co., has an interest herein.

                                   AVNET, INC
                                8% Notes due 2006

CUSIP No. 053807 AJ 2
No. 1                                                               $400,000,000

     AVNET,  INC., a corporation  duly  organized and existing under the laws of
the State of New York  (herein  called the  "Company,"  which term  includes any
successor  Person under the Indenture  referred to on the reverse  hereof),  for
value received,  hereby promises to pay to CEDE & CO. or registered  assigns the
principal sum of FOUR HUNDRED  MILLION  DOLLARS on November 15, 2006, and to pay
interest thereon from November 16, 2001 or from the most recent Interest Payment
Date to which  interest has been paid or duly  provided  for,  semi-annually  in
arrears on May 15 and November 15 in each year,  commencing May 15, 2002, at the
rate of 8% per annum until the  principal  hereof is paid or made  available for
payment.  The interest so payable,  and punctually paid or duly provided for, on
any Interest  Payment Date will, as provided in such  Indenture,  be paid to the
Person in whose name this Security (or one or more  Predecessor  Securities)  is
registered  at the  close  of  business  on the  Regular  Record  Date  for such
interest,  which  shall  be the date 15  calendar  days  prior to such  Interest
Payment Date (whether or not a Business  Day).  Except as otherwise  provided in
the  Indenture,  any such interest not so  punctually  paid or duly provided for
will forthwith cease to be payable to the Holder on such Regular Record Date and
may  either be paid to the Person in whose  name this  Security  (or one or more
Predecessor  Securities)  is  registered  at the close of  business on a Special
Record  Date  for the  payment  of such  Defaulted  Interest  to be fixed by the
Trustee,  notice  whereof shall be given to Holders of Securities of this series
not less than 10 days prior to such Special  Record Date, or be paid at any time
in any  other  lawful  manner  not  inconsistent  with the  requirements  of any
securities  exchange on which the  Securities of this series may be listed,  and
upon such notice as may be required by such exchange, all as more fully provided
in said Indenture.

                                      A-1

<PAGE>

     Payment of the  principal  of (and  premium,  if any) and  interest on this
Security will be made at the offices or agencies of the Company  maintained  for
that purpose in the Borough of Manhattan,  the City of New York, in such coin or
currency  of the  United  States of  America  as at the time of payment is legal
tender for the payment of public and private debt;  provided,  however,  that at
the option of the Company payment of interest may be made by check mailed to the
address  of the Person  entitled  thereto as such  address  shall  appear in the
Security Register.

     In the case where any Interest  Payment  Date or the maturity  date of this
Security  does not fall on a Business  Day,  payment of  interest  or  principal
otherwise  payable on such day need not be made on such day,  but may be made on
the next  succeeding  Business  Day with the same force and effect as if made on
such Interest Payment Date or the maturity date of this Security.

     Reference  is hereby made to the further  provisions  of this  Security set
forth on the  reverse  side  hereof,  which  further  provisions  shall  for all
purposes have the same effect as if set forth at this place.

     Unless the  certificate of  authentication  hereon has been executed by the
Trustee  referred to on the reverse hereof by manual  signature of an authorized
signatory,  this  Security  shall  not be  entitled  to any  benefit  under  the
Indenture or be valid or obligatory for any purpose.

                                       A-2

<PAGE>

     IN WITNESS  WHEREOF,  the  Company has caused  this  instrument  to be duly
executed under its corporate seal.

Dated:  November 16, 2001

                                               AVNET, INC.

                                               By:  _________________________
                                                     Raymond Sadowski
                                                       Senior Vice President and
                                                         Chief Financial Officer
Attest:

____________________________
    David R. Birk, Secretary

                                      A-3

<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Securities of the series  designated  herein referred to
in the within-mentioned Indenture.

                                            BANK ONE TRUST COMPANY, N.A.,
                                              as Trustee

                                            By: ________________________________

                                                  Name:
                                                  Title:

                                       A-4

<PAGE>

     This  Security  is one of a duly  authorized  issue  of  securities  of the
Company (herein called the "Securities")  issued and to be issued in one or more
series  under an  Indenture,  dated as of  October  1, 2000  (herein  called the
"Indenture"),  between the Company and Bank One Trust Company,  N.A., as Trustee
(herein  called the "Trustee,"  which term includes any successor  trustee under
the  Indenture),  to which  Indenture and all  indentures  supplemental  thereto
reference is hereby made for a statement of the respective  rights,  limitations
of rights,  duties and immunities thereunder of the Company, the Trustee and the
Holders of the Securities  and of the terms upon which the  Securities  are, and
are to be,  authenticated  and  delivered.  This  Security  is one of the series
designated on the face hereof,  initially limited in aggregate  principal amount
to  $400,000,000.  The Securities of this series are issuable as only Registered
Securities,  without  coupons,  in  denominations  of  $1,000  and any  integral
multiple  thereof.   As  provided  in  the  Indenture  and  subject  to  certain
limitations therein set forth,  Securities of this series are exchangeable for a
like aggregate  principal  amount of Securities of this series and of like tenor
of any authorized  denominations,  as requested by the Holder  surrendering  the
same, upon surrender of the Security or Securities to be exchanged at any office
or agency  described  below where  Registered  Securities  of this series may be
presented for registration of transfer.

     The Indenture contains  provisions for defeasance at any time of the entire
indebtedness of this Security upon compliance with certain  conditions set forth
therein.

     If an Event of Default  with  respect to  Securities  of this series  shall
occur and be  continuing,  the principal of the Securities of this series may be
declared  due and  payable in the manner  and with the  effect  provided  in the
Indenture.  Upon  payment (i) of the amount of  principal  so  declared  due and
payable and (ii) of interest on any overdue  principal and overdue  interest (in
each case to the  extent  that the  payment  of such  interest  shall be legally
enforceable),  all of the Company's obligations in respect of the payment of the
principal  of and  interest,  if any, on the  Securities  of this  series  shall
terminate.

     The Indenture  permits,  with certain  exceptions as therein provided,  the
amendment  thereof and the  modification  of the rights and  obligations  of the
Company  and the rights of the  Holders of the  Securities  of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of a majority in principal  amount of the  Securities  at
the time Outstanding of each series to be affected.  The Indenture also contains
provisions  permitting the Holders of specified  percentages in principal amount
of the  Securities  of each  series at the time  Outstanding  (with each  series
voting as a separate class in certain cases specified in the Indenture,  or with
all  series  voting as one  class,  in  certain  other  cases  specified  in the
Indenture),  on behalf of the Holders of all Securities of such series, to waive
compliance  by the Company with certain  provisions of the Indenture and certain
past defaults  under the Indenture and their  consequences.  Any such consent or
waiver by the Holder of this Security  shall be conclusive and binding upon such
Holder and upon all future  Holders of this Security and of any Security  issued
upon the  registration  of  transfer  hereof or in  exchange  herefor or in lieu
hereof,  whether or not notification of such consent or waiver is made upon this
Security.

     As set forth in, and subject to, the provisions of the Indenture, no Holder
of any Security of this series will have any right to institute  any  proceeding
with respect to the Indenture or for any remedy  thereunder,  unless such Holder
shall have previously given to the Trustee written notice of a

                                      A-5

<PAGE>

continuing Event of Default with respect to this series, the Holders of not less
than 25% in principal amount of the Outstanding  Securities of this series shall
have made written request, and offered reasonable  indemnity,  to the Trustee to
institute  such  proceeding as trustee,  and the Trustee shall not have received
from the Holders of a majority in principal amount of the Outstanding Securities
of this series a direction  inconsistent with such request and shall have failed
to  institute  such  proceeding  within 60 days;  provided,  however,  that such
limitations  do not apply to a suit  instituted  by the  Holder  hereof  for the
enforcement of payment of the principal of (and premium, if any) and interest on
this Security on or after the respective due dates expressed herein.

     No reference  herein to the Indenture and no provisions of this Security or
of the Indenture  shall alter or impair the obligation of the Company,  which is
absolute and  unconditional,  to pay the principal of (and premium,  if any) and
interest  on this  Security  at the  times,  place and rate,  and in the coin or
currency, herein prescribed.

     As provided in the Indenture and subject to certain limitations therein set
forth,  the transfer of this Security is registrable  in the Security  Register,
upon  surrender of this Security for  registration  of transfer at the office or
agency of the Company in any place where the principal of (and premium,  if any)
and interest on such Security are payable, duly endorsed by, or accompanied by a
written  instrument  of  transfer  in form  satisfactory  to the Company and the
Security  Registrar  duly  executed by, the Holder  hereof or his attorney  duly
authorized in writing,  and thereupon one or more new  Securities of this series
and of like  tenor,  of  authorized  denominations  and for the  same  aggregate
principal amount, will be issued to the designated transferee or transferees.

     The Securities of this series are issuable only in registered form, without
coupons,  in  denominations  of $1,000 and any  integral  multiple  thereof.  As
provided in the Indenture and subject to certain  limitations therein set forth,
Securities of this series are exchangeable for a like aggregate principal amount
of  Securities  of this  series  and of like  tenor  of a  different  authorized
denomination, as requested by the Holder surrendering the same.

     No service  charge shall be made for any such  registration  of transfer or
exchange,  but the Company may require  payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

     Prior to due presentment of this Security for registration of transfer, the
Company,  the  Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this  Security is  registered  as the owner  hereof for all
purposes,  whether or not this Security is overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

     The  Indenture  and the  Securities  shall be governed by and  construed in
accordance with the laws of the State of New York,  without giving effect to the
conflicts of laws provisions thereof.

     All terms used in this Security  which are defined in the  Indenture  shall
have the meanings assigned to them in the Indenture.

                                       A-6

<PAGE>

                                                                       EXHIBIT B

                                   AVNET, INC.

                                 DEBT SECURITIES
                                PRICING AGREEMENT

                                                               November 13, 2001

BANC OF AMERICA SECURITIES LLC
CREDIT SUISSE FIRST BOSTON CORPORATION
FIRST UNION SECURITIES, INC.
SCOTIA CAPITAL (USA) INC.
ABN AMRO INCORPORATED
c/o Banc of America Securities LLC
Bank of America Corporate Center
NCI-007-07-01
100 North Tryon Street
Charlotte, North Carolina  28255

Ladies and Gentlemen:

     Referring to the debt securities of Avnet, Inc. (the "Company")  covered by
the Registration  Statement on Form S-3 (No. 333-39530) filed by the Company, on
the basis of the  representations,  warranties and agreements  contained in this
Agreement and in the Company's Standard  Underwriting  Agreement  Provisions for
Debt Securities  attached hereto (the "Standard  Underwriting  Agreement"),  and
subject  to  the  terms  and  conditions  set  forth  herein  and  therein,  the
underwriters named in Schedule I hereto (the "Underwriters")  agree to purchase,
severally and not jointly,  and the Company agrees to sell to the  Underwriters,
$400,000,000  aggregate  principal  amount of 8% Notes due 2006 (the "Notes") in
the  respective   principal   amounts  set  forth  opposite  the  names  of  the
Underwriters on Schedule I hereto.

     The price at which the Notes  shall be  purchased  from the  Company by the
Underwriters  shall be 98.626% of the  principal  amount  thereof  plus  accrued
interest from  November 16, 2001.  The Notes will be offered as set forth in the
Prospectus Supplement relating thereto. The Notes will have the following terms:

                                       B-1

<PAGE>

Title:                       8% Notes due 2006.

Interest Rate:               The Notes will bear interest from November 16, 2001
                             at 8% per annum.

Interest Payment Dates:      Interest on the Notes is payable semi-annually on
                             May 15 and November 15 of each year commencing May
                             15, 2002.

Maturity:                    The Notes will mature on November 15, 2006.

Other Provisions:            as set forth in the Prospectus Supplement relating
                             to the Notes.

Closing:                     9:30 a.m. on November 16, 2001, at the offices of
                             Fried, Frank, Harris, Shriver & Jacobson, One New
                             York Plaza, New York, New York 10004, in same day
                             funds.

               Address of Representatives of the Underwriters:

                      c/o Banc of America Securities LLC
                      Bank of America Corporate Center
                      NCI-007-7-01
                      100 North Tryon Street
                      Charlotte, North Carolina  28255

     The provisions contained in the Standard Underwriting Agreement Provisions,
a copy of which is attached hereto, are incorporated herein by reference.

     A global  certificate  representing all of the Notes will be made available
for inspection at the offices of Fried, Frank, Harris,  Shriver & Jacobson,  One
New York Plaza, New York, New York 10004, at least one business day prior to the
Closing Date.

     This Pricing Agreement may be executed in one or more counterparts,  all of
which counterparts shall constitute one and the same instrument.

                                       B-2

<PAGE>

     If the foregoing is in accordance with your understanding of our agreement,
kindly sign and return to us the enclosed  duplicate  hereof,  whereupon it will
become a binding  agreement  among the Company and the several  Underwriters  in
accordance with its terms.

                                              Very truly yours,

                                              Banc of America Securities LLC
                                                  on behalf of itself and
                                                  as Representative
                                                  of the Several Underwriters

                                              By  /s/Lily Chang
                                                  -------------------------
                                                  Name:  Lily Chang
                                                  Title:  Principal

The foregoing  Pricing  Agreement
is hereby confirmed as of the
date first above written.

AVNET, INC.

By    /s/Raymond Sadowski
      -------------------
      Raymond Sadowski
      Senior Vice President and
          Chief Financial Officer

                                      B-3

<PAGE>

                                                                      Schedule I

                                             Principal Amount
              Underwriter                         of Notes
              -----------                         --------

Banc of America Securities LLC..............   $120,000,000
Credit Suisse First Boston Corporation......    120,000,000
Scotia Capital (USA) Inc....................     60,000,000
First Union Securities, Inc.................     60,000,000
ABN AMRO Incorporated.......................     40,000,000
                                               ------------
       Total................................   $400,000,000

                                      B-4

<PAGE>

                                                                    October 2000

                                   AVNET, INC.
                                 DEBT SECURITIES

                   STANDARD UNDERWRITING AGREEMENT PROVISIONS
                   ------------------------------------------

     1.  Introductory.  Avnet,  Inc., a New York  corporation  (the  "Company"),
proposes  to  issue  and  sell  from  time  to time  certain  of its  senior  or
subordinated debt securities,  warrants to purchase such debt securities (senior
or  subordinated  debt  securities and warrants to purchase such debt securities
are  referred  to herein as  "Securities")  or units  consisting  of one or more
Securities  registered under the registration  statement  referred to in Section
3(a). The Securities  will be issued under an indenture,  dated as of October 1,
2000 (such  indenture as amended or  supplemented  is herein  referred to as the
"Indenture"),  between the Company and Bank One Trust Company, N.A., as Trustee,
in one or more series,  which series may vary as to interest rates,  maturities,
redemption provisions,  conversion  provisions,  selling prices and other terms,
with all such terms for any particular series of the Securities being determined
at the time of sale.  Particular  series of the Securities will be sold pursuant
to a Pricing  Agreement  referred to in Section 2, for resale in accordance with
terms of offering determined at the time of sale.

     The firm or firms which agree to purchase the  Securities  are  hereinafter
referred to as the "Underwriters" of such Securities,  and the representative or
representatives  of the Underwriters,  if any,  specified in a Pricing Agreement
referred to in Section 2 are hereinafter  referred to as the  "Representatives";
provided,   however,  that  if  the  Pricing  Agreement  does  not  specify  any
representative of the Underwriters,  the term  "Representatives," as used herein
(other than in the second sentence of Section 2), shall mean the Underwriters.

     2. Purchase and Offering of Securities.  The obligation of the Underwriters
to  purchase  any  Securities  will  be  evidenced  by an  exchange  of  written
communications  ("Pricing Agreement") at the time the Company determines to sell
Securities.  The Pricing  Agreement will incorporate by reference these Standard
Underwriting  Agreement  Provisions  (these  "Provisions"),  except as otherwise
provided  therein,  and  will  specify  (1) the  firm  or  firms  which  will be
Underwriters, (2) the names of any Representatives,  (3) the principal amount of
Securities to be purchased by each Underwriter and the purchase price to be paid
by the  Underwriters,  (4) the terms of the Securities not already  specified in
the Indenture, (5) the time and date on which delivery of the Securities will be
made to the Representatives  for the accounts of the several  Underwriters (such
time and date,  or such other  time and date not later than seven full  business
days thereafter as the  Representatives  and the Company agree to as to time and
date for  payment  and  delivery,  being  herein  and in the  Pricing  Agreement
referred to as the "Closing Date") and (6) the place of delivery and payment.

     The  obligations of the  Underwriters  to purchase the  Securities  will be
several and not joint.  The  Securities  delivered  to the  Underwriters  on the
Closing Date will be in definitive fully registered form, in such  denominations
and registered in such names as the Representatives may request.

                                      B-5

<PAGE>

     The Underwriters, through the representatives,  will pay to the Company the
purchase price for the Securities,  less the commission of the Underwriters,  on
the  Closing  Date,  by wire  transfer  of  same-day  funds to an  account to be
specified by the Company not less than two full  business days in advance of the
Closing Date.

     Certificates  for the  Securities  shall be registered in such names and in
such  denominations  as the  Representatives  may request not less than two full
business days in advance of the Closing Date.

     3.  Representations  and Warranties of the Company:  The Company represents
and  warrants to each of the  Underwriters  as of the date of  execution  of any
Pricing Agreement (the "Representation Date") and as of any Closing Date that:

          (a) the Company is permitted to use Form S-3 under the  Securities Act
     of 1933,  as amended (the  "Act"),  and has filed with the  Securities  and
     Exchange  Commission (the  "Commission")  a registration  statement on such
     Form  (Registration No.  333-39530),  which has become  effective,  for the
     registration under the Act of various securities of the Company,  including
     the   Securities.   Such   registration   statement,   as  amended  at  the
     Representation  Date, meets the requirements set forth in Rule 415(a)(1)(x)
     under the Act and complies in all other  material  respects with said Rule.
     Such registration statement,  including the exhibits thereto, as amended at
     the   Representation   Date,  is  hereinafter   called  the   "Registration
     Statement," and the prospectus included in the Registration  Statement,  as
     supplemented  to reflect the terms of any series of the  Securities and the
     plan of distribution thereof, in the form furnished to the Underwriters for
     use in  connection  with the  offering of the  Securities,  is  hereinafter
     called the "Prospectus." Any reference herein to the Registration Statement
     or the Prospectus shall be deemed to include the documents  incorporated by
     reference  therein  pursuant  to Item 12 of Form S-3 which were filed under
     the Securities  Exchange Act of 1934 (the "Exchange  Act") on or before the
     Representation Date or the date of the Prospectus,  as the case may be, and
     any reference herein to the terms "amend," "amendment" or "supplement" with
     respect to the Registration  Statement or the Prospectus shall be deemed to
     include  the  filing  of any  document  under  the  Exchange  Act after the
     Representation  Date or the  date of the  Prospectus,  as the  case may be,
     deemed to be incorporated therein by reference;

          (b) (i) the Registration  Statement,  the Prospectus and the Indenture
     comply in all material  respects with the  applicable  requirements  of the
     Act, the Trust  Indenture Act of 1939 (the "Trust  Indenture  Act") and the
     Exchange  Act and the  respective  rules  thereunder,  and (ii) neither the
     Registration  Statement nor the Prospectus contains any untrue statement of
     a material  fact or omits to state any material  fact required to be stated
     therein  or  necessary  in  order  to  make  the  statements   therein  not
     misleading;  provided,  however,  that the  Company  makes no  warranty  or
     representation  with respect to any statement contained in the Registration
     Statement  or the  Prospectus  in  reliance  upon  and in  conformity  with
     information furnished in writing by or on behalf of any Underwriter through
     the  Representatives  to the Company  expressly for use in the Registration
     Statement or the Prospectus;

                                       B-6

<PAGE>

          (c) all of the issued and  outstanding  shares of capital stock of the
     Company  have been duly and  validly  authorized  and  issued and are fully
     paid,  non-assessable  and free of  statutory  and  contractual  preemptive
     rights;  the Company and each of its Material  Subsidiaries  have been duly
     incorporated  and are validly  existing as  corporations  in good  standing
     under the laws of their  respective  jurisdictions of  incorporation,  with
     full power and  authority to own their  respective  properties  and conduct
     their respective businesses as described in the Registration  Statement and
     the  Prospectus;  the Company has full power and  authority  to execute and
     deliver  the  Pricing  Agreement   (including  these  Provisions)  and  the
     Indenture  and to issue  and sell the  Securities  as  herein  contemplated
     ("Subsidiary"   meaning  any  subsidiary  of  the  Company,  and  "Material
     Subsidiary" meaning a Subsidiary which would be a "significant  subsidiary"
     as that term is defined in Item 1-02(w) of Regulation S-X promulgated under
     the Act,  if "5  percent"  were  substituted  in each  place  in which  "10
     percent" appears in such definition,  and "Non-Material Subsidiary" meaning
     a Subsidiary which is not a Material Subsidiary);

          (d) the Company and each of its  Subsidiaries  are duly  qualified  or
     licensed by, and are in good standing in, each  jurisdiction  in which they
     conduct their respective businesses and in which the failure,  individually
     or in the aggregate,  to be so licensed or qualified  could have a material
     adverse  effect  on  the  operations,   business,  prospects  or  financial
     condition of the Company and its Subsidiaries taken as a whole (a "Material
     Adverse Effect"), and with respect to the Company, the jurisdictions listed
     on Schedule A hereto constitute a complete list of such jurisdictions;  and
     the Company and each of its  Subsidiaries  are in compliance with the laws,
     orders,  rules,  regulations and directives  issued or administered by such
     jurisdictions,  except  where  the  failure  to so comply  with such  laws,
     orders, rules,  regulations and directives,  whether individually or in the
     aggregate, could not be expected to have a Material Adverse Effect;

          (e) neither the Company nor any of its  Subsidiaries  is in breach of,
     or in default under (nor has any event occurred which with notice, lapse of
     time,  or both would  constitute  a breach of, or default  under),  (i) its
     respective  charter or by-laws or (ii) in the  performance or observance of
     any  obligation,   agreement,   covenant  or  condition  contained  in  any
     indenture,  mortgage, deed of trust, bank loan or credit agreement or other
     agreement or instrument to which the Company or any of its  Subsidiaries is
     a party or by which any of them is bound, except for, in the case of clause
     (i) above,  breaches  and  defaults  of  Non-Material  Subsidiaries  which,
     individually or in the aggregate,  could not be expected to have a Material
     Adverse Effect, and except for, in the case of clause (ii) above,  breaches
     and defaults which, individually or in the aggregate, could not be expected
     to  have a  Material  Adverse  Effect,  and  the  execution,  delivery  and
     performance of the Pricing  Agreement  (including these Provisions) and the
     Indenture, and the issuance of the Securities and any Underlying Securities
     (as hereinafter defined) and consummation of the transactions  contemplated
     hereby and thereby,  will not conflict  with, or result in any breach of or
     constitute  a default  under (nor  constitute  any event which with notice,
     lapse of time, or both

                                       B-7

<PAGE>

     would  constitute a breach of, or default under),  any provision of (x) the
     charter  or by-laws of the  Company or any of its  Subsidiaries  or (y) any
     license, indenture,  mortgage, deed of trust, bank loan or credit agreement
     or other  agreement  or  instrument  to  which  the  Company  or any of its
     Subsidiaries  is a  party  or by  which  any of them  or  their  respective
     properties may be bound or affected,  or (z) any federal,  state,  local or
     foreign  law,  regulation  or  rule  or  any  decree,   judgment  or  order
     specifically binding on the Company or any of its Subsidiaries, except for,
     in the case of clause  (x)  above,  conflicts,  breaches  and  defaults  of
     Non-Material  Subsidiaries which,  individually or in the aggregate,  could
     not be expected to have a Material  Adverse Effect,  and except for, in the
     case of clauses (y) and (z) above, conflicts,  breaches and defaults which,
     individually or in the aggregate,  could not be expected to have a Material
     Adverse Effect;

          (f) the Indenture has been duly authorized,  executed and delivered by
     the Company  and is a legal,  valid and  binding  agreement  of the Company
     enforceable against the Company in accordance with its terms, except as the
     enforceability   thereof   may  be  limited  by   bankruptcy,   insolvency,
     reorganization,  moratorium  or similar laws  affecting  creditors'  rights
     generally, and by general principles of equity;

          (g) the Securities  have been duly  authorized by the Company and when
     executed  and  delivered by the Company will  constitute  legal,  valid and
     binding  obligations  of the  Company  enforceable  against  the Company in
     accordance with their terms,  except as the  enforceability  thereof may be
     limited by bankruptcy,  insolvency,  reorganization,  moratorium or similar
     laws affecting  creditors' rights generally,  and by general  principles of
     equity;

          (h) If the Securities  being sold pursuant to the  applicable  Pricing
     Agreement are  convertible  into or  exchangeable  or  exercisable  for any
     equity securities ("Underlying Equity Securities"),  such Underlying Equity
     Securities have been, or as of the date of such Pricing Agreement will have
     been, duly authorized, reserved for issuance and will, when issued upon the
     conversion  of  Securities  into, or the exchange or exercise of Securities
     for, such  Underlying  Equity  Securities,  be duly issued,  fully paid and
     non-assessable,  will  not be  subject  to  any  preemptive  rights  of any
     security  holder of the  Company and no holder  thereof  will be subject to
     personal  liability  by reason of being  such a holder.  If the  Securities
     being sold pursuant to the  applicable  Pricing  Agreement are  convertible
     into or exchangeable  or exercisable  for any debt securities  ("Underlying
     Debt   Securities"   and  together  with  Underlying   Equity   Securities,
     "Underlying Securities"),  such Underlying Debt Securities have been, or as
     of the date of such Pricing  Agreement will have been,  duly authorized for
     issuance  upon the  conversion  of  Securities  into,  or the  exchange  or
     exercise  of  Securities  for,  such  Underlying  Debt   Securities.   Such
     Underlying Debt  Securities,  when issued and  authenticated  in the manner
     provided for in the applicable  indenture and delivered in accordance  with
     the terms thereof, will constitute valid and legally binding obligations of
     the  Company,  enforceable  against  the Company in  accordance  with their
     terms,  except  as  enforcement  thereof  may  be  limited  by  bankruptcy,
     insolvency,  reorganization,  moratorium, or other similar laws relating to
     or affecting creditors rights generally or by general equitable

                                       B-8

<PAGE>

     principles.  Any indenture  under which  Underlying Debt Securities will be
     issued has been, or prior to the date of the applicable  Pricing  Agreement
     will have been, duly authorized,  executed and delivered by the Company and
     constitutes or will  constitute a valid and legally  binding  obligation of
     the Company,  enforceable against the Company in accordance with its terms,
     except as  enforcement  thereof may be limited by  bankruptcy,  insolvency,
     reorganization,  moratorium, or other similar laws relating to or affecting
     creditors rights generally or by general equitable principles.

          (i) the  Pricing  Agreement  has been duly  authorized,  executed  and
     delivered by the Company;

          (j) the  Securities,  any  Underlying  Securities  and  the  Indenture
     conform in all material  respects to the description  thereof  contained in
     the Registration Statement and Prospectus;

          (k) no approval, authorization, consent or order of or filing with any
     national,  state or local  governmental  or regulatory  commission,  board,
     body,  authority or agency is required in connection  with the issuance and
     sale of the Securities and any Underlying Securities as contemplated hereby
     other than  registration  of the Securities  and any Underlying  Securities
     under the Act, qualification of the Indenture under the Trust Indenture Act
     and any necessary  qualification  under the  securities or blue sky laws of
     the  various  jurisdictions  in which  the  Securities  and any  Underlying
     Securities are being offered by the Underwriters;

          (l)  the  accountants  whose  reports  on the  consolidated  financial
     statements  of  the  Company  and  its  Subsidiaries  are  filed  with  the
     Commission  as  part  of the  Registration  Statement  and  Prospectus  are
     independent  public  accountants  as required by the Act and the applicable
     published rules and regulations thereunder;

          (m) each of the Company  and its  Subsidiaries  (i) has all  necessary
     licenses, authorizations, consents and approvals, (ii) has made all filings
     required  under any federal,  state,  local or foreign law,  regulation  or
     rule,  and (iii) has obtained all  necessary  authorizations,  consents and
     approvals  from other  persons,  except where the failure to have,  make or
     obtain such  licenses,  authorizations,  consents,  approvals  and filings,
     individually or in the aggregate,  could not be expected to have a Material
     Adverse Effect;  and neither the Company nor any of its  Subsidiaries is in
     violation of, or in default under, any such license, authorization, consent
     or approval or any federal, state, local or foreign law, regulation or rule
     or any decree,  order or judgment  applicable  to the Company or any of its
     Subsidiaries  the effect of which  violation  or default,  singly or in the
     aggregate, would have a Material Adverse Effect;

                                      B-9
<PAGE>

          (n) all legal or governmental proceedings, contracts or documents of a
     character  required to be  described in the  Registration  Statement or the
     Prospectus or to be filed as an exhibit to the Registration  Statement have
     been so described or filed as required;

          (o) there are no actions,  suits or proceedings  pending or threatened
     against the Company or any of its  Subsidiaries or any of their  respective
     properties,  at law or in equity, before or by any federal, state, local or
     foreign  governmental or regulatory  commission,  board, body, authority or
     agency which, singly or in the aggregate,  have a reasonable  likelihood of
     resulting in judgments, decrees or orders having a Material Adverse Effect;

          (p) the audited  financial  statements  included  in the  Registration
     Statement and the  Prospectus  present  fairly the  consolidated  financial
     position of the Company and its  Subsidiaries as of the dates indicated and
     the  consolidated  results of operations  and cash flows of the Company and
     its Subsidiaries for the periods specified;  such financial statements have
     been prepared in conformity with generally accepted  accounting  principles
     applied on a consistent basis during the periods involved;

          (q)  subsequent to the  respective  dates as of which  information  is
     given in the  Registration  Statement and Prospectus,  and except as may be
     otherwise stated in the Registration Statement or Prospectus, there has not
     been (A) any material and unfavorable  change,  financial or otherwise,  in
     the business,  properties,  prospects,  regulatory environment,  results of
     operations or condition  (financial or otherwise),  present or prospective,
     of the Company and its Subsidiaries  taken as a whole, (B) any transaction,
     which is material and unfavorable to the Company and its Subsidiaries taken
     as a whole,  contemplated  or  entered  into by the  Company  or any of its
     Subsidiaries  or (C) any obligation,  contingent or otherwise,  directly or
     indirectly,  incurred  by the Company or any of its  Subsidiaries  which is
     material and  unfavorable  to the Company and its  Subsidiaries  taken as a
     whole;

          (r) no  Subsidiary  is a  "significant  subsidiary"  as  that  term is
     defined in Item 1-02(w) of Regulation S-X promulgated under the Act, except
     for Avnet Europe NV/SA;

          (s) the Company and each of the  Subsidiaries  have filed all material
     federal and state income and franchise tax returns (or obtained  extensions
     with  respect to the filing of such  returns) and have paid all taxes shown
     thereon as currently  due, and the Company has no knowledge of any material
     tax deficiency  which has been or might be asserted  against the Company or
     any of the  Subsidiaries;  all  material  tax  liabilities  are  adequately
     provided for on the books of the Company and each of the Subsidiaries;

          (t) the Company and its Subsidiaries own or possess, or can acquire on
     reasonable  terms,  adequate  material  patents,  patent rights,  licenses,
     trademarks, inventions, service marks, trade names, copyrights and know-how
     (including trade secrets and other proprietary or confidential information,
     systems or  procedures,  whether  patented  or  unpatented)  (collectively,
     "intellectual property") necessary to conduct the business now or

                                      B-10

<PAGE>

     proposed to be operated by them as described in the Registration  Statement
     and in the Prospectus,  and neither the Company nor any of its Subsidiaries
     has received any notice of  infringement  of or conflict  with (or knows of
     any such  infringement  of or conflict with) asserted rights of others with
     respect to any of such  intellectual  property  which, if such assertion of
     infringement  or conflict were  sustained,  would result,  singly or in the
     aggregate, in any Material Adverse Effect;

          (u) neither  the Company nor any agent  acting on its behalf has taken
     or will take any action that might cause the Pricing  Agreement  or sale of
     the Securities to violate Regulation T, U or X of the Board of Governors of
     the Federal Reserve System,  in each case as in effect,  or as the same may
     hereafter be in effect, on the Closing Date;

          (v)  except  as  described  in  the  Registration  Statement  and  the
     Prospectus,  (i) the operations of the Company and its  Subsidiaries are in
     compliance with all applicable environmental laws, except where the failure
     to so comply with such laws, individually or in the aggregate, could not be
     expected  to have a  Material  Adverse  Effect,  (ii) the  Company  and its
     Subsidiaries  have obtained all  environmental,  health and safety permits,
     licenses and  approvals  necessary  for its  operation,  all such  permits,
     licenses and approvals  are in effect and the Company and its  Subsidiaries
     are in compliance with the terms and conditions  thereof,  except where the
     failure to so obtain, keep in effect and comply with such permits, licenses
     and  approvals,  whether  individually  or in the  aggregate,  could not be
     expected  to have a Material  Adverse  Effect,  (iii)  with  respect to any
     property currently or formerly owned,  leased or operated by the Company or
     any of its Subsidiaries, (a) neither the Company nor any such Subsidiary is
     subject to any judicial or  administrative  proceeding or any order from or
     agreement with any governmental  authority  (collectively,  "Proceedings"),
     and (b) the Company does not have  knowledge  of any pending or  threatened
     investigation    by    any    governmental     authority     (collectively,
     "Investigations")  relating to any  violation  or alleged  violation of any
     environmental  law,  any  release  or  threatened  release  of a  hazardous
     material into the environment, or any remedial action that may be necessary
     in  connection  with  any  such  violation  or  release,  except  for  such
     Proceedings  or  Investigations  which,  whether  individually  or  in  the
     aggregate,  could not be expected to have a Material  Adverse Effect,  (iv)
     neither the Company nor any such  Subsidiary has filed any notice under any
     environmental law indicating past or present treatment,  storage,  disposal
     or release of a hazardous material into the environment in a manner that is
     not  in  compliance  with,  or  which  could  result  in  liability  under,
     applicable   environmental   laws,  except  where  such  non-compliance  or
     liability,  whether individually or in the aggregate, could not be expected
     to have a Material  Adverse  Effect,  (v)  neither the Company nor any such
     Subsidiary  has  received  notice  of a  claim  that it may be  subject  to
     liability (a "Notice")  as a result of a release or  threatened  release of
     hazardous material,  except for such Notice which,  whether individually or
     in the aggregate,  could not be expected to have a Material Adverse Effect,
     and (vi)  there are no  events,  circumstances  or  conditions  that  might
     reasonably  be  expected  to form the  basis of an order  for  clean-up  or
     remediation,  or an action,  suit or  proceeding  by any  private  party or
     governmental body or agency, against or affecting the Company or any

                                      B-11

<PAGE>

     of  its  Subsidiaries  relating  to  chemicals,  pollutants,  contaminants,
     wastes,   toxic  substances,   petroleum  or  petroleum   products  or  any
     environmental  law, except for events,  circumstances and conditions which,
     individually or in the aggregate,  could not be expected to have a Material
     Adverse  Effect,  and to the best of the Company's  knowledge,  there is no
     reasonable  basis  for any such  order,  action,  suit or  proceeding  with
     respect to any environmental law which could be expected to have a Material
     Adverse Effect;

          (w) the Company is not an "investment company" or an affiliated person
     of, or "promoter" or "principal  underwriter" for, an "investment company,"
     as such  terms  are  defined  in the  Investment  Company  Act of 1940,  as
     amended, and the rules and regulations thereunder; and

          (x) to the best knowledge of the Company, no labor problem exists with
     employees  of the Company or any of its  Subsidiaries  or is imminent  that
     could have a Material Adverse Effect.

     4. Certain Covenants of the Company: The Company hereby agrees:

          (a) to furnish such  information as may be reasonably  required by and
     otherwise  to  cooperate  with,  the   Representatives  in  qualifying  the
     Securities  for offering and sale under the  securities or blue sky laws of
     such states as the Representatives may designate  (including the provisions
     of Florida blue sky law, if requested,  relating to issuers doing  business
     with  Cuba)  and to  maintain  such  qualifications  in  effect  as long as
     required for the distribution of the Securities,  provided that the Company
     shall not be required to qualify as a foreign corporation or a dealer or to
     consent to the service of process  under the laws of any such state (except
     service of process with respect to the offering and sale of the Securities)
     or to take any action which would or could  subject the Company to taxation
     in any state  where it is not now so subject;  and to  promptly  advise the
     Representatives  of the  receipt by the  Company of any  notification  with
     respect to the suspension of the  qualification  of the Securities for sale
     in any  jurisdiction or the initiation or threatening of any proceeding for
     such purpose;

          (b) to make available to the Representatives in New York City, as soon
     as practicable  after the Registration  Statement  becomes  effective,  and
     thereafter from time to time to furnish to the Underwriters, as many copies
     of the Prospectus (or of the Prospectus as amended or  supplemented  if the
     Company  shall have made any  amendments or  supplements  thereto after the
     effective  date of the  Registration  Statement)  as the  Underwriters  may
     reasonably request for the purposes contemplated by the Act;

          (c) that the Company will use its best efforts to cause any  amendment
     of the  Registration  Statement to become effective  promptly.  The Company
     will not file any amendment to the  Registration  Statement or amendment or
     supplement to the  Prospectus  relating to any series of the  Securities to
     which the  Underwriters  of such  series  shall  object in writing  after a
     reasonable  opportunity  to  review  the  same.  Subject  to the  foregoing
     sentence,

                                      B-12

<PAGE>

     the  Company  will  cause  each  Prospectus   supplement  relating  to  the
     Securities  to be filed  with the  Commission  pursuant  to the  applicable
     paragraph  of Rule 424 within the time period  prescribed  and will provide
     evidence  satisfactory  to the  Underwriters  of such  timely  filing.  The
     Company will promptly  advise the  Underwriters of any series of Securities
     (A) when any Prospectus  supplement relating to such series shall have been
     filed  with  the  Commission  pursuant  to Rule  424,  (B)  when,  prior to
     termination  of  the  offering  of  such  series,   any  amendment  to  the
     Registration  Statement shall have been filed with the Commission or become
     effective,  (C) of any request by the  Commission  for any amendment of the
     Registration   Statement  or  supplement  to  the  Prospectus  or  for  any
     additional  information,   (D)  of  the  receipt  by  the  Company  of  any
     notification of the issuance by the Commission of any stop order suspending
     the  effectiveness  of  the  Registration  Statement  or  the  use  of  any
     Prospectus or Prospectus  supplement or, if the Company has  knowledge,  of
     the institution or threat of any proceeding for that purpose and (E) of the
     receipt by the Company of any  notification  with respect to the suspension
     of the  qualification of the Securities for sale in any jurisdiction or, if
     the Company has  knowledge,  of the  initiation or threat of any proceeding
     for such purpose.  The Company will make every reasonable effort to prevent
     the  issuance  of any  such  stop  order  or of  any  order  suspending  or
     preventing  any such use and, if issued,  to obtain as soon as possible the
     withdrawal thereof;

          (d) to furnish to the  Representatives  and, upon request,  to each of
     the other  Underwriters  for a period of three  years from the date of each
     Pricing Agreement (i) copies of any reports or other  communications  which
     the  Company  shall  send to its  shareholders  or shall  from time to time
     publish or publicly disseminate,  (ii) copies of all annual,  quarterly and
     current  reports filed with the Commission on Forms 10-K,  10-Q and 8-K, or
     such other similar form as may be designated by the  Commission,  and (iii)
     such  other  information  as the  Representatives  may  reasonably  request
     regarding the Company or its Subsidiaries;

          (e) to advise the  Underwriters of a series of Securities  promptly of
     the  happening  of any event  known to the  Company  within the time during
     which a  prospectus  relating to such  series is  required to be  delivered
     under the Act which,  in the  judgment of the  Company,  would  require the
     making  of  any  change  in  the  Prospectus  then  being  used,  or in the
     information incorporated therein by reference, so that the Prospectus would
     not  include  an untrue  statement  of a  material  fact or omit to state a
     material fact  necessary to make the  statements  therein,  in light of the
     circumstances  under which they are made, not misleading,  and,  subject to
     Section  4(c) during such time,  to prepare and furnish,  at the  Company's
     expense,  to the  Underwriters  promptly such  amendments or supplements to
     such  Prospectus  as may be  necessary  to reflect  any such  change and to
     furnish  to the  Representatives  a copy  of  such  proposed  amendment  or
     supplement  before  filing  any  such  amendment  or  supplement  with  the
     Commission;

                                      B-13

<PAGE>

          (f)  that,  as soon as  practicable  after  the  date of each  Pricing
     Agreement,  the  Company  will make  generally  available  to its  Security
     holders an earnings  statement  that  satisfies  the  provisions of Section
     11(a) of the Act and Rule 158 under the Act;

          (g) to apply the net proceeds  from the sale of the  Securities in the
     manner set forth under the caption "Use of Proceeds" in the Prospectus;

          (h) if the Securities  being sold pursuant to the  applicable  Pricing
     Agreement  are   convertible   into  or  exchangeable  or  exercisable  for
     Underlying  Securities,  to take all actions  contemplated  by Section 3(h)
     hereof and, if such Underlying Securities are Underlying Equity Securities,
     to reserve and keep  available at all times,  free of  preemptive  or other
     similar  rights,  a  sufficient  number  of  shares  of  Underlying  Equity
     Securities  for  the  purpose  of  enabling  the  Company  to  satisfy  any
     obligation  to  issue  such  Underlying  Equity  Securities  upon  any such
     conversion, exchange or exercise;

          (i) to pay all expenses, fees and taxes (other than any transfer taxes
     and fees and  disbursements of counsel for the  Underwriters  except as set
     forth  under  Section 5 hereof and (iv) below) in  connection  with (i) the
     preparation  and filing of the  Registration  Statement,  each  preliminary
     prospectus,  the Prospectus, and any amendments or supplements thereto, and
     the printing and  furnishing of copies of each thereof to the  Underwriters
     and to  dealers  (including  costs  of  mailing  and  shipment),  (ii)  the
     preparation,  issuance,  execution,  authentication  and  delivery  of  the
     Securities,  (iii) the printing of the Pricing  Agreement  (including these
     Provisions),  an Agreement Among Underwriters,  any dealer agreements,  any
     Powers of Attorney,  the Indenture and the reproduction and/or printing and
     furnishing  of copies of each  thereof to the  Underwriters  and to dealers
     (including  costs of mailing and shipment),  (iv) the  qualification of the
     Securities for offering and sale under state laws and the  determination of
     their  eligibility for investment  under state law as aforesaid  (including
     the legal fees and filing fees and other  disbursements  of counsel for the
     Underwriters)  and the  printing and  furnishing  of copies of any blue sky
     surveys or legal investment surveys to the Underwriters and to dealers, (v)
     any  listing  of  the  Securities  on  any  securities   exchange  and  any
     registration  thereof  under the  Exchange  Act,  (vi) any fees  payable to
     investment rating agencies with respect to the Securities, (vii) any filing
     for  review  of the  public  offering  of the  Securities  by the  National
     Association  of  Securities  Dealers,  Inc.  (the  "NASD"),  and (viii) the
     performance of the Company's other obligations hereunder; and

          (j)  that  the   Company   will  not,   without  the  consent  of  the
     Representatives, offer or sell, or publicly announce its intention to offer
     or sell, (i) any debt securities  pursuant to a public offering or (ii) any
     unsecured  debt   securities   pursuant  to  a  private   placement   which
     contemplates  the purchasers of such debt  securities  receiving  customary
     registration  rights,  in each case during the period beginning on the date
     of the Pricing  Agreement and ending the 90th day following the date of the
     Pricing Agreement.  The Company has not taken, and will not take,  directly
     or indirectly, any action which might reasonably be expected to cause or

                                      B-14

<PAGE>

     result in the stabilization or manipulation of the price of any security to
     facilitate the sale or resale of the Securities.

     5. Reimbursement of Underwriters'  Expenses:  If the Securities of a series
to which the attached Pricing Agreement relates are not delivered for any reason
other than (a) a termination of the  obligations of the several  Underwriters in
accordance with clause (a)(iii), (a)(iv) or (a)(v) of Section 9 hereof, or (b) a
default  by one  or  more  of  the  Underwriters  in  its  or  their  respective
obligations  hereunder,  the Company shall reimburse the Underwriters for all of
their out-of-pocket expenses, including the reasonable fees and disbursements of
their counsel.

     6. Conditions of Underwriters' Obligations:  The several obligations of the
Underwriters  to purchase and pay for the Securities are subject to the accuracy
of the  representations  and warranties on the part of the Company herein on the
Representation  Date and at the Closing Date  (including  those contained in the
Pricing Agreement), to the accuracy of the statements of officers of the Company
made pursuant to the provisions hereof, to the performance by the Company of its
obligations hereunder and to the following conditions:

          (a) The Company  shall furnish to the  Representatives  at the Closing
     Date an opinion of Carter,  Ledyard & Milburn,  counsel for the Company, or
     other counsel to the Company reasonably  acceptable to the Representatives,
     addressed  to the  Underwriters  and  dated  the  Closing  Date and in form
     satisfactory to counsel for the Underwriters, stating that:

               (i) the Pricing Agreement (which incorporates by reference all of
          these Provisions) has been duly authorized,  executed and delivered by
          the Company;

               (ii)  the  Indenture  has  been  duly  authorized,  executed  and
          delivered by the Company and,  assuming due  authorization,  execution
          and delivery by the Trustee,  constitutes the legal, valid and binding
          agreement of the Company enforceable against the Company in accordance
          with its terms,  except insofar as the  enforceability  thereof may be
          limited  by  bankruptcy,  insolvency,  reorganization,  moratorium  or
          similar laws affecting  creditors'  rights  generally,  and by general
          principles of equity;

               (iii) the  Securities  have been duly  authorized  by the Company
          and, when executed and  authenticated  in accordance with the terms of
          the Indenture and delivered to and paid for by the Underwriters,  will
          be legal,  valid and binding  obligations  of the Company  enforceable
          against the Company in accordance with their terms,  except insofar as
          the enforceability  thereof may be limited by bankruptcy,  insolvency,
          reorganization or similar laws affecting  creditors' rights generally,
          and by general principles of equity;

               (iv) if any Securities are  convertible  into, or exchangeable or
          exercisable for,  Underlying Equity Securities,  the Underlying Equity
          Securities are duly and

                                      B-15

<PAGE>

          validly  authorized,   have  been  duly  reserved  for  issuance  upon
          conversion,  exchange or exercise of the related  Securities  and when
          duly issued upon such  conversion,  exchange or exercise  will be duly
          and validly issued, fully paid and non-assessable;

               (v) the Securities,  any Underlying  Securities and the Indenture
          conform in all material respects to the summary  descriptions  thereof
          contained in the Registration Statement and Prospectus;

               (vi) the Registration  Statement and the Prospectus (except as to
          the  financial  statements  and  schedules  and  other  financial  and
          statistical  data contained or incorporated  by reference  therein and
          the Trustee's  Statement of  Eligibility on Form T-1, as to which such
          counsel  need  express no opinion)  comply as to form in all  material
          respects with the requirements of the Act;

               (vii) the  Registration  Statement has become effective under the
          Act  and,  to the  best of such  counsel's  knowledge,  no stop  order
          proceedings  with respect thereto are pending or threatened  under the
          Act;

               (viii) no approval, authorization,  consent or order of or filing
          with any  United  States  Federal or New York  State  governmental  or
          regulatory commission, board, body, authority or agency is required in
          connection  with the issue or sale of the Securities by the Company as
          contemplated  hereby,  other than registration of the Securities under
          the Act and  qualification  of the Indenture under the Trust Indenture
          Act (except such  counsel need express no opinion as to any  necessary
          qualification  under  the  state  securities  or blue  sky laws of the
          various jurisdictions in which the Securities are being offered by the
          Underwriters);

               (ix) the  Indenture  has been  duly  qualified  under  the  Trust
          Indenture Act.

          In addition,  such  counsel  shall state that it has  participated  in
     conferences  with  officers  and  other  representatives  of  the  Company,
     representatives  of the independent  public  accountants of the Company and
     representatives  of  the  Underwriters,   at  which  the  contents  of  the
     Registration  Statement and Prospectus  were  discussed and,  although such
     counsel has not  independently  verified,  is not passing upon and does not
     assume  responsibility  for, the accuracy,  completeness or fairness of the
     statements contained in the Registration Statement or Prospectus (except as
     and to the extent stated in subparagraph (iv) above), no facts have come to
     the attention of such counsel,  in the course of such  participation,  that
     cause it to believe that the Registration  Statement, or any post-effective
     amendment thereto, as of the date it was declared  effective,  contained an
     untrue  statement  of a material  fact or omitted to state a material  fact
     required to be stated therein or necessary to make the  statements  therein
     not misleading,  or that the Prospectus or any supplement  thereto,  at the
     date of such  Prospectus  or such  supplement  and at all  times  up to and
     including the Closing Date,  contained or contains an untrue statement of a
     material fact or omitted or omits to state a

                                      B-16

<PAGE>

     material fact  required to be stated  therein or necessary in order to make
     the statements  therein, in the light of the circumstances under which they
     were made,  not  misleading  (it being  understood  that such  counsel need
     express no opinion with respect to the financial  statements  and schedules
     and other  financial  and  statistical  data  included in the  Registration
     Statement  or  Prospectus  or with  respect to the  Trustee's  Statement of
     Eligibility on Form T-1).

          In  rendering  such  opinion,  counsel may state that such  opinion is
     limited to United States Federal and New York law.

          (b) The Company  shall furnish to the  Representatives  at the Closing
     Date an opinion of David R. Birk, Senior Vice President and General Counsel
     for the Company, or such other counsel to the Company reasonably acceptable
     to the Representatives, addressed to the Underwriters and dated the Closing
     Date and in form  satisfactory  to counsel  for the  Underwriters,  stating
     that:

               (i) the Company is a  corporation  validly  existing  and in good
          standing under the laws of the State of New York,  with full corporate
          power and authority to own its  properties and conduct its business as
          described in the  Registration  Statement  and the  Prospectus  and to
          issue, sell and deliver the Securities as herein contemplated;

               (ii) the outstanding  shares of capital stock of the Company have
          been duly and  validly  authorized  and  issued  and are  fully  paid,
          non-assessable  and  free  of  statutory  and  contractual  preemptive
          rights;

               (iii) each of the Subsidiaries  organized in the United States of
          America is a corporation  validly  existing and in good standing under
          the laws of its respective  jurisdiction  of  incorporation  with full
          corporate power and authority to own its respective  properties and to
          conduct  its  respective  business,  except  where the  failure  to be
          validly existing,  to be in good standing,  and to have such power and
          authority could not, individually or in the aggregate, have a Material
          Adverse   Effect  (in   rendering   this   opinion   with  respect  to
          jurisdictions other than the State of New York, such counsel may state
          that he is relying  exclusively on certificates and other documents of
          public officials of such jurisdictions);

               (iv) the  Company is duly  qualified  to  transact  business as a
          foreign  corporation  in  Arizona,  California,  Massachusetts,  North
          Carolina and Texas (in rendering this opinion,  such counsel may state
          that he is relying  exclusively on certificates and other documents of
          public officials of such jurisdictions);

               (v) to the best of such counsel's knowledge,  neither the Company
          nor any of its  Subsidiaries is in breach of, or in default under (nor
          has any event occurred

                                      B-17

<PAGE>

          which with notice,  lapse of time,  or both would  constitute a breach
          of, or default under), (i) its charter or by-laws,  (ii) any "material
          contract"  (within the meaning of Item  601(b)(10) of  Regulation  S-K
          promulgated under the Exchange Act) to which the Company or any of its
          Subsidiaries  is a party or by which  any of them or their  respective
          properties  may be bound or affected,  (iii) any United States Federal
          or New  York  State  law,  regulation  or rule,  or (iv)  any  decree,
          judgment   or  order   applicable   to  the  Company  or  any  of  its
          Subsidiaries;

               (vi) the  execution,  delivery  and  performance  of the  Pricing
          Agreement and the  Indenture,  the issuance of the  Securities and any
          Underlying  Securities  by the  Company  and the  consummation  by the
          Company of the transactions contemplated hereby and thereby do not and
          will not conflict  with,  or result in any breach of, or  constitute a
          default under (nor  constitute  any event which with notice,  lapse of
          time,  or both would  constitute  a breach of or default  under),  any
          provision  of (x) the  charter or by-laws of the Company or any of its
          Subsidiaries or (y) any license,  indenture,  mortgage, deed of trust,
          bank loan,  credit agreement or other agreement or instrument to which
          the Company or any of its  Subsidiaries  is a party or by which any of
          them or their respective  properties may be bound or affected,  or (z)
          any  law,  regulation  or  rule  or  any  decree,  judgment  or  order
          applicable to the Company or any of its  Subsidiaries,  except for, in
          the case of clause (x) above,  conflicts,  breaches  and  defaults  of
          Non-Material  Subsidiaries  which,  individually  or in the aggregate,
          could not be expected to have a Material  Adverse  Effect,  and except
          for, in the case of clauses (y) and (z) above, conflicts, breaches and
          defaults  which,  individually  or in  the  aggregate,  could  not  be
          expected to have a Material Adverse Effect;

               (vii)  to the  best of such  counsel's  knowledge,  there  are no
          contracts,  licenses,  agreements,  leases or documents of a character
          which  are  required  to be  filed  as  exhibits  to the  Registration
          Statement or to be  summarized  or described in the  Prospectus  which
          have not been so filed, summarized or described;

               (viii)  to the best of such  counsel's  knowledge,  there  are no
          actions,  suits or  proceedings  pending  or  threatened  against  the
          Company  or any  of  its  Subsidiaries  or  any  of  their  respective
          properties, at law or in equity or before or by any commission, board,
          body,  authority  or agency  which are required to be described in the
          Prospectus but are not so described;

               (ix) the documents  incorporated by reference in the Registration
          Statement  and  Prospectus,  when they were filed (or, if an amendment
          with respect to any such  document was filed when such  amendment  was
          filed),  complied  as to  form  in  all  material  respects  with  the
          requirements of the Exchange Act and the rules  thereunder  (except as
          to the financial  statements  and schedules and other  financial  data
          contained or  incorporated  by reference  therein,  and the  Trustee's
          Statement  of  Eligibility  on Form T-1, as to which such counsel need
          express no opinion);

                                      B-18

<PAGE>

          (c)  The  Representatives  shall  have  received  from  the  Company's
     independent  public  accountants  letters  dated,  respectively,  as of the
     Representation Date and the Closing Date, and addressed to the Underwriters
     in form and substance reasonably satisfactory to the Representatives.

          (d) The  Representatives  shall have  received at the Closing Date the
     favorable opinion of counsel for the Underwriters,  dated the Closing Date,
     in form and substance reasonably satisfactory to the Representatives.

          (e) Prior to the Closing Date (i) the  Registration  Statement and all
     amendments thereto, or modifications  thereof, if any, shall not contain an
     untrue  statement  of a  material  fact or omit to  state a  material  fact
     required to be stated  therein or necessary in order to make the statements
     therein  not  misleading  and (ii) the  Prospectus  and all  amendments  or
     supplements thereto, or modifications thereof, if any, shall not contain an
     untrue statement of material fact or omit to state a material fact required
     to be stated therein or necessary in order to make the statements  therein,
     in  the  light  of  the  circumstances  under  which  they  are  made,  not
     misleading.

          (f) Between the  Representation  Date and the Closing Date,  there has
     been no material  adverse change in the condition,  financial or otherwise,
     or in the earnings,  business affairs or business  prospects of the Company
     and its subsidiaries  considered as one enterprise,  whether or not arising
     in the ordinary course of business.

          (g)  The  Company  will,   at  the  Closing   Date,   deliver  to  the
     Representatives  a  certificate  of two of its  executive  officers  to the
     effect that the  representations and warranties of the Company set forth in
     Section 3 of this Agreement and the conditions set forth in subsections (e)
     and subsection (f) of this Section 6 have been met and are true and correct
     as of such date.

          (h) The Company shall have furnished to the Representatives such other
     documents  and  certificates  as to the  accuracy and  completeness  of any
     statement  in the  Registration  Statement  and  the  Prospectus  as of the
     Closing Date as the Representatives may reasonably request.

          (i) The Company  shall  perform  such of its  obligations  under these
     Provisions  and the Pricing  Agreement  as are to be performed by the terms
     hereof and thereof at or before the Closing Date.

          (j) No stop order  suspending the  effectiveness  of the  Registration
     Statement  has been issued and no  proceedings  for that  purpose have been
     instituted or threatened.

                                      B-19

<PAGE>

          (k) At the Closing Date,  counsel for the Underwriters shall have been
     furnished  with such  information,  certificates  and documents as they may
     reasonably  require  for the  purpose  of  enabling  them to pass  upon the
     issuance  and sale of the  Securities  as  contemplated  herein and related
     proceedings,   or  in  order  to  evidence  the  accuracy  of  any  of  the
     representations or warranties, or the fulfillment of any of the conditions,
     herein  contained;  and all opinions and  certificates  mentioned  above or
     elsewhere in this Agreement  shall be reasonably  satisfactory  in form and
     substance to the Representatives and counsel for the Underwriters.

     7. Indemnification.

          (a) The Company agrees to indemnify and hold harmless each Underwriter
     and each person, if any, who controls any Underwriter within the meaning of
     Section 15 of the Act or Section 20 of the Exchange Act as follows:

               (i)  against  any and all  loss,  liability,  claim,  damage  and
          expense whatsoever,  as incurred,  arising out of any untrue statement
          or alleged  untrue  statement  of a  material  fact  contained  in the
          Registration  Statement  (or any  amendment  thereto),  including  the
          information  deemed to be part of the Registration  Statement pursuant
          to Rule 430A(b)  under the Act (the "Rule 430A  Information")  or Rule
          434 under the Act (the "Rule 434 Information"),  if applicable, or the
          omission or alleged omission  therefrom of a material fact required to
          be stated  therein or  necessary  to make the  statements  therein not
          misleading  or arising out of any untrue  statement or alleged  untrue
          statement of a material fact included in any preliminary prospectus or
          the  Prospectus  (or any  amendment  or  supplement  thereto),  or the
          omission or alleged omission therefrom of a material fact necessary in
          order  to  make  the   statements   therein,   in  the  light  of  the
          circumstances under which they were made, not misleading;

               (ii)  against  any and all loss,  liability,  claim,  damage  and
          expense whatsoever, as incurred, to the extent of the aggregate amount
          paid  in  settlement  of  any  litigation,  or  any  investigation  or
          proceeding  by  any   governmental   agency  or  body,   commenced  or
          threatened,  or of any claim  whatsoever  based  upon any such  untrue
          statement  or  omission,  or any  such  alleged  untrue  statement  or
          omission;  provided  that  (subject  to Section  7(d)  below) any such
          settlement is effected with the written consent of the Company; and

               (iii)  against  any  and  all  expense  whatsoever,  as  incurred
          (including, subject to Section 7(c) hereof, the fees and disbursements
          of counsel  chosen by the  Representatives),  reasonably  incurred  in
          investigating,  preparing or defending against any litigation,  or any
          investigation  or  proceeding  by any  governmental  agency  or  body,
          commenced or threatened, or any claim whatsoever based upon any such

                                      B-20

<PAGE>

          untrue statement or omission,  or any such alleged untrue statement or
          omission, to the extent that any such expense is not paid under (i) or
          (ii) above;

     provided,  however,  that the indemnity provided in this Section 7(a) shall
     not apply to any loss,  liability,  claim,  damage or expense to the extent
     arising out of any untrue statement or omission or alleged untrue statement
     or  omission  made  in  reliance  upon  and  in  conformity   with  written
     information  furnished  to the  Company by or on behalf of any  Underwriter
     through the Representatives expressly for use in the Registration Statement
     (or any amendment  thereto),  including the Rule 430A  Information  and the
     Rule 434  Information  deemed to be a part thereof,  if applicable,  or any
     preliminary  prospectus or the  Prospectus  (or any amendment or supplement
     thereto) (the "Furnished  Information");  and provided,  further, that with
     respect to any untrue  statement or omission or alleged untrue statement or
     omission made in any preliminary prospectus, the indemnity provided in this
     Section  7(a) shall not inure to the benefit of any  Underwriter  from whom
     the person  asserting  any such losses,  claims,  damages,  liabilities  or
     expenses purchased the Securities concerned to the extent that (i) any such
     loss,  claim,  damage,  liability  or expense of such  Underwriter  and its
     affiliates  results  from  the  fact  that a copy of the  final  Prospectus
     (excluding  documents  incorporated  by reference) was not sent or given to
     such  person  at or  prior  to the  written  confirmation  of  sale of such
     Securities  as  required  by the  Act,  and (ii) the  untrue  statement  or
     omission has been corrected in the final Prospectus; and provided, further,
     that the indemnity  provided in this Section 7(a) shall be limited,  to the
     extent it applies  to fees and  disbursements  of  counsel,  to  reasonable
     amounts of such fees and disbursements.

          (b) Each  Underwriter  severally agrees to indemnify and hold harmless
     the  Company,   its  directors,   each  of  its  officers  who  signed  the
     Registration  Statement,  and each person, if any, who controls the Company
     within the  meaning of Section 15 of the Act or Section 20 of the  Exchange
     Act  against  any  and all  loss,  liability,  claim,  damage  and  expense
     described in the indemnity  contained in subsection  (a) of this Section 7,
     as incurred,  but only with respect to untrue  statements or omissions,  or
     alleged untrue statements or omissions,  made in the Registration Statement
     (or any amendment thereto) including the Rule 430A Information and the Rule
     434  Information  deemed  to be a  part  thereof,  if  applicable,  or  any
     preliminary  prospectus or the  Prospectus  (or any amendment or supplement
     thereto) in reliance upon and in conformity with the Furnished Information,
     which the  Underwriters  agree to identify  by letter to the Company  dated
     each Closing Date.

          (c) Each indemnified party shall give notice as promptly as reasonably
     practicable to each  indemnifying  party of any action commenced against it
     in respect of which  indemnity may be sought  hereunder,  but failure to so
     notify an indemnifying party shall not relieve such indemnifying party from
     any liability hereunder to the extent it is not materially  prejudiced as a
     result  thereof and in any event  shall not  relieve it from any  liability
     which it may have otherwise than on account of this indemnity agreement. In
     the case of parties indemnified  pursuant to Section 7(a) above, counsel to
     the indemnified parties shall be selected by the  Representatives,  and, in
     the case of parties indemnified pursuant to Section

                                      B-21

<PAGE>

     7(b) above,  counsel to the  indemnified  parties  shall be selected by the
     Company.  An  indemnifying  party may participate at its own expense in the
     defense  of  any  such  action;  provided,  however,  that  counsel  to the
     indemnifying  party shall not (except  with the consent of the  indemnified
     party)  also be counsel to the  indemnified  party.  In no event  shall the
     indemnifying  parties  be  liable  for fees and  expenses  of more than one
     counsel (in addition to any local counsel)  separate from their own counsel
     for all  indemnified  parties in connection with any one action or separate
     but similar or related actions in the same jurisdiction  arising out of the
     same general  allegations or  circumstances.  No indemnifying  party shall,
     without the prior written  consent of the  indemnified  parties,  settle or
     compromise  or consent  to the entry of any  judgment  with  respect to any
     litigation,  or any investigation or proceeding by any governmental  agency
     or body,  commenced or  threatened,  or any claim  whatsoever in respect of
     which  indemnification or contribution could be sought under this Section 7
     or Section 8 hereof (whether or not the  indemnified  parties are actual or
     potential parties thereto),  unless such settlement,  compromise or consent
     (i) includes an unconditional  release of each  indemnified  party from all
     liability  arising out of such  litigation,  investigation,  proceeding  or
     claim and (ii) does not include a statement as to or an admission of fault,
     culpability or a failure to act by or on behalf of any indemnified party.

          (d) If at any  time an  indemnified  party  shall  have  requested  an
     indemnifying party to reimburse the indemnified party for fees and expenses
     of counsel,  such indemnifying party agrees that it shall be liable for any
     settlement of the nature  contemplated by Section 7(a)(ii) effected without
     its written  consent if (i) such  settlement  is entered  into more than 45
     days after receipt by such  indemnifying  party of the  aforesaid  request,
     (ii) such  indemnifying  party shall have  received  notice of the terms of
     such  settlement  at least 30 days prior to such  settlement  being entered
     into and (iii)  such  indemnifying  party  shall not have  reimbursed  such
     indemnified party in accordance with such request prior to the date of such
     settlement.  Notwithstanding the immediately  preceding sentence, if at any
     time an  indemnified  party shall have requested an  indemnifying  party to
     reimburse  the  indemnified  party for fees and  expenses  of  counsel,  an
     indemnifying  party  shall not be liable for any  settlement  of the nature
     contemplated  by Section  7(a)(ii)  effected  without  its  consent if such
     indemnifying party (i) reimburses such indemnified party in accordance with
     such request to the extent it considers  such request to be reasonable  and
     (ii) provides written notice to the indemnified  party  substantiating  the
     unpaid  balance  as  unreasonable,  in each case  prior to the date of such
     settlement.

     8. Contribution.

          If the  indemnification  provided  for in  Section 7 hereof is for any
     reason unavailable to or insufficient to hold harmless an indemnified party
     in respect of any losses, liabilities, claims, damages or expenses referred
     to therein,  then each indemnifying party shall contribute to the aggregate
     amount of such losses,  liabilities,  claims, damages and expenses incurred
     by such  indemnified  party,  as  incurred,  (i) in such  proportion  as is
     appropriate to reflect the relative  benefits  received by the Company,  on
     the one hand, and the Underwriters,

                                      B-22

<PAGE>

     on the other  hand,  from the  offering of the  Securities  pursuant to the
     applicable Pricing Agreement,  or (ii) if the allocation provided by clause
     (i)  is  not  permitted  by  applicable  law,  in  such  proportion  as  is
     appropriate to reflect not only the relative benefits referred to in clause
     (i) above but also the relative fault of the Company,  on the one hand, and
     the  Underwriters,  on the other hand, in connection with the statements or
     omissions which resulted in such losses,  liabilities,  claims,  damages or
     expenses, as well as any other relevant equitable considerations.

          The relative  benefits  received by the Company,  on the one hand, and
     the Underwriters, on the other hand, in connection with the offering of the
     Securities  pursuant to the applicable Pricing Agreement shall be deemed to
     be in the same  respective  proportions  as the total net proceeds from the
     offering of such Securities  (before  deducting  expenses)  received by the
     Company and the total  underwriting  discount received by the Underwriters,
     in each case as set forth on the cover of the  Prospectus,  or, if Rule 434
     is  used,  the  corresponding  location  on the  term  sheet,  bear  to the
     aggregate  initial public offering price of such Securities as set forth on
     such cover.

          The  relative  fault  of  the  Company,  on  the  one  hand,  and  the
     Underwriters, on the other hand, shall be determined by reference to, among
     other  things,  whether any such untrue or alleged  untrue  statement  of a
     material  fact or  omission or alleged  omission  to state a material  fact
     relates to information  supplied by the Company or by the  Underwriters and
     the  parties'  relative  intent,  knowledge,   access  to  information  and
     opportunity to correct or prevent such statement or omission.

          The Company and the  Underwriters  agree that it would not be just and
     equitable if contribution pursuant to this Section 8 were determined by pro
     rata allocation  (even if the  Underwriters  were treated as one entity for
     such  purpose)  or by any other  method of  allocation  which does not take
     account of the equitable  considerations  referred to above in this Section
     8. The  aggregate  amount  of  losses,  liabilities,  claims,  damages  and
     expenses  incurred by an  indemnified  party and  referred to above in this
     Section 8 shall be deemed to include any legal or other expenses reasonably
     incurred by such indemnified party in investigating, preparing or defending
     against  any  litigation,   or  any  investigation  or  proceeding  by  any
     governmental  agency  or  body,  commenced  or  threatened,  or  any  claim
     whatsoever  based  upon any such  untrue or  alleged  untrue  statement  or
     omission or alleged omission.

          Notwithstanding the provisions of this Section 8, no Underwriter shall
     be required to  contribute  any amount in excess of the amount by which the
     total price at which the Securities  underwritten  by it and distributed to
     the public  exceeds the amount of any damages  which such  Underwriter  has
     otherwise  been  required  to pay by reason of any such  untrue or  alleged
     untrue statement or omission or alleged omission.

                                      B-23

<PAGE>

          No person guilty of fraudulent  misrepresentation  (within the meaning
     of Section  11(f) of the Act) shall be  entitled to  contribution  from any
     person who was not guilty of such fraudulent misrepresentation.

          For purposes of this  Section 8, each person,  if any, who controls an
     Underwriter  within  the  meaning of Section 15 of the Act or Section 20 of
     the  Exchange  Act  shall  have the same  rights  to  contribution  as such
     Underwriter,  and each director of the Company, each officer of the Company
     who  signed  the  Registration  Statement,  and each  person,  if any,  who
     controls the Company within the meaning of Section 15 of the Act or Section
     20 of the  Exchange Act shall have the same rights to  contribution  as the
     Company. The Underwriters' respective obligations to contribute pursuant to
     this  Section 8 are  several  in  proportion  to the  number  or  aggregate
     principal  amount,  as the case may be, of  Securities  set forth  opposite
     their respective names in the applicable Pricing Agreement, and not joint.

     9. Termination.

          (a)  The   Representatives   may  terminate  the  applicable   Pricing
     Agreement, by notice to the Company, at any time at or prior to the Closing
     Date,  if (i) there has been,  since the  Representation  Date or since the
     respective  dates as of which  information is given in the Prospectus,  any
     material adverse change in the condition, financial or otherwise, or in the
     earnings,  business  affairs or business  prospects  of the Company and its
     subsidiaries  considered as one  enterprise,  whether or not arising in the
     ordinary course of business, or (ii) any of the ratings accorded any of the
     Company's  debt  securities  shall have been  downgraded,  or placed  under
     surveillance  or review,  other  than with  positive  implications,  by any
     credit  rating  agency  recognized  by  the  Commission  as  a  "nationally
     recognized  statistical  rating  organization," or (iii) there has occurred
     any material  adverse change in the financial  markets in the United States
     or, if the Securities are  denominated or payable in, or indexed to, one or
     more  foreign or  composite  currencies,  in the  applicable  international
     financial markets,  or any outbreak of hostilities or escalation thereof or
     other  calamity  or  crisis  or  any  change  or  development  involving  a
     prospective  change in national or  international  political,  financial or
     economic  conditions,  in each case the  effect of which is such as to make
     it, in the  judgment of the  Representatives,  impracticable  to market the
     Securities or to enforce contracts for the sale of the Securities,  or (iv)
     trading in any  securities of the Company has been  suspended or materially
     limited  by the  Commission  or the New York  Stock  Exchange,  or  trading
     generally on the New York Stock  Exchange or the American Stock Exchange or
     in the Nasdaq National Market has been suspended or materially  limited, or
     minimum or maximum  prices for trading have been fixed,  or maximum  ranges
     for  prices  have been  required,  by either of said  exchanges  or by such
     system or by order of the  Commission,  the NASD or any other  governmental
     authority,  or (v) a banking moratorium has been declared by either Federal
     or New York  authorities  or, if the  Securities  include  debt  securities
     denominated  or payable in, or indexed to, one or more foreign or composite
     currencies,  by the relevant  authorities in the related foreign country or
     countries.

                                      B-24

<PAGE>

          (b)  If  these  Provisions  or the  applicable  Pricing  Agreement  is
     terminated  pursuant to this Section 9, such  termination  shall be without
     liability  of any party to any other party  except as provided in Section 5
     hereof, and provided further that Sections 3, 7, 8 and 9 shall survive such
     termination and remain in full force and effect.

     10. Notices:

          Except as otherwise herein provided, all statements, requests, notices
     and agreements  shall be in writing and, if to the  Underwriters,  at their
     addresses furnished to the Company in the Pricing Agreement for the purpose
     of communications  hereunder and, if to the Company, shall be sufficient in
     all respects if delivered or telefaxed to the Company at the offices of the
     Company at 2211 South 47th Street, Phoenix,  Arizona 85034, Attention:  Mr.
     Raymond Sadowski (fax no. (480) 643-7929).

     11. Construction:

          These  Provisions and the Pricing  Agreement shall be governed by, and
     construed  in  accordance  with,  the laws of the  State of New  York.  The
     section  headings  in these  Provisions  have been  inserted as a matter of
     convenience of reference and are not a part of these Provisions.

     12. Parties at Interest:

          The agreements set forth herein and in the Pricing Agreement have been
     and are made solely for the benefit of the Underwriters and the Company and
     the controlling  persons,  directors and officers referred to in Sections 7
     and 8 hereof,  and their  respective  successors,  assigns,  executors  and
     administrators.  No other person,  partnership,  association or corporation
     (including a purchaser,  as such purchaser,  from any of the  Underwriters)
     shall  acquire or have any right under or by virtue of these  Provisions or
     the Pricing Agreement.

                                      B-25

<PAGE>

                                   SCHEDULE A

         JURISDICTIONS IN WHICH AVNET, INC. IS INCORPORATED OR QUALIFIED

     Alabama,  Alaska, Arizona,  Arkansas,  California,  Colorado,  Connecticut,
     Florida,  Georgia,  Idaho,  Illinois,   Indiana,  Iowa,  Kansas,  Kentucky,
     Maryland,  Massachusetts,   Michigan,  Minnesota,  Mississippi,   Missouri,
     Nevada,  New Hampshire,  New Jersey,  New Mexico, New York, North Carolina,
     Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, Tennessee,
     Texas, Utah, Washington, Wisconsin.

                                      B-26

<PAGE>

                                   AVNET, INC.

                                 DEBT SECURITIES
                                PRICING AGREEMENT

                                                                          , 200_

Avnet, Inc.
2211 South 47th Street
Phoenix, Arizona 85034

Attention:

Ladies and Gentlemen:

     Referring to the debt securities of Avnet, Inc. (the "Company")  covered by
the Registration  Statement on Form S-3 (No. 333-39530) filed by the Company, on
the basis of the  representations,  warranties and agreements  contained in this
Agreement  and in  the  Company's  Standard  Underwriting  Agreement  Provisions
attached  hereto (the  "Standard  Underwriting  Agreement"),  and subject to the
terms and conditions  set forth herein and therein,  the  Underwriters  named on
Schedule I hereto ("Underwriters") agree to purchase, severally and not jointly,
and the Company agrees to sell to the Underwriters, $       aggregate  principal
amount of __% Due (the  "Securities")  in the respective  principal  amounts set
forth opposite the names of the Underwriters on Schedule I hereto.

     The price at which the  Securities  shall be purchased  from the Company by
the  Underwriters  shall be % of the  principal  amount  thereof  [plus  accrued
interest from _____________,  200_]. The Securities will be offered as set forth
in the Prospectus  Supplement  relating  thereto.  The Securities  will have the
following terms:

Title:

Interest Rate: ____% per annum

Interest  Payment Dates:  ________  and _______ commencing _________, 200_.

Maturity:

Other Provisions: as set forth in the Prospectus Supplement relating to the
                  Securities.

Closing: _________ A.M. on _______, 200_, at       , in same day funds.

                                      B-27

<PAGE>

Name[s] and Address[es] of Representative[s]:

     The provisions contained in the Standard Underwriting Agreement Provisions,
a copy of which is attached hereto, are incorporated herein by reference.

     A  global  certificate  representing  all of the  Securities  will  be made
available  for  inspection  at the office of  ___________________,  at least one
business day prior to the Closing Date.

     We represent  that we are  authorized  to act for the several  Underwriters
named in  Schedule I hereto in  connection  with this  financing  and any action
under this agreement by any of us will be binding upon all the Underwriters.

     This Pricing Agreement may be executed in one or more counterparts,  all of
which counterparts shall constitute one and the same instrument.

     If the foregoing is in accordance with your understanding of our agreement,
kindly sign and return to us the enclosed  duplicate  hereof,  whereupon it will
become a binding  agreement  among the Company and the several  Underwriters  in
accordance with its terms.

                                            Very truly yours,

                                            [NAMES OF REPRESENTATIVES]
                                            On behalf of themselves and
                                                as Representatives of the
                                                Several Underwriters

                                            By _____________________________

                                            By  _____________________________
                                                   Name:
                                                   Title:
The foregoing Pricing Agreement
is hereby confirmed as of the
date first above written

AVNET, INC.

By _________________________
  Name:
  Title:

                                      B-28

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00031-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00031-of-00352.parquet"}]]