On March 16, 2009, Hardinge Inc. ("Hardinge" or the "Company") entered into a new credit facility with Manufacturers and Traders Trust Company ("M&T Bank") pursuant to which M&T Bank extended a $10 million term loan to Hardinge. The term loan bears interest at one-month LIBOR plus 500 basis points until September 30, 2009 and, thereafter until maturity, one-month LIBOR plus 600 basis points, with a minimum rate of 5.5%. The term loan matures on March 16, 2010.

The term loan is secured by substantially all of the assets of the Company, including a pledge of 66-2/3% of the Company's interest in Hardinge Holdings GmbH, the holding company for Hardinge's foreign subsidiaries. The term loan is guaranteed by Hardinge Technology Systems, Inc., a wholly-owned subsidiary of the Company and owner of the real property comprising the Company's world headquarters in Elmira, New York. The real property is subject to a negative pledge agreement in favor of M&T Bank.

The new credit facility with M&T Bank does not include any financial covenants but does contain other customary representations, affirmative and negative covenants and events of default.

The proceeds of the term loan were used to repay approximately $8.0 million of indebtedness owed by Hardinge under a multi-currency secured credit facility entered into in June 2008 with a bank syndicate that did not include M&T Bank.

The information set forth in Item 1.01 above is incorporated herein by reference.

Item 9.01(d) Exhibits.




Exhibits                                 Description

10.1       Credit Agreement dated March 16, 2009 between Hardinge and M&T Bank.

10.2       Libor Term Note dated March 16, 2009 in the principal amount of
           $10,000,000 by Hardinge to M&T Bank.

10.3       General Security Agreement dated March 16, 2009 by Hardinge in favor of
           M&T Bank.

10.4       Continuing Guaranty dated March 16, 2009 by Hardinge Technology
           Systems, Inc. in favor of M&T Bank.

10.5       Negative Pledge Agreement dated March 16, 2009 by Hardinge Technology
           Systems, Inc. in favor of M&T Bank.

10.6       Post Closing Agreement dated March 16, 2009 by and among Hardinge,
           Hardinge Technology Systems, Inc. and M&T Bank.