Exhibit 10(n)

                             OFFICER LOAN AGREEMENT

      Loan Agreement between Farrel Corporation ("Farrel") and Rolf K.
Liebergesell ("Officer"), dated as of March 24, 2003 (the "Agreement").

      WHEREAS, prior to July 30, 2002, Farrel from time-to-time permitted
Officer to make certain borrowings from Farrel (the "Officer Loan"); and

      WHEREAS, as of January 1, 2002, the amount outstanding on the Officer Loan
was $165,176.44; and

      WHEREAS, as a result of certain payments to Farrel by Officer, as of
January 1, 2003, the amount outstanding on the Officer Loan was $83,388.99; and

      WHEREAS, Farrel and Officer wish to document the terms applicable to the
Officer Loan.

      NOW, THEREFORE, Farrel and Officer agree as follows:

      1.    Interest on the any amounts due from Officer to Farrel as a result
            of the Officer Loan shall accrue at a rate (the "Loan Interest
            Rate") equal to the rate of interest earned by Farrel on funds
            maintained in a money-market account (the "Bank Interest Rate"). The
            Loan Interest Rate shall be adjusted quarterly to match the Bank
            Interest Rate.

      2.    Interest shall accrue retroactive to January 1, 2003, and shall be
            compound annually if not timely paid by Officer by January 31 of
            each year.

      3.    To the extent Officer is entitled to receive dividends from Farrel
            as a result of Officer's ownership of Farrel common stock, such
            dividends, net of any taxes payable by Officer as a result of such
            declaration of dividends (but limited to 25% of such net dividend
            amount in 2003), shall be applied first to any outstanding balance
            on the Officer Loan. Such amounts shall be applied first to reduce
            accrued and unpaid interest and then to reduce any remaining
            principal amounts due. This paragraph 4 shall not be deemed to grant
            Farrel a security interest in any Farrel common stock owned or
            controlled, directly or indirectly, by Officer and shall not limit
            or proscribe Officer's right to sell or otherwise dispose of any
            Farrel common stock.

      4.    To the extent Officer is entitled to receive any bonus payment from
            Farrel, such bonus payment, net of any taxes payable by Officer as a
            result of such bonus payment, shall be applied first to any
            outstanding balance on the Officer Loan.

      5.    Nothing in this Agreement is intended to modify or alter any other
            employment agreement or arrangement between Farrel and Officer.

      6.    To the extent not otherwise repaid as provided herein, the Officer
            Loan and all accrued and unpaid interest thereon shall become due
            and payable on the earlier of the date of Officer ceases to be an
            employee of Farrel or three years from the date on which this
            Agreement is executed.

      IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
      executed and effective the day and year first written above.


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ROLF K. LIEBERGESELL             FARREL CORPORATION

/s/Rolf K Liebergesell           By: /s/ Walter C Lazarcheck
----------------------               ------------------------
                                 Name: Walter C. Lazarcheck
                                 Its: Chief Financial Officer
                                 duly authorized and empowered


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