UNIVERSAL STAINLESS & ALLOY PRODUCTS INC
AMENDED AND RESTATED CREDIT AGREEMENT
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<DESCRIPTION>AMENDED AND RESTATED CREDIT AGREEMENT
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  <p align="right"><font style="font-size:10pt"><b>Exhibit 10.1</b></font></p> <p align="center"><font style="font-size:10pt"><b>
<a name="tx458_12"></a>SIXTH AMENDMENT <br> TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT</b></font></p> <p><font
style="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This SIXTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this &#147;Amendment&#148;) is dated
as of and effective <u>nunc</u> <u>pro</u> <u>tunc</u> as of June 30, 2003, and entered into by and between UNIVERSAL STAINLESS &amp; ALLOY PRODUCTS, INC., a corporation organized and existing under the laws of the state of Delaware (the
&#147;Borrower&#148;), and PNC BANK, NATIONAL ASSOCIATION (the &#147;Bank&#148;), and amends that certain Second Amended and Restated Credit Agreement dated as of January 30, 1998, 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 &#147;Existing Credit Agreement&#148;).</font></p> <p align="center"><font style="font-size:10pt">W I T N E S S E T H :</font></p> <p><font
style="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Borrower and the Bank entered into the Existing Credit Agreement; and</font></p> <p><font
style="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, upon the request of the Borrower, the Bank has agreed to modify the Existing Credit Agreement
effective as of June 30, 2003, <u>nunc</u> <u>pro</u> <u>tunc</u>, all as more particularly set forth herein.</font></p> <p><font
style="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:</font></p> <p align="center"><font
style="font-size:10pt">ARTICLE I <br><u>AMENDMENTS TO EXISTING CREDIT AGREEMENT</u></font></p> <p><font
style="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01 &nbsp;&nbsp; <u>Amendments to Section 1.1 of the Existing Credit Agreement</u>.</font></p>
<p><font style="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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:</font></p>
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<td width="3%"><font style="font-size:10pt">&nbsp;</font></td>
<td><font style="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Consolidated Total Indebtedness</u>: The Indebtedness of the Borrower and its Subsidiaries on a Consolidated basis, as determined in accordance with GAAP
consistently applied. Any reference herein to the term &#147;Consolidated Indebtedness&#148; shall have the same meaning as &#147;Consolidated Total Indebtedness&#148; set forth herein.</font></td> </tr> </table> <br>
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<td width="3%"><font style="font-size:10pt">&nbsp;</font></td>
<td><font style="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Sixth Amendment</u>: The Sixth Amendment to Second Amended and Restated Credit Agreement entered into by and between the Borrower and the Bank and dated
as of and effective <u>nunc</u> <u>pro</u> <u>tunc</u> as of June 30, 2003.</font></td> </tr> </table>

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<td width="3%"><font style="font-size:10pt">&nbsp;</font></td>
<td><font style="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Sixth Amendment Effective Date</u>: This term shall have the meaning given to it in Section 3.02 of the Sixth Amendment.</font></td> </tr> </table> <br>
<p><font style="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The definition for the following defined terms contained in the Existing Credit Agreement are hereby amended and restated
in their entirety as follows:</font></p>
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<td width="3%" colspan="2"><font style="font-size:10pt">&nbsp;</font><font style="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Applicable Margin</u>: The
percentage (expressed in basis points) determined from time to time based upon the ratio of the Borrower&#146;s Consolidated Total Indebtedness to the Borrower&#146;s Consolidated EBITDA set forth under the relevant column heading below.</font></td>
</tr> </table> <br>
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<td width="14%" align="left"><font style="font-size:10pt"><b>&nbsp;</b></font></td>
<td width="64%" align="left"><font style="font-size:10pt"><b>&nbsp;</b></font></td>
<td width="10%" align="left"><font style="font-size:10pt"><b>&nbsp;</b></font></td>
<td width="6%" align="left"><font style="font-size:10pt"><b>&nbsp;</b></font></td>
<td width="6%" align="left"><font style="font-size:10pt"><b>&nbsp;</b></font></td> </tr>
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<td></td>
<td rowspan="2" align="center"> <font style="font-size:8pt"><b>Ratio of Consolidated<br> Total Indebtedness to<br> Consolidated EBITDA<br></b></font> </td>
<td rowspan="2" align="center"><font style="font-size:8pt"><b>Revolving Credit<br>Loans<br></b></font></td>
<td colspan="2" align="center"><font style="font-size:8pt"><b>TERM LOAN</b></font></td> </tr>
<tr valign="bottom">
<td></td>
<td align="center"><font style="font-size:8pt"><b>Euro-<br> Rate<br></b></font></td>
<td align="center"><font style="font-size:8pt"><b>Base <br> Rate</b></font></td> </tr>
<tr valign="top">
<td align="left"><font style="font-size:10pt">LEVEL I</font></td>
<td align="left"><font style="font-size:10pt">Less than 1:0 to 1:00</font></td>
<td align="center"><font style="font-size:10pt">100</font></td>
<td align="center"><font style="font-size:10pt">100</font></td>
<td align="center"><font style="font-size:10pt">0</font></td> </tr>
<tr valign="middle">
<td align="left"><font style="font-size:10pt">LEVEL II</font></td>
<td align="left"><font style="font-size:10pt">Equal to or greater than 1.0 to <br> 1.0 but less than 1.5 to 1.0</font></td>
<td align="center"><font style="font-size:10pt">100</font></td>
<td align="center"><font style="font-size:10pt">125</font></td>
<td align="center"><font style="font-size:10pt">0</font></td> </tr>
<tr valign="middle">
<td align="left"><font style="font-size:10pt">LEVEL III</font></td>
<td align="left"><font style="font-size:10pt">Equal to or greater than 1.5 to <br> 1.0 but less than 2.0 to 1.0</font></td>
<td align="center"><font style="font-size:10pt">75</font></td>
<td align="center"><font style="font-size:10pt">150</font></td>
<td align="center"><font style="font-size:10pt">0</font></td> </tr>
<tr valign="top">
<td align="left"><font style="font-size:10pt">LEVEL IV</font></td>
<td align="left"><font style="font-size:10pt">Equal to or greater than 2.0</font></td>
<td align="center"><font style="font-size:10pt">75</font></td>
<td align="center"><font style="font-size:10pt">175</font></td>
<td align="center"><font style="font-size:10pt">0</font></td> </tr>
<tr valign="top">
<td align="left"><font style="font-size:10pt">LEVEL V</font></td>
<td align="left"><font style="font-size:10pt">Equal to or greater than 2.5</font></td>
<td align="center"><font style="font-size:10pt">25</font></td>
<td align="center"><font style="font-size:10pt">225</font></td>
<td align="center"><font style="font-size:10pt">0</font></td> </tr> </table> <p></p>
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<td width="3%" colspan="2"><font style="font-size:10pt">&nbsp;</font><font style="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u></u></font><font
style="font-size:10pt"><u>EBITDA</u>:&nbsp;&nbsp;For the period in question (tested on a rolling four-quarters basis as of the end of the Fiscal Quarter in question): the sum of (i) Consolidated Net Income, <u>plus</u> (ii) Consolidated income tax
expense, <u>plus</u> (iii) Consolidated interest expense, <u>plus</u> (iv) Consolidated depreciation expense, <u>plus</u> (v) Consolidated amortization expense, each determined in accordance with GAAP, excluding (A) any non-recurring or
extraordinary income or losses for such period in question determined in accordance with GAAP and (B) the Net Income of any other Person acquired by the Borrower in a transaction accounted for as a pooling of interests for any period prior to the
date of such acquisition; <u>provided</u>, <u>however</u>, that for the Fiscal Quarter ending (x) September 30, 2003, EBITDA shall be equal to the sum of items (i), (ii), (iii), (iv) and (v) above of this definition, <u>less</u> items (A) and (B) of
this definition, for the three (3) month period ending September 30, 2003, <u>multiplied</u> <u>by</u> four (4); (y) December 31, 2003, EBITDA shall be equal to the sum of items (i), (ii), (iii), (iv) and (v) above of this definition, <u>less</u>
items (A) and (B) of this definition, for the six (6) month period ending December 31, 2003, <u>multiplied</u> <u>by</u> two (2); and (z) March 31, 2004, EBITDA shall be equal to the sum of items (i), (ii), (iii), (iv) and (v) above of this
definition, <u>less</u> items (A) and (B) of this definition, for the nine (9) month period ending March 31, 2004, <u>multiplied</u> <u>by</u> one and three thousand three hundred thirty three millionths (1.3333).</font></td> </tr> </table> <br>
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<td width="3%" colspan="2"><font style="font-size:10pt">&nbsp;</font><font style="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u></u></font><font
style="font-size:10pt">Section 1.02&nbsp;&nbsp; <u>Amendment to Subsection 6.4(iii) of the Existing Credit Agreement</u>. Subsection 6.4(iii) of the Existing Credit Agreement is hereby amended and restated to read as follows:</font></td> </tr>
</table> <br> <p align="center"><font style="font-size:10pt">- 2 -</font></p>

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<td width="6%"><font style="font-size:10pt">&nbsp;</font></td>
<td><font style="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;<u>Leverage</u>. &nbsp;&nbsp;(x) Prior to January 1, 2003, the Borrower&#146;s ratio of
Consolidated Total Indebtedness to EBITDA, shall at all times not exceed 2.50:1.00, (y) on and after January 1, 2003, but prior to January 1, 2004, the Borrower&#146;s ratio of Consolidated Total Indebtedness to EBITDA, shall at all times not exceed
3.50:1.00, and (z) on and after January 1, 2004, the Borrower&#146;s ratio of Consolidated Total Indebtedness to EBITDA, shall at all times not exceed 2.50:1.00; <u> provided</u>, <u>however</u>, that for the Fiscal Quarter ending June 30, 2003 the
Borrower shall not be required to maintain, and the Bank shall not test, the ratio of Consolidated Total Indebtedness to EBITDA at the levels set forth above.</font></td> </tr> </table> <br>
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<td width="3%" colspan="2"><font style="font-size:10pt">&nbsp;</font><font style="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u></u></font><font
style="font-size:10pt">Section 1.03&nbsp;&nbsp; <u>Amendment to Subsection 6.4(iv) of the Existing Credit Agreement</u>. Subsection 6.4(iv) of the Existing Credit Agreement is hereby amended and restated to read as follows:</font></td> </tr>
</table> <br>
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<td width="6%"><font style="font-size:10pt">&nbsp;</font></td>
<td><font style="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Consolidated Debt Service Ratio</u>. (x) Prior to January 1, 2003, as at the end
of each Fiscal Quarter occurring during such period, the ratio of the Borrower&#146;s EBITDA to Consolidated Debt Service shall not be less than 2.0:1.0, (y) on and after January 1, 2003, but prior to January 1, 2004, as at the end of each Fiscal
Quarter occurring during such period, the ratio of the Borrower&#146;s EBITDA to Consolidated Debt Service shall not be less than 1.5:1.0, and (z) on and after January 1, 2004, as at the end of each Fiscal Quarter occurring during such period, the
ratio of the Borrower&#146;s EBITDA to Consolidated Debt Service shall not be less than 2.0:1.0; <u>provided,</u> <u>however</u>, that for the Fiscal Quarter ending June 30, 2003, the Borrower shall not be required to maintain, and the Bank shall
not test, the ratio of EBITDA to Consolidated Debt Service at the levels set forth above.</font></td> </tr> </table> <br>
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<td width="3%" colspan="2"><font style="font-size:10pt">&nbsp;</font><font style="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u></u></font><font
style="font-size:10pt">Section 1.04&nbsp;&nbsp; <u>Amendment to Section 6.4 of the Existing Credit Agreement</u>. Section 6.4 of the Existing Credit Agreement is hereby amended by inserting a new Subsection 6.4(v) at the end thereto, which shall
read as follows:</font></td> </tr> </table> <br>
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<td width="6%"><font style="font-size:10pt">&nbsp;</font></td>
<td><font style="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Minimum EBITDA</u>. For the Fiscal Quarter ending June 30, 2003, the Borrower
shall maintain a minimum EBITDA of at least $100,000.</font></td> </tr> </table> <br>
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<td width="3%" colspan="2"><font style="font-size:10pt">&nbsp;</font><font style="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u></u></font><font
style="font-size:10pt">Section 1.05&nbsp;&nbsp; <u>No Other Amendments</u>. 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&#146;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.</font></td> </tr> </table> <br> <p align="center"><font style="font-size:10pt">- 3 -</font></p>

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  <p align="center"><font style="font-size:10pt">ARTICLE II <br> BORROWER&#146;S SUPPLEMENTAL REPRESENTATIONS</font></p>
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<td width="3%" colspan="2"><font style="font-size:10pt">&nbsp;</font><font style="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u></u></font><font
style="font-size:10pt">Section 2.01 &nbsp;&nbsp;<u>Incorporation by Reference</u>. 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 Sixth Amendment Effective Date, and (ii) the Borrower hereby represents and warrants that on and as the Sixth Amendment Effective Date that no Default or Event of Default has occurred and is continuing.</font></td> </tr>
</table> <br> <p align="center"><font style="font-size:10pt">ARTICLE III <br> <u>CONDITIONS PRECEDENT</u></font></p> <p><font
style="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.01 &nbsp;&nbsp;<u>Conditions Precedent.</u> Each of the following shall be a condition precedent
to the effectiveness of this Amendment:</font></p>
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<td width="2%"><font style="font-size:10pt">&nbsp;</font></td>
<td width="98%"><font style="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bank shall have received, on or before the Sixth Amendment Effective Date, the following items, each,
unless otherwise indicated, dated on or before the Sixth Amendment Effective Date and in form and substance satisfactory to the Bank:</font></td> </tr> </table> <br>
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<td width="5%"><font style="font-size:10pt">&nbsp;</font></td>
<td width="95%"><font style="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp; A duly executed counterpart original of this
Amendment;</font></td> </tr> </table> <br>
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<td width="5%"><font style="font-size:10pt">&nbsp;</font></td>
<td width="95%"><font style="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp; 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;</font></td> </tr> </table> <br>
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<td width="5%"><font style="font-size:10pt">&nbsp;</font></td>
<td width="95%"><font style="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) &nbsp;&nbsp; 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</font></td> </tr> </table>
<br>
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<td width="5%"><font style="font-size:10pt">&nbsp;</font></td>
<td width="95%"><font style="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) &nbsp;&nbsp; Such other instruments, documents and opinions of
counsel as the Bank shall reasonably require, all of which shall be satisfactory in form and content to the Bank</font></td> </tr> </table> <br>
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<td width="3%"><font style="font-size:10pt">&nbsp;</font></td>
<td width="97%"><font style="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The following statements shall be true and correct on the Sixth Amendment Effective Date, and the Borrower
shall deliver to the Bank a certificate certifying that:</font></td> </tr> </table> <br>
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<td width="5%"><font style="font-size:10pt">&nbsp;</font></td>
<td width="95%"><font style="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &nbsp;&nbsp; after giving effect to this Sixth 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 Sixth Amendment Effective Date as though made on and as of such date;</font></td> </tr> </table>
<br> <p align="center"><font style="font-size:10pt">- 4 -</font></p>

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  <p><font style="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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;</font></p> <p><font
style="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; after giving effect to this Sixth 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;</font></p> <p><font
style="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; after giving effect to this Sixth 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</font></p> <p><font
style="font-size:10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; after giving effect to this Sixth 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.</font></p> <p><font
style="Font-Size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.02 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Sixth Amendment Effective Date.</u>&nbsp;&nbsp; Upon
completion of the conditions set forth in Section 3.01 of this Sixth Amendment, the effective date of this Sixth Amendment is deemed to be June 30, 2003, <u>nunc</u> <u> pro</u> <u> tunc</u>.</font></p> <p align="center"><font
style="Font-Size: 10pt">ARTICLE IV</font><br> <font style="Font-Size: 10pt"><u>GENERAL PROVISIONS</u></font></p> <p><font
style="Font-Size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.01 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Ratification of Terms</u>.&nbsp;&nbsp; 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. <b>T<small>HE</small> B<small>ORROWER
EXPRESSLY RATIFIES AND CONFIRMS THE CONFESSION OF JUDGMENT AND WAIVER OF JURY TRIAL PROVISIONS CONTAINED IN THE</small> E<small>XISTING</small> C<small>REDIT</small> A<small>GREEMENT AND THE OTHER</small> L<small>OAN</small>
D<small>OCUMENTS</small>.</b></font></p> <p><font style="Font-Size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.02
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>References</u>.&nbsp;&nbsp; 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 Sixth 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.</font></p> <p align="center"><font style="Font-Size: 10pt">-&nbsp;5&nbsp;-</font></p>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p><font style="Font-Size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.03 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Incorporation Into
Existing Credit Agreement</u>.&nbsp;&nbsp; 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.</font></p> <p><font style="Font-Size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
4.04 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>.&nbsp;&nbsp; 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.</font></p> <p><font style="Font-Size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.05 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Capitalized
Terms</u>.&nbsp;&nbsp; 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.</font></p> <p><font style="Font-Size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.06 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Taxes</u>.&nbsp;&nbsp; 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.</font></p> <p><font
style="Font-Size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.07 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Costs and Expenses</u>.&nbsp;&nbsp; The Borrower will pay
all costs and expenses of the Bank (including, without limitation, the reasonable fees and the disbursements of the Bank&#146;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.</font></p> <p><font
style="Font-Size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.08&nbsp;&nbsp;<u>GOVERNING LAW</u>. 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.</font></p> <p><font
style="Font-Size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.09 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Headings</u>.&nbsp;&nbsp; The headings of the sections in
this Amendment are for purposes of reference only and shall not be deemed to be a part hereof.</font></p> <p align="center"><font style="Font-Size: 10pt">[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]</font></p> <p align="center"><font
style="Font-Size: 10pt">-&nbsp;6&nbsp;-</font></p>

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<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
  <p><font style="Font-Size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties hereto, with the intent to be legally bound hereby, have caused this Sixth 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, and effective, <u>nunc pro tunc</u> as of, the day and year first above written.</font></p>
<table cellpadding="0" cellspacing="0" border="0" width="100%">
<tr valign="bottom">
<td width="4%" align="left">&nbsp;</td>
<td width="30%" align="left"></td>
<td width="32%" align="left">&nbsp;</td>
<td width="4%" align="left">&nbsp;</td>
<td width="30%" align="left"></td></tr>
<tr valign="bottom">
<td align="left" colspan="2"><font style="Font-Size: 10pt">ATTEST:</font></td>
<td align="left">&nbsp;</td>
<td align="left" colspan="2"><font style="Font-Size: 10pt">U<small>NIVERSAL</small> S<small>TAINLESS</small> &amp; A<small>LLOY</small> P<small>RODUCTS</small>, I<small>NC</small>.</font></td>
<td align="left">&nbsp;</td></tr>
<tr valign="bottom">
<td align="left">&nbsp;</td>
<td align="left"></td>
<td align="left">&nbsp;</td>
<td align="left"></td></tr>
<tr valign="bottom">
<td align="left"><font style="Font-Size: 10pt">By:</font></td>
<td align="left"><font style="Font-Size: 10pt">/s/ P<small>AUL</small> A. M<small>CGRATH</small>&nbsp;&nbsp;&nbsp;(SEAL)</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font style="Font-Size: 10pt">By:</font></td>
<td align="left"><font style="Font-Size: 10pt">/s/ R<small>ICHARD</small> M. U<small>BINGER</small>&nbsp;&nbsp;&nbsp;(SEAL)</font></td></tr>
<tr valign="bottom">
<td align="left" colspan="2"><hr size="1" width="100%" color="black" noshade></td>
<td align="left">&nbsp;</td>
<td align="left" colspan="2"><hr size="1" width="100%" color="black" noshade></td></tr>
<tr valign="bottom">
<td align="left"><font style="Font-Size: 8pt">Name:</font></td>
<td align="left"><font style="Font-Size: 8pt">Paul A. McGrath</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font style="Font-Size: 8pt">Name:</font></td>
<td align="left"><font style="Font-Size: 8pt">Richard M. Ubinger</font></td></tr>
<tr valign="bottom">
<td align="left"><font style="Font-Size: 8pt">Title:</font></td>
<td align="left"><font style="Font-Size: 8pt">Secretary</font></td>
<td align="left">&nbsp;</td>
<td align="left"><font style="Font-Size: 8pt">Title:</font></td>
<td align="left"><font style="Font-Size: 8pt">Chief Financial Officer</font></td></tr>
<tr valign="bottom">
<td align="left">&nbsp;&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td></tr>
<tr valign="bottom">
<td align="left">&nbsp;&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left" colspan="2"><font style="Font-Size: 10pt">P<small>NC</small> B<small>ANK</small>, N<small>ATIONAL</small> A<small>SSOCIATION</small></font></td></tr>
<tr valign="bottom">
<td align="left">&nbsp;&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td></tr>
<tr valign="bottom">
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left"><font style="Font-Size: 10pt">By:</font></td>
<td align="left"><font style="Font-Size: 10pt">/s/ D<small>AVID</small> B. G<small>OOKIN</small>&nbsp;&nbsp;&nbsp;(SEAL)</font></td></tr>
<tr valign="bottom">
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left" colspan="2"><hr size="1" width="100%" color="black" noshade></td></tr>
<tr valign="bottom">
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left"><font style="Font-Size: 8pt">Name:</font></td>
<td align="left"><font style="Font-Size: 8pt">David B. Gookin</font></td></tr>
<tr valign="bottom">
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left">&nbsp;</td>
<td align="left"><font style="Font-Size: 8pt">Title:</font></td>
<td align="left"><font style="Font-Size: 8pt">Vice President</font></td></tr> </table> <p align="center"><font style="Font-Size: 10pt">-&nbsp;7&nbsp;-</font></p>
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