Document:

FOURTH AMENDMENT TO CREDIT AGREEMENT

      This Fourth Amendment to Credit Agreement (this "Amendment Agreement") is
dated as of June 26, 2007 by and among Lower Lakes Towing Ltd., Lower Lakes
Transportation Company, Grand River Navigation Company, Inc. ("Grand River"),
the other Credit Parties signatory hereto, General Electric Capital Corporation,
as a US Lender and as Agent, and GE Canada Finance Holding Company, as a Cdn.
Lender.

                              W I T N E S S E T H :

      WHEREAS, the Credit Parties, the lenders party thereto, and the Agent
entered into that certain Credit Agreement dated as of March 3, 2006 and amended
as of August 1, 2006, February 28, 2007 and March 23, 2007 (the "Credit
Agreement"); and

      WHEREAS, the Lenders and the Agent have agreed to further amend the Credit
Agreement to effect certain changes thereto requested by the Credit Parties as
set forth herein.

      NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:

      1. Defined Terms. Capitalized terms used herein and not otherwise defined
herein shall have the meanings attributed to such terms in the Credit Agreement,
as amended hereby.

      2. Amendments to Credit Agreement. The Credit Agreement is hereby amended
as follows:

      2.1. Annex A to the Credit Agreement is hereby amended effective as of
March 31, 2007 by deleting the definitions of "Capital Expenditures", "EBITDA",
and "Fixed Charges" in their entirety and replacing them with the following:

            "Capital Expenditures" means, with respect to any Person, all
      expenditures (by the expenditure of cash or the incurrence of
      Indebtedness) by such Person during any measuring period for any fixed
      assets or improvements or for replacements, substitutions or additions
      thereto, that have a useful life of more than one year and that are
      required to be capitalized under GAAP, including all such expenditures
      paid pursuant to the WMS Charter; provided, that for the fourth quarter of
      Fiscal Year 2007, there shall be excluded therefrom expenditures of
      C$9,552,738 by the Credit Parties, to the extent that such expenditures
      were made exclusively from the proceeds of a capital contribution made to
      one or more of the Credit Parties by Rand Logistics, Inc.

            "EBITDA" means, with respect to any Person for any fiscal period,
      without duplication, an amount equal to (a) consolidated net income of
      such Person for such period, determined in accordance with GAAP, minus (b)
      the sum of (i) income tax credits, (ii) interest income, (iii) gain from
      extraordinary items for such period, (iv) any aggregate net gain (but not
      any aggregate net loss) during such period arising from the sale, exchange
      or other disposition of capital assets by such Person (including any fixed
      assets, whether tangible or intangible, all inventory sold in conjunction

<PAGE>

      with the disposition of fixed assets and all securities), (v) any other
      non-cash gains that have been added in determining consolidated net
      income, in each case to the extent included in the calculation of
      consolidated net income of such Person for such period in accordance with
      GAAP, but without duplication, (vi) all winter work, Capital Expenditures,
      Interest Expense and scheduled principal payments paid pursuant to the WMS
      Charter, plus (c) the sum of (i) any provision for income taxes, (ii)
      Interest Expense, (iii) depreciation and amortization for such period, (v)
      amortized debt discount for such period, and (vi) the amount of any
      deduction to consolidated net income as the result of any grant to any
      members of the management of such Person of any Stock, in each case to the
      extent included in the calculation of consolidated net income of such
      Person for such period in accordance with GAAP, but without duplication.
      For purposes of this definition, the following items shall be excluded in
      determining consolidated net income of a Person: (1) the income (or
      deficit) of any other Person accrued prior to the date it became a
      Subsidiary of, or was amalgamated or consolidated into, such Person or any
      of such Person's Subsidiaries; (2) the income (or deficit) of any other
      Person (other than a Subsidiary) in which such Person has an ownership
      interest, except to the extent any such income has actually been received
      by such Person in the form of cash dividends or distributions; (3) the
      undistributed earnings of any Subsidiary of such Person to the extent that
      the declaration or payment of dividends or similar distributions by such
      Subsidiary is not at the time permitted by the terms of any contractual
      obligation or requirement of law applicable to such Subsidiary; (4) any
      restoration to income of any contingency reserve, except to the extent
      that provision for such reserve was made out of income accrued during such
      period; (5) any write-up of any asset; (6) any net gain from the
      collection of the proceeds of life insurance policies; (7) any net gain
      arising from the acquisition of any securities, or the extinguishment,
      under GAAP, of any Indebtedness, of such Person; (8) in the case of a
      successor to such Person by consolidation or amalgamation or as a
      transferee of its assets, any earnings of such successor prior to such
      consolidation, amalgamation or transfer of assets; and (9) any deferred
      credit representing the excess of equity in any Subsidiary of such Person
      at the date of acquisition of such Subsidiary over the cost to such Person
      of the investment in such Subsidiary.

            "Fixed Charges" means, with respect to any Person for any fiscal
      period, (a) the aggregate of all Interest Expense paid or accrued during
      such period, plus (b) scheduled payments of principal with respect to
      Indebtedness during such period, plus (c) Taxes paid or payable in cash
      with respect to such fiscal period, plus (d) dividends paid in cash in
      such period in respect of the Preferred Equity, plus (e) all Interest
      Expense and scheduled principal payments paid pursuant to the WMS Charter.

      2.2. Annex A to the Credit Agreement is hereby amended effective as of
June 1, 2007 by deleting the definition of "Senior Funded Debt to EBITDA Ratio"
in its entirety and replacing it with the following:

            "Senior Funded Debt to EBITDA Ratio" means, with respect to Parent
      and its Subsidiaries, on a consolidated basis, the ratio of (a) Funded
      Debt as of any date of determination (including the average daily closing
      balance of the Revolving Loan for the thirty day period ending on (and
      including) the date of determination), to (b) EBITDA for the twelve months
      ending on that date of determination.

                                       2
<PAGE>

      3. Conditions to Effectiveness. The effectiveness of this Amendment
Agreement is expressly conditioned upon the execution of this Agreement by the
Credit Parties, the Agent and each Lender and the satisfaction of the following
conditions:

            (a) Reaffirmation. Each Credit Party shall have executed and
      delivered a Reaffirmation of Guaranty in the form of Exhibit A attached
      hereto.

            (b) Other Documents. The Borrowers shall provide such other
      documents, instruments and agreements as the Agent may reasonably request.

      4. Representations and Warranties of the Credit Parties.

      4.1. Each of the Credit Parties represents and warrants that the
execution, delivery and performance by each of the Credit Parties of this
Amendment Agreement have been duly authorized by all necessary corporate action
and that this Amendment Agreement is a legal, valid and binding obligation of
such Credit Party, enforceable against such Credit Party in accordance with its
terms, except as the enforcement thereof may be subject to (a) the effect of any
applicable bankruptcy, insolvency, reorganization, moratorium or similar law
affecting creditors' rights generally and (b) general principles of equity
(regardless of whether such enforcement is sought in a proceeding in equity or
at law).

      4.2. Each of the Credit Parties hereby certifies that each of the
representations and warranties contained in the Credit Agreement is true and
correct in all material respects on and as of the date hereof as if made on the
date hereof, except to the extent that any such representation or warranty is
stated to relate solely to an earlier date, in which case such representation or
warranty shall be true and correct on and as of such earlier date.

      5. Reference to and Effect on the Credit Agreement.

      5.1. Upon the effectiveness of this Amendment Agreement, each reference in
the Credit Agreement to "this Agreement," "hereunder," "hereof," "herein" or
words of like import and each reference to the Credit Agreement in each Loan
Document shall mean and be a reference to the Credit Agreement as amended
hereby.

      5.2. Except as specifically amended above, all of the terms, conditions
and covenants of the Credit Agreement and the other Loan Documents shall remain
unaltered and in full force and effect and shall be binding upon the Credit
Parties in all respects and are hereby ratified and confirmed.

      5.3. The execution, delivery and effectiveness of this Amendment Agreement
shall not operate as a waiver of (a) any right, power or remedy of any Lender or
the Agent under the Credit Agreement or any of the other Loan Documents, or (b)
any Event of Default or Default under the Credit Agreement.

                                       3
<PAGE>

      6. CHOICE OF LAW. THIS AMENDMENT AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF
NEW YORK.

      7. Execution in Counterparts. This Amendment Agreement 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.

      8. Headings. Section headings in this Amendment Agreement are included
herein for convenience of reference only and shall not constitute a part of this
Amendment Agreement for any other purposes.

                            [signature page follows]

                                       4
<PAGE>

      IN WITNESS WHEREOF, the Credit Parties, the Agent and the Lenders have
executed this Amendment Agreement as of the date first above written.

                                           LOWER LAKES TOWING LTD.

                                           By: /s/ Scott F. Bravener
                                               ---------------------------------
                                           Title: President
                                                  ------------------------------

                                           LOWER LAKES TRANSPORTATION COMPANY

                                           By: /s/ Scott F. Bravener
                                               ---------------------------------
                                           Title: President
                                                  ------------------------------

                                           GRAND RIVER NAVIGATION COMPANY, INC.

                                           By: /s/ Mark Rohn
                                               ---------------------------------
                                           Title: President
                                                  ------------------------------

                                           RAND LL HOLDINGS CORP.

                                           By: /s/ Laurence S. Levy
                                               ---------------------------------
                                           Title: President
                                                  ------------------------------

                                       5
<PAGE>

                                           GENERAL ELECTRIC CAPITAL CORPORATION,
                                           as a US Lender and as Agent

                                           By: /s/ David L'Homme
                                               ---------------------------------
                                           Title: Duly Authorized Signatory

                                           GE CANADA FINANCE HOLDING COMPANY,
                                           as Cdn. Lender

                                           By: /s/ Colin Woodyard
                                               ---------------------------------
                                           Title: Duly Authorized Signatory

                                           GE CANADA FINANCE HOLDING COMPANY,
                                           as L/C Guarantor

                                           By: /s/ Colin Woodyard
                                               ---------------------------------
                                           Title: Duly Authorized Signatory

<PAGE>

                                    EXHIBIT A

                            CONSENT AND REAFFIRMATION

      Each of the undersigned ("Guarantors") hereby (i) acknowledges receipt of
a copy of the Fourth Amendment to Credit Agreement dated as of June __, 2007
(the "Fourth Amendment"); (ii) consents to the execution and delivery thereof by
the Credit Parties; (iii) agrees to be bound thereby; (iv) affirms that nothing
contained therein shall modify in any respect whatsoever its guaranty of the
obligations of the Credit Parties to Agent and Lenders pursuant to the terms of
that certain Guaranty dated as of March 3, 2006 (the "Guaranty"), and (v)
reaffirms that the Guaranty is and shall continue to remain in full force and
effect. Although each of the Guarantors has been informed of the matters set
forth herein and in the Fourth Amendment and has acknowledged and agreed to
same, such Guarantors understand that Agent and Lenders have no obligation to
inform any of the Guarantors of such matters in the future or to seek any of the
Guarantors' acknowledgment or agreement to future amendments or waivers, and
nothing herein shall create such a duty.

      This Consent and Reaffirmation shall be governed by and construed in
accordance with the laws of the State of New York, without reference to
principles of conflicts of law.

                             [signature page follow]

<PAGE>

      IN WITNESS WHEREOF, each of the undersigned has executed this Consent and
Reaffirmation on and as of the date first above written.

                                           LOWER LAKES TRANSPORTATION COMPANY

                                           By: _________________________________
                                           Title: ______________________________

                                           GRAND RIVER NAVIGATION COMPANY, INC.

                                           By: _________________________________
                                           Title: ______________________________

                                           RAND LL HOLDINGS CORP.

                                           By: _________________________________
                                           Title: ______________________________

                                           GENERAL ELECTRIC CAPITAL CORPORATION,
                                           as Agent

                                           By: _________________________________
                                           Title: ______________________________FIRST AMENDMENT AGREEMENT
                             (Time Charter Guaranty)

      This FIRST AMENDMENT AGREEMENT (this "Amendment") is made as of the 27th
day of June, 2007 between RAND LL HOLDINGS CORP., a Delaware corporation
("Guarantor"), and WISCONSIN & MICHIGAN STEAMSHIP COMPANY, a Michigan
corporation ("WMS").

      WHEREAS, WMS entered into that certain Time Charter Agreement, dated as of
August 1, 2006, with LOWER LAKES TRANSPORTATION COMPANY, a Delaware corporation
(together with its successors and assigns, "Lower Lakes") (as the same may from
time to time be amended, restated or otherwise modified, the "Time Charter");

      WHEREAS, Guarantor entered into that certain Time Charter Guaranty for the
benefit of WMS, dated as of August 1, 2006, whereby Guarantor guaranteed the
payment of certain obligations owing from Lower Lakes to WMS pursuant to the
Time Charter (as the same may from time to time be further amended, restated or
otherwise modified, the "Guaranty");

      WHEREAS, Guarantor and WMS desire to amend the Guaranty to modify certain
provisions thereof;

      WHEREAS, unless otherwise specifically provided herein, the provisions of
the Guaranty revised herein are amended effective as of the date of this
Amendment; and

      WHEREAS, each capitalized term used herein and defined in the Guaranty,
but not otherwise defined herein, shall have the meaning given such term in the
Guaranty;

      NOW, THEREFORE, in consideration of the premises and of the mutual
covenants herein and for other valuable consideration, Guarantor and WMS agree
as follows:

      1. Retroactive Amendment (as of March 31, 2007) to Exhibit A. Exhibit A
(Special Rand Covenants) of the Guaranty is hereby retroactively amended,
effective as of March 31, 2007, to delete the definitions of "Capital
Expenditures", "EBITDA" and "Fixed Charges" therefrom and to insert in place
thereof, respectively, the following:

            "Capital Expenditures" means, with respect to any Person, all
      expenditures (by the expenditure of cash or the incurrence of
      Indebtedness) by such Person during any measuring period for any fixed
      assets or improvements or for replacements, substitutions or additions
      thereto, that have a useful life of more than one year and that are
      required to be capitalized under GAAP, including all such expenditures
      paid pursuant to the WMS Charter; provided that, for the fourth quarter of
      Fiscal Year 2007, there shall be excluded therefrom expenditures of
      Cdn$9,552,738 by the Credit Parties, to the extent that such expenditures
      were made exclusively from the proceeds of a capital contribution made to
      one or more of the Credit Parties by Rand Logistics, Inc.

            "EBITDA" means, with respect to any Person for any fiscal period,
      without duplication, an amount equal to (a) consolidated net income of
      such Person for such period, determined in accordance with GAAP, minus (b)
      the sum of (i) income tax credits, (ii) interest income, (iii) gain from

<PAGE>

      extraordinary items for such period, (iv) any aggregate net gain (but not
      any aggregate net loss) during such period arising from the sale, exchange
      or other disposition of capital assets by such Person (including any fixed
      assets, whether tangible or intangible, all inventory sold in conjunction
      with the disposition of fixed assets and all securities), (v) any other
      non-cash gains that have been added in determining consolidated net
      income, in each case to the extent included in the calculation of
      consolidated net income of such Person for such period in accordance with
      GAAP, but without duplication, and (vi) all winter work, Capital
      Expenditures, Interest Expense and scheduled principal payments paid
      pursuant to the WMS Charter, plus (c) the sum of (i) any provision for
      income taxes, (ii) Interest Expense, (iii) depreciation and amortization
      for such period, (iv) amortized debt discount for such period, and (v) the
      amount of any deduction to consolidated net income as the result of any
      grant to any members of the management of such Person of any Stock, in
      each case to the extent included in the calculation of consolidated net
      income of such Person for such period in accordance with GAAP, but without
      duplication. For purposes of this definition, the following items shall be
      excluded in determining consolidated net income of a Person: (1) the
      income (or deficit) of any other Person accrued prior to the date it
      became a Subsidiary of, or was amalgamated or consolidated into, such
      Person or any of such Person's Subsidiaries; (2) the income (or deficit)
      of any other Person (other than a Subsidiary) in which such Person has an
      ownership interest, except to the extent any such income has actually been
      received by such Person in the form of cash dividends or distributions;
      (3) the undistributed earnings of any Subsidiary of such Person to the
      extent that the declaration or payment of dividends or similar
      distributions by such Subsidiary is not at the time permitted by the terms
      of any contractual obligation or requirement of law applicable to such
      Subsidiary; (4) any restoration to income of any contingency reserve,
      except to the extent that provision for such reserve was made out of
      income accrued during such period; (5) any write-up of any asset; (6) any
      net gain from the collection of the proceeds of life insurance policies;
      (7) any net gain arising from the acquisition of any securities, or the
      extinguishment, under GAAP, of any Indebtedness, of such Person; (8) in
      the case of a successor to such Person by consolidation or amalgamation or
      as a transferee of its assets, any earnings of such successor prior to
      such consolidation, amalgamation or transfer of assets; and (9) any
      deferred credit representing the excess of equity in any Subsidiary of
      such Person at the date of acquisition of such Subsidiary over the cost to
      such Person of the investment in such Subsidiary.

            "Fixed Charges" means, with respect to any Person for any fiscal
      period, (a) the aggregate of all Interest Expense paid or accrued during
      such period, plus (b) scheduled payments of principal with respect to
      Indebtedness during such period, plus (c) Taxes paid or payable in cash
      with respect to such fiscal period, plus (d) dividends paid in cash in
      such period in respect of the Preferred Equity, plus (e) all Interest
      Expense and scheduled principal payments paid pursuant to the WMS Charter.

      2. Retroactive Amendment (as of June 1, 2007) to Exhibit A. Exhibit A
(Special Rand Covenants) of the Guaranty is hereby retroactively amended,
effective as of June 1, 2007, to delete the definition of "Senior Funded Debt to
EBITDA Ratio" therefrom and to insert in place thereof the following:

                                       2
<PAGE>

            "Senior Funded Debt to EBITDA Ratio" means, with respect to Parent
      and its Subsidiaries, on a consolidated basis, the ratio of (a) Funded
      Debt as of any date of determination (including the average daily closing
      balance of the revolving loans under the GE Credit Agreement for the
      thirty (30) day period ending on (and including) the date of
      determination), to (b) EBITDA for the twelve months ending on that date of
      determination.

      3. Amendment to Exhibit A. Exhibit A (Special Rand Covenants) of the
Guaranty is hereby amended to add the following new definitions thereto:

            "Credit Parties" means, collectively, Parent, Borrowers and any
      guarantor of the obligations under the GE Credit Agreement and their
      respective successors and assigns but shall not include Rand and "Credit
      Party" means any one of them.

            "WMS Charter" means that certain Time Charter Agreement, by and
      between Wisconsin & Michigan Steamship Company, a Michigan corporation,
      and LLTC, dated as of August 1, 2006, as the same may from time to time be
      amended, restated or otherwise modified.

      4. Representations and Warranties. Guarantor hereby represents and
warrants to WMS that (a) Guarantor has the legal power and authority to execute
and deliver this Amendment; (b) the officers executing this Amendment have been
duly authorized to execute and deliver the same and bind Guarantor with respect
to the provisions hereof; (c) the execution and delivery hereof by Guarantor and
the performance and observance by Guarantor of the provisions hereof do not
violate or conflict with the organizational agreements of Guarantor or any law
applicable to Guarantor or result in a breach of any provision of or constitute
a default under any other agreement, instrument or document binding upon or
enforceable against Guarantor; (d) no default, or event that with the passage of
time or the giving of notice or both would constitute a default, exists under
the Time Charter, nor will any occur immediately after the execution and
delivery of this Amendment or by the performance or observance of any provision
hereof; (e) Guarantor is not aware of any claim or offset against, or defense or
counterclaim to, Guarantor's obligations or liabilities under the Guaranty; and
(f) this Amendment constitutes a valid and binding obligation of Guarantor in
every respect, enforceable in accordance with its terms.

      5. References to Guaranty. Each reference that is made in the Guaranty
shall hereafter be construed as a reference to the Guaranty as amended hereby.
Except as herein otherwise specifically provided, all terms and provisions of
the Guaranty are confirmed and ratified and shall remain in full force and
effect and be unaffected hereby.

      6. Waiver. Guarantor, by signing below, hereby waives and releases WMS,
and its respective directors, officers, employees, attorneys, affiliates and
subsidiaries, from any and all claims, offsets, defenses and counterclaims of
which Guarantor is aware, such waiver and release being with full knowledge and
understanding of the circumstances and effect thereof and after having consulted
legal counsel with respect thereto.

                                       3
<PAGE>

      7. Counterparts. This Amendment may be executed in any number of
counterparts, by different parties hereto in separate counterparts and by
facsimile signature, each of which when so executed and delivered shall be
deemed to be an original and all of which taken together shall constitute but
one and the same agreement.

      8. Headings. The headings, captions and arrangements used in this
Amendment are for convenience only and shall not affect the interpretation of
this Amendment.

      9. Severability. Any term or provision of this Amendment held by a court
of competent jurisdiction to be invalid or unenforceable shall not impair or
invalidate the remainder of this Amendment and the effect thereof shall be
confined to the term or provision so held to be invalid or unenforceable.

      10. Governing Law. The rights and obligations of all parties hereto shall
be governed by the laws of the State of Ohio, without regard to principles of
conflicts of laws.

                  [Remainder of page intentionally left blank.]

                                       4
<PAGE>

      JURY TRIAL WAIVER. GUARANTOR AND WMS, TO THE EXTENT PERMITTED BY LAW, EACH
HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE,
WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, BETWEEN GUARANTOR AND WMS,
ARISING OUT OF, IN CONNECTION WITH, RELATED TO, OR INCIDENTAL TO THE
RELATIONSHIP ESTABLISHED BETWEEN THEM IN CONNECTION WITH THIS AMENDMENT OR ANY
NOTE OR OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN
CONNECTION HEREWITH OR THE TRANSACTIONS RELATED THERETO.

      IN WITNESS WHEREOF, the parties have executed and delivered this Amendment
as of the date first set forth above.

                                          RAND LL HOLDINGS CORP.

                                          By: /s/ Laurence S. Levy
                                              ----------------------------------
                                          Name: Laurence S. Levy
                                                --------------------------------
                                          Title: President
                                                 -------------------------------

                                          WISCONSIN & MICHIGAN STEAMSHIP COMPANY

                                          By: /s/ Thomas A. Burton
                                              ----------------------------------
                                          Name: Thomas A. Burton
                                                --------------------------------
                                          Title: Chief Finanical Officer
                                                 -------------------------------

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