AMENDMENT NO. 4 TO TRANSFER AND ADMINISTRATION AGREEMENT

               AMENDMENT NO. 4 TO TRANSFER AND ADMINISTRATION AGREEMENT (this "Amendment"), dated as of March 29, 2002, to that certain Transfer and Administration Agreement, dated as of March 21, 2001, as amended by Amendment No. 1 to the Transfer and Administration Agreement, dated as of November 30, 2001, Amendment No. 2 to the Transfer and Administration Agreement, dated as of December 14, 2001 and Amendment No. 3 to the Transfer and Administration Agreement, dated as of March 20, 2002 (as in effect on the date hereof, the "TAA"), by and among Arrow Electronics Funding Corporation, a Delaware corporation (the "SPV"), Arrow Electronics, Inc., a New York corporation, individually ("Arrow") and as the initial Master Servicer, the several commercial paper conduits identified on Schedule A to the TAA and their respective permitted successors and assigns (the "Conduit Investors"; each individually, a "Conduit Investor"), the agent bank set forth opposite the name of each Conduit Investor on such Schedule A and its permitted successors and assigns (each a "Funding Agent") with respect to such Conduit Investor, and Bank of America, National Association, a national banking association, as the administrative agent for the Investors (the "Administrative Agent"), and the financial institutions from time to time parties thereto as Alternate Investors. Capitalized terms used and not otherwise defined herein have the meanings assigned to such terms in the TAA.

               NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

               SECTION 1.  Amendments to the TAA. Effective as of the date hereof and subject to the satisfaction of the conditions precedent set forth in Section 3 hereof, the TAA is hereby amended as follows:

                           (a) The definition of "Conduit Assignee" is amended to read as follows:

               "Conduit Assignee" means, with respect to any Conduit Investor, any commercial paper conduit that issues commercial paper rated by at least two of Moody's, S&P and Fitch at least A1/ P1/F1 (or the equivalent) which commercial paper conduit is sponsored or administered by the Funding Agent with respect to such Conduit Investor and is designated by such Funding Agent to accept an assignment from such Conduit Investor of all or a portion of such Conduit Investor's rights and obligations pursuant to Section 11.8(d)

               SECTION 2. Representations and Warranties. To induce the Investors, the Funding Agents and the Administrative Agent to enter into this Amendment, the SPV and Arrow each makes the following representations and warranties (which representations and warranties shall survive the execution and delivery of this Amendment) as of the date hereof, after giving effect to the amendments set forth herein:

                           (a) Authority. The SPV and Arrow each has the requisite corporate power, authority and legal right to execute and deliver this Amendment and to perform its obligations hereunder and under the TAA (as modified hereby). The execution, delivery and performance by the SPV and Arrow of this Amendment and their performance of the TAA (as modified hereby), have been duly approved by all necessary corporate action and no other corporate proceedings are necessary to consummate such transactions.

                           (b) Enforceability. This Amendment has been duly executed and delivered by the SPV and Arrow. This Amendment is the legal, valid and binding obligation of the SPV and Arrow, enforceable against the SPV and Arrow in accordance with its terms, subject to applicable bankruptcy, insolvency, moratorium or other similar laws affecting the rights of creditors generally and the application of general principles of equity (regardless of whether considered in a proceeding at law or in equity). The making and delivery of this Amendment and the performance of the TAA as modified hereby, do not violate any provision of law or any regulation (except to the extent that the violation thereof could not, in the aggregate, be expected to have a Material Adverse Effect or a material adverse effect on the condition (financial or otherwise), business or properties of Arrow and the other Originators, taken as a whole), or its charter or by-laws, or result in the breach of or constitute a default under or require any consent under any indenture or other agreement or instrument to which it is a party or by which it or any of its properties may be bound or affected.

               SECTION 3.  Conditions Precedent. This Amendment shall become effective, as of the date hereof, on the date on which the following conditions precedent shall have been fulfilled:

                           (a) This Amendment. The Administrative Agent shall have received counterparts of this Amendment, duly executed by each of the parties hereto.

                           (b) Legal Matters. All instruments and legal and corporate proceedings in connection with the transactions contemplated by this Amendment shall be satisfactory in form and substance to the Administrative Agent, the Administrative Agent's counsel and each Funding Agent and the fees and expenses of counsel to the Administrative Agent incurred in connection with the execution of this Amendment and the transactions contemplated hereby shall have been paid in full.

               SECTION 4. References to and Effect on the Transaction Documents.

                           (a)  Except as specifically amended and modified hereby, each Transaction Document is and shall continue to be in full force and effect and is hereby in all respects ratified and confirmed.

                           (b) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Investor, Funding Agent or the Administrative Agent under any Transaction Document, nor constitute a waiver, amendment or modification of any provision of any Transaction Document, except as expressly provided in Section 1 hereof.

                           (c) This Amendment contains the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire Amendment among the parties hereto with respect to the subject matter hereof superseding all prior oral or written understandings.

                           (d) Each reference in the TAA to "this Agreement", "hereunder", "hereof" or words of like import, and each reference in any other Transaction Document to "the Transfer and Administration Agreement", "thereunder", "thereof" or words of like import, referring to the Agreement, shall mean and be a reference to the Agreement as amended hereby.

               SECTION 5.  Execution in Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment by telefacsimile shall be effective as delivery of a manually executed counterpart of this Amendment.

               SECTION 6.  GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

               SECTION 7.  WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG ANY OF THEM ARISING OUT OF, CONNECTED WITH, RELATING TO OR INCIDENTAL TO THE RELATIONSHIP BETWEEN THEM IN CONNECTION WITH THIS AMENDMENT OR ANY OTHER TRANSACTION DOCUMENT.

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

Arrow Electronics Funding Corporation,
as SPV

By:_________________________________________________
   Name:____________________________________________
   Title:___________________________________________

Arrow Electronics, Inc.,
individually and as Master Servicer

By:_________________________________________________
   Name:____________________________________________
   Title:___________________________________________

Enterprise Funding Corporation,
as a Conduit Investor

By:_________________________________________________
   Name:____________________________________________
   Title:___________________________________________

Bank of America, National Association,
as a Funding Agent, as Administrative Agent, and as an
Alternate Investor

By:_________________________________________________
   Name:____________________________________________
   Title:___________________________________________

Delaware Funding Corporation,
as a Conduit Investor

By:_________________________________________________
   Name:____________________________________________
   Title:___________________________________________

JPMorgan Chase Bank,
successor by merger to Morgan Guaranty Trust Company
of New York) as a Funding Agent and as an Alternate
Investor

By:_________________________________________________
   Name:____________________________________________
   Title:___________________________________________

Eagle Funding Capital Corporation,
as a Conduit Investor and as an Alternate Investor

By: Fleet Securities, Inc.,
its attorney-in-fact

     By:____________________________________________
        Name:_______________________________________
        Title:______________________________________

Fleet Securities, Inc.
as a Funding Agent

By:_________________________________________________
   Name:____________________________________________
   Title:___________________________________________

Gramercy Capital Corp.,
as a Conduit Investor

By: Credit Suisse First Boston, New York Branch,
its attorney-in-fact

     By:___________________________________________
        Name:______________________________________
        Title:_____________________________________

     By:___________________________________________
        Name:______________________________________
        Title:_____________________________________

Credit Suisse First Boston, New York Branch
as a Funding Agent and as an Alternate Investor

By:_________________________________________________
   Name:____________________________________________
   Title:___________________________________________

By:_________________________________________________
   Name:____________________________________________
   Title:___________________________________________

Liberty Street Funding Corp.,
as a Conduit Investor

By:_________________________________________________
   Name:____________________________________________
   Title:___________________________________________

The Bank of Nova Scotia,
as a Funding Agent and as an Alternate Investor

By:_________________________________________________
   Name:____________________________________________
   Title:___________________________________________

Victory Receivables Corporation,
as a Conduit Investor

By:_________________________________________________
   Name:____________________________________________
   Title:___________________________________________

The Bank of Tokyo-Mitsubishi, Ltd.,
as a Funding Agent and as an Alternate Investor

By:_________________________________________________
   Name:____________________________________________
   Title:___________________________________________