Document:

Exhibit 10.3

THIS  NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
AND  IS  TRANSFERABLE  ONLY  UPON  THE  CONDITIONS  SPECIFIED  HEREIN.

                                 PROMISSORY NOTE

US  $50,000                                                      July  31,  2006

     FOR  VALUE  RECEIVED,  the  undersigned, NANO HOLDINGS INTERNATIONAL, INC.,
which  has  a  business  address  of 1640 Terrance Way, Walnut Creek, California
94597  ("Maker"),  hereby  promises  to  pay  to  the order of JENADOSA HOLDINGS
LIMITED,  P.O.  Box  HM  279,  The  Armoury Building, 2nd Floor, 37 Reid Street,
Hamilton  HM  AX, Bermuda ("Payee"), the principal sum of Fifty Thousand Dollars
($50,000),  in  lawful  money  in United States of America, which shall be legal
tender,  bearing  interest and payable as provided herein.  This Promissory Note
("Note")  memorializes  the  terms of a loan originally made by the Payee to the
Maker  on  February 14, 2006,  and  as such this Note has an effective date of
February 14, 2006  (the  "Effective  Date").

     Interest  on the unpaid balance of this Note from the Effective Date of the
Note,  until  such  Note is paid in full, shall bear interest at the rate of 10%
per  annum.  Interest  will  be  computed  on  the  basis of a 360-day year. All
principal  and accrued interest payable under this Note shall be due and payable
on July 31, 2007.

     Any repayment amounts not paid within fifteen (15) business days of Payee's
demand  for  repayment  shall  bear  interest at the rate of 15% per annum until
paid.

     If  any payment of principal or interest on this Note shall become due on a
Saturday,  Sunday  or  any  other  day  on which national banks are not open for
business,  such  payment  shall  be  made  on  the next succeeding business day.

     This Note shall be binding upon and inure to the benefit of the Payee named
herein and Payee's respective successors and assigns.  Each holder of this Note,
by  accepting the same, agrees to and shall be bound by all of the provisions of
this  Note.  Payee  may  assign  this  Note  or  any of its rights, interests or
obligations  to  this  Note  without  the  prior  written  approval  of  Maker.

     No  provision of this Note shall alter or impair the obligation of Maker to
pay  the  principal of and interest on this Note at the times, places and rates,
and  in the coin or currency, herein prescribed.  This Note may be repaid by the
Maker  at  any  time.

<PAGE>

     Notwithstanding  anything  to  the  contrary  in  this  Note  or  any other
agreement entered into in connection herewith, whether now existing or hereafter
arising  and  whether  written  or  oral, it is agreed that the aggregate of all
interest  and  any  other  charges  constituting  interest,  or  adjudicated  as
constituting  interest,  and contracted for, chargeable or receivable under this
Note  or  otherwise  in  connection  with  this loan transaction, shall under no
circumstances  exceed  the  Maximum  Rate  provided  by  law.

     In the event the maturity of this Note is accelerated by reason of an Event
of  Default  under  this  Note,  any  other agreement entered into in connection
herewith  or  therewith,  or by voluntary prepayment by Maker or otherwise, then
earned  interest may never include more than the Maximum Rate, computed from the
dates  of  each advance of the loan proceeds outstanding until payment.  If from
any  circumstance  any  holder  of  this Note shall ever receive interest or any
other  charges  constituting  interest, or adjudicated as constituting interest,
the  amount, if any, which would exceed the Maximum Rate shall be applied to the
reduction  of the principal amount owing on this Note, and not to the payment of
interest;  or if such excessive interest exceeds the unpaid balance of principal
hereof, the amount of such excessive interest that exceeds the unpaid balance of
principal  hereof shall be refunded to Maker.  In determining whether or not the
interest  paid  or  payable exceeds the Maximum Rate, to the extent permitted by
applicable  law  (i)  any  nonprincipal  payment  shall  be  characterized as an
expense,  fee  or  premium rather than as interest; and (ii) all interest at any
time contracted for, charged, received or preserved in connection herewith shall
be amortized, prorated, allocated and spread in equal parts during the period of
the  full  stated  term  of  this  Note.  The term "Maximum Rate" shall mean the
maximum  rate  of  interest  allowed  by  applicable  federal  or  state  law.

     Except as provided herein, Maker and any sureties, guarantors and endorsers
of  this  Note  jointly  and  severally  waive  demand,  presentment,  notice of
nonpayment  or dishonor, notice of intent to accelerate, notice of acceleration,
diligence  in  collecting,  grace,  notice  and  protest,  and  consent  to  all
extensions  without  notice  for  any  period  or  periods  of  time and partial
payments, before or after maturity, without prejudice to the holder.  The holder
shall similarly have the right to deal in any way, at any time, with one or more
of  the  foregoing  parties  without notice to any other party, and to grant any

<PAGE>

such party any extensions of time for payment of any of said indebtedness, or to
grant  any  other  indulgences  or forbearance whatsoever, without notice to any
other party and without in any way affecting the personal liability of any party
hereunder.  If  any  efforts  are  made  to  collect or enforce this Note or any
installment  due  hereunder,  the undersigned agrees to pay all collection costs
and  fees,  including  reasonable  attorney's  fees.

     This  Note shall be construed and enforced under and in accordance with the
laws  of  the  State  of  Texas.

     No  failure on the part of any party to enforce any provisions of this Note
will  act  as  a  waiver of the right to enforce that provision.  A photocopy of
this  Note  shall  be  effective  as  an  original  for  all  purposes.

<PAGE>

     IN  WITNESS  WHEREOF,  Maker  has duly executed this Note as of the day and
year  first  above  written,  with  an  Effective  Date  as  provided  above.

                         NANO  HOLDINGS  INTERNATIONAL,  INC.
                         ------------------------------------

                         /s/ David Rector
                         -----------------------------------------
                         David  Rector
                         Chief  Executive  Officer  and  President

<PAGE>Exhibit 10.1

    AMENDMENT
      NO. 1 TO CREDIT AGREEMENT

    

    

    THIS
      AMENDMENT NO. 1 TO CREDIT AGREEMENT (the "Amendment"),
      dated
      as of June ---___, 2006 is entered into by and among Franklin Electric Co.,
      Inc. (the "Borrower"),
      the
      financial institutions party hereto (the "Lenders"),
      and
      JPMorgan Chase Bank, N.A. (successor by merger to Bank One, NA), as
      Administrative Agent (the "Administrative
      Agent").
      

    

    WITNESSETH:

    

    WHEREAS,
      the Borrower, the Lenders, and the Administrative Agent are parties to a Credit
      Agreement dated as of September 9, 2004 (as the same may be amended,
      restated, supplemented or otherwise modified from time to time, the
      "Credit
      Agreement");

    

    WHEREAS,
      the Borrower wishes to amend the Credit Agreement in certain respects and the
      Lenders and the Administrative Agent are willing to amend the Credit Agreement
      on the terms and conditions set forth herein;

    

    WHEREAS,
      pursuant to Section 2.01(b) of the Credit Agreement, the Borrower has requested
      an increase in the aggregate Commitments from $80,000,000 to
      $120,000,000;

    

    WHEREAS,
      pursuant to Section 2.01(b) of the Credit Agreement, the Lenders and the
      Administrative Agent have agreed to increase the aggregate Commitments from
      $80,000,000 to $120,000,000; and

    

    NOW,
      THEREFORE, in consideration of the premises set forth above, the
      terms

    and
      conditions contained herein, and other good and valuable consideration, the
      receipt and sufficiency of which are hereby acknowledged, the Borrower, the
      Administrative Agent and the Lenders hereby agree as follows:

    

    Section
      1. Definitions.
      Capitalized terms used in this Amendment and not otherwise defined shall have
      the meanings set forth in Section 1.01 of the Credit
      Agreement.

    

    Section
      2. Amendments
      to Credit Agreement.
      Effective as of the date first above written, and subject to the satisfaction
      of
      the conditions to effectiveness set forth in Section 3 below,
      the Credit Agreement shall be and hereby is amended as follows:

    

    (a)  Section
      1.01 of the Credit Agreement is hereby amended to insert therein the following
      new defined term in the appropriate alphabetical location: 

     

    "First
      Amendment Effective Date" means June ____, 2006.

    

    (b)  Section
      1.01 of the Credit Agreement is hereby amended to restate the definition of
      "Commitment" in its entirety as follows:

    
      
        
        

      

      
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    "Commitment"
      means,
      with respect to each Lender, the commitment of such Lender to make Revolving
      Loans and to acquire participations in Letters of Credit and Swing line Loans
      hereunder, expressed as an amount representing the maximum aggregate amount
      of
      such Lender's Revolving Credit Exposure hereunder, as such commitment may be
      (a)
      reduced from time to time pursuant to Section 2.09 and (b) reduced or increased
      from time to time pursuant to assignments by or to such Lender pursuant to
      Section 9.04. The initial amount of each Lender's Commitment is set forth on
      Schedule 2.01, or in the Assignment and Assumption pursuant to which such Lender
      shall have assumed its Commitment, as applicable. The initial aggregate amount
      of the Lenders' Commitments is $80,000,000.00. As of the First Amendment
      Effective Date, the aggregate amount of the Lenders' Commitments is
      $120,000,000.00.

    

    (c)  Schedule
      2.01 to the Credit Agreement is hereby amended in its entirety by substituting
      the amended Schedule 2.01 attached hereto for the original
      Schedule 2.01 attached to the Credit Agreement.

     

    Section
      3.  Conditions
      of Effectiveness.
      This
      Amendment shall become effective and be deemed effective as of the date hereof,
      if, and only if: (a) the Administrative Agent shall have received executed
      copies of this Amendment from the Borrower and all of the Lenders required
      to
      execute and deliver this Amendment pursuant to the terms of the Credit
      Agreement; (b) the Administrative Agent shall have received (i) a true
      and complete copy of those resolutions adopted by the Board of Directors of
      the
      Borrower in connection with this Amendment and the transactions contemplated
      herein, certified by the Secretary of the Borrower, (ii) an incumbency
      certificate of the Borrower, certified by the Secretary of the Borrower, and
      (iii) a copy of the Articles of Incorporation of the Borrower, certified as
      of a recent date by the Indiana Secretary of State.

     

    Section
      4. Representations
      and Warranties of the Borrower.
      The
      Borrower hereby represents and warrants as follows:

    

    (a)  The
      Credit Agreement as previously executed constitutes the legal, valid and binding
      obligation of the Borrower and is enforceable against the Borrower in accordance
      with its terms.

    
      
        
        

      

      
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    (b)  Upon
      the
      effectiveness of this Amendment, the Borrower hereby (i) represents that no
      Default or Unmatured Default exists under the terms of the Credit Agreement,
      (ii) reaffirms all covenants, representations and warranties made in the Credit
      Agreement, and (iii) agrees that all such covenants, representations and
      warranties shall be deemed to have been remade as of the effective date of
      this
      Amendment. 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 any Lender or the Administrative Agent under the Credit
      Agreement or any related document, instrument or agreement. The Administrative
      Agent and the Lenders expressly reserve all of their rights and remedies,
      including the right to institute enforcement actions in consequence of any
      existing Defaults or Unmatured Defaults not waived hereunder or otherwise at
      any
      time without further notice, under the Credit Agreement, all other documents,
      instruments and agreements executed in connection therewith, and applicable
      law.

    

     

    (c)  The
      Bylaws of the Borrower have not been amended, rescinded or otherwise modified
      since the Effective Date, and the copy of such Bylaws delivered and certified
      to
      the Administrative Agent as of the Effective Date remains true and correct
      and
      such Bylaws are in full force and effect as of the First Amendment Effective
      Date.

    

     

    (d)  The
      undersigned officer of Borrower has been duly authorized by all appropriate
      action of Borrower to execute and deliver this Amendment on behalf of
      Borrower.

    

     

    Section
      5. Effect
      on the Credit Agreement.

    

    (a)  Upon
      the
      effectiveness of this Amendment, on and after the date hereof, each reference
      in
      the Credit Agreement to "this Agreement," "hereunder," "hereof," "herein" or
      words of like import shall mean and be a reference to the Credit Agreement,
      as
      amended and modified hereby.

    

    (b)  Except
      as
      specifically amended and modified above, the Credit Agreement and all other
      documents, instruments and agreements executed and/or delivered in connection
      therewith shall remain in full force and effect, and are hereby ratified and
      confirmed.

    

    (c)  The
      execution, delivery and effectiveness of this Amendment shall neither, except
      as
      expressly provided herein, operate as a waiver of any right, power or remedy
      of
      the Lenders or the Administrative Agent, nor constitute a waiver of any
      provision of the Credit Agreement or any other documents, instruments and
      agreements executed and/or delivered in connection therewith.

    

    Section
      6. Costs
      and Expenses.
      The
      Borrower agrees to pay all reasonable costs, fees and out-of-pocket expenses
      (including attorneys' fees and expenses charged to the Administrative Agent)
      incurred by the Administrative Agent and the Lenders in connection with the
      preparation, arrangement, execution and enforcement of this
      Amendment.

    
      
        
        

      

      
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          -

        
          

        

      

      
        
        

      

    

    

    Section
      7. GOVERNING
      LAW.
      THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
      (INCLUDING, WITHOUT LIMITATION, 73 ILCS SECTION 105/5-1 ET
      SEQ.
      BUT OTHERWISE WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS) OF THE STATE
      OF
      ILLINOIS.

    

    Section
      8. Headlines.
      Section
      headings in this Amendment are included herein for convenience of reference
      only
      and shall not constitute a part of this Amendment for any other
      purpose.

    

    Section
      9. Counterparts.
      This
      Amendment may be executed by one or more of the parties to the Amendment on
      any
      number of separate counterparts and all of said counterparts taken together
      shall be deemed to constitute one and the same instrument.

    

    Section
      10. No
      Strict Construction.
      The
      parties hereto have participated jointly in the negotiation and drafting of
      this
      Amendment. In the event an ambiguity or question of intent or interpretation
      arises, this Amendment shall be construed as if drafted jointly by the parties
      hereto and no presumption or burden of proof shall arise favoring or disfavoring
      any party by virtue of the authorship of any provisions of this
      Amendment.

    

    The
      remainder of this page is intentionally blank.

    
      
        
        

      

      
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          -

        
          

        

      

      
        
        

      

    

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

    

      
        	
                FRANKLIN
                  ELECTRIC CO., INC.

              	
              
	 
	 
	
                By:

              	
              
	
                Name:
                  Michael K. Butchko

              
	
                Title:
                  Treasurer and Assistant Secretary

              
	 
	 
	
                JPMORGAN
                  CHASE BANK, N.A. (successor by merger to Bank One, NA), individually
                  and
                  as Administrative Agent,

              	
              
	 
	 
	
                By:

              	
              
	
                Name:

              	
              
	
                Title:

              	
              
	 
	 
	
                WACHOVIA
                  BANK, N.A. 

              	
              
	 
	 
	
                By:

              	
              
	
                Name:

              	
              
	
                Title:

              	
              
	 
	 
	
                WELLS
                  FARGO BANK, NATIONAL ASSOCIATION

              	
              
	 
	 
	
                By:

              	
              
	
                Name:

              	
              
	
                Title:

              	
              
	 
	 
	
                LASALLE
                  BANK NATIONAL ASSOCIATION

              	
              
	 
	 
	
                By:

              	
              
	
                Name:

              	
              
	
                Title:

              	
              

      

    

     

     

    
      
        
        

      

      
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      AMENDED
        SCHEDULE 2.01

      

      COMMITMENTS

      

      

      
        	 	 	 	 	
                Multicurrency

              	 
	 	 	
                Commitment

              	 	
                Commitment

              	 
	 	 	 	 	 	 
	
                JPMorgan
                  Chase Bank, N.A.

              	 	
                $

              	
                37,500,000

              	 	
                $

              	
                15,625,000

              	 
	 	 	 	 	 	 	 	 
	
                Wachovia
                  Bank, N.A.

              	 	
                $

              	
                30,000,000

              	 	
                $

              	
                12,500,000

              	 
	 	 	 	 	 	 	 	 
	
                Wells
                  Fargo Bank, National Association

              	 	
                $

              	
                30,000,000

              	 	
                $

              	
                12,500,000

              	 
	 	 	 	 	 	 	 	 
	
                LaSalle
                  Bank National Association

              	 	
                $

              	
                22,500,000

              	 	
                $

              	
                9,375,000

              	 
	 	 	 	 	 	 	 	 

      

      

      
        
          
          

        

        
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