Document:

<PAGE>

                                                                   Exhibit 10.21

                     ELEVENTH AMENDMENT TO CREDIT AGREEMENT

         THIS ELEVENTH AMENDMENT TO CREDIT AGREEMENT (this "Amendment"), dated
as of June 6, 2002, is by and among COLUMBUS MCKINNON CORPORATION, a New York
corporation (the "Borrower"), the banks, financial institutions and other
institutional lenders which are parties to the Credit Agreement (as such term is
defined below) (the "Lenders"), FLEET NATIONAL BANK, as Initial Issuing Bank
(the "Initial Issuing Bank"), FLEET NATIONAL BANK, as the Swing Line Bank (the
"Swing Line Bank"; each of the Lenders, the Initial Issuing Bank and the Swing
Line Bank, individually, a "Lender Party" and, collectively, the "Lender
Parties"), and FLEET NATIONAL BANK, as administrative agent (together with any
successor appointed pursuant to Article VII of the Credit Agreement, the
"Administrative Agent") for the Lender Parties.

                              W I T N E S S E T H :
                              -------------------

         WHEREAS, the Borrower, Lenders, Initial Issuing Bank, Swing Line Bank
and Administrative Agent are party to that certain Credit Agreement, dated as of
March 31, 1998, as amended by that certain First Amendment to Credit Agreement,
dated as of September 23, 1998, that certain Second Amendment to Credit
Agreement and Consent, dated as of February 12, 1999, that certain Third
Amendment to Credit Agreement and Consent, dated as of November 16, 1999, that
certain Fourth Amendment to Credit Agreement and Waiver, dated as of February
15, 2000, that certain Fifth Amendment to Credit Agreement, dated as of
September 28, 2000, that certain Sixth Amendment to Credit Agreement and
Consent, dated as of February 5, 2001, that certain Seventh Amendment to Credit
Agreement and Consent, dated as of June 26, 2001, that certain Eighth Amendment
to Credit Agreement, dated as of November 21, 2001, that certain Ninth Amendment
to Credit Agreement, dated as of February 12, 2002, and that certain Tenth
Amendment to Credit Agreement, dated as of April 16, 2002 (as so amended and as
it may hereafter be further amended, supplemented, restated, extended or
otherwise modified from time to time, the "Credit Agreement");

         WHEREAS, Events of Default exist under (i) Section 5.04(a) (Maximum
Funded Debt to EBITDA Ratio) of the Credit Agreement for the period of four
fiscal quarters ended March 31, 2002, (ii) Section 5.04(d) (Minimum Net Worth)
as of March 31, 2002 and (iii) Section 5.04(e) (Minimum EBITDA) for the period
of one fiscal quarter ended March 31, 2002 (such Events of Default being the
"Existing Events of Default");

         WHEREAS, the Borrower has requested that the Administrative Agent and
Lender Parties waive the Existing Events of Default;

         WHEREAS, the Borrower has requested that the Revolving Credit Facility
be reduced to $150,000,000;

         WHEREAS, the Borrower, for the Borrower's valid business reasons, has
requested that the Administrative Agent and Lenders consent to (i) the creation
of a new Subsidiary, Audubon Europe S.a.r.l. ("Audubon Luxembourg"), to be
incorporated in Luxembourg and to be a wholly-owned Subsidiary of Yale
Industrial Products, Inc. ("Yale US"), (ii) the transfer by the Borrower of all
of the shares of stock of Columbus McKinnon Limited ("CM Canada") to Yale US and

<PAGE>

         (iii) the transfer by Yale US of all of the shares of stock of CM
Canada, Yale Industrial Products Ltd. ("Yale UK") and Yale Industrial Products
GmbH ("Yale Germany") to Audubon Luxembourg;

         WHEREAS, the Borrower has also requested that the Administrative Agent
and Lender Parties otherwise amend the Credit Agreement as and to the extent set
forth in this Amendment; and

         WHEREAS, the Administrative Agent and Lender Parties are agreeable to
the foregoing as and to the extent set forth in this Amendment and subject to
each of the terms and conditions stated herein.

         NOW THEREFORE, in consideration of the premises and the mutual
covenants set forth herein and of the loans or other extensions of credit
heretofore, now or hereafter made to, or for the benefit of, the Borrower and
its Subsidiaries by the Lender Parties, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereby agree as follows:

1.       Definitions. Except to the extent otherwise specified herein,
capitalized terms used in this Amendment shall have the same meanings ascribed
to them in the Credit Agreement.

2.       Consent.

         2.1. The Administrative Agent and Lender Parties hereby consent to the
creation of Audubon Luxembourg; provided, that Audubon Luxembourg complies with
the provisions of Section 5.02(o) of the Credit Agreement, i.e., Audubon
Luxembourg shall become a Guarantor pursuant to the terms of the Guaranty and an
additional grantor pursuant to the terms of the Security Agreement and
Intellectual Property Security Agreement and all (100%) shares of the capital
stock of Audubon Luxembourg shall be pledged to the Administrative Agent.

         2.2. Notwithstanding the provisions of Section 5.02(e) (Sales, Etc. of
Assets) or any other provision of the Credit Agreement, the Administrative Agent
and Lender Parties hereby consent to (i) the transfer by the Borrower of all of
the shares of stock of CM Canada to Yale US and (ii) the transfer by Yale US of
all of the shares of stock of CM Canada, Yale UK and Yale Germany to Audubon
Luxembourg; provided, that, at least 65% of the outstanding shares of capital
stock of CM Canada and Yale Germany shall be pledged to the Administrative
Agent.

         2.3. Notwithstanding any provisions of any Loan Document, the
Administrative Agent and the Lender Parties hereby consent to a restriction on
the transferability of the stock of both Yale US and Audubon Luxembourg such
that in connection with the transfer of the stock of either company, the stock
of the other company is also required to be transferred.

         2.4. The consents set forth in Sections 2.1, 2.2 and 2.3 are subject to
the additional condition that the Borrower shall have delivered to the
Administrative Agent a copy of the opinion letter of Ernst & Young to the
Borrower with respect to the tax consequences of the transactions described in
Sections 2.1, 2.2 and 2.3, such opinion letter to be in form and substance
satisfactory to the Administrative Agent.

                                       -2-

<PAGE>

3.       Waiver. The Administrative Agent and Lender Parties hereby waive the
Existing Events of Default under Sections 5.04(a), 5.04(d) and 5.04(e) of the
Credit Agreement solely for the period ended March 31, 2002 or as of March 31,
2002, as applicable. The foregoing waiver is only applicable and shall only be
effective in the specific instance and for the specific purpose for which made.
Such waiver is expressly limited to the facts and circumstances referred to
herein and shall not operate (a) as a waiver of or consent to non-compliance
with any other Section or provision of the Credit Agreement or any other Loan
Document, (b) as a waiver of any other right, power or remedy of the
Administrative Agent or any Lender Party under the Credit Agreement or any other
Loan Document or (c) as a waiver of or consent to any Default or Event of
Default under the Credit Agreement or any other Loan Document, other than as
expressly provided in this Section 3.

4.       Amendments.

         4.1. The Revolving Credit Commitments of each of the Revolving Credit
Lenders are hereby reduced on a pro rata basis such that the Revolving Credit
Facility shall be reduced to $150,000,000.

         4.2. The following definitions are inserted in the appropriate
alphabetical order in Section 1.01 of the Credit Agreement:

         "Audubon Luxembourg" means a wholly-owned Subsidiary of Yale Industrial
         Products, Inc. to be incorporated under the laws of Luxembourg.

         "Debt Issuance" means any issuance or sale or other incurrence by the
         Borrower or any of its Subsidiaries of any Debt; provided, however,
         that, other than Debt permitted under Sections 5.02(b)(vi) or (ix), the
         term "Debt Issuance" shall not include the incurrence of Debt expressly
         permitted under Section 5.02(b).

         "Equity Issuance" means any sale or issuance for cash by the Borrower
         or any of its Subsidiaries of any capital stock or other ownership of
         profit interest, any securities convertible or exchangeable for capital
         stock or other ownership or profit interest or any warrants, rights or
         options to acquire capital stock or other ownership or profit interest;
         provided, however, that the term "Equity Issuance" shall not include
         the issuance of stock permitted under clauses (x), (y) or (z) of
         Section 5.02(r)(i).

         4.3. The following is inserted as a new clause (C) at the end of the
definition of "EBITDA" in Section 1.01 of the Credit Agreement:

         "plus (C) to the extent deducted from the calculation of net income for
         such period, the amount of the loss realized by the Borrower from the
         sale of Handling Systems and Conveyors, Inc."

         4.4. The definition of "Net Cash Proceeds" in Section 1.01 of the
Credit Agreement is amended by inserting after the words "or any Extraordinary
Receipt" and before the words "received by or paid to or for the account of any
Person," the words ", any Debt Issuance or any Equity Issuance".

                                       -3-

<PAGE>

         4.5. Section 2.05(b)(ii) of the Credit Agreement is amended as follows:

         (a) The word "or" appearing after the words "Section 2.06(b)(ii)" and
before the word "(iii)" is deleted and replaced with a comma.

         (b) The words "or (vi)" are inserted after the word "(iii)".

         4.6. Section 2.06(b)(iv) of the Credit Agreement is amended as follows:

         (a) The word "or" appearing after the word "(ii)" and before the word
"(iii)" is deleted and replaced with a comma.

         (b) The words "or (vi)" are inserted after the word "(iii)".

         4.7. The following is inserted as a new Section 2.06(b)(vi) of the
Credit Agreement:

"(vi) Within one (1) Business Day after receipt by any Loan Party or any of its
Subsidiaries of Net Cash Proceeds from any Debt Issuance or Equity Issuance, the
Borrower shall prepay the then outstanding Advances in an amount equal to one
hundred percent (100%) of such Net Cash Proceeds."

         4.8. The following are inserted as new Sections 5.03(v) and 5.03(w) of
the Credit Agreement:

         "(v) Monthly Financials. As soon as available and in any event within
         twenty (20) days after the end of each fiscal month, a Consolidated
         statement of income of the Borrower and its Subsidiaries and a
         consolidating statement of income of the Borrower and its Significant
         Subsidiaries, for (i) the period commencing at the end of the previous
         fiscal month and ending with the end of such fiscal month and (ii) the
         period commencing at the end of the previous Fiscal Year and ending
         with the end of such fiscal month, setting forth in each case in
         comparative form the corresponding figures for the corresponding period
         of the preceding Fiscal Year and the corresponding figures from the
         budgeted forecasts delivered pursuant to Section 5.03(e) for such
         period and for the Fiscal Year which includes such period, all in
         reasonable detail and duly certified by the chief financial officer of
         the Borrower as having been prepared in accordance with GAAP (subject
         to normal quarterly adjustments and year-end audit adjustments),
         together with a certificate of said officer stating that no Default has
         occurred and is continuing or, if a Default has occurred and is
         continuing, a statement as to the nature thereof and the action that
         the Borrower has taken and proposes to take with respect thereto.

         (w) Monthly Accounts Receivable Aging. As soon as available and in any
         event within ten (10) days after the end of each of fiscal month, a
         monthly trial balance showing accounts receivable, as controlled by
         CMBIS, aged from invoice date as follows: 1 to 30 days, 31 to 60 days,
         61 to 90 days and 91 days or more, accompanied by such supporting
         detail and documentation as shall be requested by the Administrative
         Agent in its reasonable discretion."

                                       -4-

<PAGE>

         4.9. The following is inserted as a new clause (x) at the end of
Section 5.02(b) of the Credit Agreement (Debt):

         "(x) in the case of the Borrower, Debt owed to Audubon Luxembourg,
         provided, that (A) the amount of such Debt shall not exceed the amount
         of cash actually received by the Borrower from Audubon Luxembourg, (B)
         such Debt is evidenced by a promissory note or notes, (C) such
         promissory note or notes are pledged to the Administrative Agent
         pursuant to the terms of the Security Agreement and (D) no payments of
         principal under such note or notes shall be payable in cash prior to
         the later of (x) the Termination Date and (y) June 6, 2007."

         4.10. Section 5.04(a) of the Credit Agreement (Funded Debt to EBITDA
Ratio) is amended by resetting the financial covenants contained therein for the
periods provided below to the new levels set forth below:

           Four Fiscal Quarters ending on:           Ratio
           -------------------------------           -----

           June 30, 2002                             6.00 to 1.0
           September 29, 2002                        6.15 to 1.0
           December 29, 2002                         6.25 to 1.0

         4.11. Section 5.04(b) of the Credit Agreement (Interest Coverage Ratio)
is amended by resetting the financial covenants contained therein for the
periods provided below to the new levels set forth below:

           Four Fiscal Quarters ending on:           Ratio
           -------------------------------           -----

           June 30, 2002                             1.75 to 1.0
           September 29, 2002                        1.75 to 1.0
           December 29, 2002                         1.75 to 1.0

         4.12. Section 5.04(c) of the Credit Agreement (Fixed Charge Coverage
Ratio) is amended by resetting the financial covenants contained therein for the
periods provided below to the new levels set forth below:

           Four Fiscal Quarters ending on:           Ratio
           -------------------------------           -----

           June 30, 2002                             1.35 to 1.0
           September 29, 2002                        1.35 to 1.0
           December 29, 2002                         1.40 to 1.0

         4.13. Section 5.04(d) of the Credit Agreement (Minimum Net Worth) is
amended and restated in its entirety to read as set forth below:

         "(d) Minimum Net Worth. Maintain, as of the last day of each fiscal
         quarter, an excess of Consolidated total assets over Consolidated total
         liabilities of the Borrower and

                                       -5-

<PAGE>

         its Subsidiaries of not less than (i) $66,600,000 plus (ii) 75% of
         Consolidated positive net income (and excluding 100% of Consolidated
         net losses) of the Borrower and its Subsidiaries since March 30, 2002
         to and including each date of determination computed on a cumulative
         basis for said entire period."

         4.14. Section 5.04(e) of the Credit Agreement (Minimum EBITDA) is
amended by resetting the financial covenants contained therein for the fiscal
quarters provided below to the new levels set forth below:

         Fiscal Quarter ending on:                   Amount
         -------------------------                   ------

         June 30, 2002                               $12,000,000
         September 29, 2002                          $12,250,000
         December 29, 2002                           $12,500,000"

5.       Additional Covenants.

         5.1. If the Borrower has not prepaid the Revolving Credit Advances by
at least $50,000,000 and correspondingly permanently reduced the Revolving
Credit Facility by at least $50,000,000 on or before September 29, 2002, then:

                  (a) on September 29, 2002, the Borrower and each of its
         Domestic Subsidiaries shall enter into a new cash management system,
         which shall include a cash collateral account, with the Administrative
         Agent and each bank at which the Borrower or such Subsidiary maintains
         a bank account, such cash management system to be in form and substance
         satisfactory to the Administrative Agent; and

                  (b) from and after September 29, 2002, the Borrower shall
         permit the Administrative Agent to conduct at any time and from time to
         time such commercial finance examinations and/or Collateral audits of
         the Borrower and its Subsidiaries as the Administrative Agent may
         request.

6.       Pricing.

         6.1. On the date of this Amendment, the Borrower shall pay an amendment
fee to the Administrative Agent, for the account of each Lender which has
approved this Amendment, as evidenced by such Lender's timely execution and
delivery of a counterpart signature page to this Amendment (each such Lender
being an "Approving Lender"), in an amount equal to 0.10% (i.e. 10.0 basis
points) of such Approving Lender's Revolving Credit Commitment immediately after
giving effect to the reduction of the Revolving Credit Commitments set forth in
Section 4.1 of this Amendment.

         6.2. On September 29, 2002, (a) the Borrower shall pay to the
Administrative Agent, for the benefit of the Lenders, a fee in the amount of
$187,500 and (b) all of the Applicable Margins then in effect shall
automatically be increased by 0.25% (i.e., 25 basis points); provided, however,
that, if the Borrower has prepaid the Revolving Credit Advances by at least

                                       -6-

<PAGE>

$50,000,000 and correspondingly permanently reduced the Revolving Credit
Facility by at least $50,000,000 on or before September 29, 2002, then such fee
shall not be payable and such pricing change shall not become effective.

         6.3. On December 29, 2002, (a) the Borrower shall pay to the
Administrative Agent, for the benefit of the Lenders, a fee in the amount of
$187,500 and (b) all of the Applicable Margins then in effect shall
automatically be increased by 0.25% (i.e., 25 basis points); provided, however,
that, if the Borrower has prepaid the Revolving Credit Advances by at least
$50,000,000 and correspondingly permanently reduced the Revolving Credit
Facility by at least $50,000,000 on or before December 29, 2002, then such fee
shall not be payable and such pricing change shall not become effective.

7.       Possible Transactions.

         7.1. Notwithstanding any other provision of the Credit Agreement or any
other Loan Document to the contrary, the Administrative Agent and Lender Parties
hereby consent to the sale by the Borrower of common stock or the issuance by
the Borrower of senior unsecured debt or subordinated debt; provided, that, all
of the following conditions are met with respect to any such transaction (any
such transaction being a "Possible Transaction"):

                  (a) The entire Net Cash Proceeds from any such Possible
         Transaction shall be used to prepay Advances under the Credit
         Agreement, such prepayment to result in a corresponding permanent
         reduction of the Revolving Credit Facility in the amount of such
         prepayment.

                  (b) As to any such Possible Transaction which is an issuance
         of common stock of the Borrower, such transaction shall be consummated
         in compliance with the terms of the Credit Agreement, including,
         without limitation, Section 5.02(r)(ii) of the Credit Agreement.

                  (c) As to any such Possible Transaction which is an issuance
         of senior unsecured or subordinated debt, the terms and conditions of
         such transaction and such senior unsecured or subordinated debt,
         including, without limitation, the subordination provisions thereof,
         shall be satisfactory in form and substance to the Administrative
         Agent.

                  (d) Any such Possible Transaction is conducted and consummated
         in compliance with the Senior Subordinated Note Documents.

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

         8.1. Each of the representations and warranties set forth in the Credit
Agreement, including, without limitation, in Article IV of the Credit Agreement,
and in each other Loan Document, is true, correct and complete on and as of the
date hereof as though made on the date hereof. In addition, the Borrower hereby
represents, warrants and affirms that the Credit Agreement and each of the other
Loan Documents remains in full force and effect.

                                       -7-

<PAGE>

         8.2. As of the date hereof and after giving effect to this Amendment,
there exists no Default or Event of Default under the Credit Agreement or any
other Loan Document, and no event which, with the giving of notice or lapse of
time, or both, would constitute a Default or Event of Default.

         8.3. The execution, delivery and performance by each applicable Loan
Party of this Amendment and/or the reaffirmations and confirmations attached
hereto and each other Loan Document are within such Loan Party's corporate
powers, have been duly authorized by all necessary corporate action, and do not,
and will not, (i) contravene such Loan Party's charter or bylaws, (ii) violate
any law (including, without limitation, the Securities Act of 1933, as amended,
or the Securities Exchange Act of 1934, as amended), rule, regulation
(including, without limitation, any Regulation of the Board of Governors of the
Federal Reserve System), order, writ, judgment, injunction, decree,
determination or award, (iii) conflict with or result in the breach of, or
constitute a default under, any material contract, loan agreement, indenture
(including, without limitation, the Senior Subordinated Note Indenture),
mortgage, deed of trust, lease or other material instrument or agreement binding
on or affecting any Loan Party, any of its Subsidiaries or any of their
respective properties or (iv) except for the Liens created under the Collateral
Documents, result in or require the creation or imposition of any Lien upon or
with respect to any of the properties of any Loan Party or any of its
Subsidiaries. Neither any Loan Party nor any of its Subsidiaries is in violation
of any such law, rule, regulation, order, writ, judgment, injunction, decree,
determination or award or in breach of any such contract, loan agreement,
indenture (including, without limitation, the Senior Subordinated Note
Indenture), mortgage, deed of trust, lease or other instrument or agreement, the
violation or breach of which could reasonably be expected to have a Material
Adverse Effect.

         8.4. Each of this Amendment and each other Loan Document has been duly
executed and delivered by each Loan Party party hereto and thereto. Each of this
Amendment and each other Loan Document is the legal, valid and binding
obligation of each Loan Party party hereto and thereto, enforceable against such
Loan Party in accordance with its terms.

         8.5. No authorization or approval or other action by, and no notice to
or filing with, any governmental authority or regulatory body or any other third
party is required for (i) the due execution, delivery, recordation, filing or
performance by any Loan Party of this Amendment, any other Loan Document or any
other agreement or document related hereto or thereto or contemplated hereby or
thereby to which it is or is to be a party or otherwise bound, (ii) the grant by
any Loan Party of the Liens granted by it pursuant to the Collateral Documents,
(iii) the perfection or maintenance of the Liens created by the Collateral
Documents (including the first priority nature thereof) or (iv) the exercise by
the Administrative Agent or any Lender Party of its rights under the Loan
Documents or remedies in respect of the Collateral pursuant to the Collateral
Documents.

                                       -8-

<PAGE>

9.       Conditions Precedent to this Amendment. The effectiveness of this
Amendment is subject to the satisfaction, in form and substance satisfactory to
the Administrative Agent, of each of the following conditions precedent:

         9.1. The Borrower and Lenders shall have duly executed and delivered
this Amendment and each other Loan Party shall have duly executed the attached
Acknowledgment and Ratification in connection with this Amendment

         9.2. After giving effect to this Amendment, no Default or Event of
Default shall have occurred and be continuing.

         9.3. The representations and warranties contained in Section 8 of this
Amendment, the Credit Agreement and each other Loan Document shall be true,
correct and complete on and as of the closing date of this Amendment as though
made on such date.

         9.4. The Borrower shall have paid the amendment fee provided for in
Section 6.1 of this Amendment.

         9.5. The Borrower and the other Loan Parties shall have taken all such
other actions and executed and delivered all such other agreements, instruments,
certificates and documents, if any, as the Administrative Agent shall have
reasonably requested.

10.      Reference to and Effect Upon the Credit Agreement and other Loan
Documents.

         10.1. Except as specifically set forth in this Amendment, the Credit
Agreement and each of the other Loan Documents shall remain in full force and
effect and each is hereby ratified and confirmed.

         10.2. Upon the effectiveness of this Amendment, each reference in the
Credit Agreement to "this Agreement", "hereunder", "hereof", "herein" or any
other word or words of similar import shall mean and be a reference to the
Credit Agreement as amended hereby, and each reference in any other Loan
Document to the Credit Agreement or any word or words of similar import shall
mean and be a reference to the Credit Agreement as amended hereby.

11.      Counterparts. This Amendment may be executed in any number of
counterparts, each of which when so executed shall be deemed an original, but
all such counterparts shall constitute one and the same instrument. Delivery of
an executed counterpart to this Amendment by telecopier shall be as effective as
delivery of a manually executed counterpart of this Amendment.

12.      Costs and Expenses. The Borrower shall pay on demand all reasonable
fees, costs and expenses incurred by Administrative Agent (including, without
limitation, all reasonable attorneys' fees) in connection with the preparation,
execution and delivery of this Amendment and the taking of any actions by any
Person in connection herewith.

                                       -9-

<PAGE>

13.      GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS (AS OPPOSED TO CONFLICTS OF LAW PROVISIONS) OF
THE STATE OF NEW YORK.

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

                            [signature pages follow]

                                       -10-

<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be executed by their respective officers thereunto duly authorized
on the date first above written.

                        COLUMBUS MCKINNON CORPORATION

                        By: /s/ Robert L. Montgomery
                           -------------------------------
                               Robert L. Montgomery
                        Title: Executive Vice President

<PAGE>

                         ACKNOWLEDGMENT AND RATIFICATION

         The undersigned hereby acknowledge and agree to this Amendment, and
agree that the Guaranty, the Security Agreement and the Intellectual Property
Security Agreement, and each other Loan Document executed by the undersigned
shall remain in full force and effect and each is hereby ratified and confirmed
by and on behalf of the undersigned, this 6th day of June 2002.

                                    AUDUBON WEST, INC.

                                    By: /s/ Robert L. Montgomery
                                       -------------------------------
                                            Robert L. Montgomery
                                    Title:  Treasurer

                                    LICO STEEL, INC.

                                    By: /s/ Robert L. Montgomery
                                       -------------------------------
                                            Robert L. Montgomery
                                    Title:  Treasurer

                                    CRANE EQUIPMENT & SERVICE, INC.

                                    By: /s/ Robert L. Montgomery
                                       -------------------------------
                                            Robert L. Montgomery
                                    Title:  Treasurer

                                    YALE INDUSTRIAL PRODUCTS, INC.

                                    By: /s/ Robert L. Montgomery
                                       -------------------------------
                                            Robert L. Montgomery
                                    Title:  Treasurer

<PAGE>

                                    Lenders

                                    FLEET NATIONAL BANK, as Administrative
                                    Agent, Initial Issuing Bank, Swing Line Bank
                                    and Lender

                                    By: /s/ John C. Wright
                                       -------------------------------
                                    Name:   John C. Wright
                                    Title:  Vice President

<PAGE>

                                    Lenders

                                    ABN-AMRO BANK N.V. NEW YORK
                                    BRANCH, as a Co-Agent and Lender

                                    By: /s/ Sean P. Giglio
                                       -------------------------------
                                    Name:  Sean P. Giglio
                                         -----------------------------
                                    Title: Vice President
                                          ----------------------------

                                    By: /s/ Craig W. Trantwein
                                       -------------------------------
                                    Name:  Craig W. Trantwein
                                         -----------------------------
                                    Title: Vice President
                                          ----------------------------

<PAGE>

                                    Lenders

                                    THE BANK OF NOVA SCOTIA, as a Co-Agent and
                                    Lender

                                    By: /s/ Todd S. Meller
                                       -------------------------------
                                    Name:  Todd S. Meller
                                         -----------------------------
                                    Title: Managing Director
                                          ----------------------------

<PAGE>

                                    Lenders

                                    MANUFACTURERS AND TRADERS TRUST COMPANY, as
                                    a Co-Agent and Lender

                                    By: /s/ Juffray P. Kapefick
                                       -------------------------------
                                    Name:  Juffray P. Kapefick
                                         -----------------------------
                                    Title: Vice President
                                          ----------------------------

<PAGE>

                                    Lenders

                                    HSBC BANK USA (formerly known as Marine
                                    Midland Bank), as a Co-Agent and Lender

                                    By: /s/ John G. Tiarney
                                       -------------------------------
                                    Name:  John G. Tiarney
                                         -----------------------------
                                    Title: Vice President
                                          ----------------------------

<PAGE>

                                    Lenders

                                    COMERICA BANK

                                    By: /s/ Joel S. Gordon
                                       -------------------------------
                                    Name:  Joel S. Gordon
                                         -----------------------------
                                    Title: Account Officer
                                          ----------------------------

<PAGE>

                                    Lenders

                                    WACHOVIA BANK, NA

                                    By: /s/ Robert Brown
                                       -------------------------------
                                    Name:  Robert Brown
                                         -----------------------------
                                    Title: Director
                                          ----------------------------

<PAGE>

                                    Lenders

                                    KEYBANK NATIONAL ASSOCIATION

                                    By: /s/ Mary K. Young
                                       -------------------------------
                                    Name:  Mary K. Young
                                         -----------------------------
                                    Title: Vice President
                                          ----------------------------

<PAGE>

                                    Lenders

                                    CITIZENS BANK OF PENNSYLVANIA

                                    By: /s/ Brian V. Ciaverella
                                       -------------------------------
                                    Name:  Brian V. Ciaverella
                                         -----------------------------
                                    Title: Vice President
                                          ----------------------------

<PAGE>

                                    Lenders

                                    DEUTSCHE BANK TRUST COMPANY
                                    AMERICAS

                                    By: /s/ Diane F. Rolfe
                                       -------------------------------
                                    Name:  Diane F. Rolfe
                                         -----------------------------
                                    Title: Vice President
                                          ----------------------------

<PAGE>

                                    Lenders

                                    THE BANK OF NEW YORK

                                    By: /s/ Christine T. Rio
                                       -------------------------------
                                    Name:  Christine T. Rio
                                         -----------------------------
                                    Title: Vice President
                                          ----------------------------

<PAGE>

                                    Lenders

                                    PNC BANK, NATIONAL ASSOCIATION

                                    By: /s/ Stephen W. Boyd
                                       -------------------------------
                                    Name:  Stephen W. Boyd
                                         -----------------------------
                                    Title: Vice President
                                          ----------------------------

<PAGE>

                                    Lenders

                                    NATIONAL CITY BANK OF PENNSYLVANIA

                                    By:
                                       -------------------------------
                                    Name:
                                         -----------------------------
                                    Title:
                                          ----------------------------<PAGE>
                                                                   Exhibit 10.30

           COLUMBUS McKINNON CORPORATION EMPLOYEE STOCK OWNERSHIP PLAN
                  AMENDMENT NO. 8 OF THE 1989 PLAN RESTATEMENT

         Columbus McKinnon Corporation (the "Corporation") hereby amends the
Columbus McKinnon Corporation Employee Stock Ownership Plan (the "Plan"), as
amended and restated in its entirety effective April 1, 1989, and as further
amended by Amendment Nos. 1 through 7, as permitted under Section 11.1 of the
Plan, as follows:

                        Amendments Effective Before 2001

1.       Section 4.3, entitled "Allocation of Exempt Loan Stock", is amended
         effective April 1, 1989 by renumbering Paragraphs (2) and (3) of
         Section 4.3(c) as Paragraphs (3) and (4), and by adding new Section
         4.3(c)(2) to read as follows:

                           "(2) Dividends on Unallocated Stock Used to Make
                  Exempt Loan Payments. Exempt Loan Stock released from the Loan
                  Suspense Account on account of payment of the Exempt Loan with
                  funds taken from cash dividends paid with respect to
                  unallocated Exempt Loan Stock shall be allocated to the same
                  Participants and in the same manner that the Contributions for
                  such Plan Year would have been allocated under Section 3.4."

2.       Section 5.2, entitled "Allocation of Trust Income or Loss", is amended
         effective April 1, 1989 to change Section 5.2(b) to read as follows:

                  "(b) Determination of Income or Loss. The net income (or loss)
         of the Trust includes the increase (or decrease) in the fair market
         value of Trust assets (other than Stock), interest, dividends and other
         income and gains (or losses) attributable to Trust assets (other than
         dividends on Stock used to make payments on Exempt Loans) since the
         preceding Valuation Date, reduced by any expenses charged to the Trust
         assets for that Plan Year. The determination of the net income (or
         loss) of the Trust shall not take into account any interest paid by the
         Trust under an Exempt Loan."

3.       Section 7.4, entitled "Eligible Rollover Distribution", is amended
         effective January 1, 2000 by changing Section 7.4(a)(1) to read as
         follows:

                           (1) "Eligible Rollover Distribution." An eligible
                  rollover distribution is any distribution of all or any
                  portion of the balance to the credit of the distributee,
                  except that an eligible rollover distribution does not
                  include: any distribution that is one of a series of
                  substantially equal periodic payments (not less frequently
                  than annually) made for the life (or life expectancy) of the
                  distributee or the

<PAGE>

                     Columbus McKinnon Corporation Employee Stock Ownership Plan
                              Page 2 of Amendment No. 8 of 1989 Plan Restatement

                  joint lives (or joint life expectancies) of the distributee
                  and the distributee's designated beneficiary, or for a
                  specified period of 10 years or more; any distribution to the
                  extent such distribution is required under Section 401(a)(9)
                  of the Code; effective after December 31, 1999, any hardship
                  distribution described in Code Section 401(k)(2)(B)(i)(IV);
                  and the portion of any distribution that is not included in
                  gross income (determined without regard to the exclusion for
                  net unrealized appreciation with respect to employer
                  securities).

4.       Section 13.2, entitled "Definitions and Rules of Interpretation", is
         amended effective April 1, 2000 by changing Section 13.2(c) to read as
         follows:

                  "(c) "Defined Benefit Plan"  [Deleted]"

5.       Section 13.2, entitled "Definitions and Rules of Interpretation", is
         amended effective April 1, 2000 by changing Section 13.2(g) to read as
         follows:

                  "(g) "Projected Annual Benefit"  [Deleted]"

6.       Section 13.2, entitled "Definitions and Rules of Interpretation", is
         amended effective April 1, 2000 by changing Section 13.2(i) to read as
         follows:

                  "(i) Aggregation of Section 415 Employer's Defined
         Contribution Plans. For the purpose of this ARTICLE 13, all Defined
         Contribution Plans (whether terminated or not) ever maintained by the
         Section 415 Employer shall be treated as one Defined Contribution
         Plan."

7.       Section 13.4, entitled "Participation in a Defined Benefit Plan", is
         amended effective April 1, 2000 to read as follows:

                  "13.4 "Participation in a Defined Benefit Plan"  [Deleted]"

                       Amendments Effective April 1, 2001

8.       Section 1.6, entitled "Annual Earnings", is amended effective April 1,
         2001 by amending Section 1.6(a)(2) to read as follows:

                  "(2) Specific Inclusions. "Annual Earnings" shall include all
         amounts that would have been paid to the Employee by the Corporation
         and each of its Affiliates during the Plan Year or other period but for
         any salary reduction agreement and that are excluded from the gross
         income of the

<PAGE>

                     Columbus McKinnon Corporation Employee Stock Ownership Plan
                              Page 3 of Amendment No. 8 of 1989 Plan Restatement

         Employee under any one of the Code sections referred to in Code Section
         414(s)(2) (concerning 401(k) plans, cafeteria plans, qualified
         transportation fringes and certain other deferred compensation
         arrangements)."

                      Amendments Effective January 1, 2002

9.       Section 1.6, entitled "Annual Earnings", is amended effective April 1,
         2002 by changing Section 1.6(b) to read as follows:

                  "(b) Code Section 401(a)(17) Limit. In addition to all other
         applicable limitations set forth in the Plan, and notwithstanding any
         other provision in the Plan to the contrary, for any Plan Year or other
         12-month period beginning on or after January 1, 1989, the Annual
         Earnings of each Employee taken into account under the Plan shall not
         exceed the "Code Section 401(a)(17) Limit." If a Plan Year or other
         determination period consists of fewer than 12 months, the "Code
         Section 401(a)(17) Limit" shall be multiplied by a fraction, the
         numerator of which is the number of months in the Plan Year or other
         determination period and the denominator of which is 12.

                           (1) Limit Effective January 1, 1989. The "Code
                  Section 401(a)(17) Limit" for the Plan Year or any other
                  12-month period beginning in the 1989 calendar year or any
                  subsequent calendar year shall be $200,000 or such larger
                  amount as the Secretary of the Treasury may determine for such
                  calendar year under Code Section 401(a)(17).

                           (2) Limit Effective January 1, 1994. The "Code
                  Section 401(a)(17) Limit" for the Plan Year or any other
                  12-month period beginning in the 1994 calendar year or any
                  subsequent calendar year shall be $150,000 or such larger
                  amount as the Secretary of the Treasury may determine for such
                  calendar year under Code Section 401(a)(17).

                           (3) Limit Effective January 1, 2002. The "Code
                  Section 401(a)(17) Limit" for the Plan Year or any other
                  12-month period beginning in the 2002 calendar year or any
                  subsequent calendar year shall be $200,000 or such larger
                  amount as the Secretary of the Treasury may determine for such
                  calendar year under Code Section 401(a)(17)."

<PAGE>

                     Columbus McKinnon Corporation Employee Stock Ownership Plan
                              Page 4 of Amendment No. 8 of 1989 Plan Restatement

10.      Section 7.4, entitled "Eligible Rollover Distributions", is amended
         effective January 1, 2002 by adding new Section 7.4(e) to read as
         follows:

         "(e) EGTRRA Amendment.

                           (1) Effective Date. This subsection (e) shall apply
                  to distributions made after December 31, 2001.

                           (2) Modification of Definition of Eligible Retirement
                  Plan. For purposes of the direct rollover provisions in this
                  Section 7.4, an Eligible Retirement Plan shall also mean an
                  annuity contract described in section 403(b) of the Code and
                  an eligible plan under section 457(b) of the Code which is
                  maintained by a state, political subdivision of a state, or
                  any agency or instrumentality of a state or political
                  subdivision of a state and which agrees to separately account
                  for amounts transferred into such plan from this Plan. The
                  definition of Eligible Retirement Plan shall also apply in the
                  case of a distribution to a surviving spouse, or to a spouse
                  or former spouse who is the alternate payee under a Qualified
                  Domestic Relation Order.

                           (3) Modification of Definition of Eligible Rollover
                  Distribution to Exclude Hardship Distributions. For purposes
                  of the direct rollover provisions in this Section 7.4, any
                  amount that is distributed on account of hardship shall not be
                  an eligible rollover distribution and the distributee may not
                  elect to have any portion of such a distribution paid directly
                  to an Eligible Retirement Plan.

                           (4) Modification of Definition of Eligible Rollover
                  Distribution To Include After-tax Employee Contributions. For
                  purposes of the direct rollover provisions in this Section
                  7.4, a portion of a distribution shall not fail to be an
                  Eligible Rollover Distribution merely because the portion
                  consists of after-tax employee contributions which are not
                  includible in gross income. However, such portion may be
                  transferred only to an individual retirement account or
                  annuity described in section 408(a) or (b) of the Code, or to
                  a qualified defined contribution plan described in section
                  401(a) or 403(a) of the Code that agrees to separately account
                  for amounts so transferred, including separately accounting
                  for the portion of such distribution which is includible in
                  gross income and the portion of such distribution which is not
                  so includible "

<PAGE>

                     Columbus McKinnon Corporation Employee Stock Ownership Plan
                              Page 5 of Amendment No. 8 of 1989 Plan Restatement

11.      Section 13.1, entitled "Summary", is amended effective April 1, 2002 to
         read as follows:

         "13.1 Summary. The total contributions allocated to the Accounts of any
         Participant for a Limitation Year with respect to the Corporation and
         all Affiliates may not exceed the lesser of $40,000 (as adjusted) or
         100 percent of the Participant's Section 415 Compensation. If the
         Participant receives contributions under more than one defined
         contribution plan of the Corporation (and all Affiliates), all such
         contributions must be taken into account in applying this limitation.
         The rules applying this limitation are set forth in detail in the
         subsequent sections of this ARTICLE 13 and these sections override any
         inconsistent provision in this Section 13.1."

12.      Section 13.2, entitled "Definitions and Rules of Interpretation", is
         amended effective April 1, 2002 by changing Section 3.2(f) to read as
         follows:

                  "(f) "Maximum Dollar Amount" means for any Limitation Year,
         $40,000, as may be increased pursuant to Section 415(d) of the Code."

13.      Section 13.2, entitled "Definitions and Rules of Interpretation", is
         amended effective April 1, 2002 by changing Section 3.2(h) to read as
         follows:

                  "(h) "Section 415 Compensation" means with respect to a
         Limitation Year, "participant's compensation" as defined under Code
         Section 415(c)(3) and the Treasury Regulations thereunder. In no event
         shall a Participant's Section 415 Compensation for a Limitation Year
         beginning on or after April 1, 1989 exceed the applicable Code Section
         401(a)(17) Limit set forth in Section 1.6(b)."

14.      Section 13.3, entitled "Limitation on Annual Additions", is amended
         effective April 1, 2002 by inserting "100% of his Section 415
         Compensation" in place of "25% of his Section 415 Compensation".

15.      Section 14.8, entitled "Effective Date", is replaced effective April 1,
         2002 with a new Section 14.8 which shall read as follows:

         "14.8 EGTRRA Amendment.

                  (a) Effective date. This Section 14.8 shall apply for purposes
         of determining whether the Plan is a top-heavy plan under Section
         416(g) of the Code for Plan Years beginning after March 31, 2001, and
         whether the Plan satisfies the minimum benefits requirements of Section
         416(c) of the Code

<PAGE>

                     Columbus McKinnon Corporation Employee Stock Ownership Plan
                              Page 6 of Amendment No. 8 of 1989 Plan Restatement

         for such years. This section shall govern over any contrary provision
         in this Article 14.

                  (b) Determination of Top-Heavy Status.

                           (1) Key Employee. Key Employee means any employee or
                  former employee (including any deceased employee) who at any
                  time during the Plan Year that includes the Determination Date
                  was an officer of the Employer having annual compensation
                  greater than $130,000 (as adjusted under section 416(i)(1) of
                  the Code for plan years beginning after March 31, 2002), a
                  5-percent owner of the employer, or a 1-percent owner of the
                  employer having annual compensation of more than $150,000. For
                  this purpose, annual compensation means compensation within
                  the meaning of section 415(c)(3) of the Code. The
                  determination of who is a Key Employee will be made in
                  accordance with section 416(i)(1) of the Code and the
                  applicable regulations and other guidance of general
                  applicability issued thereunder.

                           (2) Determination of Present Values and Amounts. This
                  Section 14.8(b)(2) shall apply for purposes of determining the
                  present values of accrued benefits and the amounts of account
                  balances of employees as of the Determination Date.

                                    (A) Distributions during year ending on the
                           determination date. The present values of accrued
                           benefits and the amounts of account balances of an
                           employee as of the Determination Date shall be
                           increased by the distributions made with respect to
                           the employee under the Plan and any plan aggregated
                           with the Plan under section 416(g)(2) of the Code
                           during the 1-year period ending on the determination
                           date. The preceding sentence shall also apply to
                           distributions under a terminated plan which, had it
                           not been terminated, would have been aggregated with
                           the Plan under section 416(g)(2)(A)(i) of the Code.
                           In the case of a distribution made for a reason other
                           than separation from service, death, or disability,
                           this provision shall be applied by substituting
                           5-year period for 1-year period.

                                    (B) Employees not performing services during
                           year ending on the Determination Date. The accrued
                           benefits and accounts of any individual who has not
                           performed services for

<PAGE>

                     Columbus McKinnon Corporation Employee Stock Ownership Plan
                              Page 7 of Amendment No. 8 of 1989 Plan Restatement

                           the Employer during the 1-year period ending on the
                           Determination Date shall not be taken into account.

                  (c) Minimum Benefits. Employer matching contributions shall be
         taken into account for purposes of satisfying the minimum contribution
         requirements of section 416(c)(2) of the Code and the Plan. The
         preceding sentence shall apply with respect to matching contributions
         under the Plan or, if the plan provides that the minimum contribution
         requirement shall be met in another plan, such other plan. Employer
         matching contributions that are used to satisfy the minimum
         contribution requirements shall be treated as matching contributions
         for purposes of the actual contribution percentage test and other
         requirements of section 401(m) of the Code."

         IN WITNESS WHEREOF, this instrument of amendment has been executed by a
duly authorized officer of the Corporation this 26th day of March, 2002.

                                           COLUMBUS McKINNON CORPORATION

                                           By  /s/ Robert L. Montgomery
                                             -----------------------------------

                                           Title  Executive Vice President
                                                --------------------------------

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