Document:

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                                                                   EXHIBIT 10.20

                             JANUARY 2001 AMENDMENT
                              TO CREDIT AGREEMENT

     This is an amendment to the Credit Agreement dated as of December 16, 1999,
by and among FLIR Systems, Inc., an Oregon corporation ("Borrower"), each lender
from time to time party thereto (collectively, "Lenders" and individually, a "
Lender"), and Bank of America, N.A. as Administrative Agent and Issuing Lender.

                                   RECITALS:
                                   --------

     The parties hereto entered into the Credit Agreement referred to above (the
"Credit Agreement") as of December 16, 1999.  Thereafter, the parties entered
into a series of amendments and/or forbearance agreements as follows:

          A.  Amendment to Credit Agreement dated as of April 13, 2000.

          B.  Forbearance Agreement and Consent dated as of August 10, 2000.

          C.  Amendment to Forbearance Agreement and Consent dated as of August
              21, 2000.

          D.  Second Amendment Forbearance Agreement and Consent dated as of
              September 29, 2000.

          E.  Third Amendment Forbearance Agreement and Consent dated as of
              December 15, 2000.

The parties hereto desire to amend the Credit Agreement and to supercede all of
the amendments and forbearance agreements listed above so that upon execution of
this January 2001, the only effective documents will be the Credit Agreement and
this January 2001 Amendment.

     The parties agree as follows:

     1.  The definition of "Applicable Amount" in Section 1.01 of the Credit
Agreement is amended to read as follows:

          "'Applicable Amount' means initially 275 basis points per annum:

          If and only if all covenants herein are met, the Applicable Amount
          will be reduced as follows:

          When the total Combined Commitments have been reduced by principal
          payments to $88,391,257.89 or less, the Applicable Amount will be 250
          basis points per annum.

          When the total Combined Commitments have been reduced by principal
          payments to $83,391,257.89 or less, the Applicable Amount will be 225
          basis points per annum.

          When the total Combined Commitments have been reduced by principal
          payments to $78,391,257.89 or less, the Applicable Amount will be 200
          basis points per annum.

          When the total Combined Commitments have been reduced by principal
          payments to $73,391,257.89 or less, the Applicable Amount will be 175
          basis points. There will be no further reduction in the Applicable
          Amount per annum.

     2.   The definition of Revolving Credit Maturity Date is amended to read as
follows:

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         "'Revolving Credit Maturity Date' means July 15, 2002, as it may be
         earlier terminated or extended in accordance with the terms hereof."

     3.  The following definitions in Section 1.01 of the Credit Agreement are
deleted in their entirety:

         "Consolidated Tangible Net Worth"
         "Continuation" and "Continue"
         "Conversion" and "Convert"
         "Interest Coverage Ratio"
         "Interest Period"
         "Leverage Ratio"
         "Offshore Base Rate"
         "Offshore Rate"
         "Offshore Rate Loan"
         "Shareholders' Equity"
         "Swing Line"
         "Swing Line Lender"
         "Swing Line Loan"
         "Swing Line Sublimit"
         "Term Loan"
         "Term Loan Maturity Date"

     4.  Section 2.02(c) and Section 2.02(d) are deleted.

     5.  Section 2.02 of the Credit Agreement is amended by substituting the
following subsection (g):

         "(g) Availability is total Combined Commitments, less outstanding Loans
         and Outstanding Letters of Credit. Current availability is total
         Combined Commitments of $93,391,257.89 less outstanding Loans of
         $89,900,000 and less outstanding Letters of Credit of $767,709.89.
         Availability is $2,723,548 as of January 23, 2001.

         Availability may be used for and is reduced by new Loans or Letters of
         Credit. Availability will be increased and replenished as set forth
         below and will be increased by 100% of each standby Letter of Credit
         that expires without being drawn upon and that portion of any
         commercial Letter of Credit that is reimbursed and any commercial
         letter of credit or portion thereof which expires without being drawn
         upon.

         Availability will be reduced by the sum of unrepaid new advances plus
         outstanding Letters of Credit issued after 01/23/01, and increased by
         50% of the first $5,000,000 of principal payments (the other 50%
         constituting a permanent reduction in total Combined Commitments).
         Principal payments exceeding $5,000,000 will permanently reduce the
         total Combined Commitments provided, however, that to the extent the
         sum of outstanding Letters of Credit and availability be less than
         $5,991,257.89, Borrower may elect to designate all or a portion of any
         principal repayment in excess of the first $5,000,000 to replenish
         availability up to a total availability of no more than $5,991,257.89,
         less the amount of outstanding Letters of Credit.

         Notwithstanding any provision of this Amendment to the contrary, the
         sum of availability and outstanding Letters of Credit shall not exceed
         $5,991,257.89."

     6.   Section 2.03(j) is amended to provide:

          "Standby Letter of Credit Fee.  On each Quarterly Payment Date and on
          the Revolving Credit Maturity Date, Borrower shall pay to
          Administrative Agent in

                                       2
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         arrears, for the account of each Lender in accordance with its Pro Rata
         Share, a standby Letter of Credit fee equal to 250 basis points per
         annum times the actual daily maximum amount available to be drawn under
         each Standby Letter of Credit since the later of the Closing Date and
         the previous Quarterly Payment Date."

     7.  Section 2.07 is deleted and amended to read:

         "2.07 Principal, Interest and Reductions in Total Combined Commitments.

         The following is substituted as Section 2.07.

         (a)  By principal payments as described in Section 2.02 and Section
         2.07(b), the total Combined Commitments will be reduced to the
         following amounts at the following times:

               Not Later Than:                   To No More Than
               ---------------                   ----------------

                  03/31/01                        $92,141,257.89
                  06/30/01                         90,891,257.89
                  09/30/01                         86,891,257.89
                  12/31/01                         80,891,257.89
                  03/31/02                         75,891,257.89
                  06/30/02                         70,891,257.89"

         (b)  Borrower shall repay principal by the dates shown below in at
         least the cumulative amounts stated below:

                                                Principal Payments
              On or before:                   Totaling not less than
              -------------                   ----------------------
                 03/31/01                         $ 2,500,000
                 06/30/01                           5,000,000
                 09/30/01                           9,000,000
                 12/31/01                          15,000,000
                 03/31/02                          20,000,000
                 06/30/02                          25,000,000
                 07/15/02                    All principal and interest

         (c)  Borrower will pay on the principal of the Loans, such amounts as
         are required so that the outstanding principal of the Loans at no time
         exceeds the total Combined Commitments and shall pay all of the
         outstanding principal amount of all Loans on the Revolving Credit
         Maturity Date.

         (d)  Subject to subsection (e) below, Borrower shall pay interest on
         the unpaid principal amount of each Loan (before and after default,
         before and after maturity, before and after judgment, and before and
         after the commencement of any proceeding under any Debtor Relief Laws)
         from the date borrowed until paid in full (whether by acceleration or
         otherwise) on each applicable Interest Payment Date at a rate per annum
         equal to the interest rate for Base Rate Loans, plus, to the extent
         applicable in each case, the Applicable Amount.

         (e)  If any amount payable by Borrower under any Loan Document is not
         paid when due (without regard to any applicable grace periods), it
         shall thereafter bear interest (after as well as before entry of
         judgment thereon to the extent

                                       3
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     permitted by law) at a fluctuating interest rate per annum at all times
     equal to the Default Rate to the fullest extent permitted by applicable
     Law. Accrued and unpaid interest on past due amounts (including interest on
     past due interest) shall be payable upon demand."

     8.  The fee described in Section 2.08(a) of the Credit Agreement is
deleted.

     9.  Sections 2.12, 3.02, 3.03 and 3.04(a) of the Credit Agreement are
deleted.

    10.  Section 3.05 of the Credit Agreement is deleted.

    11.  The Borrower Disclosure Schedules to Section V and Sections 5.01, 5.05,
5.08, and 7.01 are deleted and replaced with those attached as Exhibit X hereto.

    12.  Section 6.01 of the Credit Agreement is amended to add the following
paragraphs:

         "(d) In addition to all other reporting, Borrower will provide Lenders
         with Borrower prepared reports monthly no later than the 45th day
         following the last day of March, June and September, and the 25th day
         after the end of each other month, except December, including
         Borrower's:

               (1) balance sheet
               (2) income statement
               (3) receivable aging
               (4) payable aging
               (5) backlog, and
               (6) inventory detail

         Not later than 120 days after the end of December, Borrower shall
         provide Lenders with its audited financial reports.

         (e) Such additional cash flow projections and reports of performance,
         such as performance by product line, as Lenders may reasonably
         request."

    13.  Section 7.01(c) and Section 7.02(c) of the Credit Agreement are
deleted.

    14.  Borrower's rights under Section 7.03(c) of the Credit Agreement are not
revoked by this Amendment.

    15.  Section 7.07 is amended to read: "Borrower shall make no Restricted
Payments."

    16.  Section 7.12 of the Credit Agreement is amended to substitute
$8,000,000 for $12,000,000.

    17.  Subsections (a), (b), (c) and (d) of Sections 7.14 are all deleted, and
the following is substituted for them as the only remaining Financial Covenant:

         "Allow or cause Consolidated EBITDA for any of the following periods to
         be less than that set forth below:

                                           Minimum Permissible
           Quarter Ending                  Consolidated EBITDA
           ---------------               ----------------------

           March 31, 2001                     $ 5,162,900

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           Two Quarters Ended:             Consolidated EBITDA:
           -------------------             --------------------
           June 30, 2001                      $12,591,900
           September 30, 2001                 $14,018.200
           December 31, 2001                  $15,130,850
           March 31, 2002                     $13,636,550

    18.  Exhibit B, Form of Compliance Certificate, attached to the Credit
Agreement is deleted and Exhibit B attached hereto is substituted therefor.

    19.  Schedule 1 is deleted.

    20.  Schedule 2 attached to the Credit Agreement is deleted and Schedule 2
attached hereto is substituted therefor.

    21.  Schedule 2.01 attached to the Credit Agreement is deleted and Schedule
2.01 attached hereto is substituted therefor.

    22.  Borrower hereby releases each Lender, Lenders, Agent and their
officers, agents, successors and assigns from all claims of every nature known
or unknown arising out of or related to any Loan or the Credit Agreement or past
amendments to the Credit Agreement, which now exist and, but for the passage of
time, could be asserted on the date Borrower signs this January 2001 Amendment.

    23.  All references to "Swing Line Loans," "Term Loan," "Offshore Rates,"
"Offshore Rate Loans" in any section of the Credit Agreement shall be deemed
removed and of no further effect.

    24.  "Amendment Fee." Upon execution hereof, Borrower shall pay to the agent
for the pro rata benefit of the Lenders an amendment fee of $250,000.

    25.  Except as modified by this January 2001 Amendment, the Credit Agreement
remains in full force and effect and the amendments/forbearance agreements
referred to in "Recitals" above are no longer of any force or effect.  The
Credit Agreement and other Loan Documents as amended hereby represent the final
agreement between the parties and 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.

    26.  Each Lender, Lenders and Agent waive any Borrower breaches or Events of
Default which have occurred to date and which have been disclosed to Lender,
Lenders or Agent.

    27.  This January 2001 Amendment may be executed in any number of
counterparts and by different parties hereto and separate counterparts, each of
which when so executed shall be deemed to be an original, and all of which taken
together shall constitute one and the same amendment.

    28.  UNDER OREGON LAW, MOST AGREEMENTS, PROMISES AND COMMITMENTS MADE BY THE
LENDERS AFTER OCTOBER 3, 1989, CONCERNING LOANS AND OTHER CREDIT EXTENSIONS
WHICH ARE NOT FOR PERSONAL, FAMILY OR HOUSEHOLD PURPOSES OR SECURED SOLELY BY
THE BORROWER'S RESIDENCE MUST BE IN WRITING, EXPRESS CONSIDERATION, AND BE
SIGNED BY LENDERS TO BE ENFORCEABLE.

                                       5
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     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their respective officers or agents duly authorized as of the date
first above written.

                              FLIR SYSTEMS, INC., an Oregon corporation

                              By:    /s/ Stephen M. Bailey
                                 -----------------------------------------------

                              Name:  Stephen M. Bailey
                                   ---------------------------------------------

                              Title: Senior Vice President, Finance and CFO
                                    --------------------------------------------

                              BANK OF AMERICA, N.A.,
                              Administrative Agent

                              By:    /s/ Dora A. Brown
                                 -----------------------------------------------

                              Name:  Dora A. Brown
                                   ---------------------------------------------

                              Title: Vice President
                                    --------------------------------------------

                              BANK OF AMERICA, N.A.,
                              Issuing Lender, a Lender and Swing Line Lender

                              By:    /s/ Thomas E. Brown
                                 -----------------------------------------------

                              Name:  Thomas E. Brown
                                   ---------------------------------------------

                              Title: Senior Vice President
                                    --------------------------------------------

                              BANK ONE, N.A., a Lender

                              By:    /s/ Bonnie D. Wilson
                                 -----------------------------------------------

                              Name:  Bonnie D. Wilson
                                   ---------------------------------------------

                              Title: FVP
                                    --------------------------------------------

                                       6
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                              ABN AMRO BANK N.V., a Lender

                              By:    /s/ Steven C. Wimpenny
                                 -----------------------------------------------

                              Name:  Steven C. Wimpenny
                                   ---------------------------------------------

                              Title: Group Senior Vice President
                                    --------------------------------------------

                              By:    /s/ William J. Teresky
                                 -----------------------------------------------

                              Name:  William J. Teresky
                                   ---------------------------------------------

                              Title: Group Vice President
                                    --------------------------------------------

                              KEYBANK, N.A., a Lender

                              By:    /s/ Thomas E. Nadan
                                 -----------------------------------------------

                              Name:  Thomas E. Nadan
                                   ---------------------------------------------

                              Title: Vice President
                                    --------------------------------------------

                              SVENSKA HANDELSBANKEN AB (publ),
                              a Lender

                              By:    /s/ Mark Cleary
                                 -----------------------------------------------

                              Name:  Mark Cleary
                                   ---------------------------------------------

                              Title: Senior Vice President
                                    --------------------------------------------

                              By:    /s/ Kraig Klosson
                                 -----------------------------------------------

                              Name:  Kraig Klosson
                                   ---------------------------------------------

                              Title: Senior Vice President
                                    --------------------------------------------

                                       7<PAGE>

                                                                   EXHIBIT 10.21

                                   AMENDMENT
                             TO SECURITY AGREEMENT

     This is an Amendment to the Security Agreement dated as of December 16,
1999, by and among FLIR Systems, Inc., an Oregon corporation, and BANK OF
AMERICA, N.A. a national banking association, as agent for the Lenders and its
successors as agent for the Lenders (the "Security Agreement").  All capitalized
terms herein shall have the meaning given in the Security Agreement.

                                    RECITALS
                                    --------

     The parties hereto desire to add certain items as Collateral to the
Security Agreement.

     Therefore, the parties agree as follows:

     1.  Section 2(a) of the Security Agreement is amended by deleting the
existing Section 2(a) and replacing Section 2(a) in its entirety with the
following:

         (a)  Grant of Security Interest. As security for the payment and
performance of the Secured Obligation, the Grantor hereby pledges, assigns,
transfers, hypothecates and sets over to the Agent for its benefit and for the
ratable benefit of the other Lender Parties, and hereby grants to the Agent for
its benefit and for the ratable benefit of the other Lender Parties, a security
interest in all of the Grantor's rights, title and interest in, to and under the
following property, wherever located and whether now existing or owned or
hereafter acquired or arising (collectively, the "Collateral"): (i) all
Accounts; (ii) all Chattel Paper; (iii) all Deposit Accounts; (iv) all
Documents; (v) all Equipment; (vi) all General Intangibles; (vii) all
Instruments; (viii) all Inventory; (ix) all Books; (x) all products and Proceeds
of any and all of the foregoing; and (xi) all copyrights, patents, proprietary
information, trade secrets, trademarks, service marks, trade names, trade dress,
whether registered or unregistered, and all goodwill associated therewith, and
all registrations and applications for registration thereof (collectively
referred to as the "Intellectual Property"), including without limitation: (a)
the trademark and service mark registrations described in Exhibit A attached
hereto and all renewals thereof and any future trademark and service mark
registrations and renewals thereof (the "Trademark Registrations"); (b) the
applications for Trademark Registration described in Exhibit A and any Trademark
Registrations that may be issued on any of those applications and any future
Trademark Registration applications, to the full extent allowable by law (the
"Trademark Applications"); (c) all common law rights in the marks described in
Exhibit A; (d) all Patent Registrations including without limitation those
described in Exhibit B attached hereto, and all applications therefor and all
future applications and registrations (the "Patent Registrations"); (e) all
Patent Applications including without limitation those described in Exhibit B
attached hereto, and all applications therefor and all future applications and
registrations (the "Patent Applications"); (f) all future royalties or other
fees paid or payments made or owed to Grantor with respect to the Intellectual
Property (the "Royalties"); and (g) proceeds of any and all of the foregoing
(the Intellectual Property, Trademark Registrations, Trademark Applications,
Common Law, Trademarks, Patent Registrations, Patent Applications, Copyright
Registrations, Royalties, and such proceeds are referred to collectively as the
"Intellectual Property Rights").

Page 1 - AMENDMENT TO SECURITY AGREEMENT
<PAGE>

     2.  Section 2 of the Security Agreement is amended by adding the following
subsection:

         (d)  Covenants Relating to Patents and Trademarks.  The Grantor shall:

              (1) (A) Continue to use each trademark and service mark in such a
          manner as to maintain such trademark and service mark in full force
          free from any claim of abandonment for non-use, (B) maintain as in the
          past the quality of products and services offered under such trademark
          or service mark, (C) employ such trademark or service mark with the
          appropriate notice of registration or notice of trademark or service
          mark, as applicable, sufficient to protect such trademark or service
          mark, (D) not adopt or use any mark which is confusingly similar or a
          colorable imitation of such trademark or service mark unless the
          Agent, for the ratable benefit of the Lenders, shall obtain a
          perfected security interest in such mark pursuant to this Security
          Agreement, and (E) not (and not permit any licensee or sublicensee
          thereof to) do any act or-knowingly omit to do any act whereby any
          trademark or service mark may be lost.

              (2) Not do any act, or omit to do any act, whereby any patent may
           become abandoned or dedicated.

              (3) Notify the Agent promptly if it knows that any application or
          registration relating to any material patent or material mark may
          become abandoned or dedicated, or of any adverse determination or
          development (including, without limitation, the institution of, or any
          such determination or development in, any proceeding in the United
          States Patent and Trademark Office or any court or tribunal in any
          country), regarding the Grantor's ownership of any patent or mark or
          its right to register the same or to keep and maintain the same.

              (4) Take all reasonable and necessary steps, including, without
          limitation, in any proceeding before the United States Patent and
          Trademark Office, or any similar office or agency in any other country
          or any political subdivision thereof, to maintain and pursue each
          application (and to obtain the relevant registration) and to maintain
          each registration of the patents and marks, including, without
          limitation, filing of applications for renewal, affidavits of use,
          affidavits of incontestability, and petitions to revive abandoned
          applications. The Grantor also will promptly make application on any
          patentable but unpatented inventions, and registerable but
          unregistered trademarks and service marks, and promptly report new
          applications and/or registrations to Agent.

                  (i) Promptly notify the Agent after it learns that any
          material patent or material mark is infringed, misappropriated or
          diluted in any material manner by a third party, and take such actions
          as it shall

Page 2 - AMENDMENT TO SECURITY AGREEMENT
<PAGE>

          reasonably deem appropriate under the circumstances to protect such
          patent or mark, including, where it shall reasonably deem appropriate,
          the bringing of suit for infringement, misappropriation or dilution,
          seeking injunctive relief where appropriate and seeking to recover any
          and all damages for such infringement, misappropriation or dilution.

                  (ii) Not make any assignment or agreement in conflict with the
          security interest in the patents or marks of the Grantor.

     3.  Except as expressly modified by this Agreement, the terms of the
Security Agreement, as amended prior to the date of this Agreement, shall remain
unchanged and in full force and effect.  Grantors' agreement to modify the
Security Agreement pursuant to this Agreement shall not obligate Grantors to
make any future modifications to the Security Agreement or any other loan
document.  Nothing in this Agreement shall constitute a satisfaction of any
indebtedness of any Borrower to Agent.

     5.  This Agreement may be signed in one or more counterparts, all of which
shall be considered one and the same agreement and shall become effective when
counterparts have been signed by each of the parties and delivered to the other
parties, it being understood that all parties need not sign the same
counterpart.

     IN WITNESS WHEREOF, the Grantor hereto has caused this Agreement to be
executed by its respective officers or agents duly authorized as of the date
first above written.

                              FLIR SYSTEMS, INC., an Oregon corporation

                              By:    /s/ James A. Fitzhenry
                                 -----------------------------------------------

                              Name:  James A. Fitzhenry
                                   ---------------------------------------------

                              Title: Senior Vice President and General Counsel
                                    --------------------------------------------

Page 3 - AMENDMENT TO SECURITY AGREEMENT

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