Document:

Eighth Amendment

 Exhibit 10.1 
  
 EIGHTH AMENDMENT 
 TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT 
  
 This EIGHTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is dated as of September 28, 2004, and entered into by and between UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC., a corporation organized
and existing under the laws of the State of Delaware (the “Borrower”), and PNC BANK, NATIONAL ASSOCIATION (the “Bank”), and amends that certain Second Amended and Restated Credit Agreement dated as of January 30, 1998, as amended
prior to the date hereof, by and between the Borrower and the Bank (the Second Amended and Restated Credit Agreement, as amended prior to the date hereof, is hereinafter referred to as the “Existing Credit Agreement”). 
  
 W I T N E S S E T H : 
  
 WHEREAS, the Borrower and the Bank have entered into the Existing Credit
Agreement; and 
  
 WHEREAS, the Borrower has requested an increase
of the Revolving Credit Commitment to $15,000,000, the Bank has agreed to such increase in the Revolving Credit Commitment and to other modifications of the Existing Credit Agreement, all as more particularly set forth herein. 
  
 NOW THEREFORE, in consideration of the foregoing premises, the mutual
covenants and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and with the intent to be legally bound hereby, the parties hereto agree as follows: 
  
 ARTICLE I 
 AMENDMENTS TO EXISTING CREDIT AGREEMENT 
  
 Section 1.01 Amendments to Section 1.1 of the Existing Credit Agreement. 
  
 (a) The following defined terms and the definitions therefor are hereby added to Section 1.1 of the Existing Credit
Agreement and inserted in correct alphabetical order: 
  
 Eighth Amendment: The Eighth Amendment to Second Amended and Restated Credit Agreement entered into by and between the Borrower and the Bank and dated as of September 28, 2004. 
  
 Eighth Amendment Effective Date: September 28, 2004,
or such later date as all of the conditions set forth in the Eighth Amendment have either been satisfied by the Borrower or waived in writing by the Bank. 

 Eighth Amendment Loan Documents: Collectively, the Eighth Amendment, that certain
Third Amendment and Restated Revolving Credit Note of the Borrower dated September 28, 2004, and drawn in the face amount of $15,000,000.00 to the order of the Bank and the other amendment to the Loan Documents executed and delivered by the Borrower
in connection with the Eighth Amendment, together with such other documents, instruments, agreements and certificates executed and delivered in connection with the Eighth Amendment. 
  
 (b) The following defined terms and the definitions therefor are hereby amended and restated in their entirety as follows:

  
 Revolving Credit Commitment: The
obligation of the Bank to make available to the Borrower an amount which, when added to the aggregate Stated Amounts of all Letters of Credit, (including any unreimbursed draws on Letters of Credit which have not yet been converted to Loans) does
not exceed the lesser of (i) $15,000,000.00 or (ii) the Borrowing Base. 
  
 Revolving Credit Termination Date: June 30, 2006, as such date may be extended upon the terms and conditions set forth in Section 2.1f, or if any such day is not a Business Day, the Business Day next preceding
such date. 
  
 Section 1.02 Amendment to Section 2.8 of the
Existing Credit Agreement. Section 2.8 of the Existing Credit Agreement is hereby amended to add a new Subsection 2.8f which shall read as follows: 
  
 2.8f Eighth Amendment Closing Fee. The Borrower shall pay to the Bank on the Eighth Amendment Effective Date an amendment fee equal
to $21,250. 
  
 Section 1.03 Amendment to Exhibits to the
Existing Credit Agreement. Exhibit “A” attached to the Existing Credit Agreement is hereby deleted and there is substituted therefor the Exhibit “A” attached to this Amendment. 
  
 Section 1.04 No Other Amendments. The amendments to the Existing
Credit Agreement set forth herein do not either implicitly or explicitly alter, waive or amend, except as expressly provided in this Amendment, the provisions of the Existing Credit Agreement. The amendments set forth herein do not waive, now or in
the future, compliance with any other covenant, term or condition to be performed or complied with nor do they impair any rights or remedies of the Bank under the Existing Credit Agreement with respect to any such violation. Nothing in this
Amendment shall be deemed or construed to be a waiver or release of, or a limitation upon, the Bank’s exercise of any of its rights and remedies under the Existing Credit Agreement or any other document or instrument delivered in connection
therewith, whether arising as a consequence of any Events of Default which may now exist or otherwise, and all such rights and remedies are hereby expressly reserved. 

 ARTICLE II 
 BORROWER’S SUPPLEMENTAL REPRESENTATIONS 
  
 Section 2.01 Incorporation by Reference. As an inducement to the Bank to enter into this Amendment, (i) the Borrower hereby repeats and remakes herein, for the benefit of the Bank, the representations and
warranties made by the Borrower in Sections 4.1 through 4.23, inclusive, of the Existing Credit Agreement, as amended hereby, except that for purposes hereof such representations and warranties shall be deemed to extend to and cover this Amendment
and are remade as of the Eighth Amendment Effective Date, and (ii) the Borrower hereby represents and warrants that on and as the Eighth Amendment Effective Date that no Default or Event of Default has occurred and is continuing. 
  
 Section 2.02. Legal Authority. As an inducement to the Bank to enter
into this Amendment and to increase the Revolving Credit Commitment, the Borrower hereby represents and warrants that the Borrower is duly authorized to execute and deliver this Amendment and each of the Eighth Amendment Loan Documents; all
necessary corporate action to authorize the execution and delivery of this Amendment and the other Eighth Amendment Loan Documents has been properly taken; and it is, and will continue to be, duly authorized to borrow under the Existing Credit
Agreement, as amended hereby, and to perform all of the other terms and provisions of this Amendment, the Existing Credit Agreement, as amended hereby, and the other Loan Documents. 
  
 Section 2.03. Validity of this Amendment. As an inducement to the Bank to enter into this Amendment and to increase
the Revolving Credit Commitment, the Borrower hereby represents and warrants that the execution and delivery of this Amendment does not, and the performance by the Borrower of its obligations under this Amendment, the Existing Credit Agreement, as
amended hereby, and the other Loan Documents will not contravene any provision of law, of the Borrower’s certificate of incorporation, by-laws or other organizational documents or the provisions of any agreement to which the Borrower is a party
or by which the Borrower is bound; this Amendment and the other Eighth Amendment Loan Documents constitute the legal, valid and binding obligations of the Borrower enforceable in accordance with their respective terms, except as such enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws affecting the enforcement of creditors’ rights generally and except as such enforceability may be limited by the
availability of equitable remedies. 
  
 Section 2.04. Financial
Statements. The Borrower has furnished to the Bank (i) the audited consolidated balance sheets and the related audited consolidated statements of income, cash flow and changes in financial position of the Borrower as at the Borrower’s
fiscal year ending December 31, 2003, and (ii) the unaudited consolidated balance sheets and the related unaudited consolidated statements of income, cash flow and changes in financial position of the Borrower as at the Borrower’s fiscal
quarter ending June 30, 2004. All such financial statements, including the related notes, have been prepared in accordance with GAAP, except as expressly noted therein, and fairly present the consolidated financial position of the Borrower as at the
dates thereof and the results and consolidated results of the operations and the changes in the financial position of the Borrower and its consolidated subsidiaries. The Borrower and its 

 consolidated subsidiaries have no material liabilities, whether direct or indirect, fixed or contingent, and no liability
for taxes, long-term leases or unusual forward or long-term commitments as of the date of such financial statements which are not reflected in such financial statements or in the notes thereto. 
  
 Section 2.05. Absence of Litigation. Except as set forth in Schedule
2.05 attached hereto, as of the Eighth Amendment Effective Date, there are no actions, suits, investigations, litigation or governmental proceedings pending or, to the Borrower’s knowledge, threatened against the Borrower or any of its
consolidated subsidiaries or any of their respective properties, which would have a material adverse effect on the Borrower and its consolidated subsidiaries taken as a whole, or which purport to affect the legality, validity or enforceability of
this Amendment, the other Eighth Amendment Loan Documents, the Existing Credit Agreement, as amended hereby. 
  
 ARTICLE III 
 CONDITIONS PRECEDENT 
  
 Section 3.01 Conditions Precedent. Each of the following shall be a
condition precedent to the effectiveness of this Amendment: 
  
 (a) The Bank shall have received, on or before the Eighth Amendment Effective Date, the following items, each, unless otherwise indicated, dated on or before the Eighth Amendment Effective Date and in form and substance satisfactory to the
Bank: 
  
 (i) A duly executed counterpart
original of this Amendment executed by Borrower, and consented to by USAP Holdings, Inc., a Delaware corporation, as a subordinated creditor, and Dunkirk, as a guarantor; 
  
 (ii) The Revolving Credit Note of the Borrower in the face amount of $15,000,000.00 duly executed by
Borrower. 
  
 (iii) The First Amendment to Second
Amended and Restated Security Agreement and Collateral Assignment duly executed by Borrower. 
  
 (iv) The Disclosure of Confession of Judgement duly executed by Borrower. 
  
 (v) A certificate from the Secretary of the Borrower certifying that the Articles of Incorporation and
Bylaws of the Borrower previously delivered to the Bank are true, complete, and correct; 
  
 (vi) A certificate from the Secretary of the Borrower certifying the corporate resolutions of the Borrower authorizing the execution and
delivery of this Amendment and the officers of the Borrower authorized to execute and deliver this Amendment on behalf of the Borrower; and 

 (vii) Such other instruments, documents, opinions of counsel, certificates, lien searches
and good standing certificates as the Bank shall reasonably require, all of which shall be satisfactory in form and content to the Bank 
  
 (b) The following statements shall be true and correct on the Eighth Amendment Effective Date, and the Borrower shall deliver to the Bank a certificate
certifying that: 
  
 (i) after giving effect to
this Eighth Amendment, the representations and warranties made pursuant to this Amendment and in the other Loan Documents, as amended hereby, are true and correct on and as of the Eighth Amendment Effective Date as though made on and as of such
date; 
  
 (ii) no petition by or against the
Borrower or any Subsidiary of the Borrower has at any time been filed under the United States Bankruptcy Code or under any similar act; 
  
 (iii) after giving effect to this Eighth Amendment, no Event of Default or event which with the giving of notice, the passage of time or
both would become an Event of Default has occurred and is continuing, or would result from the execution of or performance under this Amendment; 
  
 (iv) after giving effect to this Eighth Amendment, no material adverse change in the properties, business, operations, financial condition
or prospects of the Borrower has occurred which has not been disclosed in writing to the Bank; and 
  
 (v) after giving effect to this Eighth Amendment, the Borrower has in all material respects performed all agreements, covenants and
conditions required to be performed on or prior to the date hereof under the Existing Credit Agreement and the other Loan Documents. 
  
 ARTICLE IV 
 GENERAL PROVISIONS

  
 Section 4.01 Ratification of Terms. Except as
expressly amended by this Amendment, the Existing Credit Agreement and each and every representation, warranty, covenant, term and condition contained therein is specifically ratified and confirmed. The Borrower hereby confirms that any collateral
for the Obligations, including but not limited to liens, Encumbrances, security interests, mortgages and pledges granted by the Borrower or third parties, shall continue unimpaired and in full force and effect. THE
BORROWER EXPRESSLY RATIFIES AND CONFIRMS THE CONFESSION OF JUDGMENT AND WAIVER
OF JURY TRIAL PROVISIONS CONTAINED IN THE EXISTING CREDIT AGREEMENT AND
THE OTHER LOAN DOCUMENTS. 
  
 Section 4.02 References. All notices, communications, agreements, certificates, documents or other instruments executed and delivered after the execution and delivery of this Amendment in connection with the
Existing Credit Agreement, any of the other Loan 

 Documents or the transactions contemplated thereby may refer to the Existing Credit Agreement without making specific
reference to this Amendment, but nevertheless all such references shall include this Amendment unless the context requires otherwise. From and after the Eighth Amendment Effective Date, all references in the Existing Credit Agreement and each of the
other Loan Documents to the Existing Credit Agreement shall be deemed to be references to the Existing Credit Agreement, as amended hereby. 
  
 Section 4.03 Incorporation Into Existing Credit Agreement. This Amendment is deemed incorporated into the Existing Credit Agreement. To the extent
that any term or provision of this Amendment is or may be deemed expressly inconsistent with any term or provision of the Existing Credit Agreement, the terms and provisions hereof shall control. 
  
 Section 4.04 Counterparts. This Amendment may be executed in different
counterparts, each of which when executed by the Borrower and the Bank shall be regarded as an original, and all such counterparts shall constitute one amendment. 
  
 Section 4.05 Capitalized Terms. Except for proper nouns and as otherwise defined herein, capitalized terms used
herein as defined terms shall have the same meanings herein as are ascribed to them in the Existing Credit Agreement, as amended hereby. 
  
 Section 4.06 Taxes. The Borrower shall pay any and all stamp and other taxes and fees payable or determined to be payable in connection with the
execution, delivery, filing and recording of this Amendment and such other documents and instruments as are delivered in connection herewith and agrees to save the Bank harmless from and against any and all liabilities with respect to or resulting
from any delay in paying or omission to pay such taxes and fees. 
  
 Section 4.07 Costs and Expenses. The Borrower will pay all costs and expenses of the Bank (including, without limitation, the reasonable fees and the disbursements of the Bank’s counsel, Tucker Arensberg, P.C.) in connection
with the preparation, execution and delivery of this Amendment and the other documents, instruments and certificates delivered in connection herewith. 
  
 Section 4.08 GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS
OF THE COMMONWEALTH OF PENNSYLVANIA WITHOUT REGARD TO THE PROVISIONS THEREOF REGARDING CONFLICTS OF LAW. 
  
 Section 4.09 Headings. The headings of the sections in this Amendment are for purposes of reference only and shall not be deemed to be a part
hereof. 
  
 Section 4.10 Real Property Collateral. The
Borrower hereby acknowledges that the Bank continues to evaluate its collateral position with respect to the Loans and as an accommodation to the Borrower has increased the Revolving Credit Commitment without the full completion of such review. The
Borrower hereby undertakes and agrees to grant the Bank a first and prior lien on, and security interest in, the Borrower’s fee and leasehold interest in the 

 Bridgeville Property and related parcels within 60 days of a written request by the Bank. In addition to the execution of
such mortgage documents as the Bank may reasonably request, the Borrower shall deliver to the Bank a real property search which verifies the Bank first lien position with respect to the Bridgeville Property and related parcels upon recordation of
the mortgage documents, a flood certificate setting forth the flood plain status of the mortgaged property or any lawfully required flood insurance naming the Bank as loss payable and additional insured, and an environmental indemnity agreement in
form and substance reasonably satisfactory to the Bank. 
  
 IN
WITNESS WHEREOF, the parties hereto, with the intent to be legally bound hereby, have caused this Eighth Amendment to Second Amended and Restated Credit Agreement to be duly executed by their respective proper and duly authorized officers as a
document under seal, as of September 28, 2004. 
  

									
	ATTEST:	  	 UNIVERSAL STAINLESS & ALLOY
 PRODUCTS,
INC.

					
	By:	 	 /s/ Paul A. McGrath

	  	By:	 	 /s/ Richard M. Ubinger    (SEAL)

	 	 
	Name:	 	Paul A. McGrath	  	Name:	 	Richard M. Ubinger	 	 
	Title:	 	Secretary	  	Title:	 	Chief Financial Officer	 	 
				
	 	 	 	  	PNC BANK, NATIONAL ASSOCIATION	 	 
					
	 	 	 	  	By:	 	 /s/ David B. Gookin

	 	 
	 	 	 	  	Name:	 	David B. Gookin	 	 
	 	 	 	  	Title:	 	Senior Vice PresidentThird Amended

 Exhibit 10.2 
  
 THIRD AMENDED AND RESTATED 
 REVOLVING CREDIT NOTE 
  

			
	$15,000,000.00	 	Pittsburgh, Pennsylvania
	 	 	September 28, 2004

  
 THIS THIRD AMENDED AND
RESTATED REVOLVING CREDIT NOTE (this Third Amended and Restated Revolving Credit Note, together with all extensions, renewals, amendments, modifications, supplements, substitutions and replacements hereto and hereof, is hereinafter referred to as
this “Revolving Credit Note”) is executed and delivered under and pursuant to the terms of that certain Second Amended and Restated Credit Agreement dated as of January 30, 1998, by and between UNIVERSAL STAINLESS & ALLOY PRODUCTS,
INC. (the “Borrower”) and PNC BANK, NATIONAL ASSOCIATION (the “Bank”) as amended through that certain Eighth Amendment to Second Amendment and Restated Agreement dated as of September 28, 2004, by and between the Borrower and the
Bank (the Second Amended and Restated Credit Agreement, as so amended, together with all exhibits and schedules thereto, together with all further amendments, modifications, supplements, extensions, renewals, substitutions and replacements thereto
and thereof is hereinafter referred to as the “Credit Agreement”). 
  
 FOR VALUE RECEIVED the Borrower promises to pay to the order of the Bank at the Bank’s principal office at One PNC Plaza, 249 Fifth Avenue, Pittsburgh, Pennsylvania 15222 the lesser of (i) FIFTEEN MILLION DOLLARS
($15,000,000) or (ii) the aggregate unpaid principal amount of all Loans and advances made by the Bank to the Borrower pursuant to Section 2.1 of the Credit Agreement and reflected on the Loan Account maintained by the Bank pursuant to Section 2.7
of the Credit Agreement. 
  
 The outstanding principal balance
hereunder shall be due and payable in its entirety at maturity, whether on the Revolving Credit Termination Date, upon acceleration, or otherwise, all as more fully described in the Credit Agreement. 
  
 Interest on the unpaid principal balance hereof shall be due and payable on
the dates and at the times set forth in the Credit Agreement and at maturity, whether on the Revolving Credit Termination Date, upon acceleration, or otherwise, and shall be calculated and paid in accordance with the terms of the Credit Agreement.
The interest rate will be adjusted, when necessary and if appropriate, in accordance with the terms of the Credit Agreement. Interest payments shall be made at the office of the Bank set forth above. 
  
 This Revolving Credit Note is the Revolving Credit Note referred to in the
Credit Agreement. Reference is made to the provisions in the Credit Agreement for the prepayment hereof and the acceleration of the maturity hereof. All of the terms, conditions, covenants, representations and warranties of the Credit Agreement are
incorporated herein by reference as if same were more fully set forth at length herein. All capitalized terms used herein as defined terms which are not defined herein but which are defined in the Credit Agreement shall have the same meanings herein
as are given to them in the Credit Agreement. 

 Upon the occurrence of any Event of Default specified in the Credit Agreement, the principal hereof and
accrued interest hereon may become forthwith due and payable, all as provided in the Credit Agreement. 
  
 This Third Amended and Restated Revolving Credit Note amends and restates in its entirety, and continues to evidence the Indebtedness evidenced by, the
Second Amended and Restated Revolving Credit Note dated January 30, 1998, in the principal amount of $6,500,000 made payable by the Borrower to the Bank. No such advances have been made or are being made by the Bank to satisfy the Obligations
evidenced by such Amended and Restated Revolving Credit Note, and this Third Amended and Restated Revolving Credit Note is not a novation thereof. Nothing herein shall be construed to release, cancel, terminate or otherwise impair the status or
priority of the liens and security interests granted by the Borrower as security for the Obligations evidenced by such Second Amended and Restated Revolving Credit Note, all of which such liens and security interests shall continue to secure the
payment and performance of this Revolving Credit Note. 
  
 Demand,
presentation, protest and notice of dishonor are hereby waived. 
  
 POWER TO CONFESS JUDGMENT The Borrower hereby empowers any attorney of any court of record within the Commonwealth of Pennsylvania, after the occurrence of any Event of Default, to appear for the Borrower and, with or without
complaint filed, confess judgment, or a series of judgments, against the Borrower in favor of the Bank or any holder hereof for the entire principal balance of this Revolving Credit Note and all accrued interest, together with costs of suit and an
attorney’s commission of the greater of 5% of such principal and interest or $1,000 added as a reasonable attorney’s fee, and for doing so, this Revolving Credit Note or a copy verified by affidavit shall be a sufficient warrant. The
Borrower hereby forever waives and releases all errors in said proceedings and all rights of appeal and all relief from any and all appraisement, stay or exemption laws of any state now in force or hereafter enacted. Interest on any such judgment
shall accrue at the Default Rate. 
  
 No single exercise of
the foregoing power to confess judgment, or a series of judgments, shall be deemed to exhaust the power, whether or not any such exercise shall be held by any court to be invalid, voidable, or void, but the power shall continue undiminished and it
may be exercised from time to time as often as the Bank shall elect until such time as the Bank shall have received payment in full of the debt, interest and costs. 
  
 Upon the Borrower’s payment in full of all amounts due by the Borrower to the Bank hereunder, and upon the
Borrower’s full discharge and satisfaction of all of the other Obligations under the Credit Agreement and the termination of the Revolving Credit Commitment, the Bank shall mark this Note “PAID” and return it to the Borrower.

  
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

 IN WITNESS WHEREOF, the Borrower, with the intent to be legally bound hereby, has caused this Revolving
Credit Note to be executed by its duly authorized officer as of the date first written above. 
  

									
	ATTEST:	  	UNIVERSAL STAINLESS & ALLOY PRODUCTS, INC.
					
	By:	 	 /s/ Paul A. McGrath

	  	By:	 	 /s/ Richard M. Ubinger    (SEAL)

	 	 
	Name:	 	Paul A. McGrath	  	Name:	 	Richard M. Ubinger	 	 
	Title:	 	 Vice President Operations,
 General Counsel and
Secretary
	  	Title:	 	 Vice President Finance,
 Chief Financial Officer and
Treasurer

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