Amendment No. 6 to Amended and Restated Credit Agreement among Olympic Steel, Inc., Comerica Bank (as Agent), and Lender Banks

Summary

This amendment, dated May 21, 2004, updates the existing credit agreement between Olympic Steel, Inc., Comerica Bank (as Administrative Agent), and several lender banks. The amendment extends the maturity dates for the revolving credit and term loans to December 15, 2006, and confirms that all other terms of the original agreement remain unchanged. The amendment becomes effective once all parties have signed and a required fee is paid. Olympic Steel and its guarantor subsidiaries confirm their authority to enter into this amendment and that no default exists under the agreement.

EX-4.8 2 l08664aexv4w8.txt EXHIBIT 4.8 EXHIBIT 4.8 AMENDMENT NO. 6 TO AMENDED AND RESTATED CREDIT AGREEMENT THIS AMENDMENT dated as of May 21, 2004, by and among the financial institutions whose signatures appear below (individually a "Bank," collectively the "Banks"), Comerica Bank, as Administrative Agent for the Banks (in such capacity, "Agent"), and Olympic Steel, Inc., an Ohio corporation (the "Company"). RECITALS: A. Company, Agent and Comerica Bank, Fifth Third Bank, Standard Federal Bank N.A., Fleet Capital Corporation and KeyBank National Association are parties to that certain Amended and Restated Credit Agreement dated as of December 30, 2002, as previously amended ("Credit Agreement"). B. Company, the Banks and Agent desire to amend the Credit Agreement as set forth below. NOW THEREFORE, the parties agree as follows: 1. The definitions of "Revolving Credit Maturity Date", "Term Loan A Maturity Date" and "Term Loan B Maturity Date" set forth in Section 1.1 of the Credit Agreement are amended to read as follows: "`Revolving Credit Maturity Date' shall mean the earlier to occur of (i) December 15, 2006, as such date may be extended pursuant to Section 2.16 hereof, and (ii) the date on which the Revolving Credit Aggregate Commitment shall terminate in accordance with the provisions of this Agreement." "`Term Loan A Maturity Date' shall mean December 15, 2006, as such date may be extended under Section 4.13 of this Agreement." "`Term Loan B Maturity Date' shall mean December 15, 2006, as such date may be extended under Section 4.13 of this Agreement." 2. Except as expressly modified hereby, all the terms and conditions of the Credit Agreement shall remain in full force and effect. 3. Company hereby represents and warrants that, after giving effect to the amendments contained herein, (a) execution, delivery and performance of this Amendment and any other documents and instruments required under this Amendment or the Credit Agreement are within its corporate powers, have been duly authorized, are not in contravention of law or the terms of its Articles of Incorporation or Bylaws, and do not require the consent or approval of any governmental body, agency, or authority; and this Amendment and any other documents and instruments required under this Amendment or the Credit Agreement, will be valid and binding in accordance with their terms; (b) the continuing representations and warranties made by Company set forth in Sections 6.1 through 6.19 and 6.21 through 6.24 of the Credit Agreement 22 OF 47 are true and correct on and as of the date hereof with the same force and effect as if made on and as of the date hereof; (c) the continuing representations and warranties of Company set forth in Section 6.20 of the Credit Agreement are true and correct as of the date hereof with respect to the most recent financial statements furnished to the Bank by Company in accordance with Section 7.1of the Credit Agreement; and (d) no Default or Event of Default has occurred and is continuing as of the date hereof. 4. Capitalized terms used but not defined herein shall have the meaning set forth in the Credit Agreement. 5. This Amendment may be signed in counterparts. 6. This Amendment shall become effective (according to the terms and as of the date hereof) upon satisfaction by Company of the following conditions: (a) Agent shall have received counterpart originals of this Amendment, in each case duly executed and delivered by Company, the Banks, and the Guarantors; and (b) Company shall have paid to the Agent for the benefit of the Banks the fee referred to in Section 7, below. WITNESS the due execution hereof as of the day and year first above written. COMERICA BANK, OLYMPIC STEEL, INC. as Agent By:_______________________________ By:__________________________________ Its: _____________________________ Its: ________________________________ SWING LINE BANK: COMERICA BANK By:__________________________________ Its: ________________________________ ISSUING BANK: COMERICA BANK 23 OF 47 By:__________________________________ Its: ________________________________ BANKS: COMERICA BANK By:__________________________________ Its: ________________________________ STANDARD FEDERAL BANK N.A. By:__________________________________ Its: ________________________________ FIFTH THIRD BANK By:__________________________________ Its: ________________________________ FLEET CAPITAL CORPORATION By:__________________________________ Its: ________________________________ KEYBANK NATIONAL ASSOCIATION By:__________________________________ Its: ________________________________ 24 OF 47 Acknowledged by the undersigned Guarantor as of May 21, 2004. : GUARANTORS: OLYMPIC STEEL LAFAYETTE, INC. By: _________________________________ Its:_________________________________ OLYMPIC STEEL MINNEAPOLIS, INC. By:__________________________________ Its: ________________________________ OLYMPIC STEEL IOWA, INC. By:__________________________________ Its: ________________________________ OLY STEEL WELDING, INC. By:__________________________________ Its: ________________________________ OLYMPIC STEEL RECEIVABLES, L.L.C. By:__________________________________ Its:_________________________________ 25 OF 47