Document:

Executive Contract Agreement

AGREEMENT made as of the 1st day of October, 2001 by and between Blue Ribbon
Group, a North Carolina Corporation (hereinafter referred to as BRG), and New
York Cross Harbor Railroad Terminal Corporation, New York Regional Railroad, OSK
Capital 1, JS Transport and CH Proprietary, a New York Corporation, Delaware
Corporation, and New Jersey Corporation respectively having their principal
place of businesses located at 4302 First Ave., Brooklyn, New York (hereinafter
referred to collectively as "the Company").

WHEREAS the parties hereto have negotiated a mutually satisfactory arrangement
for the contract services of BRG to provide executive management for the
Company.

Now therefore, in consideration of the mutual covenants hereinafter set forth,
the parties hereto agree as follows:

1.       Services and Duties. The Company hereby assigns Ronald Bridges of BRG
         to act as the CEO and President of New York Regional Rail Corporation,
         New York Cross Harbor Railroad, JS Transport, and CH Proprietary and
         Ronald Bridges hereby accepts such assignment upon the terms and
         conditions hereinafter set forth. Ronald Bridges shall devote himself
         diligently to the promotion of the Company's interests. Ronald Bridges
         shall provide, but not limited to, the usual services provided as the
         CEO and President and those duties reasonably requested of him by the
         Board of Directors.

2.       Term. The term of this Agreement shall be one (1) year commencing on
         the date first above written. The Company hereto may terminate this
         Agreement at any time "for cause" or a disability whereby BRG is unable
         to perform the duties set forth in this Agreement for a period of three
         consecutive months. The Agreement shall automatically renew for a
         period of one (1) year unless either party gives the other written
         notice 60 days prior to the end date of the contract that the party
         wishes to terminate the renewal.

3.       Compensation.

A.       Regular Compensation
              As compensation for the services rendered by BRG, the Company will
              pay to BRG the amount of $9000.00 per month (of which $5000.00 is
              to be paid by NYCH and $4000.00 is to be paid by JST). The Company
              agrees to allow use of Corporate facilities and automobiles as
              necessary for providing the services described in this Agreement.

B.       Bonus Compensation
              BRG shall also be entitled to the following Bonus Compensation
              pursuant to the achievement of the following terms.

              i.       Stock Options
                         After each one-year period of this agreement BRG shall
                         be entitled to the following Bonus Compensation. For
                         any increase in gross sales revenue above the previous
                         years gross sales revenues of the New York Cross Harbor
                         Railroad and JS Transport, the Company shall grant
                         Ronald Bridges stock options in New York Regional Rail
                         Corp. These options will be granted at a rate of 2
                         stock options for each $10 increase in gross sales
                         revenue. First year's option exercise price shall be
                         100% of the value of the closing stock price of New
                         York Regional Railroad's common stock symbol "NYRR"
                         traded on the NASDAQ Exchange, as reported by such
                         exchange on the execution date of this agreement. Each
                         year thereafter, said option price shall be 100% of the
                         value of the closing stock price of New York Regional
                         Railroad's common stock symbol "NYRR" traded on the
                         NASDAQ Exchange as reported by such exchange commencing
                         on each one year anniversary of the date of this
                         agreement. Said grant will be paid within 30 days of
                         the Company closing of its books for the 3rd Quarter of
                         the Calendar year.

              ii.      Monetary Bonus Compensation
                         After each one-year period of this agreement BRG shall
                         be entitled to the following Bonus Compensation. The
                         Company also shall pay BRG five (5) percent of any
                         increase of gross sales up to an increase of one
                         million dollars, and 2.5 percent of any gross sales
                         increase above one million dollars. Said increase in
                         gross sales shall be determined by subtracting the
                         previous years gross sales revenues as reported in the
                         Company's Federal Tax Returns.

                         Said Monetary Bonus Compensation will be paid within 30
                         days of the Company closing of its books for the 3rd
                         Quarter of the Calendar year.

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              C.  Vacation Time.
              Ronald Bridges shall be entitled to five (5) weeks paid vacation
              for each one year of service while this Agreement is in effect.

4.       Expenses. During the term of this Agreement the Company shall pay, or
         reimburse Ronald Bridges for, the reasonable and necessary expenses
         incurred in connection with this agreement, and such other expenses as
         the Board of Directors shall specifically approve. Ronald Bridges shall
         be compensated for business use of his vehicle at the rate of thirty
         ($0.30) cents per mile.

5.       Termination For Cause.  At any time during the Term, the Company may
         terminate this agreement and the assignment of Ronald Bridges as CEO
         and President hereunder for Cause (as defined herein), effective
         immediately upon notice to Ronald Bridges.

         For purposes of this Agreement, Cause shall mean that Ronald Bridges:
         (1) breaches, neglects or fails to diligently perform to the reasonable
         satisfaction of the Company any or all of this duties under this
         Agreement, (2) commits an act of dishonesty or breach of trust, or acts
         in a manner which is inimical or injurious to the business or interest
         of the Company, (3) violates or breaches any of the provisions of the
         Agreement, (4) act or omission to act results in or is intended to
         result directly in gain to or personal enrichment at the Company's
         expense., (5) is indicted for or convicted of a felony or any crime
         involving larceny, embezzlement or moral turpitude, (6) becomes
         insolvent, makes an assignment for the benefit of creditors, files or
         has filed against him a petition for relief or other proceeding under
         federal bankruptcy law or state insolvency law or is assessed, or
         administered in any type of creditor's proceedings.

         On termination of this Agreement, all rights to compensation and
         benefits of BRG shall cease as of the Date of Termination, except BRG
         shall be entitled to any unpaid portion compensation earned to the Date
         of Termination.

6.       Vesting. Any options earned by virtue of the successful completion of
         the objectives set forth in Paragraph 3 above shall immediately be
         deemed vested. The option rights identified in this Agreement shall
         expire upon the earlier of one year from the date of vesting or 90 days
         following the termination of the Agreement. Upon any termination of the
         Agreement all rights to any unvested options shall be terminated.

7.       Binding Effect.  This Agreement shall inure to the benefit of and be
         binding upon the Company, its successors and assigns.

8.       Notice.  Any notice required to be given by this Agreement shall be
         delivered in hand to the person to whom such notice is addressed or
         mailed to such person by certified mail to the following appropriate
         address:

              To the Company:       Darryl S. Caplan, Esq.
                                    Cureton Caplan Hunt Scaramella & Clark, P.C.
                                    950 Chester Avenue
                                    Delran, NJ 08075

              To Blue Ribbon Group: Ronald Bridges
                                    Blue Ribbon Group
                                    522 N. Washington Street
                                    Rutherfordton, NC 28139

9.       Governing Law. This Agreement shall be governed, construed and enforced
         according to the laws of the State of New Jersey and no other. All
         actions, whether sounding in contract or in tort, shall be instituted
         and litigated in the State of New Jersey and the parties hereto submit
         to the jurisdiction of the courts of the State of New Jersey,
         specifically the United States District Court of New Jersey and/or
         Superior Court of New Jersey.

10.      Nondisclosure.  At all times during and after the Term, BRG shall keep
         confidential  and shall  not,except  with the Company's  express prior
         written consent, or except in the proper course of his employment with
         the Company, directly or indirectly,  communicate,  disclose, divulge,
         publish,  or  otherwise  express,  to any  Person,  or use for his own
         benefit or the benefit of any Person, any trade secrets,  confidential
         or  proprietary  knowledge  or  information,  no  matter  when  or how
         acquired,   concerning  the  conduct  and  details  of  the  Company's
         business,   including  without  limitation  ;names  of  customers  and
         suppliers,  marketing methods, trade secrets, policies,  prospects and
         financial  condition.  For  purposes  of  this  Section,  confidential
         information shall not include any information which is now known by or
         readily  available to the general  public or which becomes known by or
         readily  available to the general public other than as a result of any
         improper act or omission of BRG.

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11.      Entire Agreement. It is specifically stipulated that there are no
         verbal agreements or understandings between the parties hereto
         affecting this Agreement, and that this Agreement constitutes the sole
         agreement between the parties. All prior contract agreements between
         BRG and the Company (and/or any of its affiliates) are hereby
         terminated as of the date hereof as fully performed on both sides.

In Witness Whereof the parties have caused this Agreement to be executed, sealed
and delivered, in the case of the Company by its officer thereunto duly
authorized, as of the date first above written.

                           The Company

                           By:__________________________________________

                           Blue Ribbon Group, Inc.

                           By:__________________________________________

                                       3TRANSPORTATION AND OCCUPANCY AGREEMENT

         This Transportation and Occupancy Agreement (hereinafter referred to as
the "Agreement") is made and entered into on this 19th day of November, 2001 by
and among New York Cross Harbor Railroad Terminal Corporation, a New York
corporation, with a principal place of business located at 4302 First Avenue,
Brooklyn, New York 11232 (hereinafter referred to as "Cross Harbor"), J S
Transportation, a New Jersey corporation, with a principal place of business
located at 833 Rancocas Road, Mt. Holly, New Jersey 08060 (hereinafter referred
to as "J S") and Transload Services, L.L.C., an Illinois limited liability
company, with a principal place of business located at 3115 West 167th Street,
Hazel Crest, Illinois 60429 (hereinafter referred to as "Transload").

WITNESSETH:

         WHEREAS, Cross Harbor is a shortline rail carrier authorized to
transport railcars via a rail float barge to its rail terminal at the Greenville
Yard in Jersey City, New Jersey;

         WHEREAS, J S is a trucking company operating in the continental United
States;

         WHEREAS, Transload is in the business of receiving steel by rail,
unloading it, staging it and loading it onto trucks for delivery; and

         WHEREAS, Transload desires to enter into an agreement with Cross Harbor
and J S to occupy certain real property from Cross Harbor and to contract for
certain transportation services from Cross Harbor and J S and Cross Harbor and J
S desire to enter into an agreement with Transload to do the same.

         NOW, THEREFORE, in consideration of the premises and of the mutual
promises, covenants, representations and warranties herein contained, the
parties hereto, intending to be legally bound by the terms hereof, covenant and
agree as follows:

         1. Occupancy of Cross Harbor Premises at Greenville Yard. Cross Harbor
hereby grants to Transload, and Transload hereby accepts from Cross Harbor the
exclusive right to occupy, approximately 4.5 acres, of real property located at
the west end of the Greenville Yard in Jersey City, New Jersey ("Greenville
Yard"), as more fully set forth on the site-plan attached hereto as Exhibit A,
to be used for the operation of Transload's Business (hereinafter defined in
Section 2). Upon Transload reaching the 1,000 annual railcar level of actual
traffic, additional acreage shall be granted to Transload in an amount as agreed
upon by both parties.

         2. Operation of Transload's Business at Greenville Yard. Transload
shall receive steel by rail or truck at the Greenville Yard, stage it and
prepare it for shipping to various sites throughout the Northeastern United
States, ship it using the services of J S where applicable and as provided
herein and unload it at its final destination (Transload's Business"). All rail
shipments of in-bound steel received by Transload at the Greenville Yard shall
be transported to the Greenville Yard by Cross Harbor.

         3. Transportation Services to be Provided by J S. J S shall (i) provide
trucks and/or dropped trailers to Transload at the Greenville Yard for loading
by Transload, and (ii) transport by truck, on behalf of Transload, shipments of
steel from the Greenville Yard to any location in the Northeastern United States
as specified by Transload. Transload shall provide J S with at least twenty-four
(24) hours prior notice of all equipment and shipment needs, including date,
time and destination of shipment. Transload hereby agrees to use the
transportation services of J S. J S shall have the right of first refusal for
all out-bound shipping from the Greenville Yard.

         4. Effective Date and Term. The effective date of this Agreement shall
be December 1, 2001, and unless terminated or suspended under provisions hereof,
this Agreement shall remain in effect through November 30, 2011.

         5. Agreement Year.  "Agreement Year" shall mean each successive twelve
(12) month  period  during the term of this  Agreement  beginning on December 1,
2001.

         6. Optional Term.  Transload shall have the exclusive optional right to
renew this  Agreement  for another ten (10) year period upon  conclusion  of the
initial ten (10) year period, under the same terms and conditions.

         7. Exclusivity.  Transload shall have the exclusive right, so long as
price  competitive,  to transload  and  warehouse  steel  products at the entire
Greenville Yard.

         8. Real Estate Taxes.  Cross Harbor is responsible for paying any and
all real estate (property) taxes on the Greenville Yard.

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         9. Office Space.  Transload will provide, at no cost,Cross Harbor
and/or J S two (2) offices within Transload's office complex in Greenville Yard.
Cross  Harbor  and/or J S will  only be  responsible  for  their  own  telephone
service. All other utilities will be provided for by Transload.

         10. Payment.  Upon the execution of this Agreement, Transload shall pay
to Cross Harbor the sum of Fifty-Three  Thousand Dollars  ($53,000) to reimburse
Cross Harbor for site work previously completed on the Greenville Yard.

         11. Base Rates.

                  a. In-bound Shipping Rates.  Transload may elect to pay the
individual  rail  carrier  for the  delivery of rail  shipments  of steel to the
Greenville  Yard at the rates from  origination to destination  published,  from
time to time, by such individual rail carriers.

                  b. Transportation Service. Transload shall pay J S for the
shipment of steel from the Greenville Yard to the specified location within the
Northeastern United States at competitive rates established and mutually agreed
to. Such payment shall be delivered to J S within thirty (30) days of receipt of
an invoice from J S for such transportation services and shall be made in
accordance with the terms set forth in such invoice.

         12. Minimum Carloads. Beginning on January 1, 2002, Transload shall
guarantee to Cross Harbor that it shall receive by rail six hundred (600)
carloads per year of steel delivered to the Greenville Yard. If Transload fails
to do this, it will pay Cross Harbor the sum of Two Hundred Dollars ($200.00)
per railcar for any short fall. Any cars in excess of six hundred (600) in any
year will carry forward to the minimum for the subsequent year.

         13. Installation of Switch and Track. As business conditions warrant,
Transload shall install, at the Greenville Yard, a number 8 switch and 600
linear feet of track in accordance with plans approved by Cross Harbor prior to
the commencement of any work.

         14. Mechanic's Liens.  Within sixty (60) days after notice from Cross
Harbor,  Transload shall discharge any mechanic's lien on Transload for material
or labor  claimed to have been  furnished  to the  Greenville  Yard on behalf of
Transload.

         15. Rebate.  Cross Harbor will rebate to Transload $80/railcar for all
railcars  received for account of Transload in Greenville  Yard.  This amount is
due and  payable to  Transload  on the 20th of each  month for the prior  months
cars.

         J S rates for trucking SMI fabricated steel projects will include an
eight percent (8%) fee for Transload. All other J S rates will be determined by
negotiation with Transload

         16. Tariffs, Etc. All classifications, tariffs, transportation
contracts, and exempt circulars; government, AAR, and Cross Harbor's rules,
regulations, and provisions; and the terms and provisions of the Uniform
Straight Bill of Lading shall apply to transportation hereunder, except that
stop-off or transit privileges or proportional or intermediate application will
not be permitted. Diversion and reconsignment will be allowed only as a result
of any inability to unload at destination caused by a Force Majeure event. A
diverted or reconsigned shipment will be subject to applicable freight rates
from the point of diversion or reconsignment to the new destination, unless
otherwise provided herein.

         17. Federal, State and Local Laws and Permits. Transload shall comply
with all applicable federal, state and local laws, ordinances and regulation,
including, but not limited to, all laws pertaining to the transportation,
transfer and delivery of steel, now or hereinafter enacted and in force.

         Prior to any transportation hereunder, Transload shall obtain, and
shall maintain in effect during the term of this Agreement, any and all
necessary permits or licenses for the operation of Transload's Business and
shall furnish copies of all necessary permits and licenses to Cross Harbor and J
S.

         Any new or changed law or regulation, and/or any legal action
commenced, which prohibits or seeks to prohibit, or unduly impedes, the proposed
operation or the transportation or other service necessary or convenient to the
efficient transportation of steel shall, at the election of Cross Harbor and/or
J S, be deemed a substantial change in circumstances or conditions.

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         Transload shall immediately advise Cross Harbor and J S of any new or
changed law or regulation, or any change in its permits or licenses, which may
affect Transload's Business. If Transload fails to provide such proper
notification, Cross Harbor and/or J S may terminate this Agreement, and
Transload shall pay any and all damages, costs and fees to which Cross Harbor
and/or J S are subjected as a result of such new or changed laws or regulations.
Transload shall insure that Cross Harbor and J S maintain all permits that they
are required to have for transportation of steel.

         18.      Representations.

                  a. Representations of Transload. As a material inducement for
Cross Harbor and J S to enter into this Agreement, Transload represents and
warrants to Cross Harbor and J S that: (i) Transload is fully and properly
authorized to execute and enter into this Agreement and to deliver the same to
Cross Harbor and J S, and (ii) Transload is duly organized, validly existing and
in good standing under the laws of the State of Illinois and authorized to do
business and in good standing under the laws of the State of New Jersey and has
full power and authority to enter into this Agreement and to perform its
obligations hereunder in accordance with its terms.

                  b. Representations of Cross Harbor and J S. As a material
inducement for Transload to enter into this Agreement, Cross Harbor and J S each
represent and warrant to Transload that each: (i) is fully and properly
authorized to execute and enter into this Agreement and to deliver the same to
Transload, and (ii) is duly organized, validly existing and in good standing
under the laws of the States of New York and New Jersey, respectively and
authorized to do business and in good standing under the laws of the State of
New Jersey and has full power and authority to enter into this Agreement and to
perform its obligations hereunder in accordance with its terms.

         19. Environmental Compliance. Transload shall not manufacture, store,
treat, dispose of, discharge, use, produce or transport "Waste" (as hereinafter
defined) at, from or within the Greenville Yard. "Waste" is defined as any
hazardous or radioactive material, polychlorinated biphenyls, friable asbestos
or other hazardous or medical waste substances as defined by the Comprehensive
Environmental Response, Compensation and Liability Act, as amended, ("CERCLA")
or by any other federal, state or local law, statute, rule, regulation or other
(including any Governmental Requirements) concerning environmental matters
(collectively, "Waste").

         20.      Indemnity.

                  a. Indemnity of Cross Harbor and J S. Cross Harbor and J S
shall save, indemnify, defend and hold harmless Transload and its directors,
officers and employees from and against any and all claims, loss, damages
(including special and consequential damage), suit, liability, and expense
arising from Cross Harbor's sole negligence in their performance of its
obligations pursuant to this Agreement.

                  b. Indemnity of Transload. Transload shall save, indemnify,
defend and hold harmless Cross Harbor and J S and their directors, officers and
employees for and against any and all claim, loss, damages (including special
and consequential damages), suit, liability, and expense arising from
Transload's sole negligence in the performance of its obligations pursuant to
this Agreement.

                  c. Apportionment of Liability. If the proximate cause of any
claim, loss, suit, liability or expense is caused by the joint and concurring
negligence of Cross Harbor, J S and Transload the liability shall be apportioned
according to the respective negligence of the parties. If the proximate cause of
any claim, loss, damages, suit, liability or expense cannot be determined, the
liability therefore shall be borne 50% by Cross Harbor and J S and 50% by
Transload.

                  d. Fines and Penalties. Transload shall be solely responsible
for any fines, penalties or suits imposed on Cross Harbor and/or J S resulting
from any alleged or actual violation of federal, state or local environmental or
other law, statute, ordinance, code, or regulation caused by or resulting from
the operation of Transload's Business.

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                 e. Further Environmental Indemnity of Transload.
Notwithstanding the other provisions of this Agreement, if Transload, knowingly
or unknowingly, tenders or ships any Waste, as defined herein, Transload shall
save, indemnify, defend and hold harmless Cross Harbor and J S and their
directors, officers and employees from and against any and all claim, loss,
damages (including special and consequential damages, or damages caused by
sudden accidental pollution), suit, liability and expense arising out of the
transportation, transfer, delivery, treatment, dumping, storage or disposal of
such hazardous materials, including but not limited to any and all cleanup or
decontamination costs, and environmental fines or penalties, and any liability
pursuant to Section 107(a) and (b) of CERCLA and any amendments thereto, and for
any similar liability pursuant to state or local laws which may hold Cross
Harbor and/or J S liable for any release or hazardous waste or materials,
regardless of the negligence of Cross Harbor or J S.

         21. Insurance. At all times during the term of this Agreement,
Transload shall maintain in full force and effect comprehensive public liability
insurance, naming Cross Harbor, J S and New York Regional Rail ("NYRR"), the
parent of Cross Harbor and their agents as an additional insured as their
interests may appear, covering injury to persons in amounts at least equal to
$5,000,000.00 per person and $5,000,000.00 per accident, and damage to property
of at least $500,000.00 per occurrence. Each such policy shall provide that it
shall not be cancelable without the insurer endeavoring to give at least thirty
(30) days prior written notice to Cross Harbor and shall be issued by an insurer
and in a form satisfactory to Cross Harbor. Transload shall provide Cross Harbor
and J S with duplicate originals or certificates of such insurance at or prior
to the effective date of this Agreement together with evidence of paid-up
premiums, and shall provide Cross Harbor with renewals thereof at least fifteen
(15) days prior to expiration.

         22. Access.  From time to time, Transload shall provide Cross Harbor,
their agents and employees,  access to enter and inspect  Transload's portion of
Greenville Yard.

         23. Force Majeure. Except as otherwise provided herein, if any party is
unable to perform its obligation under this Agreement due to or as a result of
an act of God, including flood, storm, earthquake, hurricane, tornado, or other
severe weather or climatic condition; act of public enemy, war blockage,
insurrection, or riot; fire, wreck, derailment, washout or explosion; strike,
lockout or labor dispute; or embargo or governmental law, order or regulation
beyond the reasonable control of the party affected, this Agreement shall be
suspended between the affected origin and destination for the duration of such
disability. The party claiming Force Majeure shall promptly notify the party of
the commencement and termination of such disability.

         24. Notice. All notices hereunder shall be in writing and shall be
deemed to have been properly given if personally delivered or sent by certified
mail, return receipt requested, postage prepaid, or by private overnight express
carrier, such as Federal Express, next business day delivery, charges prepaid,
addressed to the parties at the addresses as set forth below or to such other
persons or addresses as Cross Harbor, J S or Transload may designate from time
to time by notice given pursuant hereto. Notices by the parties may be given on
their behalf by their respective counsel. Notice shall be deemed to have been
given upon the date of delivery, if personally delivered, or five (5) days after
the postmarked date of mailing if sent by certified mail, or one business day
after the date of deposit if sent by private overnight express carrier, next
business day delivery.

     If to Cross  Harbor send to the address set at the top of this  Agreement -
     attention: President.

     If to J S send to the  address  set  forth at the top of this  Agreement  -
     attention: President

     If to Transload  send to the address set forth at the top of this Agreement
     - attention: General Manager - Administration.

         25. Surrender. Upon the expiration or earlier termination of this
Agreement,  Transload  shall remove its goods and effects,  and quit and deliver
the Greenville Yard to Cross Harbor  peaceably and quietly in the same order and
condition as at the inception of this  Agreement,  reasonable use, wear and tear
thereof excepted.

         26. Inequities. It is the intent of the parties hereto that they will
mutually benefit from this Agreement. If any party hereunder suffers a gross
inequity resulting from a substantial change in circumstances or conditions,
except for an inequity resulting from competitive transportation considerations,
the parties will negotiate in good faith to resolve or remove such inequity or
to terminate this Agreement.

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        27.      Default.

                  a. Events of Default.  The occurrence of any of the following
events shall constitute a default by Transload:

                           (i)  failure of Transload to perform or observe any
of the other covenants,  terms or conditions  contained in this Agreement within
five (5) days after notice or such longer  period as is  reasonably  required to
correct any such default,  provided  Transload promptly commences and diligently
continues to effectuate a cure after written notice thereof by Cross Harbor; or

                           (ii) the commencement of levy,execution or attachment
proceedings  against  Transload,  or any of the assets of Transload,  that would
materially affect Transload's ability to perform hereunder; or

                           (iii) the application for or appointment of a
liquidator,  receiver,  custodian,  sequester,  conservator,  trustee,  or other
similar judicial officer; or

                           (iv)  the insolvency in the bankruptcy or equity
sense, of Transload; or

                           (v)   the assignment for the benefit of creditors,
or the  admission  in writing of an  inability  to pay debts  generally  as they
become due, or the ordering of the  winding-up or  liquidation of the affairs of
Transload; or

                           (vi)  the commencement of a case by or against
Transload  under  any  insolvency,   bankruptcy,   creditor  adjustment,  debtor
rehabilitation or similar laws, state or federal, or the determination by any of
them to request relief under any insolvency,  bankruptcy,  creditor  adjustment,
debtor  rehabilitation  or  similar  processing,  state or  federal,  including,
without  limitation,  the consent by Transload to the  appointment  of or taking
possession by a receiver, liquidator, assignee, trustee, custodian, sequester or
similar  official for Transload with respect to its property or assets  (unless,
in the case of involuntary proceedings, the same shall be dismissed within sixty
(60) days after institution).

                  b. Right to Cure; Cross Harbor's Remedies. If Transload shall
have failed to cure a default by Transload after expiration of the applicable
time for cure of a particular default, Cross Harbor may, at its election, but
without obligation therefore, (a) seek specific performance of any obligation of
Transload, after which Cross Harbor shall retain, and may exercise and enforce,
any and all rights which Cross Harbor may have against Transload as a result of
such default, (b) from time to time without releasing Transload in whole or in
part from Transload's obligation to perform any and all covenants, conditions
and agreements to be performed by Transload hereunder, cure the default at
Transload's cost, and/or (c) exercise any other remedy given hereunder or now or
hereafter existing at law or in equity or by statute. Any reasonable cost
incurred by Cross Harbor in order to cure such a default by Transload shall be
due immediately from Transload, together with interest at a rate of ten percent
(10%).

                  c. Cumulative Remedies. No right or remedy herein conferred
upon or reserved to Cross Harbor is intended to be exclusive of any other right
or remedy herein or by law provided, but each shall be cumulative and in
addition to every other right or remedy given herein or now or hereafter
existing at law or in equity or by statute.

         28. Non-Waiver.  The failure to enforce any provision of this Agreement
or waiver of any default  hereunder  shall not be  construed  as a waiver of the
provision or of any subsequent or continuing default.

         29. Arbitration. Any controversy, claim or dispute related to or
arising out of this Agreement shall be settled by arbitration pursuant to the
current commercial arbitration rules of the American Arbitration Association
strictly in accordance with the terms of this Agreement and the substantive law
of the State of New Jersey. The arbitration shall be conducted at the
Association's New Jersey office, by one arbitrator, who shall be an attorney
knowledgeable in the transportation industry. Judgment upon the arbitrator's
award may be entered and enforced in any court of competent jurisdiction.
Neither party shall institute a proceeding hereunder unless ten (10) days prior
thereto such party shall have furnished the other written notice by certified
mail of its intent to do so. Neither party shall be precluded hereby from
seeking provisional remedies in the courts of any jurisdiction including, but
not limited to, temporary restraining orders and preliminary injunctions to
protect its rights.

         30. Assignment.  No party may assign or transfer this Agreement, in
whole or in part, of any interest arising hereunder,  without the other parties'
prior written consent.

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         31. Entire Understanding and Modifications.  This Agreement shall be
binding  upon the parties and their  successors  and  assigns,  constitutes  the
entire understanding of the parties, and may not be modified or amended,  except
by mutual agreement of the parties in writing.

         32. Survivability.  If any provision of this Agreement shall be held to
be invalid,  illegal or  unenforceable,  the  validity  of all other  provisions
herein shall continue in effect unless a gross inequity will result.

         33. Governing Law.  This Agreement shall be governed by the laws of the
 State of New Jersey.

         34. Headings and Captions.  The headings and captions in this Agreement
are inserted for convenience of reference only and in no way define, describe or
limit the scope or intent of this Agreement or any of the provisions hereof.

         35. Executed in Counterparts.  This Agreement may be executed in
counterparts,  each of which shall be deemed an original and all of which, taken
together, shall constitute one and the same instrument.

         36. No Benefit to Third Parties.  None of the provisions hereof shall
inure to the  benefit  of any third  party or be deemed  to create  any  rights,
benefits or privileges in favor of any party except the parties herein.

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their authorized officials on the date herein above first written.

NEW YORK CROSS HARBOR RAILROAD              TRANSLOAD SERVICES, L.L.C.
TERMINAL CORPORATION

BY:                                         BY:
     -------------------------              ---------------------------

TITLE:                                      TITLE:
     -------------------------              ---------------------------

J S TRANSPORTATION

BY:
     -------------------------

TITLE:
     -------------------------

                                       6

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