Unassociated Document


    EXHIBIT 10.7

     

    
      AMENDMENT
TO

       

      LOAN
AND SECURITY AGREEMENT

       

      


      THIS
AMENDMENT, dated as of January 29, 2008, is to the Loan and Security Agreement
dated January 2, 2008 (“Loan Agreement”) between Johnson Bank (“Bank”), and
Jefferson Electric, Inc. (“Borrower”).

       

      RECITAL

       

      WHEREAS, Bank and Borrower desire to
amend the Loan Agreement as provided herein.

      


       

      AGREEMENT

       

      1.           Definitions.

      


      (a)           All
capitalized terms used but not defined herein shall have the meanings set forth
in the Loan Agreement.

      


      (b)           As
used in the Loan Agreement as amended hereby, the following terms shall have the
following meanings:

      


      
        	
                 
      

              	
                “Loan
      Amount” means the sum of $3,500,000 plus the outstanding balance of the
      Obligations.

              


      

      


      
        	
                 
      

              	
                “Revolving
      Note” means Borrower’s promissory note, substantially in form attached
      hereto as Exhibit A, as
      it may be amended, restated or replaced from time to
  time.

              


      

      


      2.           Revolving
Loans.  Section 2.1.1 of the Loan Agreement is amended to
delete “Three Million Dollars ($3,000,000.00)” and replace it with “Three
Million Five Hundred Thousand Dollars ($3,500,000.00).”

      


      3.           Collateral Obligation
Ratio.  Section 2.6 of the Loan Agreement is amended to delete
“$3,000,000” and replace it with “$3,500,000.”

       

      4.           Conditions
Precedent.  This Amendment shall not be effective until Bank
has received a fully executed copy of this Amendment, the Revolving Note,
Borrowing Resolutions authorizing this amendment and an Officer’s
Certificate.

      


      5.           Effect of
Amendment.  Except as otherwise provided herein, the Loan
Agreement shall remain in full force and effect and Borrower shall be bound by
all of the covenants therein.

      


      6.           Law
Governing.  This Amendment shall be governed by the laws of the
State of Wisconsin.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      7.           Binding
Effect.  This Amendment shall be binding on and inure to the
benefit of Borrower, Bank and their respective successors and
assigns.

       

       

      
        
          	 	
                  BORROWER:

                   

                  Jefferson
      Electric, Inc.

                	 
	 	 	 	 
	 	 	 	 
	
                   

                	
                  By:
      

                	/s/
      Thomas Klink 	 
	 	 	
                  Thomas
      Klink, President

                	 


        

        
           

           

          
            	 	
                    
                      BANK:

                       

                      Johnson
      Bank

                    

                  	 
	 	 	 	 
	 	 	 	 
	
                     

                  	
                    By:
      

                  	/s/
      Roberta S. Cummings	 
	 	 	
                    
                      Roberta
      S. Cummings, Vice President

                    

                  	 


          

           

          


          CONSENT
OF GUARANTORS

           

          The undersigned hereby consent to the
foregoing amendment and ratify their Guaranties of the obligations of Jefferson
Electric, Inc. to Johnson Bank.

           

          


          
            	 	/s/
      Thomas Klink
	 	
                    Thomas
      Klink

                  
	 	 
	 	 
	 
      	
                    JEFFERSON ELECTRIC LEASING,
      LLC,

                    A
      Wisconsin limited liability company

                     

                  
	 
      	
                    By: 

                  	/s/
      Thomas Klink
	 
      	 
      	
                    Thomas
      Klink, Member

                  
	 
      	 
      	 
      


          

          


          

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