Document:

Exhibit 10.1

                SECOND MODIFICATION TO REVOLVING PROMISSORY NOTE
                               AND LOAN AGREEMENT

Farrel Corporation
25 Main Street
Ansonia, Connecticut 06401
and
Farrel Limited
25 Main Street
Ansonia, Connecticut 06401
(Individually and collectively, "Borrower")

Wachovia Bank, National Association
300 Main Street
Stamford, Connecticut 06901
(Hereinafter referred to as "Bank")

THIS AGREEMENT is entered into as of December 8, 2003 by and among Bank and
Borrower.

                                    RECITALS

Bank is the holder of a Revolving Promissory Note executed and delivered by
Borrower, dated June 18, 2001, in the maximum principal amount of $10,000,000.00
(the "Note"), and certain other loan documents, including without limitation, a
Revolving and Term Loan Credit Agreement, dated as of June 18, 2001 (as
heretofore amended, modified and restated, the "Loan Agreement");

The Note and Loan Agreement were modified pursuant to two certain letter
agreements dated March 18, 2002 and March 25, 2003, respectively, and a certain
Modification To Revolving Promissory Note And Loan Agreement dated as of August
2, 2002 (the "First Modification");

Borrower and Bank have agreed to further modify the terms of the Loan Documents,
as defined in the Loan Agreement;

Wachovia Bank, National Association, formerly known as First Union National
Bank, is the owner and holder of the Note, the Loan Agreement and each of the
other Loan Documents;

In consideration of Bank's continued extension of credit and the agreements
contained herein, the parties agree as follows:

AGREEMENT

ACKNOWLEDGMENT OF BALANCE. Borrower and Bank each acknowledges that the most
recent Commercial Loan Invoice sent to Borrower with respect to the Indebtedness
under the Note is correct.

<PAGE>

MODIFICATIONS.

1. The Note is hereby modified by deleting in its entirety the paragraph therein
entitled "Repayment Terms" and substituting the following therefor:

REPAYMENT TERMS. This Note shall be due and payable in consecutive monthly
payments of accrued interest only, commencing on July 18, 2001, and continuing
on the same day of each month thereafter until fully paid. In any event, all
principal and accrued interest shall be due and payable on June 15, 2005.

All other Loan Documents are hereby modified so that any reference to the
maturity date or Termination Date of the Note shall be deemed to refer to June
15, 2005.

2. The Loan Agreement is hereby modified by adding to Section 7 thereof the
following subsection 7.9, as if originally set forth therein:

7.9 Liquidity Ratio. As of the Borrower's fiscal quarter ending December 31,
2003 and as of the end of any fiscal quarter thereafter, Borrower's consolidated
Liquidity Ratio will not be less than 0.50 to 1.00. As used herein, "Liquidity
Ratio" means (a) the sum of (i) cash and (ii) cash equivalents in accordance
with GAAP, divided by (b) the sum of (i) customer advances and (ii) accrued
installation and warranty costs.

3. The Loan Agreement is hereby modified by adding to Section 2 thereof the
following subsection 2.12(c):

(c) Letters of credit, bankers acceptances or guarantees issued hereunder shall
not have an "extended expiration", that is, expire later than June 15, 2005;
provided, however, Bank may authorize any such instrument having an "extended
expiration" in its sole discretion.

ACKNOWLEDGMENTS AND REPRESENTATIONS. Borrower acknowledges and represents that
the Note and other Loan Documents, as amended hereby, are in full force and
effect without any defense, counterclaim, right or claim of set-off; that, after
giving effect to this Agreement, no default or event that with the passage of
time or giving of notice would constitute a default under the Loan Documents has
occurred, all representations and warranties contained in the Loan Documents are
true and correct as of this date (except where such representations and
warranties relate specifically to a prior date), all necessary action to
authorize the execution and delivery of this Agreement has been taken; and this
Agreement is a modification of an existing obligation and is not a novation.

MISCELLANEOUS. This Agreement shall be construed in accordance with and governed
by the laws of the applicable state as originally provided in the Loan
Documents, without reference to that state's conflicts of law principles. This
Agreement and the other Loan Documents constitute the sole agreement of the
parties with respect to the subject matter thereof and supersede all oral
negotiations and prior writings with respect to the subject matter thereof. No
amendment of this Agreement, and no waiver of any one or more of the provisions
hereof shall be effective unless set forth in writing and signed by the parties
hereto. The illegality, unenforceability or inconsistency of any provision of
this Agreement shall not in any way affect or impair the legality,
enforceability or consistency of the remaining provisions of this Agreement or
the other Loan Documents. The Loan Agreement (as amended by this Agreement) and
the other Loan Documents are intended to be consistent. However, in the event of
any inconsistencies among the Loan Agreement (as amended by this Agreement) and
any of the Loan Documents, the terms of the Loan Agreement (as amended by this
Agreement), and then the Note (as amended by this Agreement), shall control.
This Agreement may be executed in any number of counterparts and by the
different parties on separate counterparts. Each such counterpart shall be
deemed an original, but all such counterparts shall together constitute one and
the same agreement. Terms

<PAGE>

used in this Agreement which are capitalized and not otherwise defined herein
shall have the meanings ascribed to such terms in the Note and the Loan
Agreement.

DEFINITIONS. Capitalized terms not otherwise defined herein shall have the
meanings set forth in the Loan Agreement.

CONNECTICUT PREJUDGMENT REMEDY WAIVER. THE BORROWER ACKNOWLEDGES THAT THE
TRANSACTIONS REPRESENTED BY THIS AGREEMENT ARE COMMERCIAL TRANSACTIONS AND
HEREBY VOLUNTARILY AND KNOWINGLY WAIVES ANY RIGHTS TO NOTICE OF AND HEARING ON
PREJUDGMENT REMEDIES UNDER CHAPTER 903A OF THE CONNECTICUT GENERAL STATUTES OR
OTHER STATUTES AFFECTING PREJUDGMENT REMEDIES, AND AUTHORIZES THE BANK'S
ATTORNEY TO ISSUE A WRIT FOR A PREJUDGMENT REMEDY WITHOUT COURT ORDER, PROVIDED
THE COMPLAINT SHALL SET FORTH A COPY OF THIS WAIVER.

WAIVER OF JURY TRIAL. EACH OF THE BORROWER AND THE BANK HEREBY WAIVES TRIAL BY
JURY IN ANY COURT IN ANY SUIT, ACTION OR PROCEEDING ON ANY MATTER ARISING IN
CONNECTION WITH THIS AGREEMENT OR IN ANY WAY RELATED TO THE FINANCING
TRANSACTIONS OF WHICH THIS AGREEMENT IS A PART AND/OR THE DEFENSE OR ENFORCEMENT
OF ANY OF BANK'S RIGHTS OR REMEDIES. THE BORROWER HEREBY REPRESENTS AND WARRANTS
TO BANK THAT THE WITHIN WAIVERS ARE ITS FREE ACT AND DEED MADE FOLLOWING
CONSULTATION WITH INDEPENDENT COUNSEL OF ITS CHOICE.

<PAGE>

IN WITNESS WHEREOF, the undersigned have signed and sealed this Agreement the
day and year first above written.

PLACE OF EXECUTION AND DELIVERY. Borrower hereby certifies that this Agreement
and the Loan Documents were executed in the State of Connecticut and delivered
to Bank in the State of Connecticut.

WITNESSES:

/s/ James L. Burns                        Farrel Corporation
-----------------------

/s/ Margot A. DeMelis                     By: /s/ Rolf K. Liebergesell
-----------------------                       ------------------------------
                                              Rolf K. Liebergesell, Director

/s/ James L. Burns                            Farrel Limited
-----------------------

/s/ Margot A. DeMelis                     By: /s/ Rolf K. Liebergesell
-----------------------                       ------------------------------
                                              Rolf K. Liebergesell, Director

/s/ Dennis B. Horan                       Wachovia Bank, National Association
-----------------------

Dennis B. Horan                           By: /s/ Philip Galioto
-----------------------                       ------------------------------
                                              Philip Galioto
                                              Vice President

STATE OF CONNECTICUT)
                    )   ss:            ,                       December 2, 2003
COUNTY OF New Haven )

        Personally appeared, Rolf K. Liebergesell, Director of Farrel
Corporation, a Delaware corporation, signer and sealer of the foregoing
instrument and acknowledged the same to be his free act and deed as such
officer and the free act and deed of said corporation, before me.

                                          /s/ Angela DeNitto
                                          ----------------------------------
                                          Commissioner of the Superior Court
                                          Notary Public
                                          My Commission Expires: 9/30/07

<PAGE>

STATE OF CONNECTICUT)
                    )   ss:             ,                     December 2, 2003
COUNTY OF New Haven )

          Personally appeared, Rolf K. Liebergesell, Director of Farrel Limited,
a corporation organized under the laws of England and Wales, signer and sealer
of the foregoing instrument and acknowledged the same to be his free act and
deed as such officer and the free act and deed of said corporation, before me.

                                          /s/ Angela DeNitto
                                          ----------------------------------
                                          Commissioner of the Superior Court
                                          Notary Public
                                          My Commission Expires: 9/30/07

STATE OF CONNECTICUT)
                    )   ss:              ,                    December  , 2003
COUNTY OF FAIRFIELD )

          Personally appeared, Philip Galioto, Vice President of Wachovia Bank,
National Association, a national banking association, signer and sealer of the
foregoing instrument and acknowledged the same to be his/her free act and deed
as such officer and the free act and deed of said banking association, before
me.

                                          /s/ Michele Sparan
                                          ----------------------------------
                                          Commissioner of the Superior Court
                                          Notary Public
                                          My Commission Expires:<PAGE>

     Exhibit 4.1 Specimen Stock Certificate of Clifton Savings Bancorp, Inc.

<PAGE>

COMMON STOCK                                                        COMMON STOCK
CERTIFICATE NO.
                                                                    SHARES

                          CLIFTON SAVINGS BANCORP, INC.
                  ORGANIZED UNDER THE LAWS OF THE UNITED STATES

THIS CERTIFIES THAT                   SPECIMEN

is the owner of:

       FULLY PAID AND NONASSESSABLE SHARES OF COMMON STOCK $0.01 PAR VALUE
                   PER SHARE OF CLIFTON SAVINGS BANCORP, INC.
               A SUBSIDIARY STOCK HOLDING COMPANY ORGANIZED UNDER
                         THE LAWS OF THE UNITED STATES.

     The shares represented by this certificate are transferable only on the
stock transfer books of Clifton Savings Bancorp, Inc. (the "Company") by the
holder of record hereof, or by his duly authorized attorney or legal
representative, upon the surrender of this certificate properly endorsed. This
certificate and the shares represented hereby are issued and shall be held
subject to all the provisions of the Charter of the Company and any amendments
thereto (copies of which are on file with the Corporate Secretary of the
Company), to all of which provisions the holder by acceptance hereof, assents.
The shares evidenced by this certificate are not of an insurable type and are
not insured by the Federal Deposit Insurance Corporation.

     IN WITNESS WHEREOF, CLIFTON SAVINGS BANCORP, INC. has caused this
certificate to be executed by the signatures of its duly authorized officers and
has caused its corporate seal to be hereunto affixed.

Dated:                                         [SEAL]
             Chief Executive Officer                         Corporate Secretary

<PAGE>

The following abbreviations, when used in the inscription on the face of this
certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

<TABLE>
<CAPTION>
<S>                                                                          <C>

TEN COM  -  as tenants in common                     UNIF GIFTS MIN ACT - __________ custodian __________
                                                                      (Cust)                     (Minor)

TEN ENT  -  as tenants by the entireties                                under Uniform Gifts to Minors Act

                                                                               ____________________
                                                                                      (State)
JT TEN   -  as joint tenants with right of
             survivorship and not as tenants
             in common
</TABLE>

     Additional abbreviations may also be used though not in the above list.

For value received __________ hereby sell, assign and transfer unto

PLEASE INSERT SOCIAL SECURITY OR OTHER
   IDENTIFICATION NUMBER OF ASSIGNEE

________________________________________________________________________________
Please print or typewrite name and address including postal zip code of
assignee.

__________________________________________________ shares of the common stock
represented by this certificate and do hereby irrevocably constitute and appoint
______________________________________________________________________________,
attorney, to transfer the said stock on the books of the within-named bank with
full power of substitution in the premises.

DATED  ______________              _____________________________________________
                                   NOTICE: The signature to this assignment must
                                   correspond with the name as written upon the
                                   face of the certificate in every particular
                                   without alteration or enlargement or any
                                   change whatever.

SIGNATURE GUARANTEED:  ______________________________________________
                       THE SIGNATURE(S) SHOULD BE GUARANTEED
                       BY AN ELIGIBLE GUARANTOR INSTITUTION,
                       (BANKS, STOCKBROKERS, SAVINGS AND LOAN
                       ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP
                       IN AN APPROVED SIGNATURE GUARANTEE MEDALLION
                       PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15

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