Document:

<PAGE>

                                                                    EXHIBIT 4.01

                                                               EXECUTION VERSION

                      SECOND AMENDMENT TO CREDIT AGREEMENT

         THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this "Amendment"), dated as
of September 2, 2003, is entered into by and among:

                  (1) FLEXTRONICS INTERNATIONAL LTD., a Singapore corporation
         ("Borrower");

                  (2) Each of the financial institutions listed in Schedule I to
         the Credit Agreement referred to in Recital A below (collectively, the
         "Lenders") constituting Required Lenders; and

                  (3) ABN AMRO BANK N.V. ("ABN AMRO"), as agent for the Lenders
         (in such capacity, "Agent").

                                    RECITALS

         A.       Borrower, the Lenders and Agent are parties to that certain
Credit Agreement, dated as of March 8, 2002 (as amended pursuant to that certain
First Amendment to Credit Agreement, dated as of March 7, 2003, the "Credit
Agreement").

         B.       Borrower has requested that the Lenders constituting Required
Lenders and Agent amend the Credit Agreement in certain respects.

         C.       The Lenders executing this Amendment and Agent are willing to
so amend the Credit Agreement upon the terms and subject to the conditions set
forth below.

                                    AGREEMENT

         NOW, THEREFORE, in consideration of the above recitals and for other
good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, Borrower, the Lenders executing this Amendment and Agent hereby
agree as follows:

         1.       DEFINITIONS, INTERPRETATION. All capitalized terms defined
above and elsewhere in this Amendment shall be used herein as so defined. Unless
otherwise defined herein, all other capitalized terms used herein shall have the
respective meanings given to those terms in the Credit Agreement, as amended by
this Amendment. The rules of construction set forth in Section I of the Credit
Agreement shall, to the extent not inconsistent with the terms of this
Amendment, apply to this Amendment and are hereby incorporated by reference.

         2.       AMENDMENTS TO CREDIT AGREEMENT. Subject to the satisfaction of
the conditions set forth in paragraph 4 below, the Credit Agreement is hereby
amended as follows:

                  (a) Paragraph 1.01 is hereby amended by changing the
         definition of the term "EBITDA" set forth therein to read in its
         entirety as follows:

<PAGE>

                           "EBITDA" shall mean, with respect to FIL for any four
                  quarter period, the sum, determined on a consolidated basis in
                  accordance with GAAP, of the following:

                                    (a)      The net income or net loss of FIL
                           and its Subsidiaries for such period before provision
                           for income taxes;

                                      plus

                                    (b)      The sum (to the extent deducted in
                           calculating net income or loss in clause (a) above)
                           of (i) all Interest Expenses of FIL and its
                           Subsidiaries accruing during such period, (ii) all
                           depreciation and amortization expenses of FIL and its
                           Subsidiaries accruing during such period and (iii)
                           other noncash charges for such period, including
                           accrued charges until such time that such accrued
                           charges become cash payments;

                                      plus

                                    (c)      An amount, not to exceed
                           $50,000,000 in any consecutive four fiscal quarters,
                           equal to the sum (to the extent deducted in
                           calculating net income or loss in clause (a) above)
                           of all cash charges associated with merger-related
                           expenses and restructuring costs paid in such period
                           (in each case calculated in accordance with GAAP)
                           incurred by FIL and/or its Subsidiaries in connection
                           with any merger, acquisition, or restructuring
                           entered into by FIL and/or any of its Subsidiaries
                           which are otherwise permitted under this Agreement
                           and the FIUI Credit Agreement.

                                      plus

                                    (d)      For the fiscal quarter periods
                           ending on September 30, 2003, December 31, 2004,
                           March 31, 2004 and June 30, 2004, an amount, not to
                           exceed $110,000,000, equal to the charges incurred by
                           FIL constituting a "Loss on Early Extinguishment of
                           Debt" (as such term is used in GAAP) in connection
                           with the early redemption by FIL of its 9.875% Senior
                           Subordinated Notes due 2010.

                  For purposes of Subparagraph 5.03(a) (and not for purposes of
                  Subparagraph 5.03(b)), if FIL or any of its Subsidiaries
                  acquires (whether by purchase, merger, consolidation or
                  otherwise) all or substantially all of the assets of or
                  property of any other Person, during any period in respect of
                  which EBITDA is to be determined, such EBITDA shall be
                  determined on a pro forma basis in accordance with GAAP and,
                  if applicable, the rules of the Securities and Exchange
                  Commission, as if such acquisition occurred as of the first
                  day of the relevant period.

                  (b)      Clauses (i), (iii) and (iv) of Paragraph 5.01(a) are
         hereby amended by changing the references therein from "chief financial
         officer, treasurer or controller" to

                                       2

<PAGE>

         "chief executive officer, chief operating officer, chief financial
         officer, treasurer, assistant treasurer, controller or senior vice
         president of finance".

         3.       REPRESENTATIONS AND WARRANTIES. Borrower hereby represents and
         warrants to Agent and the Lenders that the following are true and
         correct on the date of this Amendment and that, after giving effect to
         the amendments set forth in paragraph 2 above, the following will be
         true and correct on the Effective Date:

                  (a)      The representations and warranties of Borrower and
         its Subsidiaries set forth in Paragraph 4.01 of the Credit Agreement
         and in the other Credit Documents are true and correct in all material
         respects (except for representations and warranties expressly made as
         of a specified date, which are true and correct in all material
         respects as of such date);

                  (b)      No Default has occurred and is continuing; and

                  (c)      Each of the Credit Documents is in full force and
         effect.

(Without limiting the scope of the term "Credit Documents," Borrower expressly
acknowledges in making the representations and warranties set forth in this
paragraph 3 that, on and after the date hereof, such term includes this
Amendment.)

         4.       EFFECTIVE DATE. The amendments effected by paragraph 2 above
shall become effective on September 2, 2003 (the "Effective Date"), subject to
receipt by the Lenders executing this Amendment and Agent, on or prior to the
Effective Date of the following, each in form and substance satisfactory to the
Lenders executing this Amendment, Agent and their respective counsel, as
applicable:

                  (a)      This Amendment duly executed by Borrower, the Lenders
         constituting Required Lenders and Agent;

                  (b)      A letter in the form of Attachment A hereto
         appropriately completed and duly executed by each Guarantor; and

                  (c)      A Certificate of the Secretary of Borrower, dated the
         Effective Date, certifying that the Memorandum and Articles of
         Association of Borrower, in the form delivered to Agent on the Closing
         Date, are in full force and effect and have not been amended,
         supplemented, revoked or repealed since such date.

         5.       EFFECT OF THIS AMENDMENT. On and after the Effective Date,
each reference in the Credit Agreement and the other Credit Documents to the
Credit Agreement shall mean the Credit Agreement as amended hereby. Except as
specifically amended above, (a) the Credit Agreement and the other Credit
Documents shall remain in full force and effect and are hereby ratified and
confirmed and (b) the execution, delivery and effectiveness of this Amendment
shall not, except as expressly provided herein, operate as a waiver of any
right, power, or remedy of the Lenders or Agent, nor constitute a waiver of any
provision of the Credit Agreement or any other Credit Document.

                                       3

<PAGE>

         6.       MISCELLANEOUS.

                  (a)      Counterparts. This Amendment may be executed in any
         number of identical counterparts, any set of which signed by all the
         parties hereto shall be deemed to constitute a complete, executed
         original for all purposes.

                  (b)      Headings. Headings in this Amendment are for
         convenience of reference only and are not part of the substance hereof.

                  (c)      Governing Law. This Amendment shall be governed by
         and construed in accordance with the laws of the State of California
         without reference to conflicts of law rules.

                          [The Signature Pages Follow]

                                       4

<PAGE>

         IN WITNESS WHEREOF, Borrower, Agent and the Lenders executing this
Amendment have caused this Amendment to be executed as of the day and year first
above written.

BORROWER:                           FLEXTRONICS INTERNATIONAL LTD.

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

AGENT:                              ABN AMRO BANK N.V.,
                                    As Agent

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

LENDERS:                            ABN AMRO BANK N.V.

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                      S-1

<PAGE>

                                    AIB INTERNATIONAL FINANCE

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                    DEUTSCHE BANK TRUST COMPANY
                                    AMERICAS (FORMERLY BANKERS TRUST COMPANY)

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                    BANK OF AMERICA, N.A.

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                      S-2

<PAGE>

                                    BEAR STEARNS CORPORATE LENDING INC.

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                    BNP PARIBAS

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                    CITICORP USA, INC.

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                      S-3

<PAGE>

                                    COMERICA BANK

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                    CREDIT SUISSE FIRST BOSTON

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                    DANSKE BANK A/S

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                      S-4

<PAGE>

                                    ERSTE BANK DER OESTERREICHISCHEN
                                    SPARKASSEN AG

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                    FLEET NATIONAL BANK

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                    MIZUHO CORPORATE BANK, LIMITED

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                      S-5

<PAGE>

                                    KEY CORPORATE CAPITAL, INC.

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                    LEHMAN COMMERCIAL PAPER INC.

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                    ROYAL BANK OF CANADA

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                      S-6

<PAGE>

                                    SKANDINAVISKA ENSKILDA BANKEN AB (publ)

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                    THE BANK OF NOVA SCOTIA

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                    UNION BANK OF CALIFORNIA, N.A.

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                      S-7

<PAGE>

                                    U.S. BANK NATIONAL ASSOCIATION

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                    By:  _______________________________________

                                         Name:  ________________________________

                                         Title: ________________________________

                                      S-8

<PAGE>

                                  ATTACHMENT A

                            GUARANTOR CONSENT LETTER

                                September 2, 2003

TO: ABN AMRO BANK, N.V.,
         As Agent for the Lenders under the Credit Agreement referred to below

         1.       Reference is made to the following:

                  (a)      The Credit Agreement dated as of March 8, 2002 (as
         amended, the "Credit Agreement") among Flextronics International Ltd.
         ("Borrower"), the financial institutions which are from time to time
         parties thereto (the "Lenders"), and ABN AMRO Bank, as agent for the
         Lenders ("Agent");

                  (b)      The Guaranty dated as of March 8, 2002 (the
         "Guaranty") executed by each of the undersigned (each a "Guarantor,"
         and collectively, the "Guarantors") in favor of the Lenders and Agent;
         and

                  (c)      The Second Amendment to Credit Agreement dated as of
         September 2, 2003 (the "Second Amendment") among Borrower, the Lenders
         constituting Required Lenders and Agent.

         2.       Each Guarantor hereby consents to the Second Amendment. Each
Guarantor expressly agrees that such amendment shall in no way affect or alter
the rights, duties, or obligations of Guarantor, the Lenders or Agent under the
Guaranty.

         3.       From and after the date hereof, the term "Credit Agreement" as
used in the Guaranty shall mean the Credit Agreement, as amended by the Second
Amendment.

         4.       The Guarantors' consent to the Second Amendment shall not be
construed (i) to have been required by the terms of the Guaranty or any other
document, instrument or agreement relating thereto or (ii) to require the
consent of the Guarantors in connection with any future amendment of the Credit
Agreement or any other Credit Document.

         5.       Each Guarantor represents and warrants to Agent that (i) the
corporate documents and resolutions (such items, the "Guarantor Deliverables")
of such Guarantor are in the form delivered to Agent on the Closing Date (as
defined in the Credit Agreement) or the date such Guarantor became a party to
the Guaranty, as applicable, and (ii) such Guarantor's Guarantor Deliverables
are in full force and effect and have not been amended, supplemented, revoked or
repealed since such date.

<PAGE>

         IN WITNESS WHEREOF, each Guarantor has executed this Guarantor Consent
Letter as of the day and year first written above.

                                             FLEXTRONICS INTERNATIONAL USA, INC.

                                             By:  ______________________________

                                                  Name:  _______________________

                                                  Title: _______________________

                                             FLEXTRONICS HOLDING USA, INC.

                                             By:  ______________________________

                                                  Name:  _______________________

                                                  Title: _______________________

                                             FLEXTRONICS INTERNATIONAL LATIN
                                             AMERICA (L) LTD.

                                             By:  ______________________________

                                                  Name:  _______________________

                                                  Title: _______________________

                                             FLEX INTERNATIONAL MARKETING (L)
                                             LTD.

                                             By:  ______________________________

                                                  Name:  _______________________

                                                  Title: _______________________

                                             FLEXTRONICS MANUFACTURING
                                             MEXICO, S.A. DE C.V.

                                             By:  ______________________________

                                                  Name:  _______________________

                                                  Title: _______________________

                                      S-1

<PAGE>

                                             FLEXTRONICS INTERNATIONAL SINGAPORE
                                             PTE LTD.

                                             By:  ______________________________

                                                  Name:  _______________________

                                                  Title: _______________________

                                             FLEXTRONICS HOLDINGS (UK) LIMITED

                                             By:  ______________________________

                                                  Name:  _______________________

                                                  Title: _______________________

                                             MULTILAYER TECHNOLOGY, INC.

                                             By:  ______________________________

                                                  Name:  _______________________

                                                  Title: _______________________

                                             FLEXTRONICS USA, INC.

                                             By:  ______________________________

                                                  Name:  _______________________

                                                  Title: _______________________

                                             FLEXTRONICS ENCLOSURES, INC.

                                             By:  ______________________________

                                                  Name:  _______________________

                                                  Title: _______________________

                                      S-2

<PAGE>

                                             FLEXTRONICS DISTRIBUTION, INC.

                                             By:  ______________________________

                                                  Name:  _______________________

                                                  Title: _______________________

                                             FLEXTRONICS TECHNOLOGY (SHAH ALAM)
                                             SDN BDH

                                             By:  ______________________________

                                                  Name:  _______________________

                                                  Title: _______________________

                                             FLEXTRONICS MANUFACTURING
                                             FRANCE SNC

                                             By:  ______________________________

                                                  Name:  _______________________

                                                  Title: _______________________

                                             FLX CYPRUS LIMITED

                                             By:  ______________________________

                                                  Name:  _______________________

                                                  Title: _______________________

                                             IEC HOLDINGS LTD.

                                             By:  ______________________________

                                                  Name:  _______________________

                                                  Title: _______________________

                                      S-3

<PAGE>

                                             FLEXTRONICS (MALAYSIA) SDN BDH

                                             By:  ______________________________

                                                  Name:  _______________________

                                                  Title: _______________________

                                             FLEXTRONICS INDUSTRIAL (MALAYSIA)
                                             SDN BDH

                                             By:  ______________________________

                                                  Name:  _______________________

                                                  Title: _______________________

                                      S-4<PAGE>

                                                                    EXHIBIT 4.02

                                                               EXECUTION VERSION

                      SECOND AMENDMENT TO CREDIT AGREEMENT

         THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this "Amendment"), dated as
of September 2, 2003, is entered into by and among:

                  (1)      FLEXTRONICS INTERNATIONAL USA, INC., a California
         corporation ("Borrower");

                  (2)      Each of the financial institutions listed in Schedule
         I to the Credit Agreement referred to in Recital A below (collectively,
         the "Lenders") constituting Required Lenders; and

                  (3)      ABN AMRO BANK N.V. ("ABN AMRO"), as agent for the
         Lenders (in such capacity, "Agent").

                                    RECITALS

         A.       Borrower, the Lenders and Agent are parties to that certain
Credit Agreement, dated as of March 8, 2002 (as amended pursuant to that certain
First Amendment to Credit Agreement, dated as of March 7, 2003, the "Credit
Agreement").

         B.       Borrower has requested that the Lenders constituting Required
Lenders and Agent amend the Credit Agreement in certain respects.

         C.       The Lenders executing this Amendment and Agent are willing to
so amend the Credit Agreement upon the terms and subject to the conditions set
forth below.

                                    AGREEMENT

         NOW, THEREFORE, in consideration of the above recitals and for other
good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, Borrower, the Lenders executing this Amendment and Agent hereby
agree as follows:

         1.       DEFINITIONS, INTERPRETATION. All capitalized terms defined
above and elsewhere in this Amendment shall be used herein as so defined. Unless
otherwise defined herein, all other capitalized terms used herein shall have the
respective meanings given to those terms in the Credit Agreement, as amended by
this Amendment. The rules of construction set forth in Section I of the Credit
Agreement shall, to the extent not inconsistent with the terms of this
Amendment, apply to this Amendment and are hereby incorporated by reference.

         2.       AMENDMENTS TO CREDIT AGREEMENT. Subject to the satisfaction of
the conditions set forth in paragraph 4 below, the Credit Agreement is hereby
amended as follows:

                  (a)      Paragraph 1.01 is hereby amended by changing the
         definition of the term "EBITDA" set forth therein to read in its
         entirety as follows:

<PAGE>

                  "EBITDA" shall mean, with respect to FIL for any four quarter
         period, the sum, determined on a consolidated basis in accordance with
         GAAP, of the following:

                           (a)      The net income or net loss of FIL and its
                  Subsidiaries for such period before provision for income
                  taxes;

                                      plus

                           (b)      The sum (to the extent deducted in
                  calculating net income or loss in clause (a) above) of (i) all
                  Interest Expenses of FIL and its Subsidiaries accruing during
                  such period, (ii) all depreciation and amortization expenses
                  of FIL and its Subsidiaries accruing during such period and
                  (iii) other noncash charges for such period, including accrued
                  charges until such time that such accrued charges become cash
                  payments;

                                      plus

                           (c)      An amount, not to exceed $50,000,000 in any
                  consecutive four fiscal quarters, equal to the sum (to the
                  extent deducted in calculating net income or loss in clause
                  (a) above) of all cash charges associated with merger-related
                  expenses and restructuring costs paid in such period (in each
                  case calculated in accordance with GAAP) incurred by FIL
                  and/or its Subsidiaries in connection with any merger,
                  acquisition, or restructuring entered into by FIL and/or any
                  of its Subsidiaries which are otherwise permitted under this
                  Agreement and the FIL Credit Agreement.

                                      plus

                           (d)      For the fiscal quarter periods ending on
                  September 30, 2003, December 31, 2004, March 31, 2004 and June
                  30, 2004, an amount, not to exceed $110,000,000, equal to the
                  charges incurred by FIL constituting a "Loss on Early
                  Extinguishment of Debt" (as such term is used in GAAP) in
                  connection with the early redemption by FIL of its 9.875%
                  Senior Subordinated Notes due 2010.

         For purposes of Subparagraph 5.03(a) (and not for purposes of
         Subparagraph 5.03(b)), if FIL or any of its Subsidiaries acquires
         (whether by purchase, merger, consolidation or otherwise) all or
         substantially all of the assets of or property of any other Person,
         during any period in respect of which EBITDA is to be determined, such
         EBITDA shall be determined on a pro forma basis in accordance with GAAP
         and, if applicable, the rules of the Securities and Exchange
         Commission, as if such acquisition occurred as of the first day of the
         relevant period.

         3.       REPRESENTATIONS AND WARRANTIES. Borrower hereby represents and
warrants to Agent and the Lenders that the following are true and correct on the
date of this Amendment and

                                       2

<PAGE>

that, after giving effect to the amendments set forth in paragraph 2 above, the
following will be true and correct on the Effective Date:

                  (a)      The representations and warranties of Borrower and
         its Subsidiaries set forth in Paragraph 4.01 of the Credit Agreement
         and in the other Credit Documents are true and correct in all material
         respects (except for representations and warranties expressly made as
         of a specified date, which are true and correct in all material
         respects as of such date);

                  (b)      No Default has occurred and is continuing; and

                  (c)      Each of the Credit Documents is in full force and
         effect.

(Without limiting the scope of the term "Credit Documents," Borrower expressly
acknowledges in making the representations and warranties set forth in this
paragraph 3 that, on and after the date hereof, such term includes this
Amendment.)

         4.       EFFECTIVE DATE. The amendments effected by paragraph 2 above
shall become effective on September 2, 2003 (the "Effective Date"), subject to
receipt by the Lenders executing this Amendment and Agent, on or prior to the
Effective Date of the following, each in form and substance satisfactory to the
Lenders executing this Amendment, Agent and their respective counsel, as
applicable:

                  (a)      This Amendment duly executed by Borrower, the Lenders
         constituting Required Lenders and Agent;

                  (b)      A letter in the form of Attachment A hereto
         appropriately completed and duly executed by each Guarantor; and

                  (c)      A Certificate of the Secretary of Borrower, dated the
         Effective Date, certifying (i) that the Certificate of Incorporation
         and Bylaws of Borrower, in the form delivered to Agent on the Closing
         Date, are in full force and effect and have not been amended,
         supplemented, revoked or repealed since such date and (ii) that the
         resolution of Borrower, in the form delivered to Agent on the Closing
         Date, is in full force and effect and has not been amended,
         supplemented, revoked or repealed since such date.

         5.       EFFECT OF THIS AMENDMENT. On and after the Effective Date,
each reference in the Credit Agreement and the other Credit Documents to the
Credit Agreement shall mean the Credit Agreement as amended hereby. Except as
specifically amended above, (a) the Credit Agreement and the other Credit
Documents shall remain in full force and effect and are hereby ratified and
confirmed and (b) the execution, delivery and effectiveness of this Amendment
shall not, except as expressly provided herein, operate as a waiver of any
right, power, or remedy of the Lenders or Agent, nor constitute a waiver of any
provision of the Credit Agreement or any other Credit Document.

         6.       MISCELLANEOUS.

                                       3

<PAGE>

                  (a)      Counterparts. This Amendment may be executed in any
         number of identical counterparts, any set of which signed by all the
         parties hereto shall be deemed to constitute a complete, executed
         original for all purposes.

                  (b)      Headings. Headings in this Amendment are for
         convenience of reference only and are not part of the substance hereof.

                  (c)      Governing Law. This Amendment shall be governed by
         and construed in accordance with the laws of the State of California
         without reference to conflicts of law rules.

                          [The Signature Pages Follow]

                                       4

<PAGE>

         IN WITNESS WHEREOF, Borrower, Agent and the Lenders executing this
Amendment have caused this Amendment to be executed as of the day and year first
above written.

BORROWER:                           FLEXTRONICS INTERNATIONAL USA, INC.

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

AGENT:                              ABN AMRO BANK N.V.,
                                    As Agent

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

LENDERS:                            ABN AMRO BANK N.V.

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                      S-1

<PAGE>

                                    AIB INTERNATIONAL FINANCE

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                    DEUTSCHE BANK TRUST COMPANY AMERICAS
                                    (FORMERLY BANKERS TRUST COMPANY)

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                    BANK OF AMERICA, N.A.

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                      S-2

<PAGE>

                                    BEAR STEARNS CORPORATE LENDING INC.

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                    BNP PARIBAS

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                    CITICORP USA, INC.

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                      S-3

<PAGE>

                                    COMERICA BANK

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                    CREDIT SUISSE FIRST BOSTON

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                    DANSKE BANK A/S

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                      S-4

<PAGE>

                                    ERSTE BANK DER OESTERREICHISCHEN
                                    SPARKASSEN AG

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                    FLEET NATIONAL BANK

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                    MIZUHO CORPORATE BANK, LIMITED

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                      S-5

<PAGE>

                                    KEY CORPORATE CAPITAL, INC.

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                    LEHMAN COMMERCIAL PAPER INC.

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                    ROYAL BANK OF CANADA

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                      S-6

<PAGE>

                                    SKANDINAVISKA ENSKILDA BANKEN AB (publ)

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                    THE BANK OF NOVA SCOTIA

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                    UNION BANK OF CALIFORNIA, N.A.

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                      S-7

<PAGE>

                                    U.S. BANK NATIONAL ASSOCIATION

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                    By: ________________________________________

                                        Name:  _________________________________

                                        Title: _________________________________

                                      S-8

<PAGE>

                                  ATTACHMENT A

                            GUARANTOR CONSENT LETTER

                                September 2, 2003

TO: ABN AMRO BANK, N.V.,
         As Agent for the Lenders under the Credit Agreement referred to below

         1.       Reference is made to the following:

                  (a)      The Credit Agreement dated as of March 8, 2002 (as
         amended, the "Credit Agreement") among Flextronics International USA,
         Inc. ("Borrower"), the financial institutions which are from time to
         time parties thereto (the "Lenders"), and ABN AMRO Bank, as agent for
         the Lenders ("Agent");

                  (b)      The Guaranty dated as of March 8, 2002 (the
         "Guaranty") executed by each of the undersigned (each a "Guarantor,"
         and collectively, the "Guarantors") in favor of the Lenders and Agent;
         and

                  (c)      The Second Amendment to Credit Agreement dated as of
         September 2, 2003 (the "Second Amendment") among Borrower, the Lenders
         constituting Required Lenders and Agent.

         2.       Each Guarantor hereby consents to the Second Amendment. Each
Guarantor expressly agrees that such amendment shall in no way affect or alter
the rights, duties, or obligations of Guarantor, the Lenders or Agent under the
Guaranty.

         3.       From and after the date hereof, the term "Credit Agreement" as
used in the Guaranty shall mean the Credit Agreement, as amended by the Second
Amendment.

         4.       The Guarantors' consent to the Second Amendment shall not be
construed (i) to have been required by the terms of the Guaranty or any other
document, instrument or agreement relating thereto or (ii) to require the
consent of the Guarantors in connection with any future amendment of the Credit
Agreement or any other Credit Document.

         5.       Each Guarantor represents and warrants to Agent that (i) the
corporate documents and resolutions (such items, the "Guarantor Deliverables")
of such Guarantor are in the form delivered to Agent on the Closing Date (as
defined in the Credit Agreement) or the date such Guarantor became a party to
the Guaranty, as applicable, and (ii) such Guarantor's Guarantor Deliverables
are in full force and effect and have not been amended, supplemented, revoked or
repealed since such date.

<PAGE>

         IN WITNESS WHEREOF, each Guarantor has executed this Guarantor Consent
Letter as of the day and year first written above.

                                             FLEXTRONICS INTERNATIONAL LTD.

                                             By: _______________________________

                                                 Name:  ________________________

                                                 Title: ________________________

                                             FLEXTRONICS HOLDING USA, INC.

                                             By: _______________________________

                                                 Name:  ________________________

                                                 Title: ________________________

                                             FLEXTRONICS INTERNATIONAL LATIN
                                             AMERICA (L) LTD.

                                             By: _______________________________

                                                 Name:  ________________________

                                                 Title: ________________________

                                             FLEX INTERNATIONAL MARKETING (L)
                                             LTD.

                                             By: _______________________________

                                                 Name:  ________________________

                                                 Title: ________________________

                                             FLEXTRONICS MANUFACTURING MEXICO,
                                             S.A. DE C.V.

                                             By: _______________________________

                                                 Name:  ________________________

                                                 Title: ________________________

                                      S-1

<PAGE>

                                             FLEXTRONICS INTERNATIONAL SINGAPORE
                                             PTE LTD.

                                             By: _______________________________

                                                 Name:  ________________________

                                                 Title: ________________________

                                             FLEXTRONICS HOLDINGS (UK) LIMITED

                                             By: _______________________________

                                                 Name:  ________________________

                                                 Title: ________________________

                                             MULTILAYER TECHNOLOGY, INC.

                                             By: _______________________________

                                                 Name:  ________________________

                                                 Title: ________________________

                                             FLEXTRONICS USA, INC.

                                             By: _______________________________

                                                 Name:  ________________________

                                                 Title: ________________________

                                             FLEXTRONICS ENCLOSURES, INC.

                                             By: _______________________________

                                                 Name:  ________________________

                                                 Title: ________________________

                                      S-2

<PAGE>

                                             FLEXTRONICS DISTRIBUTION, INC.

                                             By: _______________________________

                                                 Name:  ________________________

                                                 Title: ________________________

                                             FLEXTRONICS TECHNOLOGY (SHAH ALAM)
                                             SDN BDH

                                             By: _______________________________

                                                 Name:  ________________________

                                                 Title: ________________________

                                             FLEXTRONICS MANUFACTURING FRANCE
                                             SNC

                                             By: _______________________________

                                                 Name:  ________________________

                                                 Title: ________________________

                                             FLX CYPRUS LIMITED

                                             By: _______________________________

                                                 Name:  ________________________

                                                 Title: ________________________

                                             IEC HOLDINGS LTD.

                                             By: _______________________________

                                                 Name:  ________________________

                                                 Title: ________________________

                                      S-3

<PAGE>

                                             FLEXTRONICS (MALAYSIA) SDN BDH

                                             By: _______________________________

                                                 Name:  ________________________

                                                 Title: ________________________

                                             FLEXTRONICS INDUSTRIAL (MALAYSIA)
                                             SDN BDH

                                             By: _______________________________

                                                 Name:  ________________________

                                                 Title: ________________________

                                      S-4

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