An industrial brake is provided through which tension and emergency braking are initiated at opposite axial ends of the brake in order to improve packaging and maintenance of the brake and to enable the addition of an emergency brake function to existing tension brakes without substantial modifications to the brake. The brake includes a housing disposed about a driven shaft and friction plates coupled to the housing and the shaft respectively. One friction plate comprises a liquid cooled fluid jacket. One end cap assembly is disposed at one axial end of the housing and provides a tension brake function. Another end cap assembly is disposed at the opposite axial end of the housing and provides an emergency brake function.