Document:

<PAGE>   1
                                                                    Exhibit 10.1

                               SECOND AMENDMENT TO
                                 LOAN AGREEMENT,
                             SECURED PROMISSORY NOTE
                                       AND
                               SECURITY AGREEMENT

         THIS SECOND AMENDMENT TO LOAN AGREEMENT, SECURED PROMISSORY NOTE AND
SECURITY AGREEMENT ("this Second Amendment"), is made and effective as of March
15, 2001 (the "Effective Date"), by WAYNE R. HELLMAN ("Hellman"), and ADVANCED
LIGHTING TECHNOLOGIES, INC. ("ADLT").

                                   BACKGROUND

         A. Hellman and ADLT entered into a Loan Agreement dated as of October
8, 1998 (the "Original Loan Agreement"), pursuant to which ADLT advanced Hellman
$9,000,000 (the "Original Advance").

         B. Pursuant to the Original Loan Agreement, the Original Advance was
evidenced by a Secured Promissory Note dated October 8, 1998 (the "Original
Note") and secured pursuant to (i) a Security Agreement dated as of October 8,
1998 (the "Original Security Agreement"), (ii) the Real Estate Mortgages
recorded as follows: June 30, 1999 Geauga County Ohio No 1245 page 39, June 30,
1999 Portage County Ohio No. 441 Page 202 and No. 441 Page 214, and August 24,
1999 Lee County Florida Book 3160 Page 1096 (the "Mortgages"), (iii) the
Collateral Assignment of Contract dated as of October 8, 1998 (the
"Assignment"), and (iv) Allonge No. 2 to Promissory Note From 24 Karat Street,
Inc. with delivery of the referenced note the (the "Karat Note").

         C. Effective November 22, 2000, the Loan, the Note and the Security
Agreement were amended pursuant to the First Amendment to Loan Agreement,
Secured Promissory Note and Security Agreement ("First Amendment") to provide
for additional loans, up to a maximum additional principal amount of $1,900,000,
for the purpose of reducing the Margin Loans held by Bear Sterns and Raymond
James, the current Margin Lenders, in satisfaction of then-existing margin
calls. The Original Loan Agreement, the Original Note and the Original Security
Agreement, each as amended by the First Amendment, are referred to herein as the
Loan Agreement, the Note and the Security Agreement, respectively.

         D. The Loan Agreement, the Note, the Security Agreement, the Mortgages,
the Assignment and the Karat Note are included in the "Loan Documents" as
defined in the Loan Agreement. All initially capitalized terms that are used but
not defined herein have the meaning ascribed to them in the Loan Documents.

         E. On March 13, 2001, Hellman discussed the status of the Margin Loan
with the Board of Directors in light of the current price of ADLT's common
stock, and advised the Board that he might have to request additional loans.

                                   Page 1 of 4

<PAGE>   2

         F. On March 15, upon reports from its advisors and after discussion,
ADLT's disinterested and independent directors have determined that it is in the
best interest of ADLT and its shareholders, and believe that it will benefit
ADLT, to make an additional advance or advances under the Note to reduce the
Margin Loan with Bear Stearns (the "BS Additional Advance") and an additional
advance or advances to reduce the Margin Loan with Raymond James (the "RJ
Additional Advance") (collectively, the "Additional Advances"). The amount of
such advances will be limited to the amount necessary to meet actual margin
calls on the Margin Loans and will be further limited by the maximum amount
permitted under the terms of the Credit Agreement, dated as of May 21, 1999, as
amended (the "Credit Agreement"), between ADLT and certain of its subsidiaries,
various financial institutions and PNC Bank, National Association, as Agent.

                                    AGREEMENT

         NOW THEREFORE, as an inducement to and in consideration of the
Additional Advances, the agreements made herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
Hellman and ADLT agree as follows:

         1. The Loan Agreement is hereby amended to provide that (i) the Margin
Shares are pledged as collateral to Bear Sterns and Raymond James, (ii) Bear
Sterns and Raymond James are the Margin Lenders, (iii) the Margin Deficit is as
declared from time to time by the Margin Lenders, (iv) the Loan Amount includes
the Additional Advances, and (v) the Loan Documents include this Second
Amendment.

         2. The Additional Advances are principal under and evidenced by the
Note to the same effect as if the Additional Advances were made as part of the
Original Advance. The Maturity Date of the Note is as specified in EXHIBIT 2 to
this Second Amendment.

         3. Hellman acknowledges and agrees that (i) the Security Interest
granted in the Security Agreement, (ii) the liens granted in the Mortgages,
(iii) the rights of ADLT under the Assignment and Karat Note, (iv) all other
rights and instruments that now or hereafter secure the Loan and Hellman's
Obligations with respect thereto secure the Additional Advances as amounts
advanced to Hellman under the Loan Documents and (v) without limiting the
description of the Collateral in any way, the Collateral includes all choses in
action in which Hellman is directly or indirectly the plaintiff and the proceeds
from all choses in action.

         4. Hellman represents and warrants to ADLT that on the date hereof (i)
he is not in breach of any covenant in any Loan Document, (ii) all
representations and warranties in the Loan Documents are true and correct except
as has been disclosed to ADLT in writing and (ii) he has put into place a
programmed stock sale plan to sell Margin Shares in accordance with Rule 10b5-1
under the Security Exchange Act of 1934, in accordance with EXHIBIT 5 ATTACHED
HERETO.

         5. Hellman acknowledges and agrees that he shall not directly or
indirectly,

                                   Page 2 of 4

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in one or a series of transactions, pay the proceeds of the Additional Advances
to or for the benefit of any other person or entity, all such proceeds to be
paid to the Margin Lenders to reduce the Margin Deficit.

         6. Hellman acknowledges and agrees that the Additional Advances will be
wired directly to the Margin Lenders on Hellman's account. The initial BS
Advance and the initial RJ Advance to be wired upon execution of this Amendment
and any additional BS Advance or RJ Advance to be wired upon demand for payment
by BS or RJ, as the case may be, and further instruction by the special
committee appointed by ADLT's Board of Directors to administer the Additional
Advances.

         7. Hellman acknowledges and agrees that the Additional Advances are
included in the Loan Amount and covered by the Loan Documents as if the
Additional Advances were made as part of the Original Advance.

         8. Hellman acknowledges and agrees that, without limiting in any way
the collateral included in the Collateral, stock, bonds, options and other
securities now or hereafter held by him in any subsidiary of ADLT, now or
hereafter formed, including any interest in securities of Deposition Sciences,
Inc., are not excluded from the Collateral.

         9. Hellman will take all actions and execute all instruments as
requested by ADLT , in order to perfect, and keep perfected, all liens in any of
the Collateral granted to ADLT, including in any after acquired Collateral and
to perfect rights with respect to the Additional Advances.

         10. This Amendment shall be governed by and construed in accordance
with the laws of Ohio without regard to conflict of laws principles (except to
the extent the Collateral is situated in a state other than Ohio and in that
case any laws of such state which are required to control mortgages granted on
such property shall apply).

         11. This Amendment inures to the benefit of and is binding upon
Hellman, and his estate, heirs, executors, administrators and personal
representatives, successors and assigns and ADLT and its successors and assigns.
Hellman may not assign or delegate this Amendment, any Loan Document or any of
his rights or obligations thereunder.

         12. This Amendment may be executed in any number of counterparts, each
of which shall be regarded as an original and all of which shall constitute but
one and the same instrument; it shall not be necessary in proving this Agreement
to produce or account for more than one such counterpart. A faxed executed
counterpart of this Amendment will be considered an original for evidentiary
purposes.

         13. This Amendment only modifies the Loan Documents to the extent
provided for herein, and the Loan Documents otherwise remain in full force and
effect without interruption. This Amendment may not be amended, changed,
modified, altered or terminated and no performance may be waived except in
writing executed by both parties.

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<PAGE>   4

         20 This Amendment constitutes the entire agreement between the parties
with respect to the Additional Advances and all prior and contemporaneous
agreements or discussions, written or oral, with respect thereto have no force
or effect whatsoever.

         IN WITNESS WHEREOF, Hellman and ADLT have caused this Amendment to be
duly executed and delivered as of the Effective Date.

                                            /s/ Wayne R. Hellman
                                            ------------------------
                                            WAYNE R. HELLMAN

                                            ADVANCED LIGHTING TECHNOLOGIES, INC.

                                            By: /s/ Alan J. Ruud
                                                --------------------------
                                            Its : President

                                   Page 4 of 4

<PAGE>   5

EXHIBIT 2

The Loan shall be payable October 6, 2001; provided that:

         -        $700,000 of such loan, plus an amount equal to the total of
                  all Additional Advances made pursuant to the Second Amendment,
                  shall be paid within two business days after the first trading
                  day on which the last sale price of the Corporation's common
                  stock exceeds $10 per share AND the average closing price of
                  such common stock for the 20 trading days preceding such date
                  exceeds $10 per share;

         -        $700,000 of such loan shall be paid within two business days
                  after the first trading day on which the last sale price of
                  the Corporation's common stock exceeds $11 per share AND the
                  average closing price of such common stock for the 20 trading
                  days preceding such date exceeds $11 per share;

         -        The proceeds of any judgment or settlement of the litigation
                  brought by Mr. Hellman and discussed at the meeting shall be
                  applied to repayment of the loan; and

         -        The Corporation reserves the right to require immediate
                  repayment if the Company requires the payment to prevent an
                  unacceptable strain on cash resources.

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EXHIBIT 5

The Plan provides for the sale of shares of common stock of the Corporation
commencing as soon as practicable after June 1, 2001. The Plan requires sales of
shares if the price of such common stock exceeds $15 per share and that the
proceeds of such sale are applied to the repayment of any outstanding amounts
due on loans from the Corporation to Mr. Hellman, after payment of any amounts
required to reduce the balance of the margin loan to permit withdrawal of
proceeds. The terms of such plan, including determination of the number shares
subject to sale at any time and the method of sale, has been approved by the
special committee appointed by ADLT's Board of Directors to administer the
Additional Advance made pursuant to the First Amendment.<PAGE>   1

                                                                    Exhibit 10.2

                           SEVENTH AMENDMENT AGREEMENT

         This Seventh Amendment Agreement is effective as of the 27th day of
March 2001, by and among ADVANCED LIGHTING TECHNOLOGIES, INC., an Ohio
corporation ("U.S. Borrower"), VENTURE LIGHTING POWER SYSTEMS, NORTH AMERICA
INC. (f.k.a. Ballastronix Incorporated), a corporation organized under the laws
of the Province of Nova Scotia, CANADIAN LIGHTING SYSTEMS HOLDING, INCORPORATED,
a corporation organized under the laws of the Province of Nova Scotia
(collectively, "Canadian Borrowers" and, individually, "Canadian Borrower"),
PARRY POWER SYSTEMS LIMITED (Company No. 2833448, f.k.a. Venture Lighting Europe
Ltd.), incorporated under the laws of England, VENTURE LIGHTING EUROPE LTD.
(Company No. 3341889, f.k.a. Parry Power Systems Limited), incorporated under
the laws of England (collectively, "UK Borrowers" and, individually, "UK
Borrower", and together with U.S. Borrower and Canadian Borrowers, collectively,
"Borrowers" and, individually, "Borrower"), the banking institutions listed on
Schedule 1 (as amended herein) to the Credit Agreement, as hereinafter defined
("Banks"), and PNC BANK, NATIONAL ASSOCIATION, as agent for the Banks ("Agent"):

         WHEREAS, Borrowers, Agent and the Banks are parties to a certain Credit
Agreement dated as of May 21, 1999, as amended, that provides, among other
things, for loans aggregating Sixty Million Dollars ($60,000,000), all upon
certain terms and conditions stated therein ("Credit Agreement");

         WHEREAS, Borrowers, Agent and the Banks desire to amend the Credit
Agreement to modify certain provisions thereof; and

         WHEREAS, each term used herein shall be defined in accordance with the
Credit Agreement.

         NOW, THEREFORE, in consideration of the premises and of the mutual
covenants herein contained and for other valuable considerations, Borrowers,
Agent and the Banks hereby agree as follows:

         1. Subsection (vii) of Section 5.11 of the Credit Agreement is hereby
amended to read in its entirety as follows:

                  "any advance or loan to an officer or employee of a Borrower
                  or a Subsidiary made in the ordinary course of such Company's
                  business, so long as all such advances and loans from all
                  Companies aggregate not more than the maximum principal sum of
                  Four Million Dollars ($4,000,000) at any time outstanding
                  (excluding the loan to Wayne R. Hellman referred to in (viii)
                  below);"

<PAGE>   2
         2. Subsection (viii) of Section 5.11 of the Credit Agreement, which was
deleted pursuant to the terms of the Second Amendment Agreement, is hereby added
to read in its entirety as follows:

"the loan from U.S. Borrower to Wayne R. Hellman, outstanding on the Closing
Date in the principal amount of Nine Million Dollars ($9,000,000);"

         3. Concurrently with the execution of this Seventh Amendment Agreement,
Borrowers shall:

                  (a) cause each Guarantor of Payment to consent and agree to
                  and acknowledge the terms of this Seventh Amendment Agreement;

                  (b) deliver such other documents as may reasonably be required
                  by Agent in connection with this Seventh Amendment Agreement;
                  and

                  (c) pay to Agent on behalf of the Banks a fee of $100,000,
                  plus all legal fees and expenses of Agent in connection with
                  this Seventh Amendment Agreement.

         4. Borrowers hereby represent and warrant to Agent and the Banks that
(a) each Borrower has the legal power and authority to execute and deliver this
Seventh Amendment Agreement; (b) the officers executing this Seventh Amendment
Agreement have been duly authorized to execute and deliver the same and bind
such Borrower with respect to the provisions hereof, (c) the execution and
delivery hereof by Borrowers and the performance and observance by Borrowers of
the provisions hereof do not violate or conflict with the organizational
agreements of any Borrower or any law applicable to any Borrower or result in a
breach of any provision of or constitute a default under any other agreement,
instrument or document binding upon or enforceable against any Borrower; (d) no
Unmatured Event of Default or Event of Default exists under the Credit
Agreement, nor will any occur immediately after the execution and delivery of
this Seventh Amendment Agreement or by the performance or observance of any
provision hereof; (e) neither Borrower nor any Guarantor of Payment is aware of
any claim or offset against, or defense or counterclaim to, any of Borrowers' or
any Guarantor of Payment's obligations or liabilities under the Credit Agreement
or any Related Writing; and (f) this Seventh Amendment Agreement constitutes a
valid and binding obligations of each Borrower in every respect, enforceable in
accordance with its terms.

         5. Each reference that is made in the Credit Agreement or any other
writing to the Credit Agreement shall hereafter be construed as a reference to
the Credit Agreement as amended hereby. Except as herein otherwise specifically
provided, all provisions of the Credit Agreement shall remain in full force and
effect and be unaffected hereby. This Seventh Amendment Agreement is a Related
Writing as defined in the Credit Agreement.

         6. Each Borrower and each Guarantor of Payment, by signing below,
hereby waives and releases Agent and each of the Banks and their respective
directors, officers, employees, attorneys,

<PAGE>   3

affiliates and subsidiaries from any and all claims, offsets, defenses and
counterclaims of which any Borrower and any Guarantor of Payment is aware, such
waiver and release being with full knowledge and understanding of the
circumstances and effect thereof and after having consulted legal counsel with
respect thereto.

         7. This Seventh Amendment Agreement may be executed in any number of
counterparts, by different parties hereto in separate counterparts and by
facsimile signature, each of which when so executed and delivered shall be
deemed to be an original and all of which taken together shall constitute but
one and the same agreement.

         8. The rights and obligations of all parties hereto shall be governed
by the laws of the State of Ohio, without regard to principles of conflicts of
laws.

         9. JURY TRIAL WAIVER. BORROWERS, AGENT AND EACH OF THE BANKS WAIVE ANY
RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN
CONTRACT, TORT OR OTHERWISE, AMONG ANY BORROWER, AGENT AND THE BANKS, OR ANY
THEREOF, ARISING OUT OF, IN CONNECTION WITH, RELATED TO, OR INCIDENTAL TO THE
RELATIONSHIP ESTABLISHED AMONG THEM IN CONNECTION WITH THIS AGREEMENT OR ANY
NOTE OR OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN
CONNECTION HEREWITH OR THE TRANSACTIONS RELATED THERETO. THIS WAIVER SHALL NOT
IN ANY WAY AFFECT, WAIVE, LIMIT, AMEND OR MODIFY AGENT'S OR ANY BANK'S ABILITY
TO PURSUE REMEDIES PURSUANT TO ANY CONFESSION OF JUDGMENT OR COGNOVIT PROVISION
CONTAINED IN ANY NOTE OR OTHER INSTRUMENT, DOCUMENT OR AGREEMENT BETWEEN
BORROWERS, AGENT AND THE BANKS, OR ANY THEREOF.

ADVANCED LIGHTING TECHNOLOGIES            CANADIAN LIGHTING SYSTEMS
                                          HOLDING, INCORPORATED

By: /s/ Steven C. Potts                   By:   /s/ R. G. Douglas Oulton
   ---------------------------------         ----------------------------
   Steven C. Potts,                       Title:   VP Finance and Administration
   Chief Financial Officer                      --------------------------------

VENTURE LIGHTING POWER SYSTEMS,           VENTURE LIGHTING EUROPE
NORTH AMERICA INC. (f.k.a. Ballastronix   LTD.
Incorporated)

                                          By:  /s/ E. Young
                                             ----------------------------
By:   /s/ R. G. Douglas Oulton                Title:     Director
   ---------------------------------         ----------------------------
Title:   VP Finance and Administration
      --------------------------------

<PAGE>   4

PARRY POWER SYSTEMS LIMITED               FLEET NATIONAL BANK, as a Bank

By: /s/ W. Ian Wilkinson               By: /s/  Jack A. Meyers
   --------------------------------        ------------------------------------
Title: Director                        Title: Senior Vice President
       ----------------------------           ---------------------------------

PNC BANK, NATIONAL ASSOCIATION,        SOVEREIGN BANK, as a Bank
  as Agent and as a Bank

                                       By: /s/ Michele A. Walcoff
                                           ------------------------------------
By: /s/ Richard Muse, Jr.              Title: Vice President
    --------------------------------          ---------------------------------
Title: Vice President
      ------------------------------

NATIONAL CITY COMMERCIAL
FINANCE, INC., as a Bank

By:     /s/ Gregory A. Godec
    --------------------------------
Title: Senior Vice President
       -----------------------------

<PAGE>   5

                            GUARANTOR ACKNOWLEDGMENT
                            ------------------------

         Each of the undersigned consents and agrees to and acknowledges the
terms of the foregoing Seventh Amendment Agreement. Each of the undersigned
further agrees that the obligations of each of the undersigned pursuant to the
Guaranty of Payment executed by each of the undersigned shall remain in full
force and effect and be unaffected hereby.

                                    ADLT Realty Corp. I, Inc.
                                    ADLT Services, Inc.
                                    APL Engineered Materials, Inc.
                                    Ballastronix (Delaware), Inc.
                                    Lighting Resources International, Inc.
                                    Microsun Technologies, Inc.
                                    Venture Lighting International, Inc.

                                    By: /s/ Steven C. Potts
                                        -------------------------------
                                    Name:    Steven C. Potts
                                    Title:     Chief Financial Officer
                                    of each of the companies listed above

                                    Deposition Sciences, Inc.
                                    Kramer Lighting, Inc.
                                    Ruud Lighting, Inc.

                                    By: /s/ Steven C. Potts
                                        -------------------------------
                                    Name:    Steven C. Potts
                                    Title:     Chief Financial Officer
                                    signing for each of the companies listed
                                    above by Power of Attorney

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