Document:

<PAGE>

                                  AMENDMENT TO
                          PURCHASE AND SALE AGREEMENT

     THIS AMENDMENT TO PURCHASE AND SALE AGREEMENT, dated as of July 14, 2000
(this "Amendment"), is entered into among the Originators  (each an "Originator"
and together the "Originators") party hereto, Applied Power Inc.  ("API") and
Applied Power Credit Corporation (the "Initial Purchaser").

                                    RECITALS

     1.   The Originators, API and the Initial Purchaser are parties to the
Amended and Restated Purchase and Sale Agreement, dated as of November 20, 1997
(as amended, supplemented or otherwise modified, the "Agreement").

     2.   Each of AA Manufacturing, Inc., APW Ltd.  f/k/a Wright Line Inc.,
Ancor Products, Inc., Applied Power Inc., Calterm, Inc., Del City Wire Co.,
Inc., GB Electrical, Inc., Moxness Products, Inc., New England Controls, Inc.,
Nielsen Hardware Corporation, and Versa Technologies, Inc. (each, an "Exiting
Originator") desires to cease to be an "Originator" party to the Agreement and
to repurchase the Receivables originated thereby; and

     3.   The parties hereto desire to amend the Agreement as set forth herein.

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

     1.   Certain Defined Terms.  Capitalized terms that are used herein without
definition and that are defined in the Agreement or in Schedule I to the
Receivables Purchase Agreement, dated as of November 20, 1997 (as amended,
supplemented or otherwise modified, the "Receivables Purchase Agreement"),
among API, the Initial Purchaser, Barton Capital Corporation (the "Purchaser")
and Societe Generale (the "Agent") shall have the same meanings herein as
therein defined.

     2.   Amendments to the Agreement.  The Agreement is hereby amended as
follows:

          2.1  Each Exiting Originator is hereby removed as an "Originator"
under the Agreement.  All reference to "Originators" in the Agreement and the
other Agreement Documents shall be deemed to exclude the Exiting Originators and
the Exiting Originators shall have no further obligations under the Agreement;
provided, however, that each Exiting Originator shall remain bound by those
terms of the Agreement that survive termination of the Agreement (including,
without limitation, the provisions described in Section 5.9 of the Agreement).
<PAGE>

          2.2  Schedule III to the Agreement is hereby amended and restated in
its entirety to be, and to read, as set forth in Schedule III hereto.

     3.   Reconveyance of Receivables Originated by the Exiting Originators.

          (a) In consideration of the purchase price agreed to between the
Initial Purchaser and each Exiting Originator (the "Reconveyance Price") in
immediately available funds, the receipt and sufficiency of which is hereby
acknowledged, the Initial Purchaser hereby sells, transfers, assigns, grants and
otherwise conveys to such Exiting Originator all of the Initial Purchaser's
right, title and interest in and to all Receivables originated by such Exiting
Originator and all Related Rights with respect thereto (the "Reconveyed
Assets").  The Initial Purchaser shall pay to each Exiting Originator the
principal and interest outstanding on the date hereof under the Initial
Purchaser Note made to such Exiting Originator, which Initial Purchaser Note
shall be returned to the Initial Purchaser and marked "cancelled".  The amount
payable under such Initial Purchaser Note and the Reconveyance Price may be
netted.

          (b) The Initial Purchaser hereby releases its right, title and
interest in, to and under the Reconveyed Assets, and the Agent and the Purchaser
hereby consent to such release.  Such release is made without representation,
warranty or recourse, except that the Initial Purchaser hereby represents and
warrants that no liens have been created by it with respect to such Reconveyed
Property.

          (c) The parties hereto hereby agree that upon the reconveyance
described in this Section 3, the Receivables originated by the Exiting
Originators shall cease to be in the "Receivables Pool" for all purposes under
the Agreement Documents.

     4.   Representations and Warranties.  (a) The Initial Purchaser and the
Originators (other than, with respect to clause (i), the Exiting Originators)
each hereby represents and warrants that:

          (i) The representations and warranties thereof contained in the
     Agreement Documents are true and correct in all material respects on and as
     of the date hereof.

          (ii) No event has occurred and would be continuing after giving effect
     to the amendments described in Section 2 or the reconveyance and release
     described in Section 3, or would result therefrom, that constitutes a
     Termination Event or Unmatured Termination Event.

          (iii) After giving effect to the reconveyance and release described
     in Section 3, the Aggregate Participation Amounts will not exceed the
     Participation Amounts Limit.

          (iv) It has the power and authority to execute, deliver and perform
     this Amendment, and this Amendment constitutes a legal, valid and binding
     obligation thereof.

                                       2
<PAGE>

     5.   Effect of Amendment. Except as expressly amended and modified by this
Amendment, all provisions of the Agreement shall remain in full force and
effect.  After this Amendment becomes effective, all references in the Agreement
(or in any other Agreement Document) to "this Agreement", "hereof", "herein" or
words of similar effect referring to the Agreement shall be deemed to be
references to the Agreement as amended, including by this Amendment.  This
Amendment shall not be deemed, expressly or impliedly, to waive, amend or
supplement any provision of the Agreement other than as set forth herein.

     6.   Effectiveness. This Amendment shall become effective upon the
execution of such Amendment by all of the parties hereto.

     7.   Consent to Assignment by Servicer.  Each of the parties hereto, the
Agent and the Purchaser, by its signing hereof, hereby consents to API's
assignment to APW North America, Inc. ("APW") of all of API's rights, interests
and obligations under the Related Documents, all as set forth in the Assignment
and Assumption Agreement, dated as of July 31, 2000, between API and APW.

     8.   Counterparts. This Amendment may be executed in any number of
counterparts and by different parties on separate counterparts, each of which
when so executed shall be deemed to be an original and all of which when taken
together shall constitute but one and the same instrument.

     9.   Governing Law. This Amendment shall be governed by, and construed in
accordance with, the internal laws of the State of New York (without regard to
any otherwise applicable principles of conflicts of law), except to the extent
that the perfection (and the effect of perfection or nonperfection) of the
Initial Purchaser's interests in the Receivables is governed by the laws of a
jurisdiction other than the State of New York.

     10.  Section Headings. The various headings of this Amendment are included
for convenience only and shall not affect the meaning or interpretation of this
Amendment, the Agreement or any provision hereof or thereof.

                         (Continued on following page)

                                       3
<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Amendment as of the date
first written above.

                              Applied Power Credit Corporation,
                                as the Initial Purchaser

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

                              Ancor Products, Inc.

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

                              Applied Power Inc.

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

                              APW Enclosure Systems, LP
                                    successor to AA Manufacturing, Inc.

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

                              APW Ltd.
                                    f/k/a Wright Line Inc.

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

                                       4
<PAGE>

                              Title:

                              APW North America, Inc.
                                    f/k/a ZERO Corporation

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

                              APW Tools & Supplies, Inc.
                                    f/k/a GB Electrical, Inc.
                                    successor to Calterm, Inc.

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

                              Cambridge Aeroflo, Inc.

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

                              Del City Wire Co., Inc.

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

                              Eder Industries, Inc.

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

                                       5
<PAGE>

                              Electronic Solutions

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

                              McLean Midwest Corporation

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

                              McLean West Inc.
                                    f/k/a Air Cooling Technology, Inc.

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

                              Mox-Med, Inc.
                                    f/k/a Moxness Products, Inc.

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

                              New England Controls, Inc.

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

                                       6
<PAGE>

                              Nielsen Hardware Corporation

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

                              Precision Fabrication Technologies, Inc.

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

                              Versa Technologies, Inc.

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

                              Zero-East Division, Zero Corporation

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

                              Zero Enclosures, Inc.

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

                                       7
<PAGE>

ACKNOWLEDGED AND CONSENTED TO
by:

Societe Generale,
as Agent

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

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

Barton Capital Corporation,
as Purchaser

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

                                       8
<PAGE>

                                  SCHEDULE III

                                  ORIGINATORS
                                  -----------

APW North America, Inc. f/k/a Zero Corporation
Cambridge Aeroflo, Inc.
Eder Industries, Inc.
Electronic Solutions
McLean Midwest Corporation
McLean West Inc. f/k/a Air Cooling Technology, Inc.
Precision Fabrication Technologies, Inc.
Zero-East Division, Zero Corporation
Zero Enclosures, Inc.

                                       9<PAGE>

                      ASSIGNMENT AND ASSUMPTION AGREEMENT
                      -----------------------------------

     THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (this "Agreement"), dated as of
July 14, 2000, is between Applied Power Inc. ("API") and APW North America, Inc.
("APW").

                                   BACKGROUND

     1.  API, as Guarantor and Servicer, is a party to the Amended and Restated
Purchase and Sale Agreement, dated as of November 20, 1997 (as heretofore
amended, supplemented and otherwise modified, the "Purchase and Sale
Agreement"), among certain Originators party thereto, API and Applied Power
Credit Corporation ("APCC"); API, individually and as Servicer, is also a party
to the Receivables Purchase Agreement, dated as of November 20, 1997 (as
heretofore amended, supplemented and otherwise modified, the "Receivables
Purchase Agreement"), among APCC, API, Barton Capital Corporation and Societe
Generale (the "Agent").

     2.  API desires to assign to APW, and APW desires to accept and assume from
API, all of API's rights, interests and obligations under the Purchase and Sale
Agreement, the Receivables Purchase Agreement, the other Agreement Documents and
any and all documents and instruments related thereto (with such documents and
instruments, the Purchase and Sale Agreement, the Receivables Purchase Agreement
and the other Agreement Documents herein collectively referred to as the
"Related Documents").

     NOW, THEREFORE, the parties hereto hereby agree as follows:

1.  SECTION   Definitions.  Capitalized terms used in this Agreement and not
otherwise defined herein shall have the meanings assigned such terms in the
Receivables Purchase Agreement.

2.  SECTION   Assignment and Assumption.  Effective immediately after the
effectiveness of the Amendment to Purchase and Sale Agreement, dated as of July
14, 2000, among the Originators party thereto, API and APPC (the "Effective
Date"), API hereby transfers, sets over, assigns and conveys to APW all of API's
right, title and interest in, to and under the Related Documents.  From and
after the Effective Date, APW hereby accepts such assignment, agrees to be bound
by all of the terms and conditions of the Related Documents and assumes
unconditionally all of API's obligations under the Related Documents, including,
without limitation, API's obligations under Section 6.1 of the Purchase and Sale
Agreement; provided, however, that APW shall not assume nor be responsible for
(i) any liability of API with respect to any representations, warranties or
covenants of API set forth in any of the Related Documents or (ii) any breach or
default by API under any of the Related Documents.  From and after the Effective
Date, API shall be released from all obligations under the Related Documents,
and any reference in the Related Documents to "Servicer" or "API" shall refer to
APW; provided, however, that API shall not be released from any liability (i)
under the Related Documents with respect to the representations, warranties and
covenants of API thereunder, or (ii) for any breach
<PAGE>

or default by it under the Related Documents.

3.  SECTION   Representations and Warranties of APW.  APW hereby represents,
warrants and covenants, as of the Effective Date, the representations,
warranties and covenants of API set forth in the Related Documents; provided,
however, that the reference in clause (a) of Section 6.02 of the Receivables
Purchase Agreement to "a corporation in good standing under the laws of the
State of Wisconsin" shall be revised to be "a corporation in good standing
under the laws of the State of [Delaware]"; and that the reference in clause (i)
of Section 6.02 of the Receivables Purchase Agreement to "August 31, 1997" shall
be revised to be "[LOGO]."

4.  SECTION   Further Assurances.  API hereby agrees that it shall execute,
deliver and file all such documents, agreements and instruments as APW may
reasonably request in order to evidence the assignment hereunder or more
effectively carry out the intent of this Agreement.

5.  SECTION   Consent of the Agent.  By its execution of the acknowledgment
and acceptance hereto, the Agent hereby consents to API's assignment to APW and
APW's acceptance and assumption of all of API's rights, interests and
obligations under the Related Documents.

6.  SECTION   Miscellaneous.

A.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF ILLINOIS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES APPLIED IN ILLINOIS.

B.  This Agreement may not be amended, supplemented or waived except pursuant
to a writing signed by each of the parties hereto.

C.  This Agreement may be executed in counterparts, and by the different
parties on different counterparts, each of which shall constitute an original,
but all together shall constitute one and the same agreement.

D.  This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns.

E.  The headings contained in this Agreement are for convenience of reference
only and shall not be used in the interpretation hereof.

                  [Remainder of page intentionally left blank]

                                       2
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement by
their duly authorized officers as of the date first above written.

                                      Applied Power Inc.

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

                                      APW North America, Inc.

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

ACKNOWLEDGED AND ACCEPTED:

Societe Generale,
 as Agent

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

                                       3

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