AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT
This Amendment dated as of February 6, 2003 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 and Standard Federal
Bank N.A. executed that certain Amended and Restated Credit Agreement dated as
of December 30, 2002 ("Credit Agreement").
B. Subsequently Comerica Bank assigned a portion of its interest in the
Credit Agreement to Fleet Capital Corporation and KeyBank National Association.
C. Company, the Banks and Agent desire to amend the Credit Agreement as set
forth below.
D. Concurrently herewith, Company will be issuing replacement Revolving
Credit Notes, Term Loan A Notes and Term Loan B Notes to Standard Federal Bank
N.A., Fifth Third Bank and Bank to reflect adjustments to SCHEDULE 1.2 of the
Credit Agreement effective as of December 30, 2002.
Now therefore, the parties agree as follows:
1. Fleet Capital Corporation and KeyBank National Association each are
named Documentation Agents under the Credit Agreement.
2. The reference to "January 31, 2003" in Section 7.20(b) of the Credit
Agreement is changed to "March 15, 2003."
3. Section 12.14 of the Credit Agreement is amended to read as follows:
"12.14 Co-Agent or Other Titles. The Banks identified on the facing page
of this Agreement or otherwise herein as Syndication Agent, Cash
Management Agent, Documentation Agent or any similar titles, if any,
shall not have any right, power, obligation, liability, responsibility
or duty under this Agreement other than those applicable to all Banks as
such. Without limiting the foregoing, the Banks so identified as
Syndication Agent, Cash Management Agent, or Documentation Agent (or
having any similar title) shall not have or be deemed to have any
fiduciary relationship with any Bank. Each Bank acknowledges that it has
not relied, and will not rely, on the Bank so identified in deciding
to enter into this Agreement or in taking or not taking action
hereunder."
4. Schedules 1.2 and 13.6 of the Credit Agreement are amended to read in
the form annexed hereto.
5. Except as expressly modified hereby, all the terms and conditions of the
Credit Agreement shall remain in full force and effect.
6. 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 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.
7. Capitalized terms used but not defined herein shall have the meaning set
forth in the Credit Agreement.
8. This Amended may be signed in counterparts.
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2
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
By:
-----------------------------------
Its:
-----------------------------------
BANKS: COMERICA BANK
By:
-----------------------------------
Its:
-----------------------------------
3
STANDARD FEDERAL BANK N.A.
By:
-----------------------------------
Its:
-----------------------------------
FIFTH THIRD BANK
By:
-----------------------------------
Its:
-----------------------------------
FLEET CAPITAL CORPORATION
By:
-----------------------------------
Its:
-----------------------------------
KEYBANK NATIONAL ASSOCIATION
By:
-----------------------------------
Its:
-----------------------------------
4
SCHEDULE 1.2
PERCENTAGES AND ALLOCATIONS
-----------------------------------------------------------------------------------------------------
PERCENTAGES
-----------------------------------------------------------------------------------------------------
BANK REVOLVING CREDIT TERM LOAN A TERM LOAN B WEIGHTED
PERCENTAGE PERCENTAGE PERCENTAGE PERCENTAGE
(ROUNDED) (ROUNDED) (ROUNDED) (ROUNDED)
-----------------------------------------------------------------------------------------------------
Comerica Bank 24.2424242424242% 24.2424242424242% 24.2424242424242% 24.2424242424242%
-----------------------------------------------------------------------------------------------------
Standard
Federal 22.7272727272727% 22.7272727272727% 22.7272727272727% 22.7272727272727%
Bank, N.A.
-----------------------------------------------------------------------------------------------------
Fifth Third 15.1515151515152% 15.1515151515152% 15.1515151515152% 15.1515151515152%
Bank
-----------------------------------------------------------------------------------------------------
KeyBank
National 18.9393939393939% 18.9393939393939% 18.9393939393939% 18.9393939393939%
Association
-----------------------------------------------------------------------------------------------------
Fleet
Capital 18.9393939393939% 18.9393939393939% 18.9393939393939% 18.9393939393939%
Corporation
-----------------------------------------------------------------------------------------------------
Total 100% 100% 100% 100%
-----------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------
ALLOCATIONS
------------------------------------------------------------------------------------------------
BANK REVOLVING TERM LOAN TERM LOAN CURRENT ORIGINAL
CREDIT A B TOTAL TOTAL
------------------------------------------------------------------------------------------------
Comerica Bank $21,818,181.82 $2,860,606.06 $7,232,323.15 $31,911,111.03 $82,000,000
------------------------------------------------------------------------------------------------
Standard
Federal $20,454,545.45 $2,681,818.18 $6,780,302.95 $29,916,666.56 $30,000,000
Bank, N.A.
------------------------------------------------------------------------------------------------
Fifth Third $13,636,363.64 $1,787,878.79 $4,520,201.97 $19,944,444.39 $20,000,000
Bank
------------------------------------------------------------------------------------------------
KeyBank
National $17,045,454.55 $2,234,848.48 $5,650,252.46 $24,930,555.49 0
Association
------------------------------------------------------------------------------------------------
Fleet
Capital $17,045.454.55 $2,234,848.48 $5,650,252.46 $24,930,555.49 0
Corporation
------------------------------------------------------------------------------------------------
Total $90,000,000 $11,800,000 $29,833,333 $131,633,333 $132,000,000
------------------------------------------------------------------------------------------------
SCHEDULE 13.6
INFORMATION FOR NOTICES
To the Company: Olympic Steel, Inc.
0000 Xxxxxxxx Xxxx
Xxxxxxxxx, Xxxx 00000
Attn: Xxxxxxx X. Xxxxxx
Xxxxxxx X. Xxxxxxxx
Telephone: (000) 000-0000
Fax: (000) 000-0000
To the Agent: Comerica Bank
000 Xxxxxxxx Xxxxxx
XX 0000
Xxxxxxx, Xxxxxxxx 00000
Attn: Xxxxxxx X. Xxxxxx
Telephone: (000) 000-0000
Fax: (000) 000-0000
To the Banks: Comerica Bank
000 Xxxxxxxx Xxxxxx
XX 0000
Xxxxxxx, Xxxxxxxx 00000
Attn: Xxxxxxx X. Xxxxxx
Telephone: (000) 000-0000
Fax: (000) 000-0000
Fifth Third Bank
0000 Xxxx Xxxxx Xxxxxx
Xxxxxxxxx, Xxxx 00000
Attn: Xxxxx X. Xxxxxxx
Telephone: 000-000-0000
Fax:000-000-0000
Standard Federal Bank N.A.
0000 Xxxx Xxx Xxxxxx Xxxx
Xxxx, Xxxxxxxx 00000
Attn: Xxxxxx X. Xxxxxxxxx
Telephone: 000-000-0000
Fax:000-000-0000
Fleet Capital Corporation
Xxx Xxxxx Xxxxxx Xxxx
Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000
Attn: Xxxxxx Xxxxxx
Telephone: 000-000-0000
Fax: 000-000-0000
KeyBank National Association
00 Xxxxxx Xxxxxx
Xxxxxxxxx, Xxxx 00000
Attn: Xxx Xxxxxxx
Telephone: 000-000-0000
Fax: 000-000-0000
