<PAGE>
 
                                                                   EXHIBIT 10.22

                              SECOND AMENDMENT TO
                          LOAN AND SECURITY AGREEMENT
                          ---------------------------


    THIS SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT ("this Amendment") is
                                                           --------------     
made and entered into as of the 1st day of November, 1996, to be effective for
all purposes as of the dates specified herein, by and among FLEET CAPITAL
CORPORATION, a Rhode Island corporation, successor in interest by merger to
FLEET CAPITAL CORPORATION, a Connecticut corporation, formerly known as SHAWMUT
CAPITAL CORPORATION, successor in interest by assignment to BARCLAYS BUSINESS
CREDIT, INC. ("Lender"), LOWRANCE ELECTRONICS, INC., a Delaware corporation
               ------                                                      
("Lowrance"), LEI EXTRAS, INC., a Delaware corporation ("LEI"), LOWRANCE
 ----------                                              ---            
CONTRACTS, INC., a Delaware corporation ("Lowrance Contracts") and SEA
                                          ------------------          
ELECTRONICS, INC., an Oklahoma corporation ("Sea Electronics") (Lowrance, LEI,
                                             ---------------                  
Lowrance Contracts and Sea Electronics are herein individually and collectively
called "Borrower").
        --------   

                                   RECITALS

  A.  Borrower, Lowrance Australia Pty Limited ("Lowrance Australia") and Lender
                                                 ------------------             
have entered into that certain Loan and Security Agreement, dated December 15,
1993, as amended by that certain First Amendment to Loan and Security Agreement,
dated October 16, 1995 (as amended, the "Loan Agreement").
                                         --------------   

  B. Lowrance has advised Lender that Lowrance Australia has been deregistered
and that all of its Properties were transferred to Lowrance prior to such
deregistration.

  C. Borrower and Lender desire to amend the Loan Agreement and the Other
Agreements to allow and provide for certain matters as hereinafter set forth.

  NOW, THEREFORE, in consideration of the premises herein contained and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties, intending to be legally bound, agree as follows:

                                   ARTICLE I
                                  Definitions
                                  -----------

  1.01 Capitalized terms used in this Amendment are defined in the Loan
Agreement, as amended hereby, unless otherwise stated.

                                  ARTICLE II
                                  Amendments
                                  ----------

  2.01  Amendment to Preamble of the Loan Agreement.  Effective as of the date
        -------------------------------------------                           
hereof: (i) the Preamble of the Loan Agreement is hereby amended by deleting
therefrom the words

                                       1
<PAGE>
 
"SHAWMUT CAPITAL CORPORATION" and substituting in its place the words "FLEET
CAPITAL CORPORATION"; and (ii) the term Borrower is hereby amended by deleting
therefrom the reference to Lowrance Australia.

   2.02  Amendment to Section 1.1; Amendment of Certain Definitions.  Effective
         ----------------------------------------------------------            
as of the date hereof, the definitions of "Bank", "Eligible Inventory",
                                           ----    ------------------  
"Security Documents" and "Term Note" contained in Section 1.1 of the Loan
 ------------------       ---------               -----------            
Agreement are hereby deleted in their entirety, and the following shall be
substituted therefor:

         "Bank - Fleet National Bank of Connecticut."
          ----                                       

         "Eligible Inventory - Inventory of Borrower consisting of raw materials
          ------------------    
      or finished goods (after deducting therefrom, (A) Inventory consisting of
      packaging materials and supplies, promotional materials, samples and
      display materials, and Inventory neither offered for sale nor used as a
      component in the production or repair of Borrower's finished goods, (B)
      all reserves established for excess, slow moving, obsolete or
      unmerchantable Inventory, which reserves shall be calculated and adjusted
      from time to time using the Borrower's reports with respect to the
      determination of excess raw materials and finished goods, and (C) all
      reserves established by Lender in its good faith credit judgment with
      respect to shrinkage or spoilage of Inventory) is Eligible Inventory.
      Notwithstanding the generality of the foregoing, no Inventory shall be
      Eligible Inventory unless it:

            (a) is raw materials or finished goods,

            (b) is in good, new and saleable condition or usable in the
      production or repair of Borrower's finished goods (and is not work in
      progress),

            (c) meets all standards imposed by any governmental agency or
      authority,

            (d) conforms in all respects to the warranties and representations
      set forth in Section 6.1 hereof,
                   -----------        

            (e) is at all times subject to Lender's duly perfected, first
      priority security interest and no other Lien except a Permitted Lien,

            (f) is situated at a location in compliance with Section 4.6 hereof,
                                                             -----------
      is not in-transit and is not located in Mexico, and

            (g) is not consigned by any Person to Borrower or by Borrower to any
      Person.

    Furthermore, Lender shall have the right to increase or decrease from time
  to time the amount of the deduction described in clause (B) of the first
                                                   ---------
  sentence of this definition of Eligible Inventory if Lender, following its
  evaluation of Borrower's reserves for excess,

                                       2
<PAGE>
 
  slow moving, obsolete or unmerchantable Inventory (which reserves shall be
  evaluated by Lender utilizing Borrower's books and records), determines in the
  exercise of its good faith credit judgment that such increases or decreases
  are necessary or appropriate."

     "Security Documents - the Mortgage, each New Mortgage, the Stock Pledge
      ------------------                                                    
  Agreement, the Insurance Assignment, the Patent Assignment, the Trademark
  Assignment, the Fixed and Floating Equitable Charge, the Mexican Security
  Documents and all other instruments and agreements now or at any time
  hereafter securing the whole or any part of the Obligations."

    "Term Note - the Second Amended and Restated Secured Promissory Note to be
     ---------                                                                
  executed by Borrower in favor of Lender on or about the date of the Second
  Amendment Agreement to evidence the Term Loan, which shall be in the form of
  Exhibit A-1 attached hereto."
  -----------                  

    2.03  Amendment to Section 1.1; Addition of Certain Definitions.  Effective
          ---------------------------------------------------------             
as of the date hereof, Section 1.1 of the Loan Agreement is hereby amended by
                       -----------                                           
adding the following definitions thereto in alphabetical order:

         "Guaranty Trust Agreement - the Guaranty Trust Agreement to be executed
          ------------------------
   within thirty (30) days of the date of the Second Amendment Agreement by and
   among Lowrance, Electronica Lowrance De Mexico S.A. De C.V., the Mexican
   Trustee and such other parties as are acceptable to Lender, in form and
   substance satisfactory to Lender in its sole discretion."

         "Mexican Security Documents - the Guaranty Trust Agreement, and all
          --------------------------
   other documents, instruments and agreements referenced therein or executed in
   connection therewith."

         "Mexican Trustee - Banco Bilbao Vizcaya-Mexico, S.A., in its capacity
          ---------------  
   as trustee under the Guaranty Trust Agreement."

         "Second Amendment Agreement - the Second Amendment to Loan and Security
          --------------------------
   Agreement, dated as of November 1, 1996, by and between Lender and Borrower."

   2.04  Amendment to Section 2.2(A).  Effective as of the date hereof, Section
         ---------------------------                                    -------
2.2(A) of the Loan Agreement is hereby deleted in its entirety, and the
------                                                                 
following shall be substituted therefor:

        (A) Term Loan. Borrower hereby represents and warrants that (i) on
            ---------   
   December 15, 1993, Lender made a term loan to Borrower in the principal
   amount of $3,500,000 (the "Original Term Loan"), (ii) on the date of the
                              ------------------ 
   First Amendment Agreement, Lender made an additional term loan to Borrower in
   the amount of $1,509,674, (iii) on the date of the First Amendment Agreement,
   such additional term loan and the Original Term Loan were combined into a
   single term loan in the amount of

                                       3
<PAGE>
 
   $3,500,000 (the "Existing Term Loan"), and (iv) the Existing Term Loan is
                    ------------------ 
   repayable in accordance with the terms of that certain Amended and Restated
   Secured Promissory Note dated October 16, 1995, executed by Borrower and
   payable to the order of Lender. Borrower further represents and warrants that
   as of the date of the Second Amendment Agreement, the aggregate unpaid
   principal balance of Existing Term Loan is $2,696,044, and such amount is
   unconditionally owed by Borrower to Lender without offset, defense or
   counterclaim of any kind, nature or description whatsoever. Subject to the
   terms and conditions of the Second Amendment Agreement, Borrower and Lender
   hereby agree that (i) on the date of the Second Amendment Agreement, Lender
   shall make an additional term loan to Borrower in the amount of $500,000, the
   proceeds of which shall be used by Borrower solely to finance its seasonal
   working capital needs, and (ii) such additional term loan and the Existing
   Term Loan shall be combined into a single term loan of $3,196,044 (the
   "Term Loan"), which shall be repayable in accordance with the terms of the
    ---------    
   Term Note and shall be secured by the Collateral."

   2.05  Amendment to Section 4.  Effective as of the date hereof, the Loan
         ----------------------                                            
Agreement is hereby amended by adding a new Section 4.9 thereto, which shall
                                            -----------                     
read in its entirety as follows:

        "4.9 Collateral Located in Mexico. Borrower shall (a) execute and
             ----------------------------
   deliver any and all agreements, documents and instruments deemed necessary by
   Lender in order for Borrower to (i) grant to Lender a first priority security
   interest in any Collateral located in Mexico and any issued and outstanding
   capital stock of Electronica Lowrance De Mexico S.A. De C.V. now or hereafter
   owned by Borrower, and/or (ii) convey to Lender or to the Mexican Trustee, in
   trust, any such stock or Collateral, (b) at Lender's request, execute and
   deliver to Lender all other agreements, documents and instruments that Lender
   may reasonably request during the term of this Agreement to maintain Lender's
   first priority security interest referred to in clause (a) above and/or
   Lender's rights and interests arising from the trust arrangement referred to
   in clause (a) above, and (c) reimburse Lender for any and all reasonable
   costs and expenses incurred in connection with clauses (a) and (b) above,
   including, without limitation, the costs and expenses of obtaining an opinion
   of Mexican counsel acceptable to Lender as to the perfection and priority of
   Lender's security interest referred to clauses (a) and (b) above and/or the
   enforceability of the trust arrangement referred to in clauses (a) and (b)
   above."

   2.06  Amendment to Section 6.1(B).  Effective as of the date hereof, Section
         ---------------------------                                    -------
6.1(B) of the Loan Agreement is hereby deleted in its entirety, and the
-----                                                                 
following shall be substituted therefor:

         "(B) except for Inventory in transit to Ensenada, Mexico which may from
  time to time be temporarily detained and held by customs officials in Mexico,
  no Inventory is now, nor shall any Inventory at any time or times hereafter
  be, stored with a bailee, warehouseman or similar party without Lender's prior
  written consent and, if Lender gives such consent, Borrower will concurrently
  therewith cause any such bailee, warehouseman, or similar party to issue and
  deliver to Lender, in form and substance acceptable to Lender, warehouse
  receipts therefor in Lender's name;"

                                       4
<PAGE>
 
   2.07  Amendment to Sections 9.2(L) and (M).  Effective as of February 28,
         ------------------------------------                               
1996, Sections 9.2(L) and (M) of the Loan Agreement are hereby deleted in their
      -----------------------                                                  
entirety, and the following shall be substituted therefor:

         "(L)  Capital Expenditures.  Make Capital Expenditures which, in the
               --------------------                                          
  aggregate, as to Borrower and its Subsidiaries, exceed (i) $5,750,000 during
  Borrower's fiscal year ending July 31, 1996, or (ii) $4,500,000 during each
  fiscal year of Borrower thereafter.

         (M) Capital Lease Obligations. Incur Capital Lease Obligations which,
             -------------------------
  in the aggregate, as to Borrower and its Subsidiaries exceed (i) $2,900,000
  during Borrower's fiscal year ending July 31, 1996 or (ii) $2,500,000 during
  each fiscal year of Borrower thereafter."

   2.08  Amendment to Section 9.2(X).  Effective as of the date hereof, Section
         ---------------------------                                    -------
9.2(X) of the Loan Agreement is hereby amended by deleting therefrom the
------                                                                  
reference to the dollar amount "$800,000" and substituting in lieu thereof the
dollar amount "$1,400,000".

   2.09  Other Amendments to Loan Documents.  Effective as of the date hereof,
         ----------------------------------                                   
all references in the Loan Documents to: (i) "Shawmut Capital Corporation" shall
be replaced with "Fleet Capital Corporation"; (ii) "Shawmut Capital Corporation,
a Connecticut corporation" shall be replaced with "Fleet Capital Corporation, a
Rhode Island corporation"; (iii) "Shawmut" shall be replaced with "Fleet"; and
(iv) "Lowrance Australia Pty Limited" or "Lowrance Australia", in its own name,
in its capacity as a Borrower or otherwise, shall be deleted and of no further
force and effect.

   2.10  Exhibit A-1 - Form of Term Note.  Effective as of the date hereof, all
         -------------------------------                                       
references in the Loan Agreement to Exhibit A-1, which is the form of the Term
                                    -----------                               
Note, shall be deemed references to the Exhibit A-1 which is attached hereto as
                                        -----------                            
Annex A.
------- 

   2.11  Exhibit B - Borrower's Business Locations.  Effective as of the date
         -----------------------------------------                           
hereof, all references in the Loan Agreement to Exhibit B, which is entitled
                                                ---------                   
"Borrower's Business Locations", shall be deemed references to the Exhibit B
                                                                   ---------
which is attached hereto as Annex B.
                            ------- 

   2.12  Exhibit D - Jurisdiction of Organization and Qualification.  Effective
         ----------------------------------------------------------            
as of the date hereof, all references in the Loan Agreement to Exhibit D, which
                                                               ---------       
is entitled "Jurisdiction of Organization and Qualification", shall be deemed
references to the Exhibit D which is attached hereto as Annex C.
                  ---------                             ------- 

   2.13  Exhibit G - Capital Structure.  Effective as of the date hereof, all
         -----------------------------                                       
references in the Loan Agreement to Exhibit G, which is entitled "Capital
                                    ---------                            
Structure", shall be deemed references to the Exhibit G which is attached hereto
                                              ---------                         
as Annex D.
   ------- 

   2.14  Exhibit J - Property Owned or Leased by Borrower.  Effective as of the
         ------------------------------------------------                      
date hereof, all references in the Loan Agreement to Exhibit J, which is
                                                     ---------          
entitled "Property Owned or Leased by Borrower", shall be deemed references to
the Exhibit J which is attached hereto as Annex E.
    ---------                             ------- 

                                       5
<PAGE>
 
  2.15  Exhibit L - Taxing Authorities.  Effective as of the date hereof, all
        ------------------------------                                       
references in the Loan Agreement to Exhibit L, which is entitled "Taxing
                                    ---------                           
Authorities", shall be deemed references to the Exhibit L which is attached
                                                ---------                  
hereto as Annex F.
          ------- 

  2.16  Exhibit O - Capitalized Leases.  Effective as of the date hereof, all
        ------------------------------                                       
references in the Loan Agreement to Exhibit O, which is entitled "Capitalized
                                    ---------                                
Leases", shall be deemed references to the Exhibit O which is attached hereto as
                                           ---------                            
Annex G.
------- 

  2.17  Exhibit P - Operating Leases.  Effective as of the date hereof, all
        ----------------------------                                       
references in the Loan Agreement to Exhibit P, which is entitled "Operating
                                    ---------                              
Leases", shall be deemed references to the Exhibit P which is attached hereto as
                                           ---------                            
Annex H.
------- 

                                  ARTICLE III
                Conditions Precedent and Post-Closing Covenants
                -----------------------------------------------

  3.01  Conditions Precedent.  The effectiveness of this Amendment is subject to
        --------------------                                                    
the satisfaction of the following conditions precedent, unless specifically
waived in writing by Lender:

        (a) Lender shall have received (i) this Amendment, duly executed by
Borrower, (ii) the Term Note, in the form of Annex A attached hereto, duly
                                             -------
executed by Borrower, (iii) a good standing certificate for each Borrower,
issued within 15 days of the date of this Amendment by the Secretary of State or
appropriate official of the jurisdiction of its incorporation, (iv) a closing
certificate signed by the Chief Executive Officer and Chief Financial Officer of
Borrower, dated as of the date of this Amendment, stating that (A) the
representations and warranties set forth in Section 8 of the Loan Agreement are
                                            --------- 
true and correct as of such date, (B) Borrower is on such date in compliance
with all the terms and provisions set forth in the Loan Agreement, as amended by
this Amendment, and (C) on such date no Default or Event of Default has occurred
and is continuing, except for such Defaults or Events of Default as have been
specifically waived in writing by Lender, (v) a company general certificate in
the form of Annex I attached hereto (hereinafter referred to as the "Company
            -------                                                  -------  
General Certificate") certified by the Secretary or Assistant Secretary of each
-------------------
Borrower acknowledging (A) that such Borrower's Board of Directors has met and
has adopted, approved, consented to and ratified resolutions which authorize the
execution, delivery and performance by such Borrower of this Amendment and all
other Loan Documents to which such Borrower is or is to be a party, and (B) the
names of the officers of such Borrower authorized to sign this Amendment and
each of the other Loan Documents to which such Borrower is or is to be a party
hereunder including the certificates contemplated herein) together with specimen
signatures of such officers, (vi) copies of all filing receipts or
acknowledgments issued by any governmental authority to evidence any filing or
recordation necessary to perfect the Liens of Lender in any Inventory in-transit
to or from Mexico and evidence to Lender that such Liens constitute valid and
perfected first priority security interests and Liens, (vii) a consent and
ratification duly executed by Sea Electronics pursuant to which Sea Electronics
(A) consents to this Amendment, (B) ratifies the terms and conditions of

                                       6
<PAGE>
 
the Sea Electronics Guaranty, and (C) acknowledges that the Obligations of
Borrower outstanding prior to October 16, 1995 are under the Sea Electronics
Guaranty, and (viii) such additional documents, instruments and information as
Lender or its legal counsel may request;

        (b) The representations and warranties contained herein, in the Loan
Agreement and in the Other Agreements, as each is amended hereby, shall be true
and correct as of the date hereof, as if made on the date hereof, except that
any representations and warranties relating solely to Lowrance Australia shall
be of no force or effect as of the date hereof;

        (c) No Default or Event of Default shall have occurred and be
continuing, unless such Default or Event of Default has been specifically waived
in writing by Lender; and

        (d) All corporate proceedings taken in connection with the transactions
contemplated by this Amendment and all documents, instruments and other legal
matters incident thereto shall be satisfactory to Lender and its legal counsel.

  3.02  Post-Closing Covenants.  Unless waived or extended in writing in
          ----------------------                                          
Lender's sole discretion, on or before November 30, 1996, Borrower shall have:

        (a) Executed and delivered to Lender, or caused to be executed and
delivered to Lender, any and all agreements, documents and instruments deemed
necessary by Lender in order for Borrower to (i) grant to Lender a first
priority security interest in any Collateral located in Mexico and/or (ii)
convey to Lender or the Mexican Trustee, in trust, (A) any Collateral located or
to be located in Mexico, (B) any leases in respect of Borrower's real property
located in Mexico and (C) the issued and outstanding capital stock of
Electronica Lowrance De Mexico S.A. De C.V. owned by Borrower; and

        (b) Executed and delivered to Lender, or caused to be executed and
delivered to Lender, any and all agreements, documents, instruments and
certificates deemed necessary by Lender in order for Borrower to (i) grant to
Lender a first priority security interest in any Collateral located in Australia
(whether or not owned at any time by Lowrance Australia) and/or continue the
Lender's first priority security interest in any such Collateral, (ii) evidence
(A) the deregistration of Lowrance Australia, (B) the transfer to Lowrance of
all Properties owned by Lowrance Australia, and (C) the good standing and
authority of Lowrance to do business in Australia and to own its Properties in
Australia.

        The failure of Borrower to satisfy any of the covenants set forth in
this Section 3.02 shall constitute an immediate Event of Default under the Loan
     ------------                                                              
Agreement, without any period of grace or other cure period.

                                       7
<PAGE>
 
                                  ARTICLE IV
                                Limited Waiver
                                --------------

     Upon satisfaction of the conditions and covenants set forth in Sections
                                                                    --------
3.01 and 3.02 of this Amendment, Lender hereby consents to (i) the transfer by
----     ----                                                                 
Lowrance of certain of its Inventory and Equipment to the leased manufacturing
facility of.Electronica Lowrance De Mexico S.A. De C.V. located in Ensenado,
Mexico (the "Mexican Manufacturing Facility"), and (ii) the transfer into the
             ------------------------------                                  
Guaranty Trust by Lowrance of (A) all issued and outstanding capital stock of
Electronica Lowrance De Mexico S.A. De C.V. now or hereafter owned by Lowrance
and (B) all of its Inventory, Equipment and other Collateral now or hereafter
situated at the Mexican Manufacturing Facility (collectively, the "Transfer"),
                                                                   --------   
(iii) consents to the deregistration of Lowrance Australia and the transfer by
Lowrance Australia of all of its Properties to Lowrance and (iv) waives any
Default or Event of Default existing under the Loan Agreement or which would
otherwise arise under the Loan Agreement solely by reason of the consummation of
the Transfer and such deregistration.  Except as specifically provided in this
                                                                              
Article IV, nothing contained in this Amendment shall be construed as a waiver
----------                                                                    
by Lender of any covenant or provision of the Loan Agreement, the Other
Agreements, this Amendment, or of any other contract or instrument between
Borrower and Lender, and the failure of Lender at any time or times hereafter to
require strict performance by Borrower of any provision thereof shall not waive,
affect or diminish any right of Lender to thereafter demand strict compliance
therewith.  Lender hereby reserves all rights granted under the Loan Agreement,
the Other Agreements, this Amendment and any other contract or instrument
between Borrower and Lender.

                                   ARTICLE V
                 Ratifications, Representations and Warranties
                 ---------------------------------------------

  5.01  Ratifications.  The terms and provisions set forth in this Amendment
        -------------                                                       
shall modify and supersede all inconsistent terms and provisions set forth in
the Loan Agreement and the Other Agreements, and, except as expressly modified
and superseded by this Amendment, the terms and provisions of the Loan Agreement
and the Other Agreements are ratified and confirmed and shall continue in full
force and effect. Borrower and Lender agree that the Loan Agreement and the
Other Agreements, as amended hereby, shall continue to be legal, valid, binding
and enforceable in accordance with their respective terms.

  5.02  Representations and Warranties.  Borrower hereby represents and warrants
        ------------------------------                                          
to Lender that (a) the execution, delivery and performance of this Amendment and
any and all Other Agreements executed and/or delivered in connection herewith
have been authorized by all requisite corporate action on the part of Borrower
and will not violate the Certificate/Articles of Incorporation or Bylaws of
Borrower; (b) the representations and warranties contained in the Loan
Agreement, as amended hereby, and any Other Agreement are true and correct on
and as of the date hereof and on and as of the date of execution hereof as
though made on and as of each such date; (c) no Default or Event of Default
under the Loan Agreement, as amended hereby, has occurred and is continuing; (d)
Borrower is in full compliance with all covenants and agreements contained in
the Loan Agreement and the Other Agreements, as amended hereby; and (e) all
right, title and interest in and to the Property owned by Lowrance Australia has
been duly transferred and delivered to Lowrance, continues to exist in the form
transferred, and is now, and has since the date of the Original Agreement
continuously been, Collateral subject to Lender's first priority security
interest created under the Loan Documents (except with respect to such portion
of such Property as may have been sold or disposed of in the ordinary course of
Lowrance Australia's business).

                                       8
<PAGE>
 
                                       .

                                  ARTICLE VI
                           Miscellaneous Provisions
                           ------------------------

  6.01  Survival of Representations and Warranties.  All representations and
        ------------------------------------------                          
warranties made in the Loan Agreement or any Other Agreement, including, without
limitation, any document furnished in connection with this Amendment, shall
survive the execution and delivery of this Amendment and the Other Agreements,
and no investigation by Lender or any closing shall affect the representations
and warranties or the right of Lender to rely upon them.

  6.02  Reference to Loan Agreement.  Each of the Loan Agreement and the Other
        ---------------------------                                           
Agreements, and any and all other agreements, documents or instruments now or
hereafter executed and delivered pursuant to the terms hereof or pursuant to the
terms of the Loan Agreement, as amended hereby, are hereby amended so that any
reference in the Loan Agreement and such Other Agreements to the Loan Agreement
shall mean a reference to the Loan Agreement as amended hereby.

  6.03  Expenses of Lender. As provided in the Loan Agreement, Borrower agrees
to pay on demand all costs and expenses incurred by Lender in connection with
the preparation, negotiation and execution of this Amendment and the Other
Agreements executed pursuant hereto and any and all amendments, modifications,
and supplements thereto, including, without limitation, the costs and fees of
Lender's legal counsel, and all costs and expenses incurred by Lender in
connection with the enforcement or preservation of any rights under the Loan
Agreement, as amended hereby, or any Other Agreements, including, without,
limitation, the costs and fees of Lender's legal counsel.

  6.04  Severability.  Any provision of this Amendment held by a court of
        ------------                                                     
competent jurisdiction to be invalid or unenforceable shall not impair or
invalidate the remainder of this Amendment and the effect thereof shall be
confined to the provision so held to be invalid or unenforceable.

  6.05  Successors and Assigns.  This Amendment is binding upon and shall inure
        ----------------------                                                 
to the benefit of Lender and Borrower and their respective successors and
assigns, except that Borrower may not assign or transfer any of its rights or
obligations hereunder without the prior written consent of Lender.

  6.06  Counterparts.  This Amendment may be executed in one or more
        ------------                                                
counterparts, each of which when so executed shall be deemed to be an original,
but all of which when taken together shall constitute one and the same
instrument.

                                       9
<PAGE>
 
  6.07   Effect of Waiver.  No consent or waiver, express or implied, by Lender
         ----------------                                                      
to or for any breach of or deviation from any covenant or condition by Borrower
shall be deemed a consent to or waiver of any other breach of the same or any
other covenant, condition or duty.

  6.08   Headings.  The headings, captions, and arrangements used in this
         --------                                                        
Amendment are for convenience only and shall not affect the interpretation of
this Amendment.

  6.09   Applicable Law.  THIS AMENDMENT AND ALL OTHER AGREEMENTS EXECUTED
         --------------                                                   
PURSUANT HERETO SHALL BE DEEMED TO HAVE BEEN MADE AND TO BE PERFORMABLE IN AND
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
TEXAS.

  6.10   Final Agreement.  THE LOAN AGREEMENT AND THE OTHER AGREEMENTS, EACH AS
         ---------------                                                       
AMENDED HEREBY, REPRESENT THE ENTIRE EXPRESSION OF THE PARTIES WITH RESPECT TO
THE SUBJECT MATTER HEREOF ON THE DATE THIS AMENDMENT IS EXECUTED. THE LOAN
AGREEMENT AND THE OTHER AGREEMENTS, AS AMENDED HEREBY, MAY NOT BE CONTRADICTED
BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE
PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. NO
MODIFICATION, RESCISSION, WAIVER, RELEASE OR AMENDMENT OF ANY PROVISION OF THIS
AMENDMENT SHALL BE MADE, EXCEPT BY A WRITTEN AGREEMENT SIGNED BY BORROWER AND
LENDER.

  6.11   Release.  BORROWER HEREBY ACKNOWLEDGES THAT IT HAS NO DEFENSE,
         -------                                                       
COUNTERCLAIM, OFFSET, CROSS-COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE
WHATSOEVER THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS
LIABILITY TO REPAY THE "OBLIGATIONS" OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES OF
ANY KIND OR NATURE FROM LENDER. BORROWER HEREBY VOLUNTARILY AND KNOWINGLY
RELEASES AND FOREVER DISCHARGES LENDER, ITS PREDECESSORS, OFFICERS, DIRECTORS,
AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS, FROM ALL POSSIBLE CLAIMS, DEMANDS,
ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, EXPENSES, AND LIABILITIES WHATSOEVER,
KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED,
CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART
ON OR BEFORE THE DATE THIS AMENDMENT IS EXECUTED, WHICH THE BORROWER MAY NOW OR
HEREAFTER HAVE AGAINST LENDER, ITS PREDECESSORS, OFFICERS, DIRECTORS, AGENTS,
EMPLOYEES, SUCCESSORS AND ASSIGNS, IF ANY, AND IRRESPECTIVE OF WHETHER ANY SUCH
CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION OF LAW OR REGULATIONS, OR
OTHERWISE, AND ARISING FROM ANY "LOANS", INCLUDING, WITHOUT LIMITATION, ANY
CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING OR RECEIVING INTEREST
IN EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE, THE EXERCISE OF ANY RIGHTS AND
REMEDIES UNDER THE LOAN AGREEMENT OR OTHER AGREEMENTS, AND THE NEGOTIATION OF
AND EXECUTION OF THIS AMENDMENT.

                                       10
<PAGE>
 
   IN WITNESS WHEREOF, this Amendment has been executed and is effective as of
the date first above-written.


                                        "LENDER"

                                        FLEET CAPITAL CORPORATION


                                        By:
                                           ------------------------------
                                           Hance VanBeber, Vice President


                                        "BORROWER"

                                        LOWRANCE ELECTRONICS, INC.


                                        By:
                                           ------------------------------
                                           Darrell J. Lowrance, President


                                        LEI EXTRAS, INC.


                                        By:
                                           ------------------------------
                                           Steven L. Schneider, President


                                           LOWRANCE CONTRACTS, INC.

        
                                        By:
                                           ------------------------------
                                           Terry R. Nimmo, Vice President


                                           SEA ELECTRONICS, INC.


                                        By:
                                           ------------------------------
                                           Steven L. Schneider, President

                                       11
<PAGE>
 
                                    ANNEX A
                                    -------

                        EXHIBIT A-1 - FORM OF TERM NOTE
                        -------------------------------

                                (See Attached)














                                      A-1
<PAGE>
 
                                    ANNEX B
                                    -------

                   EXHIBIT B - BORROWER'S BUSINESS LOCATIONS
                   -----------------------------------------

                                 (See Attached)












                                      B-1
<PAGE>
 
                                    ANNEX C
                                    -------

          EXHIBIT D - JURISDICTION OF ORGANIZATION AND QUALIFICATION
          ----------------------------------------------------------

                                (See Attached)









                                      C-1
<PAGE>
 
                                    ANNEX D
                                    -------

                         EXHIBIT G - CAPITAL STRUCTURE
                         -----------------------------

                                 (See Attached)











                                      D-1
<PAGE>
 
                                    ANNEX E
                                    -------

                EXHIBIT J - PROPERTY OWNED OR LEASED BY BORROWER
                ------------------------------------------------

                                 (See Attached)













                                      E-1
<PAGE>
 
                                    ANNEX F
                                    -------

                         EXHIBIT L - TAXING AUTHORITIES
                         ------------------------------

                                 (See Attached)












                                      F-1
<PAGE>
 
                                    ANNEX G
                                    -------

                         EXHIBIT O - CAPITALIZED LEASES
                         ------------------------------

                                 (See Attached)










                                      G-1
<PAGE>
 
                                    ANNEX H
                                    -------

                         EXHIBIT P - OPERATING LEASES
                         ----------------------------

                                 (See Attached)












                                      H-1
<PAGE>
 
                                    ANNEX I
                                    -------

                      FORM OF COMPANY GENERAL CERTIFICATES
                      ------------------------------------

                                 (See Attached)









                                      I-1