Document:

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                                                                    Exhibit 4.18

THIS AMENDMENT AGREEMENT is made the 15th day of May 2001

BETWEEN

(1)  APW ELECTRONICS GROUP PLC (formerly Vero Group PLC)

(2)  APW ELECTRONICS OVERSEAS INVESTMENTS LIMITED (formerly Vero Electronics
     Overseas Investments Limited)

(3)  APW ELECTRONICS LIMITED (formerly Vero Electronics Limited)

(4)  APW ENCLOSURES AB (formerly Vero Enclosures AB)

(5)  APW ELECTRONICS GmbH (formerly Vero Electronics GmbH)

(6)  VERO ELECTRONICS Inc.

(7)  APW ENCLOSURES S.A. (formerly Vero Electronics S.A.) and

(8)  APW ELECTRONICS S.r. L (formerly Vero Electronics S.r.L.) (each a
     "Borrower" and together the "Borrowers"); and

(9)  THE ROYAL BANK OF SCOTLAND plc (the "Bank")

WHEREAS

(A)  The Bank and the Borrowers entered into a (Pounds)27,500,000 revolving
     credit facility dated 24 October 1995 (as subsequently amended by two
     amendment agreements dated 15 May 1998 and 22 May 1998 respectively) (the
     "Facility Agreement").

(B)  On 31 July 2000, APW Ltd, APW North America, Inc., APW Holdings (Denmark)
     APS, certain financial institutions, Bank One, N.A., as syndication agent,
     The Chase Manhattan Bank as documentation agent and Bank of America,
     National Association as administrative agent entered into a  multicurrency
     agreement (the "Multicurrency Agreement")

(C)  Pursuant to a Waiver Request, the Borrowers have requested the Bank to
     waive any of its rights under any cross-default or cross-acceleration
     provisions in the RBS Group Facilities arising exclusively from any non-
     compliance by the Borrowers with the requirements of Section 7.6 (b) and
     (c) of the Multicurrency Agreement on and subject to the terms and
     conditions as outlined in the Waiver Letter.

(D)  The parties wish to enter into this Agreement to record the basis on which
     the Facility Agreement is being amended and restated.

IT IS AGREED as follows:-

1   DEFINITIONS AND INTERPRETATION

    In this Agreement except where the context otherwise requires, words and
    expressions defined and references construed in the Multicurrency Agreement
    or the Facility Agreement (but not defined or construed in this Agreement)
    shall have the same meaning herein, and, in addition:

    "APW Counter Indemnity" means the counter indemnity granted by APW Ltd in
    favour of  NatWest and dated 1 August 2000 replacing a previous counter
    indemnity granted by APW Ltd in favour of the Bank dated 1 August 2000

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    "APW Group" means APW Ltd and its subsidiaries and affiliates as may be the
    case from time to time

    "APW" means APW Ltd, a company incorporated in Bermuda

    "Debenture" means an agreement creating fixed and floating charges executed
    in favour of the Security Trustee acting for and on behalf of the Banks (as
    defined therein) by certain members of the APW Group and by any "Additional
    Companies" (as defined therein) on or about the date of this Agreement.

    "Effective Date" means the date on which the Bank receives all of the
    documents and other evidence listed in Clause 3.1 (Conditions Precedent) of
    this Agreement in form and substance satisfactory to it and provides the
    Parent with written confirmation to that effect, having received
    confirmation from the Administrative Agent that all conditions precedent to
    the Multicurrency Agreement would immediately be satisfied upon such written
    confirmation being provided by the Bank.

    "Guarantees" mean the guarantees to be executed by certain Subsidiaries that
    have not previously executed guarantees in favour of the Bank or NatWest (as
    applicable) in respect of all of the obligations (present, future, actual or
    contingent) of the  Parent or any of its other UK subsidiaries under or in
    respect of either the Facility Agreement, the Multi-Option Facility or under
    the APW Counter Indemnity

    "Guaranties" mean the guaranties which certain APW Group companies
    incorporated in the USA, have or will execute and deliver in favour of the
    UK Security Trustee in accordance with Clause 17 (Guarantees) of this
    Agreement, in respect of the obligations of their UK affiliates under or in
    respect of the UK Finance Documents

    "Intercreditor Agreement" means the intercreditor agreement dated as of 15th
    May 2001 between the Administrative Agent, Bank of America as security
    trustee, the Banks, the Bank as agent, the Bank as Security Trustee, the
    Bank and NatWest.

    "Multi-Option Facility" means the multi-option facility entered into
    between (1) National Westminster Bank Plc, (2) the UK Parent and certain of
    its subsidiaries dated 20 April 2000 and as may have been subsequently
    amended from time to time

    "NatWest" means the National Westminster Bank plc

    "Parent" means APW Electronics Group plc

    "RBS Group Facilities" means together the Facility Agreement, the Multi-
    Option Facility, the Counter Indemnity, any loan note guarantees provided by
    NatWest in respect of the obligations of any member of the APW Group and any
    other agreement, including any relating to replacement loans, falling within
    the definition of "UK Facility" contained in the Multicurrency Agreement.

    Security Trustee" means the Bank in its capacity as such

    "UK Finance Documents" means each of the Facility Agreement, the
    Intercreditor Agreement, the Debentures, the Guarantees, the APW Counter
    Indemnity, and any other document to be executed in connection with the
    Facility Agreement or the RBS Group Facilities which is not a US Finance
    Document.

    "UK Parent" means APW Enclosure Products and Systems Limited

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    "US Finance Documents" means each of the Guaranties, the US Pledge
    Agreement, the Intercreditor Agreement, the US Security Agreement, the US
    Assignment of Security Interest in United States Trademarks and Patents and
    any other document to be executed in connection therewith

    "US Pledge Agreement" means a pledge agreement dated as of 15 May 2001 among
    APW, certain subsidiaries of APW and the Security Trustee, as amended or
    modified from time to time.

    "US Security Agreement" means a security agreement dated as of 15 May 2001
    among APW, certain subsidiaries of APW and the Security Trustee, as amended
    or modified from time to time.

    "US Assignment of Security Interest in United States Trademarks and
    Patents" means an assignment of security interest in United States
    trademarks and patents dated as of 15 May 2001 among APW, certain
    subsidiaries of APW and the Security Trustee, as amended or modified from
    time to time.

    "Waiver Letter" means the agreement entered into between the Bank and the UK
    Parent acting for and on behalf of each of its UK subsidiaries dated 6 April
    2001 setting out the terms upon which the Bank and NatWest will continue to
    make available to the UK Parent and its UK subsidiaries the RBS Group
    Facilities

    "Waiver Request" means the request issued by the UK Parent, APW Holdings
    Denmark and APW North America Inc. dated 27 March 2001

    "Warrant Agreement" means an agreement in the form attached as Exhibit I to
    the Multicurrency Agreement

    "Warrants" mean the share warrants issued by APW to the Bank pursuant to the
    Warrant Agreement.

2   AMENDMENT OF FACILITY AGREEMENT

    With effect from the Effective Date, the Facility Agreement is amended as
    set out in this Agreement.  The parties agree to be bound by the Facility
    Agreement as amended.

3   CONDITIONS PRECEDENT AND CONDITIONS SUBSEQUENT TO THIS AMENDMENT AND
    RESTATEMENT AGREEMENT

3.1 Conditions Precedent

    The obligation of the Bank to continue to make the Facility available is
    subject to the condition that the Bank shall have received in a form and
    substance satisfactory to it on or before the Effective Date:-

(a)  a copy, certified a true and up to date copy by the Secretary of each
     Borrower which is a UK Borrower or a US Borrower and each other UK Obligor
     or US Obligor, of the Certificate of Incorporation and Memorandum and
     Articles of Association or their equivalent constitutional documents;

(b)  a copy, certified a true and up to date copy by the Secretary of each UK
     Obligor and US Obligor, of a resolution of the board of directors of such
     UK Obligor or US Obligor

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     approving the execution and delivery of the UK Finance Documents or the US
     Finance Documents (as the case may be) to which it is a party and the
     performance of its obligations thereunder and authorising a person or
     persons (specified by name) on behalf of each UK Obligor or US Obligor (as
     the case may be) to sign and deliver the UK Finance Documents and any other
     documents to be delivered by it pursuant thereto and to give all notices
     which may be required to be given on its behalf under the UK Finance
     Documents or US Finance Documents (as the case may be);

(c)  a certificate authenticated by the Secretary of each UK Obligor and US
     Obligor setting out the names and signatures of the persons authorised to
     sign, on behalf of such UK Obligor and US Obligor, the UK Finance Documents
     or the US Finance Documents (as the case may be) and any other documents to
     be delivered by such UK Obligor and US Obligor pursuant thereto;

(d)  a certificate signed by the Secretary of each UK Obligor and US Obligor
     stating that their execution of the UK Finance Documents and the US Finance
     Documents to which it is a party and the exercise by it of its rights and
     the performance by it of its obligations thereunder are within its
     corporate powers, have been approved by all necessary corporate action and
     will not cause any limit or restriction on any of its powers (whether
     imposed by law, decree, rule, regulation, its Memorandum or Articles of
     Association (or equivalent Constitutional documents), agreement or
     otherwise) or on the right or ability of its directors to exercise such
     powers, to be exceeded or breached;

(e)  Counterparts of each UK Finance Document and each US Finance Document duly
     executed by each UK Obligor and US Obligor that is a party thereto,
     including the following:-

     (i)   Warrant Agreement in the form attached to the Multicurrency
           Agreement, together with delivery of Warrants Certificates and a
           certified copy of the register of stockholders evidencing the
           registration of the Warrant Holders;

     (ii)  The US Security Agreement, together with such financing statements
           and other documents as the Security Trustee may require;

     (iii) The US Pledge Agreement, together with such stock certificates, blank
           stock powers and other documents as the Security Trustee may require;

     (iv)  The US Assignment of Security Interest in United States Patents and
           Trademarks, in a form recordable with the United States Patent and
           Trademark office;

     (v)   The Debenture; and

     (vi)  The Guarantees and Guaranties to be provided pursuant to Clause 17
           (Guarantees) of this Agreement in form and substance satisfactory to
           the Security Trustee. For the avoidance of doubt this includes the
           Guarantees to be provided by Towerflame Limited and Air Cargo
           Equipment (UK) Limited.

(f)  Opinions from the US Counsel of APW and the Guarantors in the form
     exhibited to the Multicurrency Agreement, but addressed to the Bank and
     referring to the RBS Group Facilities; and

(g)  Copies of each of the other conditions precedent delivered pursuant to
     Clause 5.1 of the Multicurrency Agreement.

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3.2  Conditions Subsequent

     It shall be a condition subsequent to this Agreement that the Bank shall
     have received in a form and substance satisfactory to it within 60 days of
     the Effective Date both:-

(a)  a copy certified a true and up to date copy by the Secretary of each
     Borrower which is a non UK Borrower or a non US Borrower, and each other
     non UK Obligor or non US Obligor, of the Certificate of Incorporation and
     Memorandum and Articles of Association or their equivalent constitutional
     documents; and

(b)  (if any resolution described in Clause 3.1(b) above did not expressly refer
     to the execution of the Intercreditor Agreement), a copy, certified a true
     and up to date copy by the Secretary of each relevant UK Obligor and US
     Obligor which executed the Intercreditor Agreement, of a resolution of the
     board of directors of such UK Obligor or US Obligor ratifying, for the
     avoidance of doubt, the execution and delivery of the Intercreditor
     Agreement.

3.3  Real Estate and Foreign Subsidiaries

     The provisions of Clauses 3.3 (Real Estate) and 3.4 (Foreign Subsidiaries)
     of the Multicurrency Agreement shall apply mutatis mutandis to this
     Agreement, save that references to the "Administrative Agent" shall be
     deemed to be references to the "Security Trustee".

4    DEFINITIONS

4.1  Clause 1.1 shall be amended, so that the first line shall read as follows:-

     "In this Agreement, unless the context requires otherwise, words and
     phrases defined in the Amendment Agreement (as defined below) shall have
     the same meaning in this Agreement and, in addition:-"

4.2  The following shall be added to Clause 1 of the Facility Agreement as a new
     definition ;

     "Amendment Agreement" means the amendment agreement dated 15 May 2001,
     between the Parent, the Borrowers and the Bank amending certain terms of
     this Agreement"

4.3  The definition of "Applicable Margin" contained in the Facility Agreement
     shall be deleted and replaced with the following:-

     "Applicable Margin" shall have the meaning given to it in the Multicurrency
     Agreement, provided that loans denominated in Sterling or any currency
     other than Dollars shall be deemed to be Offshore Rate Loans and loans
     denominated in Dollars shall be deemed to be Base Rate Loans"

4.4  The definition of "Finance Documents" contained in the Facility Agreement
     shall be deleted and replaced with the following:-

     "Finance Documents" means each of this Agreement, the Bills, the Counter
     Indemnities, the UK Finance Documents and the US Finance Documents (each as
     defined in the Amendment Agreement) and any other document to be executed
     in connection with this Agreement."

4.5  The definition of "Parent" contained in the Facility Agreement shall be
     deleted and replaced with the following:-

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     "Parent" means APW Electronics Group plc

4.6  The definition of "Termination Date" contained in the Facility Agreement
     shall be deleted and replaced with the following:-

     "Termination Date" means July 31 2003"

5    OVERDRAFT OPTION

5.1  Clause 4.2 shall be deleted and by way of substitution there shall be
     inserted the following provision:

     "4.2  Interest Rate Calculation and Due Dates

     Interest shall be payable on the cleared daily balance:-

     (a) in the case of an Overdraft denominated in Sterling at a rate of 3% per
         annum above the Bank's Base Rate with a minimum rate of 5% per annum.
         The rate per annum above the Bank's Base Rate may be varied and
         restated from time to time in accordance with the provisions of the
         Multicurrency Agreement such that the rate per annum above the Bank's
         Base Rate shall be equivalent to the margin payable by APW or any of
         its affiliates under the Multicurrency Agreement. Such interest shall
         accrue from day to day, shall be calculated on the basis of a 365 day
         year and the actual number of days elapsed, and shall be debited
         quarterly in arrears on the penultimate Banking Day of March, June,
         September and December; and

     (b) in the case of an Overdraft denominated in an Optional Currency at a
         rate of 3% above the Bank's Base Rate (which may be revised daily) for
         such currency. The rate per annum above the Bank's Base Rate shall be
         varied and restated from time to time in accordance with the provisions
         of the Multicurrency Agreement such that the rate per annum above the
         Bank's Base Rate shall be equivalent to the margin payable by APW or
         any of it affiliates under the Multicurrency Agreement. Such interest
         shall accrue from day to day, shall be calculated on the basis of 360
         or 365 day year in accordance with normal banking practice for the
         relevant Optional Currency and the actual number of days elapsed, and
         should be debited on the first Banking Day of each calendar month.

6    SHORT TERM ADVANCES OPTION

     Clause 5.2 (Interest Rate) shall be deleted and by way of substitution
     there shall be inserted the following provision:

     "5.2  Interest Rate

     Interest on each Advance shall be payable at a percentage rate per annum
     which is equal to the sum of:-

     (a) the Applicable Margin (which shall be increased and varied from time to
         time in accordance with the provisions of the Multicurrency Agreement
         such that the Applicable Margin shall always be equivalent to that
         payable by APW or any of its affiliates under the Multicurrency
         Agreement);

    (b)  LIBOR; and

    (c)  (in the case of an Advance denominated in Sterling) the Associated
         Costs Rate;

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    and shall accrue from day to day."

7   ACCEPTANCE CREDITS OPTION

    Clause 6.4 (Commission Rate) shall be amended to read:

    "6.4  Commission Rate

    A Borrower shall pay to the Bank on each Date of Drawing acceptance
    commission at a rate equal to the then current Applicable Margin (to be
    varied and restated from time to time in accordance with the provisions of
    the Multicurrency Agreement such that the Applicable Margin shall always be
    equivalent to any margin payable by APW or any of its affiliates under the
    Multicurrency Agreement) calculated on the face amount of each Bill for a
    period equal to its Maturity Period, such payment to be effected by
    deduction by the Bank from the proceeds of discounting such Bill pursuant to
    Clause 6.5."

8   BONDING OPTION

    Clause 7.4 (Commission Rate) shall be amended to read:

    "7.4  Commission Rate

    The relevant Borrower shall pay to the Bank commission at a rate equal to
    the then current Applicable Margin (to be varied and restated from time to
    time in accordance with the provisions of the Multicurrency Agreement such
    that the Applicable Margin shall always be equivalent to any margin payable
    by APW or any of its affiliates under the Multicurrency Agreement) on the
    outstanding amount of the Bank's liability (both actual and contingent)
    under each Bond on each date when such commission is payable.  Such
    commission shall accrue from day to day and shall be calculated on the basis
    of a 365 day year (in the case of Sterling) or a 360 or 365 day year in
    accordance with normal banking practice for the relevant Optional Currency
    (in the case of an Optional Currency) and shall be payable in advance on the
    Date of Drawing and at 3 monthly intervals thereafter until the Bank
    determines that its liability under such Bond has been reduced to zero in
    accordance with Clause 7.6.  No commission so paid shall be refundable to a
    Borrower under any circumstances."

9   PREPAYMENT AND CANCELLATION

9.1 Clause 8.1 (Prepayment of Advances), Clause 8.2 (Other Prepayment) and
    [Clause 8.3 (Cancellation)] and Clause 8.4 (Mandatory Prepayment) shall be
    subject to any overriding provisions contained in the Intercreditor
    Agreement.

9.2 The following shall be added as a new Clause 8.4

    "8.4 Mandatory Prepayment

    (a) The provisions contained in Clause 2.8(b) (Unscheduled Mandatory
    Reductions) and Clause 2.9(b)(ii) (Mandatory Prepayments) of the
    Multicurrency Agreement shall apply mutatis mutandis to this Agreement, such
    that the Bank receives its Pro Rata Share of any such repayment.

    (b) Without prejudice to any other reductions in the Facility Amount which
    are required to be made pursuant to the terms of this Agreement, the
    Borrowers  shall reduce the Bank's commitments under the RBS Group
    Facilities by (Pounds)[] by February 28, 2002, by a further

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     (Pounds)[] by February 28, 2003 and a further by (Pounds)[] by May 31,
     2003. Once reduced in accordance with this Clause 8.4(b), the relevant
     commitments may not be increased.

     (c) If for any reason the outstanding obligations to the Bank under the RBS
     Group Facilities exceed its commitments, because of any limitation set
     forth in this Agreement or otherwise, the Borrowers shall immediately
     prepay Advances and/or deposit cash in an interest bearing cash collateral
     account held with the Bank in an aggregate amount equal to such excess (all
     interest accruing on such account being for the account of the Borrowers
     prior to Enforcement).

     (d) Any part of the RBS Group Facilities which is prepaid pursuant to this
     Clause 8.4 may not be reborrowed, and the Bank's commitment shall be
     reduced accordingly, unless the prepayment was made because for a period of
     five consecutive business days, APW and its Subsidiaries held in aggregate
     collected funds in excess of $10,000,000.

     (e) If on any Determination Date, the Bank shall have determined that the
     aggregate Sterling Amount of its outstanding obligations under the RBS
     Group Facilities exceeds its commitment under such facilities, due to a
     change in applicable rates of exchange between Sterling and Optional
     Currencies, then the Bank shall give notice to the Parent that a prepayment
     is required and the Borrowers shall make a prepayment so as to ensure that
     the Sterling Amount of the outstanding obligations under the RBS Group
     Facilities no longer exceeds the Bank's commitment under such facilities.

     (f) If and to the extent that any payment is properly due pursuant to this
     Clause 8.4, the Bank is hereby irrevocably and unconditionally authorised,
     unless prohibited from doing so by the Intercreditor Agreement, to debit
     any account of the Borrowers in order to effect such payment.

10   REPRESENTATIONS AND WARRANTIES

10.1 Clause 12.1(h) shall be amended to read:

     "(h)  No Default

     no Event of Default, or other event which with the passing of time or the
     giving of notice would be likely to become an Event of Default, has
     occurred and is continuing other than those disclosed by the APW Group and
     waived by the UK Security Trustee and the US Security Trustee in accordance
     with the Intercreditor Agreement."

10.2 Clause 12.1(c) shall be amended by the insertion of the words "other than
     the Collateral Documents or an Encumbrance in favour of the Bank (or a
     trustee or Agent on its behalf after the words "any of its assets".

11   COVENANTS

11.1 Clause 13.1 (Financial Information), Clause 13.6 (Gearing and Minimum
     Tangible Net Assets), Clause 13.7 (Interest Cover) and Clause 13.8 (Testing
     of Ratios) shall be amended such that APW shall procure that financial
     information is provided on a consolidated group basis in accordance with
     the provisions of Clause 7.1 (Reports, Certificates and Other Information)
     of the Multicurrency Agreement.

11.2 The following shall be added as a new Clause 13.1(d):-

     "The provisions of Clause 7.1 (Reports, Certificates and Other Information)
     of the Multicurrency Agreement shall, to the extent that such documents
     have not already been

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      provided to the Bank, apply mutatis mutandis to this Agreement, save that
      references to the "Administrative Agent" or the "Banks" shall be deemed to
      be references to the "Bank".

11.3  The following shall be added at the end of Clause 13.3:-

      "The Borrowers shall deliver to the Security Trustee within 60 days of the
      Effective Date and annually thereafter a certificate as to such
      insurance".

11.4  The following shall be added as a new Clause 13.4 (e)

      "The Security evidenced by the Collateral Documents and all Security
      created in favour of the Security Trustee or the Bank"

11.5  The following shall be added as a new Clause 13.6(c):-

      "The provisions of Clause 7.6 (Financial Ratios and Restrictions) of the
      Multicurrency Agreement shall apply mutatis mutandis to this Agreement,
      save that references to the "Administrative Agent" or the "Required Banks"
      shall be deemed to be references to the "Bank".

12    SECURITY

12.1  The following shall be added to the end of Clause 14, which shall be
      renumbered Clause 14.1:-

      "The obligations of the Borrowers shall be secured by any security granted
      by the Guarantees, the Debentures, the Guaranties, the US Pledge
      Agreement, the US Security Agreement, the US Agreement Security Interest
      in US Trademarks and Patents and the APW Counter Indemnity subject to the
      terms of the Intercreditor Agreement."

12.2  The following shall be added as a new Clause 14.2:-

      "The Parent and each Borrower shall procure that APW and each of the
      Domestic Subsidiaries and UK Subsidiaries shall comply with the provisions
      of Clauses 3.2, 3.3 and 3.4 of the Multicurrency Agreement, the terms of
      which shall apply mutatis mutandis to this Agreement save that (a)
      references to the "Administrative Agent" shall be deemed to be references
      to the "Security Trustee", (b) references to the "Pledge Agreement" shall
      be deemed to be references to the "US Pledge Agreement", (c) references to
      the "Security Agreement" shall be deemed to be references to the "US
      Security Agreement", and (d) references to the "Assignment of Security
      Interest in United States Trademarks and Patents" shall be deemed to be
      references to the "US Assignment of Security Interest in United States
      Trademarks and Patents"."

12.3  The following shall be added as a new Clause 14.3:-

      "The provisions of Clause 3.6 (Further Assurances) and 3.7 (Transfer of
      Assets) shall apply mutatis mutandis to this Agreement save that (a)
      references to the "Administrative Agent" shall be deemed to be references
      to the "Security Trustee" (b) references to the "Required Banks" shall be
      deemed to be references to the "Bank" and (c) references to the
      "Outstanding Obligations" shall be deemed to be references to the "Secured
      Obligations (as defined in the Debenture)".

13    EVENTS OF DEFAULT

      Clause 16.1(e) shall be amended to read:

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      "(e)  Cross Default

            (i)  any Indebtedness of any UK Obligor is not paid when due or
                 within any applicable grace period or becomes due and payable
                 (or capable of being declared due and payable) prior to its
                 specified maturity or any guarantee or indemnity given by any
                 UK Obligor in respect of any such Indebtedness is not honoured
                 when due and called upon; and/or

            (i)  an Event of Default has occurred and is continuing under Clause
                 8.1 (Events of Default) of the Multicurrency Agreement."

14    DEFAULT INTEREST

      Clause 17 shall be deleted any by way of substitution there shall be
      inserted the following provision:

      "17.1  Default Interest Rate

      Subject to Clause 17.2 if any sum payable by any Borrower under any of the
      UK Finance Documents is not paid when due (whether at stated maturity, on
      acceleration or otherwise) interest shall accrue on that sum both before
      and after judgement to the fullest extent permitted by law during the
      period from the applicable due date to the date such sum is paid in full
      at a percentage rate per annum which is 2% (being the default rate to be
      imposed pursuant to the provisions of the Multicurrency Agreement) higher
      than the (non-default) rate which would otherwise be payable under this
      Agreement in respect of such sum.

      17.2  Default Interest on Overdrafts

      [Clause intentionally deleted]"

15    FEES, COSTS AND EXPENSES

      Clause 18 (Fees, Costs and Expenses) shall be amended by the following
      amendments:

15.1  Clause 18.2 (Commitment Fee) of the Facility Agreement shall be replaced
      with the following:-

      18.2  Commitment Fee

      The Borrowers shall (without prejudice to any commitment fees already
      accrued prior to the Effective Date) pay to the Bank a commitment fee
      calculated at the rate of 0.5% on the undrawn and uncancelled amount of
      the Facility Amount from day to day during the period beginning on the
      Effective Date and ending on the Termination Date. Such commitment fee
      shall be payable in arrears on the last day of each successive period of 3
      months which falls due during such period and on the Termination Date."

15.2  The following shall be added as a new Clause 18.6:-

      "18.6   Amendment Fee

      The Borrowers shall pay to the Bank an amendment fee of 0.75% of the
      maximum aggregate exposure of the Borrowers to the Bank as at the
      Effective Date within 2 Banking Days of the Effective Date"

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16    WARRANTS

      There shall be inserted the following as a new Clause 18.7.

      "18.7  Warrants

      The provisions of Clause 2.18 of the Multicurrency Agreement (Warrants)
      shall apply mutatis mutandis to this Agreement so that each of the Bank
      and NatWest shall receive a proportionate share (equal to its total
      commitment on the date of this Agreement under all of the RBS Group
      Facilities, including its exposure under any loan notes, divided by the
      Combined Commitments on the date of this Agreement) of 5% of the fully
      diluted common stock of APW."

17    GUARANTEES AND RELEASE OF GUARANTEES

      All obligations of each Borrower under the RBS Group Facilities shall,
      notwithstanding the provisions of the Waiver Letter and the Waiver Request
      but subject to Clauses 17.2 and 17.3 below, be guaranteed by each of the
      Guarantors (as defined in the Multicurrency Agreement).

17.2  The Bank hereby releases, with effect from the Effective Date but subject
      to Clause 17.3 below, each of the Dissolution Subsidiaries which are not
      Borrowers from their obligations and liabilities, whether actual,
      contingent or prospective, under any guarantee previously given to the
      Bank in respect of the obligations of the Borrowers to the Bank under the
      RBS Group Facilities.

17.3  If any Dissolution Subsidiary is not dissolved within 90 days of the
      Effective Date (or such longer period as the Bank may in its absolute
      discretion permit), each Borrower shall procure that such Dissolution
      Subsidiary duly executes each of the following within 120 days of the
      Effective Date (or such longer period as the Bank may in its absolute
      discretion permit):-

      17.3.1   a valid, binding and enforceable guarantee of the obligations of
               the Borrowers to the Bank in respect of the RBS Group Facilities,
               in substantially the same form as the Guaranties or Guarantees
               (depending on the domicile of the Dissolution Subsidiary); and

      17.3.2   a valid, binding and enforceable Deed of Accession to the
               Debenture, in substantially the form annexed as Schedule 2 to the
               Debenture.

17.4  The provisions contained in Clause 3.1(c) of the Multicurrency Agreement
      (Action with Non-Guarantors) shall apply mutatis mutandis to this
      Agreement.

17.5

18    GENERAL

18.1  The Borrowers hereby undertake that the Representations and Warranties set
      out in Clause 12 are true and accurate as of the date of this Agreement

18.2  All other terms and conditions of the Facility Agreement remain unchanged,
      save that the creation of the security evidenced by the Collateral
      Documents and all other security created in favour of the Security Trustee
      and the Bank is expressly permitted.

<PAGE>

18.3  A person who is not a party to this Facility Agreement has no right under
      the Contracts (Rights of Third Parties) Act 1999 to enforce or enjoy the
      benefit of any term of the Facility Agreement.

18.4  The Borrowers shall on demand reimburse the Bank all reasonable costs
      including fees, costs and expenses (including legal fees and expenses)
      incurred in or in connection with the negotiation and execution of the UK
      Finance Documents and the US Finance Documents and shall pay all stamp,
      registration and other taxes to which any such document is, or at any time
      may be, subject and shall indemnify the Bank against any liabilities,
      expenses, costs or claims resulting from any failure to pay, or any delay
      in paying, such tax.

18.5  This Agreement shall be governed by and construed in accordance with the
      laws of England and the parties hereto submit to the jurisdiction of the
      English courts.

SIGNED FOR AND ON BEHALF OF:-

THE ROYAL BANK OF SCOTLAND plc

By:

APW ELECTRONICS GROUP PLC

By:

APW ELECTRONICS OVERSEAS INVESTMENTS LIMITED

By:

APW ELECTRONICS LIMITED

By:

APW ENCLOSURES AB

By:

APW ENCLOSURES GmbH

<PAGE>

By:

VERO ELECTRONICS INC.

By:

APW ENCLOSURES S.A.

By:

APW ELECTRONICS S.r. L

By:<PAGE>

                                                                    Exhibit 4.19

                              SECURITY AGREEMENT

     This Security Agreement is granted effective this  _________ day of May,
2001 by and among APW Limited, a Bermuda corporation ("Parent"); APW North
America, Inc., a Delaware corporation ("APW-NA"); APW Holdings Denmark APS, a
Denmark corporation ("APW-Denmark"); the other persons or entities which are
listed on the signature pages hereof as Debtors or from which time-to-time may
become parties hereto as Debtors; and Royal Bank of Scotland, plc in its
capacity as Secured Party, Agent, and Security Trustee for itself and on behalf
of National Westminster Bank, PLC ("Secured Party") (Royal Bank of Scotland, plc
and National Westminster Bank, PLC, sometimes collectively herein "Banks").

                                  WITNESSETH:

     WHEREAS, APW Limited, its subsidiaries and affiliates, APW Enclosure
Products and Systems Limited, its subsidiaries and affiliates, and APW
Electronics Group PLC its subsidiaries and affiliates (collectively "Borrowers")
have severally entered into various credit facilities with the Banks including
(1) Revolving Credit Facilities, as amended dated October 24, 1995 with Royal
Bank of Scotland, PLC ; (2) Counter-Indemnity Agreement dated on or about April
26, 2000; with National Westminster Bank, PLC and (3) a Multiline Facility
Agreement dated April 20, 2000 with National Westminster Bank, PLC pursuant to
which the Banks agreed to extend financial accommodations including loans,
letters of credit, bills facilities, bonding facilities, guarantees,
indemnifications and related credit facilities (collectively "Credit
Facilities") for the account of its Borrowers as set forth in the respective
credit  and indemnity documents.

     WHEREAS, Parent, APW-NA, all domestic subsidiaries of APW-NA, and certain
other subsidiaries of the Parent have executed and delivered, or will execute
and deliver, Guaranties (as such Guaranty may be amended or otherwise modified
from time-to-time), as to each such guarantor, the Guaranty ("Guaranty") of the
certain Obligations as set forth under the Credit Facilities.

     WHEREAS, the Banks have no obligation at the present time to make
additional loans or issue or participate in additional Credit Facilities under
various Credit Facility documents.

     WHEREAS, as consideration to the Banks' agreement to make certain
forbearances, additional loans and grant other financial accommodations and
consideration under the Credit Facilities, the Obligations of the Borrowers
under the Credit Facilities and the Guaranties to which it is a party, and the
Obligations of each of the Debtors under the Guaranties to which it is a party
are to be secured pursuant to this Agreement.

     NOW, THEREFORE, for and in consideration of any forbearance, loan, advance
or other financial accommodation heretofore or hereafter made to the Borrowers
under or in connection with the Credit Facilities, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

     1.   Definitions.  When used herein, (a) the terms Certificated Security,
Chattel Paper, Deposit Account, Document, Equipment, Financial Asset, Fixture,
Goods, Inventory, Instrument, Investment Property, Security, Security
Entitlement and Uncertificated Security have the

     respective meanings assigned thereto in the UCC (as defined below); (b)
capitalized terms which are not otherwise defined herein shall have the
respective meanings assigned thereto in the Credit Facilities; and (c) the
following terms have the following meanings (such definitions to be applicable
to both the singular and plural forms of such terms):

     Account Debtor means the party who is obligated on or under any Account
Receivable, Contract Right or General Intangible.

     Account Receivable means, with respect to any Debtor, any right of such
Debtor to payment for goods sold or leased or for services rendered.

<PAGE>

     Assignee Deposit Account - see Section 4.

     Collateral means, with respect to any Debtor, all property and rights of
such Debtor in which a security interest is granted hereunder.

     Computer Hardware and Software means, with respect to any Debtor, all of
such Debtor's rights (including rights as licensee and lessee) with respect to
(i) computer and other electronic data processing hardware, including all
integrated computer systems, central processing units, memory units, display
terminals, printers, computer elements, card readers, tape drives, hard and soft
disk drives, cables, electrical supply hardware, generators, power equalizers,
accessories, peripheral devices and other related computer hardware; (ii) all
software programs designed for use on the computers and electronic data
processing hardware described in clause (i) above, including all operating
system software, utilities and application programs in whatsoever form (source
code and object code in magnetic tape, disk or hard copy format or any other
listings whatsoever); (iii) any firmware associated with any of the foregoing;
and (iv) any documentation for hardware, software and firmware described in
clauses (i), (ii) and (iii) above, including flow charts, logic diagrams,
manuals, specifications, training materials, charts and pseudo codes.

     Contract Right means, with respect to any Debtor, any right of such Debtor
to payment under a contract for the sale or lease of goods or the rendering of
services, which right is at the time not yet earned by performance.

     Default means the occurrence of: (a) any Default (as defined in the Credit
Facilities); or (b) any Event of Default.

     General Intangibles means, with respect to any Debtor, all of such Debtor's
"general intangibles" as defined in the UCC and, in any event, includes (without
limitation) all of such Debtor's trademarks, trade names, patents, copyrights,
trade secrets, customer lists, inventions, designs, software programs, mask
works, goodwill, registrations, licenses, franchises, tax refund claims,
guarantee claims, security interests and rights to indemnification.

     Intellectual Property means all past, present and future: trade secrets and
other proprietary information; trademarks, service marks, business names,
designs, logos, indicia and other source and/or business identifiers, and the
goodwill of the business relating thereto and all registrations or applications
for registrations which have heretofore been or may hereafter be issued thereon
throughout the world; copyrights (including copyrights for computer programs)
and copyright registrations or applications for registrations which have
heretofore been or may hereafter be issued throughout the world and all tangible
property embodying the copyrights; unpatented inventions (whether or not
patentable); patent applications and patents; industrial designs, industrial
design applications and registered industrial designs; license agreements
related to any of the foregoing and income therefrom; books, records, writings,
computer tapes or disks, flow diagrams, specification sheets, source codes,
object codes and other physical manifestations, embodiments or incorporations of
any of the foregoing; the right to sue for all past, present and future
infringements of any of the foregoing; and all common law and other rights
throughout the world in and to all of the foregoing.

     Liabilities means with respect to the Parent and any of its Subsidiaries
parties hereto, all Obligations (monetary or otherwise) of such Debtor under the
Credit Facilities, any Note, the Guaranty, any other Loan Document or any other
document or instrument executed in connection therewith, in each case howsoever
created, arising or evidenced, whether direct or indirect, absolute or
contingent, now or hereafter existing, or due or to become due;

     Non-Tangible Collateral means, with respect to any Debtor, collectively,
such Debtor's Accounts Receivable, Contract Rights and General Intangibles.

     UCC means the Uniform Commercial Code as in effect in the State of
Wisconsin on the date of this Agreement; provided that, as used in Section 8
hereof, "UCC" shall mean the Uniform Commercial Code as in effect from time to
time in any applicable jurisdiction.

                                      -2-
<PAGE>

     2.   Grant of Security Interest.  As security for the payment of all
Liabilities owed to the Banks pursuant to the respective credit facilities, each
Debtor hereby assigns to the Secured Party for the benefit of the Secured Party
and the Banks, and grants to the Secured Party for the benefit of the Banks a
continuing security interest in, the following, whether now or hereafter
existing or acquired:

     All of such Debtor's:

          (i)      Accounts Receivable;

          (ii)     Certificated Securities;

          (iii)    Chattel Paper;

          (iv)     Computer Hardware and Software and all rights with respect
                   thereto, including, any and all licenses, options,
                   warranties, service contracts, program services, test rights,
                   maintenance rights, support rights, improvement rights,
                   renewal rights and indemnifications, and any substitutions,
                   replacements, additions or model conversions of any of the
                   foregoing;

          (v)      Contract Rights;

          (vi)     Deposit Accounts;

          (vii)    Documents;

          (viii)   Financial Assets;

          (ix)     General Intangibles;

          (x)      Goods (including all of its Equipment, Fixtures and
                   Inventory), and all accessions, additions, attachments,
                   improvements, substitutions and replacements thereto and
                   therefor;

          (xi)     Instruments;

          (xii)    Intellectual Property;

          (xiii)   Investment Property;

          (xiv)    money (of every jurisdiction whatsoever);

          (xv)     Security Entitlements;

          (xvi)    Uncertificated Securities; and

          (xvii)   to the extent not included in the foregoing, other personal
                   property of any kind or description;

          together with all books, records, writings, data bases, information
          and other property relating to, used or useful in connection with, or
          evidencing, embodying, incorporating or referring to any of the
          foregoing, and all proceeds, products, offspring, rents, issues,
          profits and returns of and from any of the foregoing; provided that to
          the extent that the provisions of any lease or license of Computer
          Hardware and Software or Intellectual Property expressly prohibit
          (which prohibition is enforceable under applicable law) the assignment
          thereof, and the grant of a security interest therein, such Debtor's
          rights in such lease or license shall be excluded from the foregoing

                                      -3-
<PAGE>

          assignment and grant for so long as such prohibition continues, it
          being understood that upon request of the Secured Party, such Debtor
          will in good faith use reasonable efforts to obtain consent for the
          creation of a security interest in favor of the Secured Party in such
          Debtor's rights under such lease or license.

     3.   Warranties.  Each Debtor warrants that: (i) no financing statement
(other than any which may have been filed on behalf of the Secured Party or in
connection with liens expressly permitted by the Credit Facilities and except as
permitted in the Bank of America Amended and Restated Multi-Currency Credit
Agreement ("Permitted Liens")) covering any of the Collateral is on file in any
public office; (ii) such Debtor is and will be the lawful owner of all
Collateral, free of all liens and claims whatsoever, other than the security
interest hereunder and Permitted Liens, with full power and authority to execute
this Agreement and perform such Debtor's obligations hereunder, and to subject
the Collateral to the security interest hereunder; (iii) all information with
respect to Collateral and Account Debtors set forth in any schedule, certificate
or other writing at any time heretofore or hereafter furnished by such Debtor to
the Secured Party or Banks is and will be true and correct in all material
respects as of the date furnished; (iv) such Debtor's chief executive office and
principal place of business are as set forth on Schedule I hereto (and such
Debtor has not maintained its chief executive office and principal place of
business at any other location at any time after February 28, 2000); (v) each
other location where such Debtor maintains a place of business or stores
inventory is set forth on Schedule II hereto; (vi) except as set forth on
Schedule III hereto, such Debtor is not now known and during the five years
preceding the date hereof has not previously been known by any trade name; (vii)
except as set forth on Schedule III hereto, during the five years preceding the
date hereof such Debtor has not been known by any legal name different from the
one set forth on the signature pages of this Agreement nor has such Debtor been
the subject of any merger or other corporate reorganization; (viii) Schedule IV
hereto contains a complete listing of all of such Debtor's Intellectual Property
which is subject to registration statutes; (ix) such Debtor is a corporation
duly organized, validly existing and in good standing under the laws of the
state of its incorporation; (x) the execution and delivery of this Agreement and
the performance by such Debtor of its obligations hereunder are within such
Debtor's corporate powers, have been duly authorized by all necessary corporate
action, have received all necessary governmental approval (if any shall be
required), and do not and will not contravene or conflict with any provision of
law or of the charter or by-laws of such Debtor or of any material agreement,
indenture, instrument or other document, or any material judgment, order or
decree, which is binding upon such Debtor; (xi) this Agreement is a legal, valid
and binding obligation of such Debtor, enforceable in accordance with its terms,
except that the enforceability of this Agreement may be limited by bankruptcy,
insolvency, fraudulent conveyance, fraudulent transfer, reorganization,
moratorium or other similar laws now or hereafter in effect relating to
creditors' rights generally and by general principles of equity (regardless of
whether enforcement is sought in a proceeding in equity or at law); and (xii)
such Debtor is in compliance with the requirements of all applicable laws
(including the provisions of the Fair Labor Standards Act), rules, regulations
and orders of every governmental authority, the non-compliance with which would
reasonably be expected to result in a Material Adverse Effect.

     4.   Collections, etc.  Until such time during the existence of a Default
as the Secured Party shall notify such Debtor of the revocation of such power
and authority, each Debtor (a) may, in the ordinary course of its business, at
its own expense, sell, lease or furnish under contracts of service any of the
Inventory normally held by such Debtor for such purpose, use and consume, in the
ordinary course of its business, any raw materials, work in process or materials
normally held by such Debtor for such purpose, and use, in the ordinary course
of its business (but subject to the terms of the Credit Facilities), the cash
proceeds of Collateral and other money which constitutes Collateral, (b) will,
at its own expense, endeavor to collect, as and when due, all amounts due under
any of the Non-Tangible Collateral, including the taking of such action with
respect to such collection as the Secured Party may reasonably request or, in
the absence of such request, as such Debtor may deem advisable, and (c) may
grant, in the ordinary course of business, to any party obligated on any of the
Non- Tangible Collateral, any rebate, refund or allowance to which such party
may be lawfully entitled, and may accept, in connection therewith, the return of
Goods, the sale or lease of which shall have given rise to such Non-Tangible
Collateral. The Secured Party, however, may, at any time that a Default exists,
whether before or after any revocation of such power and authority or the
maturity of any of the Liabilities, notify any parties obligated on any of the
Non- Tangible Collateral to make payment to the Secured Party of any amounts due
or to become due thereunder and enforce collection of any of the Non-Tangible
Collateral by suit or otherwise and surrender, release or exchange all or any
part thereof, or compromise or extend or renew for any period (whether or not
longer than the original period) any indebtedness thereunder or evidenced
thereby. Upon the request of the Secured Party during the existence of a
Default, each

                                      -4-
<PAGE>

Debtor will, at its own expense, notify any or all parties obligated on any of
the Non-Tangible Collateral to make payment to the Secured Party of any amounts
due or to become due thereunder.

     Upon request by the Secured Party during the existence of a Default, each
Debtor will forthwith, upon receipt, transmit and deliver to the Secured Party,
in the form received, all cash, checks, drafts and other instruments or writings
for the payment of money (properly endorsed, where required, so that such items
may be collected by the Secured Party) which may be received by such Debtor at
any time in full or partial payment or otherwise as proceeds of any of the
Collateral. Except as the Secured Party may otherwise consent in writing, any
such items which may be so received by any Debtor will not be commingled with
any other of its funds or property, but will be held separate and apart from its
own funds or property and upon express trust for the Secured Party until
delivery is made to the Secured Party. Each Debtor will comply with the terms
and conditions of any consent given by the Secured Party pursuant to the
foregoing sentence.

     During the existence of a Default, all items or amounts which are delivered
by any Debtor to the Secured Party on account of partial or full payment or
otherwise as proceeds of any of the Collateral shall be deposited to the credit
of a deposit account (each an "Assignee Deposit Account") of such Debtor with
the Secured Party (or another financial institution selected by the Secured
Party) over which the Secured Party has sole dominion and control, as security
for payment of the Liabilities. No Debtor shall have any right to withdraw any
funds deposited in the applicable Assignee Deposit Account. The Secured Party
may, from time to time, in its discretion, and shall upon request of the
applicable Debtor made not more than once in any week, apply all or any of the
then balance, representing collected funds, in the Assignee Deposit Account
toward payment of the Liabilities, whether or not then due, in such order of
application as the Secured Party may determine, and the Secured Party may, from
time to time, in its discretion, release all or any of such balance to the
applicable Debtor.

     The Secured Party (or any designee of the Secured Party) is authorized to
endorse, in the name of the applicable Debtor, any item, howsoever received by
the Secured Party, representing any payment on or other proceeds of any of the
Collateral.

     5.   Certificates, Schedules and Reports.  Each Debtor will from time to
time, as the Secured Party may request, deliver to the Secured Party such
schedules, certificates and reports respecting all or any of the Collateral at
the time subject to the security interest hereunder, and the items or amounts
received by such Debtor in full or partial payment of any of the Collateral, as
the Secured Party may reasonably request. Any such schedule, certificate or
report shall be executed by a duly authorized officer of such Debtor and shall
be in such form and detail as the Secured Party may specify. Each Debtor shall
immediately notify the Secured Party of the occurrence of any event causing any
loss or depreciation in the value of its Inventory or other Goods which could
reasonably be expected to result in a Material Adverse Effect, and such notice
shall specify the amount of such loss or depreciation.

     6.   Agreements of the Debtors.  Each Debtor (a) will, upon request of the
Secured Party, execute such financing statements and other documents (and pay
the cost of filing or recording the same in all public offices reasonably deemed
appropriate by the Secured Party) and do such other acts and things (including,
delivery to the Secured Party of any Instruments or Certificated Securities
which constitute Collateral), all as the Secured Party may from time to time
reasonably request, to establish and maintain a valid security interest in the
Collateral (free of all other liens, claims and rights of third parties
whatsoever, other than Permitted Liens) to secure the payment of the
Liabilities; (b) will keep all its Inventory at, and will not maintain any place
of business at any location other than, its address(es) shown on Schedules I and
II hereto or at such other addresses of which such Debtor shall have given the
Secured Party not less than 10 days' prior written notice, (c) will keep its
records concerning the Non-Tangible Collateral in such a manner as will enable
the Secured Party or its designees to determine at any time the status of the
Non-Tangible Collateral; (d) will furnish the Secured Party such information
concerning such Debtor, the Collateral and the Account Debtors as the Secured
Party may from time to time reasonably request; (e) will permit the Secured
Party and its designees, from time to time, on reasonable notice and at
reasonable times and intervals during normal business hours (or at any time
without notice during the existence of a Default) to inspect such Debtor's
Inventory and other Goods, and to inspect, audit and make copies of and extracts
from all records and other papers in the possession of such Debtor pertaining to
the Collateral and the Account Debtors, and will, upon request of the Secured
Party during the existence of a Default, deliver to the Secured Party all of
such records and papers; (f) will, upon request of the Secured Party, stamp on
its records concerning the Collateral, and add on all Chattel Paper constituting
a portion of the Collateral, a notation, in form satisfactory to the Secured
Party, of the security interest

                                      -5-
<PAGE>

of the Secured Party hereunder; (g) except for the sale or lease of Inventory in
the ordinary course of its business and sales of Equipment which is no longer
useful in its business or which is being replaced by similar Equipment, will not
sell, lease, assign or create or permit to exist any Lien on any Collateral
other than Permitted Liens; (h) without limiting the provisions of ___________
of the Credit Facilities, will at all times keep all of its Inventory and other
Goods insured under policies maintained with reputable, financially sound
insurance companies against loss, damage, theft and other risks to such extent
as is customarily maintained by companies similarly situated, and cause all such
policies to provide that loss thereunder shall be payable to the Secured Party
as its interest may appear (it being understood that (A) so long as no Default
shall be existing, the Secured Party shall deliver any proceeds of such
insurance which may be received by it to such Debtor and (B) whenever a Default
shall be existing, the Secured Party may apply any proceeds of such insurance
which may be received by it toward payment of the Liabilities, whether or not
due, in such order of application as the Secured Party may determine), and such
policies or certificates thereof shall, if the Secured Party so requests, be
deposited with or furnished to the Secured Party; (i) will take such actions as
are reasonably necessary to keep its Inventory in good repair and condition; (j)
will take such actions as are reasonably necessary to keep its Equipment in good
repair and condition and in good working order, ordinary wear and tear excepted;
(k) will promptly pay when due all license fees, registration fees, taxes,
assessments and other charges which may be levied upon or assessed against the
ownership, operation, possession, maintenance or use of its Equipment and other
Goods; (l) will, upon request of the Secured Party, (l) will take all steps
reasonably necessary to protect, preserve and maintain all of its rights in the
Collateral; (m) except as listed on Schedule V, will keep all of the tangible
Collateral in the United States; and (n) will reimburse the Secured Party for
all expenses, including reasonable attorney's fees and charges (including time
charges of attorneys who are employees of the Secured Party), incurred by the
Secured Party in seeking to collect or enforce any rights in respect of such
Debtor's Collateral.

     Any expenses incurred in protecting, preserving or maintaining any
Collateral shall be borne by the applicable Debtor. Whenever a Default shall be
existing, the Secured Party shall have the right to bring suit to enforce any or
all of the Intellectual Property or licenses thereunder, in which event the
applicable Debtor shall at the request of the Secured Party do any and all
lawful acts and execute any and all proper documents required by the Secured
Party in aid of such enforcement and such Debtor shall promptly, upon demand,
reimburse and indemnify the Secured Party for all costs and expenses incurred by
the Secured Party in the exercise of its rights under this Section 6.
Notwithstanding the foregoing, the Secured Party shall have no obligation or
liability regarding the Collateral or any thereof by reason of, or arising out
of, this Agreement.

     7.   Default.  Whenever a Default shall be existing, the Secured Party may
exercise from time to time any right or remedy available to it under applicable
law. Each Debtor agrees, in case of Default upon the request of the Secured
Party, (i) to assemble, at its expense, all its Inventory and other Goods (other
than Fixtures) at a convenient place or places acceptable to the Secured Party,
and (ii) to execute all such documents and do all such other things which may be
necessary or desirable in order to enable the Secured Party or its nominee to be
registered as owner of the Intellectual Property with any competent registration
authority. Any notification of intended disposition of any of the Collateral
required by law shall be deemed reasonably and properly given if given at least
ten days before such disposition. Any proceeds of any disposition by the Secured
Party of any of the Collateral may be applied by the Secured Party to payment of
expenses in connection with the Collateral, including reasonable attorney's fees
and charges (including time charges of attorneys who are employees of the
Secured Party), and any balance of such proceeds may be applied by the Secured
Party toward the payment of such of the Liabilities, and in such order of
application, as the Secured Party may from time to time elect.

     8.   General.  The Secured Party shall be deemed to have exercised
reasonable care in the custody and preservation of any of the Collateral in its
possession if it takes such action for that purpose as any applicable Debtor
requests in writing, but failure of the Secured Party to comply with any such
request shall not of itself be deemed a failure to exercise reasonable care, and
no failure of the Secured Party to preserve or protect any right with respect to
such Collateral against prior parties, or to do any act with respect to the
preservation of such Collateral not so requested by any Debtor, shall be deemed
of itself a failure to exercise reasonable care in the custody or preservation
of such Collateral.

     Any notice from the Secured Party to any Debtor, if mailed, shall be deemed
given five days after the date mailed, postage prepaid, addressed to such Debtor
either at such Debtor's address shown on Schedule I hereto or at

                                      -6-
<PAGE>

such other address as such Debtor shall have specified in writing to the Secured
Party as its address for notices hereunder.

     Each of the Debtors agrees to pay all expenses, including reasonable
attorney's fees and charges (including time charges of attorneys who are
employees of the Secured Party or any Bank) paid or incurred by the Secured
Party or any Bank in endeavoring to collect the Liabilities of such Debtor, or
any part thereof, and in enforcing this Agreement against such Debtor, and such
obligations will themselves be Liabilities.

     No delay on the part of the Secured Party in the exercise of any right or
remedy shall operate as a waiver thereof, and no single or partial exercise by
the Secured Party of any right or remedy shall preclude other or further
exercise thereof or the exercise of any other right or remedy.

     This Agreement shall remain in full force and effect until all Liabilities
have been paid in full and all Commitments have terminated. If at any time all
or any part of any payment theretofore applied by the Secured Party or any Bank
to any of the Liabilities is or must be rescinded or returned by the Secured
Party or such Bank for any reason whatsoever (including the insolvency,
bankruptcy or reorganization of any Debtor), such Liabilities shall, for the
purposes of this Agreement, to the extent that such payment is or must be
rescinded or returned, be deemed to have continued in existence, notwithstanding
such application by the Secured Party or such Bank, and this Agreement shall
continue to be effective or be reinstated, as the case may be, as to such
Liabilities, all as though such application by the Secured Party or such Bank
had not been made.

     This Agreement shall be construed in accordance with and governed by the
laws of the State of Wisconsin applicable to contracts made and to be performed
entirely within such State, subject, however, to the applicability of the UCC of
any jurisdiction in which any Goods of any Debtor may be located at any given
time. Whenever possible, each provision of this Agreement shall be interpreted
in such manner as to be effective and valid under applicable law, but if any
provision of this Agreement shall be prohibited by or invalid under applicable
law, such provision shall be ineffective to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision or the
remaining provisions of this Agreement.

     This Agreement shall be binding upon each Debtor and the Secured Party and
their respective successors and assigns, and shall inure to the benefit of each
Debtor and the Secured Party and the successors and assigns of the Secured
Party. It is understood and agreed that this Agreement shall be binding and
enforceable against each Debtor which executes a counterpart to this Agreement
notwithstanding that any other Person shall not become a party hereto as a
"Debtor". As additional Debtors become parties, such Debtors shall deliver their
applicable Schedules.

     This Agreement may be executed in any number of counterparts (including via
facsimile) and by the different parties hereto on separate counterparts, and
each such counterpart shall be deemed to be an original, but all such
counterparts shall together constitute one and the same Agreement. At any time
after the date of this Agreement, one or more additional Persons may become
parties hereto by executing and delivering to the Secured Party a counterpart of
this Agreement together with supplements to the Schedules hereto setting forth
all relevant information with respect to such party as of the date of such
delivery. Immediately upon such execution and delivery (and without any further
action), each such additional Person will become a party to, and will be bound
by all the terms of, this Agreement.

     ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH
THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, MAY BE BROUGHT AND MAINTAINED IN THE
COURTS OF THE STATE OF WISCONSIN OR IN ANY UNITED STATES DISTRICT LOCATED IN
WISCONSIN; PROVIDED THAT ANY SUIT SEEKING ENFORCEMENT AGAINST ANY COLLATERAL OR
OTHER PROPERTY MAY BE BROUGHT, AT THE SECURED PARTY'S OPTION, IN THE COURTS OF
ANY JURISDICTION WHERE SUCH COLLATERAL OR OTHER PROPERTY MAY BE FOUND. EACH
DEBTOR HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE
COURTS OF THE STATE OF WISCONSIN AND OF THE UNITED STATES DISTRICT COURT FOR ANY
UNITED STATES DISTRICT LOCATED IN WISCONSIN FOR THE PURPOSE OF ANY SUCH
LITIGATION AS SET FORTH ABOVE. EACH DEBTOR FURTHER IRREVOCABLY CONSENTS TO THE
SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, TO THE ADDRESS SET FORTH
ON SCHEDULE I HERETO (OR SUCH

                                      -7-
<PAGE>

OTHER ADDRESS AS IT SHALL HAVE SPECIFIED IN WRITING TO THE SECURED PARTY AS ITS
ADDRESS FOR NOTICES HEREUNDER) OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE
STATE OF WISCONSIN. EACH DEBTOR HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER
HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT
REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN
INCONVENIENT FORUM.

     EACH DEBTOR, THE SECURED PARTY AND (BY ACCEPTING THE BENEFITS HEREOF) EACH
BANK HEREBY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO
ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT, ANY NOTE, ANY OTHER LOAN
DOCUMENT AND ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH
MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR ARISING
FROM ANY FINANCING RELATIONSHIP EXISTING IN CONNECTION WITH ANY OF THE
FOREGOING, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A
COURT AND NOT BEFORE A JURY.

                                      -8-
<PAGE>

IN WITNESS WHEREOF, this Agreement has been duly executed as of the day and year
first above written.

                              DEBTORS:

                              APW LTD.

                              By:_______________________________________________
                                        James Maxwell, Assistant Treasurer

                              APW NORTH AMERICA INC.

                              By:_______________________________________________
                                        James Maxwell, Treasurer

                              APW HOLDING DENMARK APS

                              By:_______________________________________________
                                 Richard Carroll

                              By:_______________________________________________
                                 Jesper Bilde

                                      S-1
<PAGE>

                              DOMESTIC SUBSIDIARIES OF APW-NA:

                              APW ENCLOSURE SYSTEMS, INC.
                              APW-ERIE, INC.
                              ASPEN MOTION TECHNOLOGIES INC.
                              CAMBRIDGE AEROFLO, INC.
                              ELECTRONIC SOLUTIONS
                              HSP USA INC.
                              INNOVATIVE METAL FABRICATION, INC.
                              McLEAN MIDWEST CORPORATION
                              McLEAN WEST INC.
                              METAL ARTS MANUFACTURING, INC.
                              PRECISION FABRICATION TECHNOLOGIES, INC.
                              RUBICON USA, INC.
                              ZERO-EAST DIVISION, ZERO CORPORATION
                              ZERO ENCLOSURES, INC.
                              ZERO INTERNATIONAL, INC.

                              By:_______________________________________________
                                 James Maxwell, Treasurer or Assistant Treasurer
                                 or CFO

                              APW ENCLOSURE SYSTEMS HOLDING, INC.

                              By:_______________________________________________
                                 Howard Lederman, Vice President

                              APW ENCLOSURE SYSTEMS, LP

                         By: APW ENCLOSURE SYSTEMS HOLDING, INC.     its General
                         Partner

                              By:_______________________________________________
                                 Howard Lederman, Vice President

                              DOMESTIC SUBSIDIARIES OF PARENT:

                              APW MAYVILLE, LLC
                              APW WRIGHT LINE LLC
                              ASPEN POWER SYSTEMS, LLC
                              EDER INDUSTRIES INC.
                              VERO ELECTRONICS INC.

                              By:_______________________________________________
                              James Maxwell, Treasurer or Assistant Treasurer

                                      S-2
<PAGE>

                              ROYAL BANK OF SCOTLAND, PLC

                              By:_______________________________________________
                              Title:____________________________________________

                                      S-3
<PAGE>

                              Signature page for the Security Agreement dated as
                              of _______, 2001 among APW Ltd., APW North
                              America, Inc., APW Holding Denmark APS, various
                              other parties and Royal Bank of Scotland PLC as
                              Agent and Security Trustee for itself and on
                              behalf of National Westminster Bank PLC.

                              The undersigned is executing a counterpart hereof
                              for purposes of becoming a party hereto (and
                              attached to this signature page are supplements to
                              the Schedules to the Security Agreement setting
                              forth all relevant information with respect to the
                              undersigned):

                              [ADDITIONAL DEBTOR]

                              By:_______________________________________________
                              Title:____________________________________________

                                      S-4

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