Document:

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                                                                  EXHIBIT 10(lv)

                                LETTER AMENDMENT

                                                   Dated as of November 20, 2001

To the banks, financial institutions
   and other institutional lenders
   (collectively, the "Lenders") parties
   to the Credit Agreement referred to
   below and to Citibank, N.A., as agent
   (the "Agent") for the Lenders

Ladies and Gentlemen:

                  We refer to the Credit Agreement dated as of October 11, 2000
(the "Credit Agreement") among the undersigned and you. Capitalized terms not
otherwise defined in this Letter Amendment have the same meanings as specified
in the Credit Agreement.

                  It is hereby agreed by you and us, effective as of the date of
this Letter Amendment, as follows:

         1. Clause (A) of the proviso following the table in the definition of
"Applicable Margin" is hereby amended in full to read "(A) through the fiscal
quarter end that is at least 180 days after receipt by the Borrower of the
"Commercial Operating Date" (as defined in the Power Purchase and Operating
Agreement between Tennessee Valley Authority and Choctaw Generation, Inc. dated
February 20, 1997), the Applicable Margin shall be at Level 5".

         2. Clause (A) of the proviso following the table in the definition of
"Applicable Percentage" is hereby amended in full to read "(A) through the
fiscal quarter end that it at least 180 days after receipt by the Borrower of
the "Commercial Operating Date" (as defined in the Power Purchase and Operating
Agreement between Tennessee Valley Authority and Choctaw Generation, Inc. dated
February 20, 1997), the Applicable Margin shall be at Level 5".

         3. Section 5.03(b) of the Credit Agreement is hereby amended in full to
read as follows:

                  (b) Fixed Charge Coverage Ratio. Maintain a ratio of
         Consolidated EBITDA of the Borrower and its Non-Project Mining
         Subsidiaries to the sum of interest payable on, and amortization of
         debt discount in respect of, all Consolidated Recourse Debt during such
         period, by the Borrower and its Non-Project Mining Subsidiaries for
         each period of four fiscal quarters of not less than 3.00:1 from
         January 1, 2001 until December 31, 2001, 3.25:1 from January 1, 2002
         until March 31, 2002, 3.50:1 from April 1, 2002 until September 30,
         2002, 3.75 from October 1, 2002 until March 31, 2003 and not less than
         4.00:1 thereafter.

                  This Letter Amendment shall become effective as of the date
first above written when, and only when, the Agent shall have received
counterparts of this Letter Amendment

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executed by the undersigned and the Required Lenders or, as to any of the
Lenders, advice satisfactory to the Agent that such Lender has executed this
Letter Amendment. This Letter Amendment is subject to the provisions of Section
8.01 of the Credit Agreement.

                  On and after the effectiveness of this Letter Amendment, each
reference in the Credit Agreement to "this Agreement", "hereunder", "hereof" or
words of like import referring to the Credit Agreement, and each reference in
the Notes to "the Credit Agreement", "thereunder", "thereof" or words of like
import referring to the Credit Agreement, shall mean and be a reference to the
Credit Agreement, as amended by this Letter Amendment.

                  The Credit Agreement and the Notes, as specifically amended by
this Letter Amendment, are and shall continue to be in full force and effect and
are hereby in all respects ratified and confirmed. The execution, delivery and
effectiveness of this Letter Amendment shall not, except as expressly provided
herein, operate as a waiver of any right, power or remedy of any Lender or the
Agent under the Credit Agreement, nor constitute a waiver of any provision of
the Credit Agreement.

                  If you agree to the terms and provisions hereof, please
evidence such agreement by executing and returning at least two counterparts of
this Letter Amendment to Susan L. Hobart, Shearman & Sterling, 599 Lexington
Avenue, New York, New York 10022.

                  This Letter Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement. Delivery of an executed
counterpart of a signature page to this Letter Amendment by telecopier shall be
effective as delivery of a manually executed counterpart of this Letter
Amendment.

                  This Letter Amendment shall be governed by, and construed in
accordance with, the laws of the State of New York.

                                        Very truly yours,

                                        THE NORTH AMERICAN COAL CORPORATION

                                        By: /s/ C.B. Friley
                                            ------------------------------------
                                        Title: Senior Vice President and CFO

Agreed as of the date first above written:

CITIBANK, N.A., as Agent and as Lender

By: /s/ David Harris
    ----------------------------------
Title: Vice president

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BANK ONE, NA

By: /s/ Mary Lu D. Cramer
    ----------------------------------
Title: Director

KEYBANK NATIONAL ASSOCIATION

By: /s/ Marianne T. Meil
    ----------------------------------
Title: Vice President

PNC BANK, NATIONAL ASSOCIATION

By: /s/ Brett Schweikle
    ----------------------------------
Title: Assistant Vice President<PAGE>
                                                               EXHIBIT 10(lxiii)

                      NACCO MATERIALS HANDLING GROUP, INC.
                       ANNUAL INCENTIVE COMPENSATION PLAN

                                      2002

GENERAL

         NACCO Materials Handling Group, Inc., (the "Company") has established
an Annual Incentive Compensation Plan ("Plan") as part of a competitive
compensation program for the officers and key management employees of the
Company and its Subsidiaries.

PLAN OBJECTIVE

         The Company desires to attract and retain talented employees to enable
the Company to meet its financial and business objectives. The objective of the
Plan is to provide an opportunity to earn annual incentive compensation to those
employees whose performance has a significant impact on the Company's short-term
and long-term profitability.

ADMINISTRATION AND PARTICIPATION

         The Plan is administered by the Nominating, Organization and
Compensation Committee of the Board of Directors of the Company (the
"Committee").

The Committee:

         a.       May amend, modify or discontinue the Plan.

         b.       Will approve participation in the Plan. Generally,
                  participants will include all employees in NACCO Materials
                  Handling Group salary grades 22 and above. However, the
                  Committee may select any employee who has contributed
                  significantly to the Company's profitability to participate in
                  the Plan and receive an annual incentive compensation award.
                  Subject to paragraphs (g) and (h), below, no employee of NACCO
                  Materials Handling Group shall be eligible to be a participant
                  in the Plan, and no participant in the Plan shall be eligible
                  to receive an award, unless such individual is employed for at
                  least 90 calendar days during the year.

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         c.       Will determine the annual performance criteria which generate
                  the incentive compensation pool.

         d.       Will determine the total amount of both the target and actual
                  annual incentive compensation pool.

         e.       Will approve individual incentive compensation awards to
                  officers and employees in NACCO Materials Handling Group above
                  salary grade 29.

         f.       May delegate to the Chief Executive Officer of the Company the
                  approval of incentive compensation awards to NACCO Materials
                  Handling Group employees in salary grade 29 and below.

         g.       May consider at the end of each year the award of a
                  discretionary bonus amount to non-participants as an addition
                  to the regular incentive compensation pool on a special
                  one-time basis to motivate individuals not eligible to
                  participate in the Plan.

         h.       May approve a pro-rate incentive compensation award for
                  participants in the Plan whose employment is terminated (1)
                  due to death, disability, retirement or facility closure, such
                  award to be determined pursuant to the provisions of
                  subparagraphs (e) and (f) above, or (2) under other
                  circumstances at the recommendation of the Chief Executive
                  Officer of the Company.

DETERMINATION OF CORPORATE INCENTIVE COMPENSATION POOL

         Each participant in the Plan will have an individual target incentive
compensation percentage which is determined by the participant's salary grade.
This percentage is multiplied by the mid-point of the participant's salary grade
to determine his individual target incentive compensation award. The total of
the target incentive compensation awards of all participants equals the target
corporate incentive compensation pool ("Target Pool"). The Target Pool is
approved each year by the Committee.

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         The actual corporate incentive compensation pool ("Actual Pool") is
determined at the end of each year based on the Company's actual performance
against specific criteria established in the beginning of the year by the
Committee. The Target Pool is adjusted upwards or downwards by corporate
performance adjustment factors to determine the Actual Pool. In no event will
the Actual Pool exceed 150% of the Target Pool, except to the extent that the
Committee elects to increase the Actual Pool by up to 110%, as described below.

         The Target and Actual Pools may consist of the sum of two or more
subpools, provided the subpools have individual objectives.

         It is the intent of the Plan that the Actual Pool, as determined above,
will be the final total corporate incentive compensation pool. However, the
Committee, in its sole discretion, may increase or decrease by up to 10% the
Actual Pool or may approve an incentive compensation pool where there would
normally be no pool due to Company performance which is below the criteria
established for the year.

         The Actual and Target Pools exclude the Marketing Incentive Plan for
regional parts, service, sales and national account managers. However, total
compensation or employees covered by the Marketing Incentive Plan will be based
on competitive levels.

DETERMINATION OF INDIVIDUAL INCENTIVE COMPENSATION AWARDS

         Salary grades and the corresponding target incentive percentages for
each participant in the Plan will be established at the beginning of each year
and approved by the Committee. Individual target incentive compensation will
then be adjusted by the appropriate pool or subpool factor. Such adjusted
individual incentive compensation will then be further modified based on the
team performance to which an individual belongs compared to the team goals for
the year, and may be further modified based on a Participant's performance as
compared to their individual goals for the year.

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         The total of all individual incentive compensation awards must not
exceed the Actual Pool for the Year.

         Below are examples of actual pool and individual award calculations.

         a.       Example calculation for determination actual pool:

                              INTENTIONALLY OMITTED

         b.       Example calculation for determination of individual incentive
                  compensation award:

                  John Doe:

                              INTENTIONALLY OMITTED

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