Document:

<PAGE>

                                                                   Exhibit 10.37

                                FOURTH AMENDMENT

                                       TO

                                CREDIT AGREEMENT

            THIS FOURTH AMENDMENT TO CREDIT AGREEMENT (this "Fourth Amendment")
dated as of June 30, 2004, relates to that certain Credit Agreement dated as of
May 9, 2002 (as amended, supplemented or otherwise modified from time to time,
the "Credit Agreement"), among NMHG Holding Co., a Delaware corporation ("NMHG
Holding"), NACCO Materials Handling Group, Inc., a Delaware corporation,
individually and as successor by merger to NMHG Distribution Co., a Delaware
corporation ("NMHG"), NACCO Materials Handling Limited (company number
02636775), incorporated under the laws of England and Wales (the "UK Borrower"),
NACCO Materials Handling B.V., a private company with limited liability
incorporated under the laws of the Netherlands having its corporate seat in
Nijmegen (together with NMHG Holding, NMHG and the UK Borrower, the
"Borrowers"), the financial institutions from time to time a party thereto as
Lenders, whether by execution of the Credit Agreement or an Assignment and
Acceptance (as defined therein), the financial institutions from time to time
party thereto as Issuing Bank, whether by execution of the Credit Agreement or
an Assignment and Acceptance or otherwise, Citicorp North America, Inc., a
Delaware corporation, in its capacity as administrative agent for the Lenders
and the Issuing Bank thereunder (with its successors and permitted assigns in
such capacity, the "Administrative Agent"), Citigroup Global Markets Inc. (as
successor in interest to Salomon Smith Barney Inc.) and Credit Suisse First
Boston ("CSFB") as joint arrangers and joint bookrunners, and CSFB as
syndication agent.

            1.    DEFINITIONS. Capitalized terms defined in the Credit Agreement
and not otherwise defined or redefined herein have the meanings assigned to them
in the Credit Agreement.

            2.    FOURTH AMENDMENT EFFECTIVE DATE AMENDMENTS TO CREDIT
AGREEMENT. Upon the "Fourth Amendment Effective Date" (as defined in Section 6
below), the Credit Agreement is hereby amended as follows:

                  2.1   AMENDMENTS TO SECTION 1.01. Section 1.01 of the Credit
      Agreement is hereby amended as follows:

                        (a)   by amending the definition of "Adjusted EBITDA" to
            delete in its entirety the reference therein to "$10,000,000" and to
            substitute "$25,000,000" in lieu thereof;

                        (b)   by adding the following definition of "Anti-Money
            Laundering Laws" in proper alphabetical order:

                        "Anti-Money Laundering Laws" means the BSA and all
                  applicable Requirements of Law and government guidance on BSA
                  compliance and on the prevention and detection of money
                  laundering violations under 18

                                                          NACCO Fourth Amendment

<PAGE>

                  U.S.C. Sections 1956 and 1957.

                        (c)   by adding the following definition of
            "Anti-Terrorism Laws" in proper alphabetical order:

                        "Anti-Terrorism Laws" means the OFAC Laws and
                  Regulations, the Executive Orders and the USA Patriot Act.

                        (d)   by amending the definitions of "Applicable Fixed
            Rate Margin", "Applicable Floating Rate Margin", "Applicable Letter
            of Credit Fee Rate", "Applicable Overdraft Rate Margin", and
            "Applicable Unused Commitment Fee Rate" to delete in their entirety
            the references therein to "set forth above" and to substitute "set
            forth on Exhibit A" in lieu thereof;

                        (e)   by amending the definition of "Availability
            Reserves" to delete in its entirety the text of clause (d) thereof
            and to substitute "[intentionally omitted]" in lieu thereof;

                        (f)   by adding the following definition of "BSA" in
            proper alphabetical order:

                        "BSA" means the Bank Secrecy Act, 31 U.S.C. Sections
                  5311 et seq.

                        (g)   by amending and restating the definition of
            "Capital Expenditures" in its entirety to read as follows:

                        "Capital Expenditures" means, for any period, the
                  aggregate of all expenditures (whether payable in cash or
                  other Property or accrued as a liability (but without
                  duplication)) during such period that, in conformity with
                  GAAP, are required to be classified as capital expenditures
                  but excluding (a) interest capitalized relating to and during
                  construction of Property, (b) expenditures made in connection
                  with the replacement or restoration of Property to the extent
                  reimbursed or financed from insurance or condemnation proceeds
                  not constituting net cash proceeds of sale of such Property,
                  (c) expenditures made with the proceeds from the sales of
                  similar Property to the extent such sales and reinvestments
                  are otherwise permitted under this Agreement, and (d)
                  expenditures in an amount not to exceed $22,000,000 in such
                  period made in connection with the Global Design and Product
                  Development Program.

                        (h)   by adding the following definition of "CIP
            Regulations" in proper alphabetical order:

                        "CIP Regulations" is defined in Section 12.10.

                                                          NACCO Fourth Amendment

                                       2
<PAGE>

                        (i)   by amending and restating the definition of
            "Commitments" in its entirety to read as follows:

                        "Commitments" means, collectively, the Domestic
                  Commitments and the Multicurrency Commitments (it being
                  understood and agreed that the maximum aggregate principal
                  amount of the Commitments shall not exceed $135,000,000, as
                  reduced from time to time pursuant to the terms hereof).

                        (j)   by adding the following definition of "Designated
            Person" in proper alphabetical order:

                        "Designated Person" is defined in Section 6.01(ff).

                        (k)   by amending and restating the definition of
            "Domestic Borrowers" in its entirety to read as follows:

                        "Domestic Borrowers" means, collectively, NMHG Holding
                  and NMHG.

                        (l)   by amending and restating the definition of
            "Domestic Commitment" in its entirety to read as follows:

                        "Domestic Commitment" means the commitment of each
                  Domestic Lender to make Domestic Loans (including Domestic
                  Loans required to be made pursuant to Section 2.01(g) and
                  2.02(e)(ii) to the Domestic Borrowers), to participate in
                  Letters of Credit Issued for the account of the Domestic
                  Borrowers, and to participate in Multicurrency Loans and fund
                  such participations, in each case pursuant to Section 2.03, in
                  an aggregate principal amount (after giving effect to all
                  participations purchased by and from such Domestic Lender)
                  outstanding not to exceed the amount on the Fourth Amendment
                  Effective Date set forth opposite such Domestic Lender's name
                  on Schedule 1.01.1 under the caption "Domestic Commitment", as
                  such amount may be reduced or modified pursuant to this
                  Agreement; provided, however, at no time shall the aggregate
                  Domestic Commitments of all Domestic Lenders exceed
                  $105,000,000 less any permanent reduction made pursuant to
                  Section 3.01; provided, further, as of the Fourth Amendment
                  Effective Date the aggregate Domestic Commitments of all
                  Domestic Lenders shall equal $90,000,000; provided, further,
                  at no time shall the aggregate Domestic Commitments and the
                  aggregate Multicurrency Commitments exceed $135,000,000.

                        (m)   by adding the following definition of "Excess
            Borrowing Base Capacity" in proper alphabetical order:

                                                          NACCO Fourth Amendment

                                       3
<PAGE>

                        "Excess Borrowing Base Capacity" means, with respect to
                  the Credit Facilities at any particular time, an amount equal
                  to (a) the sum of the Domestic Borrowing Base and the
                  Multicurrency Borrowing Base at such time, minus (b) the
                  aggregate amount of any Availability Reserves applicable to
                  the Credit Facilities in effect at such time, minus (c) the
                  aggregate amount of the Excess Currency Agreement Exposure or,
                  at any time when an Event of Default has occurred and is
                  continuing, the Currency Agreement Exposure, in each case, of
                  all Borrowers at such time, minus (d) the aggregate amount of
                  the Interest Rate Contract Exposure of all Borrowers at such
                  time, minus (e) the aggregate Credit Facility Outstandings at
                  such time.

                        (n)   by adding the following definition of "Excess
            Currency Agreement Exposure" in proper alphabetical order:

                        "Excess Currency Agreement Exposure" means, at any
                  particular time, an amount equal to the excess, if any, of (a)
                  the aggregate Currency Agreement Exposure at such time for all
                  Borrowers, over (b) $5,000,000. Excess Currency Agreement
                  Exposure shall be allocated to the Domestic Borrowers and the
                  Multicurrency Borrowers ratably in accordance with their
                  respective shares of the aggregate Currency Agreement Exposure
                  at such time.

                        (o)   by adding the following definition of "Executive
            Orders" in proper alphabetical order:

                        "Executive Orders" is defined in Section 6.01(ff).

                        (p)   by amending and restating the definition of
            "Financial Institution" in its entirety to read as follows:

                        "Financial Institution" means (a) any Financing
                  Affiliate, (b) any financial institution listed on Schedule
                  1.01.9, (c) solely with respect to Lease Finance Transactions
                  to which the Australian Subsidiaries are a party, any
                  financial institution and (d) in all other cases, any
                  financial institution from time to time approved by the
                  Administrative Agent.

                        (q)   by amending and restating the definition of
            "Financing Agreement" in its entirety to read as follows:

                        "Financing Agreement" means (a) the International
                  Operating Agreement, dated April 15, 1998, between NMHG and
                  General Electric Capital Corporation, (b) the Restated and
                  Amended Joint Venture and Shareholders Agreement, dated April
                  15, 1998, between NMHG and General Electric Capital
                  Corporation and (c) any agreement or program entered into with
                  a Financial Institution on substantially the same terms as

                                                          NACCO Fourth Amendment

                                       4
<PAGE>

                  the International Operating Agreement referred to in clause
                  (a) above or otherwise as consented to by the Administrative
                  Agent, such consent not to be unreasonably withheld, as any of
                  the same may be (x) renewed, amended or restated from time to
                  time on substantially the same terms or otherwise as consented
                  to by the Administrative Agent, such consent not to be
                  unreasonably withheld or (y) replaced from time to time as
                  consented to by the Administrative Agent, such consent not to
                  be unreasonably withheld.

                        (r)   by adding the following definition of "Fourth
            Amendment Effective Date" in proper alphabetical order:

                        "Fourth Amendment Effective Date" is defined in the
                  Fourth Amendment to Credit Agreement dated as of June 30, 2004
                  among the Borrowers, the Lenders, the Issuing Bank and the
                  Administrative Agent.

                        (s)   by adding the following definition of "Original
            Fee Letter" in proper alphabetical order:

                        "Fourth Amendment Fee Letter" means the proposal and fee
                  letter dated as of June 3, 2004, from CNAI and accepted by the
                  Borrowers.

                        (t)   by adding the following definition of "Fourth
            Amendment Schedule Delivery Date" in proper alphabetical order:

                        "Fourth Amendment Schedule Delivery Date" is defined in
                  the Section 8.14.

                        (u)   by adding the following definition of "Global
            Design and Product Development Program" in proper alphabetical
            order:

                        "Global Design and Product Development Program" means
                  the proposed program of the Borrowers and Borrower
                  Subsidiaries involving the design, development and launch of a
                  new range of internal combustion powered fork lift trucks and
                  the restructuring of fabrication, manufacturing and assembly
                  operations of the Borrowers and Borrower Subsidiaries to
                  accommodate the production of such new fork lift trucks.

                        (v)   by amending and restating the definition of
            "Letter Agreement" in its entirety to read as follows:

                        "Letter Agreement" means, collectively, the Original Fee
                  Letter and the Fourth Amendment Fee Letter.

                                                          NACCO Fourth Amendment

                                       5
<PAGE>

                        (w)   by amending and restating the definition of
            "Leverage Ratio" in its entirety to read as follows:

                        "Leverage Ratio" means, as of the last day of each
                  fiscal quarter ending on or after the Fourth Amendment
                  Effective Date, the ratio of (a) an amount equal to (i)
                  Financial Covenant Debt at such date, minus (ii) Unrestricted
                  Cash On Hand at such date to (b) Adjusted EBITDA for the
                  four-fiscal-quarter period then ending.

                        (x)   by adding the following definition of "Lists" in
            proper alphabetical order:

                        "Lists" is defined in Section 6.01(ff).

                        (y)   by amending the definition of "Maximum Credit
            Amount" to delete in their entirety the references to "the Currency
            Agreement Exposure" in clauses (i)(C) and (ii)(C) thereof and to
            substitute "the Excess Currency Agreement Exposure or, at any time
            when an Event of Default has occurred and is continuing, the
            Currency Agreement Exposure, in each case" in lieu thereof.

                        (z)   by adding the following definition of "Monthly
            Borrowing Base Delivery Date" in proper alphabetical order:

                        "Monthly Borrowing Base Delivery Date" is defined
                  in Section 7.05(a).

                        (aa)  by amending and restating the definition of
            "Multicurrency Commitment" in its entirety to read as follows:

                        "Multicurrency Commitment" means, as to each
                  Multicurrency Lender, the commitment to make Multicurrency
                  Loans (including Multicurrency Loans required to be made
                  pursuant to Section 2.01(h) and 2.02(e)(ii) to the
                  Multicurrency Borrowers), to participate in Letters of Credit
                  Issued for the account of the Multicurrency Borrowers, and to
                  participate in Domestic Loans and fund such participations, in
                  each case pursuant to Section 2.03, in an aggregate principal
                  amount (after giving effect to all participations purchased by
                  and from such Multicurrency Lender) outstanding not to exceed
                  the amount on the Fourth Amendment Effective Date set forth
                  opposite such Multicurrency Lender's name on Schedule 1.01.1
                  under the caption "Multicurrency Commitment," as such amount
                  may be reduced or modified pursuant to this Agreement;
                  provided, however, at no time shall the aggregate
                  Multicurrency Commitments of all Multicurrency Lenders exceed
                  $70,000,000 less any permanent reduction made pursuant to
                  Section 3.01; provided, further, as of the Fourth Amendment
                  Effective Date the aggregate

                                                          NACCO Fourth Amendment

                                       6
<PAGE>

                  Multicurrency Commitments shall equal $45,000,000; provided,
                  further, at no time shall the aggregate Multicurrency
                  Commitments and the aggregate Domestic Commitments exceed
                  $135,000,000.

                        (bb)  by amending the definition of "Net Cash Proceeds
            of Issuance of Equity Securities or Indebtedness" to add the
            following proviso immediately preceding the period (".") at the end
            of such definition:

                  ; provided, however, that Net Cash Proceeds of Issuance of
                  Equity Securities or Indebtedness shall not include net
                  proceeds of up to $25,000,000 in any four fiscal quarter
                  period resulting from (x) the issuance by NMHG Holding of
                  equity Securities to the Parent or (y) capital contributions
                  made by the Parent (directly or indirectly) to NMHG Holding or
                  any of the other Borrowers.

                        (cc)  by adding the following definition of "OFAC" in
            proper alphabetical order:

                        "OFAC" is defined in Section 6.01(ff).

                        (dd)  by adding the following definition of "OFAC Laws
            and Regulations" in proper alphabetical order:

                        "OFAC Laws and Regulations" is defined in Section
                  6.01(ff).

                        (ee)  by adding the following definition of "Original
            Fee Letter" in proper alphabetical order:

                        "Original Fee Letter" means the fee letter dated as of
                  April 3, 2002, from CNAI, SSB and CSFB and accepted by the
                  Domestic Borrowers.

                        (ff)  by adding the following definition of "Parent
            Subordinated Indebtedness" in proper alphabetical order:

                        "Parent Subordinated Indebtedness" means unsecured
                  Indebtedness owing by any Borrower or Borrower Subsidiary to
                  the Parent and unsecured guaranties thereof by any other
                  Borrower or Borrower Subsidiary; provided that any such
                  Indebtedness or guaranty issued by a Credit Party shall be
                  subordinated in right of payment to the Obligations and
                  otherwise on terms and conditions satisfactory to the
                  Administrative Agent; provided, further, that, in the event
                  that any Borrower Subsidiary which is not a Credit Party
                  guaranties or becomes jointly and severally liable for any
                  Parent Subordinated Indebtedness issued by any Credit Party,
                  such Borrower Subsidiary, as a condition of issuing such
                  guaranty or becoming jointly and severally liable for such
                  Indebtedness, shall become a Guarantor with respect to (i) if
                  such Credit Party is a Domestic

                                                          NACCO Fourth Amendment

                                       7
<PAGE>

                  Credit Party, all Obligations guaranteed by the Domestic
                  Guarantors, (ii) if such Credit Party is a Multicurrency
                  Borrower, all Obligations of such Multicurrency Borrower or
                  (iii) if such Credit Party is a Foreign Guarantor, all
                  Obligations guaranteed by such Foreign Guarantor.

                        (gg)  by adding the following definition of "Required
            Evidence of Insurance" in proper alphabetical order:

                        "Required Evidence of Insurance" is defined in Section
                  8.05.

                        (hh)  by amending the definition of "Restricted Payment"
            to insert "including, without limitation, Parent Subordinated
            Indebtedness," immediately following the reference to "Obligations,"
            in clause (d) thereof.

                        (ii)  by amending the definition of "Semi-Monthly
            Borrowing Base Delivery Date" to delete in its entirety the
            reference therein to "Section 7.05(a)" and to substitute "Section
            7.05(b)" in lieu thereof.

                        (jj)  by amending the definition of "Termination Date"
            to delete in its entirety the reference therein to "the third
            anniversary of the Closing Date" and to substitute "May 9, 2007" in
            lieu thereof.

                        (kk)  by adding the following definition of
            "Unrestricted Cash On Hand" in proper alphabetical order:

                        "Unrestricted Cash On Hand" means, as of any date of
                  determination, an amount equal to (a) the amount of
                  immediately available cash and Cash Equivalents on deposit in
                  Bank Accounts reported on the most recently delivered monthly
                  Financial Statement, minus (b) all such cash and Cash
                  Equivalents which is the subject of any Lien or right of
                  setoff, whether directly, as proceeds of other property
                  subject to a Lien or right of setoff, or otherwise (other than
                  a Lien in favor of the Administrative Agent or a right of
                  setoff with respect to Bank Accounts with respect to which the
                  Administrative Agent has control (as defined in the Uniform
                  Commercial Code)), minus (c) all such cash or Cash Equivalents
                  which is held in any deposit or securities account which is
                  subject to any Lien in favor of any Person other than the
                  Administrative Agent.

                        (ll)  by adding the following definition of "USA Patriot
            Act" in proper alphabetical order:

                        "USA Patriot Act" means the Uniting and Strengthening
                  America by Providing Appropriate Tools Required to Intercept
                  and Obstruct Terrorism Act of 2001, Pub. L. No. 107-56, 115
                  Stat. 272 (2001), as amended.

                                                          NACCO Fourth Amendment

                                       8
<PAGE>

                        (mm)  by amending the definition of "Weekly Borrowing
            Base Delivery Date" to delete in its entirety the reference therein
            to "Section 7.05(b)" and to substitute "Section 7.05(c)" in lieu
            thereof.

                  2.2   AMENDMENTS TO ARTICLE VI. Article VI of the Credit
      Agreement is hereby amended as follows:

                        (a)   Sections 6.01(f) and 6.01(aa) of the Credit
            Agreement are hereby amended to delete in their entirety each
            reference therein to "as of the Closing Date" and to substitute "as
            of the Fourth Amendment Effective Date" in lieu thereof; and

                        (b)   The following Sections 6.01(ff) and 6.01(gg) are
            added at the end thereof:

                              (ff)  Anti-Terrorism Laws and Anti-Money
                  Laundering Laws. None of the Borrowers and Borrower
                  Subsidiaries are, and after making due inquiry no Person who
                  owns a controlling interest in or otherwise controls any
                  Borrower or Borrower Subsidiary is or shall be, (i) listed on
                  the Specially Designated Nationals and Blocked Persons List
                  maintained by the Office of Foreign Assets Control ("OFAC"),
                  Department of the Treasury, and/or on any other similar list
                  (collectively, the "Lists") maintained by the OFAC pursuant to
                  any authorizing statute, Executive Order or regulation
                  (collectively, "OFAC Laws and Regulations"); or (ii) a Person
                  (a "Designated Person") either (A) included within the term
                  "designated national" as defined in the Cuban Assets Control
                  Regulations, 31 C.F.R. Part 515, or (B) designated under
                  Sections 1(a), 1(b), 1(c) or 1(d) of Executive Order No.
                  13224, 66 Fed. Reg. 49079 (published September 25, 2001) or
                  similarly designated under any related enabling legislation or
                  any other similar Executive Orders (collectively, the
                  "Executive Orders"). None of the Borrowers and Borrower
                  Subsidiaries (x) is a Person or entity with which any Lender
                  is prohibited from dealing or otherwise engaging in any
                  transaction by any Anti-Terrorism Law or (y) is a Person or
                  entity that commits, threatens or conspires to commit or
                  supports "terrorism" as defined in the Executive Orders or (z)
                  is affiliated or associated with a Person or entity listed in
                  the preceding clause (x) or clause (y). To the Knowledge of
                  the Borrowers, no Borrower, Borrower Subsidiary, any of their
                  Affiliates, nor any brokers or other agents acting in any
                  capacity in connection with the Loans hereunder (I) deals in,
                  or otherwise engages in any transaction relating to, any
                  property or interests in property blocked pursuant to the
                  Executive Orders or (II) engages in or conspires to engage in
                  any transaction that evades or avoids, or has the purpose of
                  evading or avoiding, or attempts to violate, any of the
                  prohibitions set forth in any Anti-Terrorism Law.

                                                          NACCO Fourth Amendment

                                       9
<PAGE>

                              (gg)  No Violation of Anti-Money Laundering Laws.
                  To each Borrower's Knowledge no Borrower, Borrower Subsidiary
                  nor any holder of a direct or indirect interest in any
                  Borrower or Borrower Subsidiary (i) is under investigation by
                  any governmental authority for, or has been charged with, or
                  convicted of, money laundering under 18 U.S.C. Sections 1956
                  and 1957, drug trafficking, terrorist-related activities or
                  other money laundering predicate crimes, or any violation of
                  the BSA, (ii) has been assessed civil penalties under any
                  Anti-Money Laundering Laws, or (iii) has had any of its funds
                  seized or forfeited in an action under any Anti-Money
                  Laundering Laws.

                  2.3   AMENDMENT TO SECTION 7.04. Section 7.04 of the Credit
      Agreement is hereby amended and restated in its entirety to read as
      follows:

                        7.04. Insurance. The Borrowers shall deliver to the
            Administrative Agent as soon as practicable and in any event (a) no
            later than April 1 in each calendar year, a report in the form of
            Schedule 6.01-W or otherwise in form and substance reasonably
            satisfactory to the Administrative Agent outlining all material
            insurance coverage (including any self insurance provided by any
            Borrower, Parent or Borrower Subsidiary but excluding health,
            medical, dental and life insurance (other than key man life
            insurance)) maintained as of the date of such report by any Person
            on their behalf or on behalf of any Borrower Subsidiary and the
            duration of such coverage, (b) no later than 60 days after the
            Fourth Amendment Effective Date with respect to each policy in
            effect on the Fourth Amendment Effective Date for which Required
            Evidence of Insurance is required under Section 8.05, the Required
            Evidence of Insurance, (c) no later than 10 Business Days after the
            renewal date of each policy (or the effective date of any policy not
            in effect on the Fourth Amendment Effective Date) for which Required
            Evidence of Insurance is required under Section 8.05, evidence
            satisfactory to the Administrative Agent that such policies are in
            effect and showing the insurable interests of the Administrative
            Agent required by Section 8.05 and (d) no later than 60 days after
            the renewal date of each policy for which Required Evidence of
            Insurance is required under Section 8.05, the Required Evidence of
            Insurance for such policy. The Borrowers shall notify the
            Administrative Agent of, and shall give the Administrative Agent and
            its representatives access to copies of, any new, updated, renewed
            or otherwise modified material insurance policies (excluding health,
            medical, dental and life insurance (other than key man life
            insurance)). The Borrowers shall promptly notify the Administrative
            Agent of the nonpayment of any premiums of any policy, cancellation
            of any policy or alterations of any policy that are adverse to the
            interests of the Holders, in each case, with respect to policies of
            insurance for which Required Evidence of Insurance is required
            hereunder.

                                                          NACCO Fourth Amendment

                                       10
<PAGE>

                  2.4   AMENDMENT TO SECTION 7.05. Section 7.05 of the Credit
      Agreement is hereby amended and restated in its entirety to read as
      follows:

                        7.05. Borrowing Base Certificates.

                        (a)   Monthly Delivery. At all times that (x) Excess
            Borrowing Base Capacity is greater than an amount equal to forty
            percent (40%) of the Commitments then in effect (as determined by
            the Administrative Agent based on the then most recent set of
            Borrowing Base Certificates delivered by the Borrowers or, during
            the period from June 30 to October 31 in any Fiscal Year, based on
            the better of the two most recent sets of Borrowing Base
            Certificates delivered by the Borrowers) and (y) addenda to
            Schedules 7.05-A and 7.05-B for the then current calendar year are
            in effect pursuant to this Section 7.05(a), on each Business Day set
            forth on Schedule 7.05-A with respect to the Domestic Borrowers and
            Schedule 7.05-B with respect to the Multicurrency Borrowers (each, a
            "Monthly Borrowing Base Delivery Date"), the Domestic Borrowers and
            the Multicurrency Borrowers shall each provide the Administrative
            Agent with a Borrowing Base Certificate (which the Administrative
            Agent shall promptly deliver to each Domestic Lender and each
            Multicurrency Lender, respectively), reporting Eligible Receivables
            and Eligible Inventory as of the Business Day set forth on Schedule
            7.05-A or Schedule 7.05-B, as applicable, for such Collateral and
            corresponding to the applicable Monthly Borrowing Base Delivery
            Date, or, in each case, as of any other date requested by the
            Administrative Agent in its sole discretion, together with such
            supporting documents as the Administrative Agent requests, all with
            respect to the Domestic Facility certified as being true, accurate
            and complete by a Financial Officer of the Domestic Borrowers, and
            all with respect to the Multicurrency Facility certified as being
            true, accurate and complete by a Financial Officer of the
            Multicurrency Borrowers. Not later than December 10 (or if such day
            is not a Business Day, on the next succeeding Business Day) in each
            calendar year commencing with 2004, the Borrowers shall deliver to
            the Administrative Agent an addendum to each of Schedule 7.05-A and
            Schedule 7.05-B showing the Monthly Borrowing Base Delivery Dates
            and reporting dates as to Eligible Receivables and Eligible
            Inventory for the immediately following calendar year which addenda
            shall become effective for such following calendar year upon the
            Administrative Agent's approval thereof. Upon approval of any such
            addenda the Administrative Agent shall promptly deliver such addenda
            to each Lender.

                        (b)   Semi-Monthly Delivery. At all times that (x)
            Excess Borrowing Base Capacity is greater than or equal to an amount
            equal to twenty percent (20%) of the Commitments then in effect (as
            determined by the Administrative Agent based on the then most recent
            set of Borrowing Base Certificates delivered by the Borrowers or,
            during the period from June 30 to October 31 in any Fiscal Year,
            based on the better of the two most recent sets of Borrowing Base
            Certificates delivered by the Borrowers), (y) addenda to Schedules
            7.05-C and 7.05-D for the then current calendar year are in effect

                                                          NACCO Fourth Amendment

                                       11
<PAGE>

            pursuant to this Section 7.05(b) and (z) the conditions for monthly
            reporting in Section 7.05(a) are not satisfied at such time, on each
            Business Day set forth on Schedule 7.05-C with respect to the
            Domestic Borrowers and Schedule 7.05-D with respect to the
            Multicurrency Borrowers (each, a "Semi-Monthly Borrowing Base
            Delivery Date"), the Domestic Borrowers and the Multicurrency
            Borrowers shall each provide the Administrative Agent with a
            Borrowing Base Certificate (which the Administrative Agent shall
            promptly deliver to each Domestic Lender and each Multicurrency
            Lender, respectively), reporting Eligible Receivables and Eligible
            Inventory as of the Business Day set forth on Schedule 7.05-C or
            Schedule 7.05-D, as applicable, for such Collateral and
            corresponding to the applicable Semi-Monthly Borrowing Base Delivery
            Date, or, in each case, as of any other date requested by the
            Administrative Agent in its sole discretion, together with such
            supporting documents as the Administrative Agent requests, all with
            respect to the Domestic Facility certified as being true, accurate
            and complete by a Financial Officer of the Domestic Borrowers, and
            all with respect to the Multicurrency Facility certified as being
            true, accurate and complete by a Financial Officer of the
            Multicurrency Borrowers. Not later than December 10 (or if such day
            is not a Business Day, on the next succeeding Business Day) in each
            calendar year commencing with 2004, the Borrowers shall deliver to
            the Administrative Agent an addendum to each of Schedule 7.05-C and
            Schedule 7.05-D showing the Semi-Monthly Borrowing Base Delivery
            Dates and reporting dates as to Eligible Receivables and Eligible
            Inventory for the immediately following calendar year which addenda
            shall become effective for such following calendar year upon the
            Administrative Agent's approval thereof. Upon approval of any such
            addenda the Administrative Agent shall promptly deliver such addenda
            to each Lender.

                        (c)   Weekly Delivery. At all times that (x) Excess
            Borrowing Base Capacity is less than an amount equal to twenty
            percent (20%) of the Commitments then in effect (as determined by
            the Administrative Agent based on the then most recent set of
            Borrowing Base Certificates delivered by the Borrowers or, during
            the period from June 30 to October 31 in any Fiscal Year, based on
            the better of the two most recent sets of Borrowing Base
            Certificates delivered by the Borrowers) or (y) the conditions for
            monthly and semi-monthly reporting in Sections 7.05(a) and 7.05(b),
            respectively, are not satisfied at such time, on each Wednesday (or
            if such day is not a Business Day, on the next succeeding Business
            Day) or more frequently if requested by the Administrative Agent in
            its sole discretion (each, a "Weekly Borrowing Base Delivery Date"),
            the Domestic Borrowers and the Multicurrency Borrowers shall each
            provide the Administrative Agent with a Borrowing Base Certificate
            (which the Administrative Agent shall promptly deliver to each
            Domestic Lender and each Multicurrency Lender, respectively)
            reporting (i) Eligible Receivables as of the last Business Day of
            the immediately preceding calendar week and (ii) Eligible Inventory
            as of (A) the last Business Day of the second preceding calendar
            month on any Weekly Borrowing Base Delivery Date on or prior to the
            fifteenth day of the calendar month and (B) as of the last Business
            Day of the immediately

                                                          NACCO Fourth Amendment

                                       12
<PAGE>

            preceding calendar month on any Weekly Borrowing Base Delivery Date
            after the fifteenth day of the calendar month, or, in any case of
            clauses (i) or (ii) above, as of any other date requested by the
            Administrative Agent in its sole discretion, together with such
            supporting documents as the Administrative Agent requests, all with
            respect to the Domestic Facility certified as being true, accurate
            and complete by a Financial Officer of the Domestic Borrowers, and
            all with respect to the Multicurrency Facility certified as being
            true, accurate and complete by a Financial Officer of the
            Multicurrency Borrowers.

                  2.5   ADDITION OF NEW SECTION 7.15. The following is added as
      Section 7.15 of the Credit Agreement:

                        7.15. Anti-Terrorism and Anti-Money Laundering Law
            Notices. Each Borrower shall immediately notify the Administrative
            Agent if such Person obtains Knowledge that any holder of a direct
            or indirect interest in any Borrower or Borrower Subsidiary, or any
            director, manager or officer of any of such holder, (a) has been
            listed on any of the Lists, (b) has become a Designated Person, (c)
            is under investigation by any governmental authority for, or has
            been charged with or convicted of, money laundering drug
            trafficking, terrorist-related activities or other money laundering
            predicate crimes, or any violation of the BSA, (d) has been assessed
            civil penalties under any Anti-Money Laundering Laws, or (e) has had
            funds seized or forfeited in an action under any Anti-Money
            Laundering Laws.

                  2.6   AMENDMENT TO SECTION 8.05. Section 8.05 of the Credit
      Agreement is hereby amended and restated in its entirety to read as
      follows:

                        8.05. Insurance. Each Borrower shall maintain for itself
            and its Subsidiaries, or shall cause each of its Subsidiaries to
            maintain in full force and effect the insurance policies and
            programs listed on Schedule 6.01-W or substantially similar policies
            and programs or other policies and programs as are acceptable to the
            Administrative Agent; provided, that at any time but no more than
            once in any Fiscal Year unless an Event of Default has occurred and
            is continuing, the Administrative Agent may engage (at the
            Borrowers' expense) a third-party insurance consultant to examine,
            review and appraise the insurance policies and programs maintained
            by the Borrowers and their Subsidiaries, and to the extent deemed
            reasonably necessary by the Administrative Agent (taking into
            account, among other things, the cost of such additional coverage
            and the risks insured against by such additional coverage), require
            the Borrowers to modify the insurance policies and programs
            currently in place or, in the event that any insurer is rated less
            than A-, VII by A.M. Best (or an equivalent rating by another
            insurance rating company reasonably satisfactory to the
            Administrative Agent), replace the insurance policies and programs
            provided by such insurer. Each policy relating to (a) the Collateral
            and/or business interruption coverage for any Credit Party shall be
            properly endorsed to the Administrative Agent, in form and substance
            acceptable to the Administrative Agent, showing loss payable to the

                                                          NACCO Fourth Amendment

                                       13
<PAGE>

            Administrative Agent, for the benefit of the Holders and (b)
            coverage for any Credit Party other than the foregoing, unless
            otherwise permitted by the Administrative Agent, shall contain an
            endorsement naming the Administrative Agent as an additional insured
            under such policy, in each case in form and substance acceptable to
            the Administrative Agent (collectively, the "Required Evidence of
            Insurance") and delivered to the Administrative Agent in accordance
            with Section 7.04. Such Required Evidence of Insurance furnished to
            the Administrative Agent shall provide, unless otherwise permitted
            by the Administrative Agent in its sole discretion, that the
            insurance companies will give the Administrative Agent at least ten
            (10) days' prior written notice of any cancellation due to
            nonpayment of premiums thereunder and at least thirty (30) days'
            prior written notice before any such policy or policies of insurance
            shall be altered adversely to the interests of the Holders or
            otherwise cancelled and that no act, whether willful or negligent,
            or default of any Borrower, Borrower Subsidiary or other Person
            shall affect the right of the Administrative Agent to recover under
            such policy or policies of insurance in case of loss or damage. In
            the event any Borrower or Borrower Subsidiary, at any time or times
            hereafter shall fail to obtain or maintain any of the policies or
            insurance required herein or to pay any premium in whole or in part
            relating thereto, then the Administrative Agent, without waiving or
            releasing any obligations or resulting Event of Default hereunder,
            may at any time or times thereafter (but shall be under no
            obligation to do so) obtain and maintain such policies of insurance
            and pay such premiums and take any other action with respect thereto
            which the Administrative Agent deems advisable. All sums so
            disbursed by the Administrative Agent shall constitute Protective
            Advances hereunder and be part of the Obligations, payable as
            provided in this Agreement.

                  2.7   AMENDMENT TO SECTION 8.06(a). Section 8.06(a) of the
      Credit Agreement is hereby amended to add the following proviso
      immediately before the period (".") at the end of the last sentence
      thereof:

            "provided, however, that Collateral field examinations at the
            Borrowers' expense may be conducted no more frequently than (i)
            quarterly, if Excess Borrowing Base Capacity is less than an amount
            equal to twenty percent (20%) of the Commitments then in effect (as
            determined by the Administrative Agent based on the then most recent
            set of Borrowing Base Certificates delivered by the Borrowers or,
            during the period from June 30 to October 31 in any Fiscal Year,
            based on the better of the two most recent sets of Borrowing Base
            Certificates delivered by the Borrowers); (ii) semi-annually, if
            Excess Borrowing Base Capacity is greater than or equal to an amount
            equal to twenty percent (20%), but less than or equal to forty
            percent (40%), of the Commitments then in effect (as determined by
            the Administrative Agent based on the then most recent set of
            Borrowing Base Certificates delivered by the Borrowers or, during
            the period from June 30 to October 31 in any Fiscal Year, based on
            the better of the two most recent sets of Borrowing Base
            Certificates delivered by the Borrowers); (iii) annually, if Excess
            Borrowing Base Capacity is greater than an amount equal to

                                                          NACCO Fourth Amendment

                                       14
<PAGE>

            forty percent (40%) of the Commitments then in effect (as determined
            by the Administrative Agent based on the then most recent set of
            Borrowing Base Certificates delivered by the Borrowers or, during
            the period from June 30 to October 31 in any Fiscal Year, based on
            the better of the two most recent sets of Borrowing Base
            Certificates delivered by the Borrowers); or (iv) at any time an
            Event of Default has occurred and is continuing"

                  2.8   ADDITION OF NEW SECTION 8.14. The following is added as
      Section 8.14 of the Credit Agreement:

                        8.14  Delivery of Updated Schedules to the Credit
            Agreement. Not later than 45 days after the Fourth Amendment
            Effective Date, the Borrowers shall prepare and deliver to the
            Administrative Agent updated Schedules to this Agreement (other than
            Schedules 1.01.1, 1.01.4, 1.01.5, 1.01.6, 1.01.9, 7.05-A, 7.05-B,
            7.05-C and 7.05-D), each in form and substance reasonably
            satisfactory to the Administrative Agent (the date of such delivery
            being the "Fourth Amendment Schedule Delivery Date"). As soon as
            practicable after the Fourth Amendment Schedule Delivery Date, the
            Agent shall deliver such updated Schedules to the Lenders.

                  2.9   ADDITION OF NEW SECTION 8.15. The following is added as
      Section 8.15 of the Credit Agreement:

                        8.15. Compliance with Anti-Money Laundering Laws and
            Anti-Terrorism Laws. Each Borrower and Borrower Subsidiary has
            taken, and agrees that it shall continue to take, reasonable
            measures (including, without limitation, the adoption of adequate
            policies, procedures and internal controls) appropriate to the
            circumstances (in any event as required by applicable Requirements
            of Law), to ensure that such Person is and shall be in compliance
            with all current and future Anti-Money Laundering Laws and
            Anti-Terrorism Laws and applicable Requirements of Law and
            governmental guidance for the prevention of terrorism, terrorist
            financing and drug trafficking.

                  2.10  AMENDMENTS TO SECTION 9.01. Section 9.01 of the Credit
      Agreement is hereby amended as follows:

                        (a)   to insert "after the Fourth Amendment Effective
            Date" immediately before the semi-colon (";") at the end of clause
            (g)(v) thereof;

                        (b)   to delete in its entirety the word "and" at the
            end of clause (p) thereof;

                        (c)   to redesignate clause (q) thereof as clause (r)
            and delete in its entirety the reference to "(p)" in such clause and
            substitute "(q)" in lieu thereof;

                                                          NACCO Fourth Amendment

                                       15
<PAGE>

                        (d)   to add a new clause (q) as follows:

                              "(q)  Parent Subordinated Indebtedness; and"; and

                        (e)   to delete in its entirety the reference to
            "clauses (d) and (g)" in the proviso to such Section and to
            substitute "clauses (d), (g) and (q)" in lieu thereof.

                  2.11  AMENDMENTS TO SECTION 9.02. Section 9.02 of the Credit
      Agreement is hereby amended as follows:

                        (a)   to amend and restate clause (b)(iv) thereof in its
            entirety to read as follows:

                  "(iv) such sale is of the assets or Capital Stock of (i) any
                  Subsidiary that was a Subsidiary of NMHG Distribution as of
                  the Closing Date (a "Distribution Subsidiary") or (ii) a
                  Borrower Subsidiary created after the Closing Date whose only
                  assets at the time of formation consisted of assets acquired
                  from a Distribution Subsidiary ("Distribution Property") and
                  whose only assets at the time of sale consist of Distribution
                  Property and assets acquired or originated in the ordinary
                  course of business;"

                        (b)   to delete in its entirety the reference to "Net
            Cash Proceeds" in clause (g) thereof and substitute "Net Cash
            Proceeds of Sale" in lieu thereof.

                  2.12  AMENDMENTS TO SECTION 9.04. Section 9.04 of the Credit
      Agreement is hereby amended as follows:

                        (a)   to insert "after the Fourth Amendment Effective
            Date" immediately before the semi-colon (";") at the end of clause
            (e)(v) thereof;

                        (b)   to delete the word "and" at the end of clause (g)
            thereof;

                        (c)   to replace the period (".") at the end of clause
            (h) thereof with "; and"; and

                        (d)   to add a new clause (i) as follows:

                              "(i)  Investments consisting of purchases of
                  Senior Notes permitted by Section 9.06(b)(i)(B)."

                  2.13  AMENDMENTS TO SECTION 9.05. Section 9.05 of the Credit
      Agreement is hereby amended as follows:

                        (a)   to amend and restate clause (b) thereof in its
            entirety to read as follows:

                                                          NACCO Fourth Amendment

                                       16
<PAGE>

                              "(b)  (i) Permitted Existing Accommodation
                  Obligations and any extensions, renewals or replacements
                  thereof, provided that the aggregate Indebtedness under any
                  such extension, renewal or replacement is not greater than the
                  Indebtedness under, and shall be on terms no less favorable to
                  the Borrower or such Subsidiary than the terms of, the
                  Permitted Existing Accommodation Obligation so extended,
                  renewed or replaced; and (ii) Accommodation Obligations
                  evidenced by Financing Agreements of the type described in
                  clause (c) of the definition thereof, and any renewal,
                  amendment, restatement or replacement thereof permitted by the
                  definition thereof;"

                        (b)   to insert "after the Fourth Amendment Effective
            Date" immediately before the semi-colon (";") at the end of clause
            (f)(v) thereof;

                        (c)   to delete the word "and" at the end of clause (f)
            thereof;

                        (d)   to redesignate clause (g) thereof as clause (h)
            and delete in its entirety the reference to "(f)" in such clause and
            substitute "(g)" in lieu thereof; and;

                        (e)   to add a new clause (g) as follows:

                              "(g)  Parent Subordinated Indebtedness; and"; and

                  2.14  AMENDMENTS TO SECTION 9.06(b). Section 9.06(b) of the
      Credit Agreement is hereby amended as follows:

                        (a)   to amend and restate clause (i) thereof in its
            entirety to read as follows:

                              (i) (A) regularly scheduled payments of principal
                  and interest by NMHG on the Senior Notes and (B) prepayments,
                  redemptions and/or purchases of all or any portion of the
                  Senior Notes so long as after giving effect to any such
                  prepayment, redemption or purchase, Availability under all
                  Credit Facilities is greater than or equal to $40,000,000;

                        (b)   to delete the word "and" at the end of clause (vi)
            thereof;

                        (c)   to insert the word "and" at the end of clause
            (vii) thereof; and

                        (d)   to add a new clause (viii) as follows:

                              (viii) payments of principal and interest by the
                  Borrowers and Borrower Subsidiaries with respect to Parent
                  Subordinated Indebtedness so long as after giving effect to
                  any such payment,

                                                          NACCO Fourth Amendment

                                       17
<PAGE>

                  Availability under all Credit Facilities is greater than or
                  equal to $10,000,000;

                        (e)   to amend the proviso at the end thereof to delete
            in its entirety the reference therein to "clauses (iii)(B), (vi)(C)
            and (vii)" and to substitute "clauses (i)(B), (iii)(B), (vi)(C),
            (vii) and (viii)" in lieu thereof

                  2.15  ADDITION OF NEW SECTION 9.19. The following is added as
      Section 9.19 of the Credit Agreement:

                        9.19. No Violation of Anti-Terrorism Laws. The Borrowers
            and Borrower Subsidiaries shall not: (a) violate any of the
            prohibitions set forth in the Anti-Terrorism Laws applicable to any
            of them or the business that they conduct, or (b) require the
            Administrative Agent, the Issuing Bank or the Lenders to take any
            action that would cause the Administrative Agent or the Lenders to
            be in violation of the prohibitions set forth in the Anti-Terrorism
            Laws, it being understood that the Administrative Agent, the Issuing
            Bank or any Lender can refuse to honor any such request or demand
            otherwise validly made by any Borrower under this Agreement or any
            Loan Document.

                  2.16  ADDITION OF NEW SECTION 9.20. The following is added as
      Section 9.20 of the Credit Agreement:

                        9.20  Anti-Terrorism Laws. The Borrowers shall not, and
            shall not permit any Borrower Subsidiary to, directly or indirectly,
            (a) Knowingly conduct any business or engage in making or receiving
            any contribution of funds, goods or services to or for the benefit
            of any Designated Person or any other Person identified in any List,
            (b) Knowingly deal in, or otherwise engage in any transaction
            relating to, any property or interests in property blocked pursuant
            to any Anti-Terrorism Law, (c) repay the Loans with any funds
            derived from any unlawful activity with the result that the making
            of the Loans would be in violation of law, or (d) Knowingly engage
            in or conspire to engage in any transaction that evades or avoids,
            or has the purpose of evading or avoiding, or attempts to violate,
            any of the prohibitions set forth in any Anti-Terrorism Law (and the
            Borrowers shall deliver to the Administrative Agent any
            certification or other evidence requested from time to time by the
            Administrative Agent in its reasonable discretion, confirming
            compliance with this Section 9.20).

                  2.17  AMENDMENT TO SECTION 10.01. Section 10.01 of the Credit
      Agreement is hereby amended to delete in its entirety the reference
      therein to "$15,000,000" and to substitute "$10,000,000" in lieu thereof.

                  2.18  AMENDMENT TO SECTION 10.02. Section 10.02 of the Credit
      Agreement is hereby amended to amend and restate in its entirety the table
      of periods and ratios therein to read as follows:

                                                          NACCO Fourth Amendment

                                       18
<PAGE>

<TABLE>
<CAPTION>
Period                                        Ratio
------                                        -----
<S>                                           <C>
June 30, 2002                                 6.60x

September 30, 2002                            6.25x

December 31, 2002                             5.25x

March 31, 2003                                4.25x

June 30, 2003                                 3.50x

September 30, 2003                            3.50x

December 31, 2003                             3.50x

March 31, 2004                                3.25x

June 30, 2004                                 3.75x

September 30, 2004                            3.75x

December 31, 2004 and every
  fiscal quarter thereafter                   3.25x
</TABLE>

                  2.19  AMENDMENT TO SECTION 10.04. Section 10.04 of the Credit
      Agreement is hereby amended to amend and restate in its entirety the table
      of periods and Capital Expenditures therein to read as follows:

<TABLE>
<CAPTION>
Period                                           Capital Expenditures
------                                           --------------------
<S>                                              <C>
FYE December 31, 2002                                $30,000,000

FYE December 31, 2003                                $65,000,000

FYE December 31, 2004                                $80,000,000

FYE December 31, 2005                                $80,000,000

FYE December 31, 2006                                $80,000,000

Through June 30, 2007                                $80,000,000
</TABLE>

                                                          NACCO Fourth Amendment

                                       19
<PAGE>

                  2.20  ADDITION OF NEW SECTION 12.10. The following is added as
      Section 12.10 of the Credit Agreement:

                        12.10. No Reliance on Administrative Agent's Customer
            Identification Program. Each Lender acknowledges and agrees that
            neither such Lender, nor any of its Affiliates, participants or
            assignees, may rely on the Administrative Agent to carry out such
            Lender's, Affiliate's, participant's or assignee's customer
            identification program, or other obligations required or imposed
            under or pursuant to the USA Patriot Act or the regulations
            thereunder, including the regulations contained in 31 C.F.R. 103.121
            (as hereafter amended or replaced, the "CIP Regulations"), or any
            other Anti-Terrorism Law, including any programs involving any of
            the following items relating to or in connection with any of the
            Borrowers, Borrower Subsidiaries, their Affiliates or their agents,
            the Loan Documents or the transactions hereunder or contemplated
            hereby: (a) any identity verification procedures, (b) any
            recordkeeping, (c) comparisons with government lists, (d) customer
            notices or (e) other procedures required under the CIP Regulations
            or such other Anti-Terrorism Laws.

                  2.21  ADDITION OF NEW SECTION 12.11. The following is added as
      Section 12.11 of the Credit Agreement:

                        12.11. USA Patriot Act. Within 10 days after the Fourth
            Amendment Effective Date and at such other times as are required
            under the USA Patriot Act, each Lender and each of its assignees and
            participants that is not incorporated under the laws of the United
            States of America or a state thereof (and is not excepted from the
            certification requirement contained in Section 313 of the USA
            Patriot Act and the applicable regulations because it is both (a) an
            affiliate of a depository institution or foreign bank that maintains
            a physical presence in the United States or foreign country, and (b)
            subject to supervision by a banking authority regulating such
            affiliated depository institution or foreign bank) shall deliver to
            the Administrative Agent the certification, or, if applicable,
            recertification, certifying that such Lender is not a "shell" and
            certifying to other matters as required by Section 313 of the USA
            Patriot Act and the applicable regulations.

                  2.22  AMENDMENT TO EXHIBIT A. Exhibit A to the Credit
      Agreement is hereby amended and restated in its entirety in the form
      attached hereto as Annex A.

                  2.23  AMENDMENTS TO CERTAIN SCHEDULES. Schedules 1.01.1,
      1.01.4, 1.01.5, 1.01.6, 7.05-A and 7.05-B to the Credit Agreement are
      hereby amended and restated in their entirety and new Schedules 1.01.9,
      7.05-C and 7.05-D are hereby added as Schedules to the Credit Agreement,
      each of which is attached hereto as Annex B.

            3.    POST EFFECTIVE DATE AMENDMENTS. Upon the "Fourth Amendment
Schedule Delivery Date" (as defined in Section 2.1(t) above), the Credit
Agreement is hereby amended as follows:

                                                          NACCO Fourth Amendment

                                       20
<PAGE>

                  3.1   AMENDMENTS TO ARTICLE VI. Sections 6.01(c), 6.01(r),
      6.01(u), 6.01(v), 6.01(w), 6.01(y) and 6.01(z) of the Credit Agreement are
      hereby amended to delete in their entirety each reference therein to "as
      of the Closing Date" and to substitute "as of the Fourth Amendment
      Schedule Delivery Date" in lieu thereof; and

                  3.2   AMENDMENTS TO CERTAIN SCHEDULES. All Schedules to the
      Credit Agreement (other than Schedules 1.01.1, 1.01.4, 1.01.5, 1.01.6,
      1.01.9, 7.05-A, 7.05-B, 7.05-C and 7.05-D) are amended and restated in
      their entirety with the Schedules delivered pursuant to Section 8.14 of
      the Credit Agreement.

            4.    EFFECT OF CERTAIN AMENDMENTS. Each of the parties hereto
acknowledges and agrees that, after giving effect to the amendments set forth in
Sections 2.1(e) and 2.11, the Availability Reserve put in place at the time of
the sale of certain assets of NMHG Distribution to MH Equipment Ohio, LLC in
January 2003 (as required by Section 9.02(b)(iv) of the Credit Agreement as in
effect immediately prior to this Amendment) shall be eliminated and that no
future Availability Reserves based solely on the sale of other assets permitted
to be sold pursuant to Section 9.02(b)(iv) of the Credit Agreement shall be
required to be put in place.

            5.    REPRESENTATIONS AND WARRANTIES. The Borrowers hereby represent
and warrant to each Lender, each Issuing Bank and the Administrative Agent that
(a) all of the representations and warranties of the Borrowers and the Borrower
Subsidiaries in the Credit Agreement and in any other Loan Document are true and
correct in all material respects on and as of the Fourth Amendment Effective
Date as though made to each Lender, each Issuing Bank and the Administrative
Agent on and as of such date (other than representations and warranties which
expressly speak as of a different date, which representations shall be made only
on such date) and (b) as of the Fourth Amendment Effective Date, no Event of
Default or Default has occurred and is continuing.

            6.    FOURTH AMENDMENT EFFECTIVE DATE. This Fourth Amendment shall
become effective as of the date first above written (the "Fourth Amendment
Effective Date") upon the satisfaction of the following conditions:

                  6.1   The Administrative Agent shall have received each of the
      following documents:

                        (a)   counterparts hereof executed by the Borrowers, the
            Administrative Agent and each Lender;

                        (b)   reaffirmations of the Obligations and the grant of
            Liens executed by the Borrowers and Guarantors, each on terms and
            conditions satisfactory to the Administrative Agent;

                        (c)   written confirmation from local counsel to the
            Administrative Agent in England, The Netherlands, Scotland, Northern
            Ireland and Italy that no further action is required to be taken as
            a result of this Fourth Amendment in connection with the Loan
            Documents governed by the laws of

                                                          NACCO Fourth Amendment

                                       21
<PAGE>

            such countries or describing the documentation which is reasonably
            required (such documentation being the "Additional Foreign Law
            Documentation");

                        (d)   all Additional Foreign Law Documentation, if any,
            executed by the applicable Credit Parties, together with legal
            opinions with respect thereto, each in form and substance reasonably
            satisfactory to the Administrative Agent; provided, however, that
            the Administrative Agent may, in its sole discretion, waive this
            requirement solely as a condition to the effectiveness of this
            Fourth Amendment and grant additional time for the delivery of such
            Additional Foreign Law Documentation and related legal opinions;

                        (e)   a Certificate from the Secretary, Assistant
            Secretary or Director of each Borrower and each Guarantor with
            respect to corporate resolutions authorizing the execution, delivery
            and performance of this Fourth Amendment and the agreements and
            documents executed and delivered in connection herewith and the
            incumbency of the officers of the Borrowers and Guarantors executing
            and delivering the same, and good standing certificates for the
            Borrower and Guarantors from the states identified on Annex C
            attached hereto and made a part hereof;

                        (f)   a Certificate of a Financial Officer of the
            Borrowers dated as of the Fourth Amendment Effective Date, executed
            and delivered on behalf of the Borrowers, certifying that (i) no
            Material Adverse Effect has occurred since December 31, 2001, (ii)
            all conditions precedent set forth in this Fourth Amendment which
            are required to be satisfied have been satisfied and (iii) after
            giving effect to this Fourth Amendment, all representations and
            warranties in the Credit Agreement, as amended by this Fourth
            Amendment, and the other Loan Documents are true and correct in all
            material respects, no Default or Event of Default has occurred and
            is continuing and no event that is reasonably likely to have a
            Material Adverse Effect has occurred and is continuing; and

                        (g)   amended and restated Notes reflecting the
            amendments to the Domestic Commitments and Multicurrency Commitments
            pursuant to this Fourth Amendment.

                  6.2   Each of the representations and warranties contained in
      this Fourth Amendment shall be true and correct in all material respects
      on and as of the Fourth Amendment Effective Date.

                  6.3   As of the Fourth Amendment Effective Date, no Event of
      Default or Default shall have occurred and be continuing.

                  6.4   No event shall exist or shall have occurred which is
      reasonably likely to have a Material Adverse Effect.

                                                          NACCO Fourth Amendment

                                       22
<PAGE>

                  6.5   The Borrowers shall have reimbursed the Administrative
      Agent for the reasonable fees, costs and expenses incurred by or owing to
      it in connection with this Fourth Amendment, and all other outstanding
      fees and expenses incurred prior to the Fourth Amendment Effective Date,
      in each case which are payable under Section 14.02 of the Credit
      Agreement.

                  6.6   The Borrowers shall have remitted to the Administrative
      Agent: (a) for the ratable account of the Lenders party to this Fourth
      Amendment, an amendment fee in the amount of 0.25% of the aggregate
      Commitments of the Lenders which are in effect as of the Fourth Amendment
      Effective Date and (b) for the account of CNAI, the fees set forth in the
      Fourth Amendment Fee Letter which are payable on the Fourth Amendment
      Effective Date, all such fees shall be fully earned, non-refundable, and
      payable on the Fourth Amendment Effective Date.

            7.    MISCELLANEOUS.

                  7.1   This Fourth Amendment is a Loan Document. The headings
      herein are for convenience of reference only and shall not alter or
      otherwise affect the meaning hereof.

                  7.2   On and after the Fourth Amendment Effective Date, each
      reference in the Credit Agreement to "this Agreement", "hereunder",
      "hereof" or words of like import, and each reference in the other Loan
      Documents to the Credit Agreement, shall mean and be a reference to the
      Credit Agreement as amended hereby. Except to the extent specifically
      amended or modified hereby, all of the terms of the Credit Agreement and
      the other Loan Documents shall remain unchanged and in full force and
      effect and are hereby ratified and confirmed in all respects.

                  7.3   The execution, delivery and effectiveness of this Fourth
      Amendment shall not, except as expressly provided herein, operate as a
      waiver of any right, power or remedy of any Lender, the Issuing Bank or
      the Administrative Agent under the Credit Agreement or any of the Loan
      Documents, nor obligate any Lender, the Issuing Bank or the Administrative
      Agent to agree to similar amendments in the future.

                  7.4   The Indebtedness evidenced by the Credit Agreement, as
      in effect prior to the Fourth Amendment Effective Date (the "Existing
      Credit Agreement"), and the Notes delivered to the Lenders prior to the
      Fourth Amendment Effective Date (the "Existing Notes") constitutes the
      same Indebtedness evidenced by the Credit Agreement as amended hereby and
      the amended and restated Notes delivered pursuant to Section 6.1(g) above
      (the "Amended and Restated Notes"), and neither this Fourth Amendment nor
      the Amended and Restated Notes are in any way intended to constitute a
      novation of such Indebtedness, the Existing Credit Agreement, the Existing
      Notes, any of the other Loan Documents or the Obligations outstanding
      under any of the foregoing.

                                                          NACCO Fourth Amendment

                                       23
<PAGE>

            8.    COUNTERPARTS; FACSIMILE DELIVERY. This Fourth Amendment may be
executed in counterparts, each of which when so executed and delivered shall be
deemed an original, but all such counterparts together shall constitute but one
and the same instrument. Delivery of an executed counterpart of this Fourth
Amendment by facsimile transmission shall be effective as delivery of a manually
executed counterpart hereof.

            9.    GOVERNING LAW. THIS FOURTH AMENDMENT, AND ALL ISSUES RELATING
TO THIS FOURTH AMENDMENT, INCLUDING THE VALIDITY, ENFORCEABILITY, INTERPRETATION
OR CONSTRUCTION OF THIS FOURTH AMENDMENT OR ANY PROVISION HEREOF, SHALL BE
GOVERNED BY, AND SHALL BE DETERMINED AND ENFORCED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK.

                 [Signature pages and Annexes A, B and C follow]

                                                          NACCO Fourth Amendment

                                       24
<PAGE>

            IN WITNESS WHEREOF, the Administrative Agent, the Lenders and the
Borrowers have caused this Fourth Amendment to be executed by their respective
officers thereunto duly authorized as of the date first above written.

                                            NMHG HOLDING CO.

                                            By: /s/ Geoffrey D. Lewis
                                               ---------------------------------
                                               Name:  Geoffrey D. Lewis
                                               Title: Vice President

                                            NACCO MATERIALS HANDLING GROUP,
                                            INC., individually and as successor
                                            by merger to NMHG Distribution Co.

                                            By: /s/ Geoffrey D. Lewis
                                               ---------------------------------
                                               Name:  Geoffrey D. Lewis
                                               Title: Vice President

                                            NACCO MATERIALS HANDLING LIMITED

                                            By: /s/ Geoffrey D. Lewis
                                               ---------------------------------
                                               Name:  Geoffrey D. Lewis
                                               Title: Director

                                            NACCO MATERIALS HANDLING B.V.

                                            By: NACCO MATERIALS HANDLING GROUP,
                                                LTD., its Managing Director

                                            By: /s/ Geoffrey D. Lewis
                                               ---------------------------------
                                               Name:  Geoffrey D. Lewis
                                               Title: Director

                             NACCO Fourth Amendment
                                 Signature Page

<PAGE>

                                            CITICORP NORTH AMERICA, INC., as
                                            Administrative Agent and as a
                                            Domestic Lender

                                            By: /s/ Miles D. McManus
                                               ---------------------------------
                                               Miles D. McManus
                                               Vice President and Director

                                            CITIBANK INTERNATIONAL PLC, as a
                                            Multicurrency Lender

                                            By: /s/ Miles D. McManus
                                               ---------------------------------
                                               Miles D. McManus
                                               Authorized Signatory

                             NACCO Fourth Amendment
                                 Signature Page

<PAGE>

                                            CREDIT SUISSE FIRST BOSTON, as a
                                            Domestic Lender and as a
                                            Multicurrency Lender

                                            By: /s/ Phillip Ho
                                               ---------------------------------
                                               Name:  Phillip Ho
                                               Title: Director

                                            By: /s/ Cassandra Droogan
                                               ---------------------------------
                                               Name:  Cassandra Droogan
                                               Title: Associate

                             NACCO Fourth Amendment
                                 Signature Page

<PAGE>

                                            WELLS FARGO FOOTHILL, INC. (f/k/a
                                            Foothill Capital Corporation), as a
                                            Domestic Lender

                                            By: /s/ Michael P. Baranowski
                                               ---------------------------------
                                               Name:  Michael P. Baranowski
                                               Title: Vice President

                             NACCO Fourth Amendment
                                 Signature Page

<PAGE>

                                            GENERAL ELECTRIC CAPITAL
                                            CORPORATION, as a Domestic Lender

                                            By: /s/ Brian Schwinn
                                               ---------------------------------
                                               Name:  Brian Schwinn
                                               Title: Duly Authorized Signatory

                             NACCO Fourth Amendment
                                 Signature Page

<PAGE>

                                            GMAC COMMERCIAL FINANCE LLC (f/k/a
                                            GMAC Business Credit, LLC), as a
                                            Domestic Lender and as a
                                            Multicurrency Lender

                                            By: /s/ Christopher Gauch
                                               ---------------------------------
                                               Name:  Christopher Gauch
                                               Title: Vice President

                             NACCO Fourth Amendment
                                 Signature Page

<PAGE>

                                            KEY CORPORATE CAPITAL INC., as a
                                            Domestic Lender and as a
                                            Multicurrency Lender

                                            By: /s/ Timothy W. Kenealy
                                               ---------------------------------
                                               Name:  Timothy W. Kenealy
                                               Title: Assistant Vice President

                             NACCO Fourth Amendment
                                 Signature Page

<PAGE>

                                            NATIONAL CITY COMMERCIAL FINANCE
                                            INC., as a Domestic Lender

                                            By: /s/ Tom Buda
                                               ---------------------------------
                                               Name:  Tom Buda
                                               Title: Vice President

                             NACCO Fourth Amendment
                                 Signature Page

<PAGE>

                                            STATE OF CALIFORNIA PUBLIC
                                            EMPLOYEES' RETIREMENT SYSTEM, as a
                                            Domestic Lender

                                            By: /s/ Curtis D. Ishii
                                               ---------------------------------
                                               Name:  Curtis D. Ishii
                                               Title: Senior Investment Officer

                             NACCO Fourth Amendment
                                 Signature Page

<PAGE>

                                            U.S. BANK NATIONAL ASSOCIATION, as a
                                            Domestic Lender and as a
                                            Multicurrency Lender

                                            By: /s/ Dale Parshall
                                               ---------------------------------
                                               Name:  Dale Parshall
                                               Title: Vice President

                             NACCO Fourth Amendment
                                 Signature Page

<PAGE>

                                     ANNEX A
                                       to
                      FOURTH AMENDMENT TO CREDIT AGREEMENT
                            dated as of June 30, 2004

                         AMENDED AND RESTATED EXHIBIT A

<TABLE>
<CAPTION>
                                                                                      APPLICABLE       APPLICABLE
                                        APPLICABLE     APPLICABLE     APPLICABLE       LETTER OF         UNUSED
                   Leverage             FIXED RATE     FLOATING       OVERDRAFT       CREDIT FEE       COMMITMENT
Level                Ratio                MARGIN      RATE MARGIN    RATE MARGIN          RATE          FEE RATE
-----                -----                ------      -----------    -----------          ----          --------
<C>        <C>                          <C>           <C>            <C>              <C>              <C>
1          Less than 2.50x                2.000%         1.000%         2.250%           1.750%           0.375%
2          Greater than or equal to
           2.50x and less than 3.00x      2.250%         1.250%         2.500%           2.000%           0.375%
3          Greater than or equal to
           3.00x                          2.500%         1.500%         2.750%           2.250%           0.375%
</TABLE>

                             NACCO Fourth Amendment

<PAGE>

                                     ANNEX B
                                       to
                      FOURTH AMENDMENT TO CREDIT AGREEMENT
                            dated as of June 30, 2004

                          SCHEDULES TO CREDIT AGREEMENT

                                    Attached.

                             NACCO Fourth Amendment

<PAGE>

                                 SCHEDULE 1.01.1
                                   COMMITMENTS

<TABLE>
<CAPTION>
                                          Aggregate               Domestic                   Multicurrency
Lender                                    Commitment             Commitment                   Commitment
------                                    ----------             ----------                   ----------
<S>                                   <C>                    <C>                          <C>
Citicorp North America, Inc.          $22,100,000, 16.34%    $  7,900,000, 8.76%
Citibank International plc                                                                $14,200,000, 31.52%
Credit Suisse First Boston            $18,000,000, 13.35%    $ 6,4000,000, 7.15%          $11,600,000, 25.74%
U.S. Bank National Association        $16,600,000, 12.29%    $  8,400,000, 9.38%          $ 8,100,000, 18.10%
Key Corporate Capital Inc.            $16,200,000, 12.02%    $10,700,000, 11.87%          $ 5,500,000, 12.32%
Wells Fargo Foothill, Inc.            $15,800,000, 11.70%    $15,800,000, 17.54%          N/A
National City Commercial
Finance Inc.                          $15,800,000, 11.70%    $15,800,000, 17.54%          N/A
GMAC Commercial Finance LLC           $16,200,000, 12.02%    $10,700,000, 11.87%          $ 5,500,000, 12.32%
State of California Public
Employees' Retirement System          $  7,200,000, 5.30%    $  7,200,000, 7.95%          N/A
General Electric Capital
Corporation                           $  7,200,000, 5.30%    $  7,200,000, 7.95%          N/A
</TABLE>

                             NACCO Fourth Amendment

<PAGE>

                                 SCHEDULE 7.05-A
           MONTHLY DOMESTIC BORROWING BASE DELIVERY DATES (3Q/4Q 2004)

<TABLE>
<CAPTION>
Monthly Borrowing Base             Eligible Receivables Reported           Eligible Inventory Reported
    Delivery Date                               As Of:                                As Of:
    -------------                               ------                                ------
<S>                                <C>                                     <C>
    July 7, 2004                            June 30, 2004                          May 31, 2004
   August 11, 2004                          July 31, 2004                          June 30, 2004
  September 8, 2004                        August 31, 2004                         July 31, 2004
   October 6, 2004                       September 30, 2004                       August 31, 2004
  November 10, 2004                       October 31, 2004                      September 30, 2004
  December 8, 2004                        November 30, 2004                      October 31, 2004
</TABLE>

                             NACCO Fourth Amendment

<PAGE>

                                 SCHEDULE 7.05-B
        MONTHLY MULTICURRENCY BORROWING BASE DELIVERY DATES (3Q/4Q 2004)

<TABLE>
<CAPTION>
Monthly Borrowing Base               Eligible Receivables Reported          Eligible Inventory Reported
     Delivery Date                               As Of:                                As Of:
     -------------                               ------                                ------
<S>                                  <C>                                    <C>
     July 7, 2004                            June 29, 2004                          May 31, 2004
    August 11, 2004                          July 29, 2004                          June 30, 2004
   September 8, 2004                        August 30, 2004                         July 31, 2004
    October 6, 2004                       September 29, 2004                       August 31, 2004
   November 10, 2004                       October 28, 2004                      September 30, 2004
   December 8, 2004                        November 29, 2004                      October 31, 2004
</TABLE>

                             NACCO Fourth Amendment

<PAGE>

                                 SCHEDULE 7.05-C
        SEMI-MONTHLY DOMESTIC BORROWING BASE DELIVERY DATES (3Q/4Q 2004)

<TABLE>
<CAPTION>
Semi-Monthly Borrowing               Eligible Receivables Reported           Eligible Inventory Reported
  Base Delivery Date                             As Of:                                As Of:
  ------------------                             ------                                ------
<S>                                  <C>                                     <C>
     July 7, 2004                            June 30, 2004                          May 31, 2004
     July 21, 2004                           July 16, 2004                          June 30, 2004
    August 11, 2004                          July 31, 2004                          June 30, 2004
    August 25, 2004                         August 20, 2004                         July 31, 2004
   September 8, 2004                        August 31, 2004                         July 31, 2004
  September 22, 2004                      September 17, 2004                       August 31, 2004
    October 6, 2004                       September 30, 2004                       August 31, 2004
   October 20, 2004                        October 15, 2004                      September 30, 2004
   November 3, 2004                        October 31, 2004                      September 30, 2004
   November 17, 2004                       November 12, 2004                      October 31, 2004
   December 8, 2004                        November 30, 2004                      October 31, 2004
   December 22, 2004                       December 17, 2004                      November 30, 2004
</TABLE>

                             NACCO Fourth Amendment

<PAGE>

                                 SCHEDULE 7.05-D
      SEMI-MONTHLY MULTICURRENCY BORROWING BASE DELIVERY DATES (3Q/4Q 2004)

<TABLE>
<CAPTION>
Semi-Monthly Borrowing               Eligible Receivables Reported          Eligible Inventory Reported
  Base Delivery Date                            As Of:                                 As Of:
  ------------------                            ------                                 ------
<S>                                  <C>                                    <C>
     July 7, 2004                            June 29, 2004                          May 31, 2004
     July 21, 2004                           July 16, 2004                          June 30, 2004
    August 11, 2004                          July 29, 2004                          June 30, 2004
    August 25, 2004                         August 20, 2004                         July 31, 2004
   September 8, 2004                        August 30, 2004                         July 31, 2004
  September 22, 2004                      September 17, 2004                       August 31, 2004
    October 6, 2004                       September 29, 2004                       August 31, 2004
   October 20, 2004                        October 15, 2004                      September 30, 2004
   November 3, 2004                        October 28, 2004                      September 30, 2004
   November 17, 2004                       November 12, 2004                      October 31, 2004
   December 8, 2004                        November 29, 2004                      October 31, 2004
   December 22, 2004                       December 17, 2004                      November 30, 2004
</TABLE>

                             NACCO Fourth Amendment

<PAGE>

                                     ANNEX C
                                       to
                      FOURTH AMENDMENT TO CREDIT AGREEMENT
                            dated as of June 30, 2004

                           GOOD STANDING JURISDICTIONS

<TABLE>
<CAPTION>
                                                        JURISDICTION(S) IN WHICH QUALIFIED AND/OR
NAME OF ENTITY:                                                       INCORPORATED:
---------------                                         -----------------------------------------
<S>                                                     <C>
NMHG Holding Co.                                        Delaware

NACCO Materials Handling Group, Inc.                    Alabama                     New Jersey
                                                        California                  New York
                                                        Delaware                    North Carolina
                                                        Florida                     North Dakota
                                                        Georgia                     Ohio
                                                        Illinois                    Oregon
                                                        Indiana                     Pennsylvania
                                                        Kentucky                    Tennessee
                                                        Michigan                    Texas
                                                        Minnesota                   Virginia

Hyster Overseas Capital Corporation, LLC                Delaware

NMHG Oregon, Inc.                                       Oregon

Hyster-Yale Materials Handling, Inc.                    Delaware
                                                        California
                                                        Oregon
</TABLE>

                             NACCO Fourth AmendmentExhibit 10(CXXXVI)

 

Exhibit 10(cxxxvi)

FIRST AMENDMENT

TO CREDIT AGREEMENT

     THIS FIRST AMENDMENT TO CREDIT AGREEMENT, dated as of June 29, 2004 (this
“Amendment”), is by and among HAMILTON BEACH/PROCTOR-SILEX, INC., a Delaware
corporation (the “Company”), its U.S. and Canadian Subsidiaries identified as
Subsidiary Borrowers on the signature pages hereto (the “Subsidiary Borrowers”)
(hereinafter, the Company and the Subsidiary Borrowers are collectively
referred to as the “Borrowers” or individually referred to as a “Borrower”),
each of the financial institutions identified as Lenders on the signature pages
hereto (the “Lenders”), WACHOVIA BANK, NATIONAL ASSOCIATION (“Wachovia”), as
administrative agent for the Lenders (the “Administrative Agent” or the
“Agent”), ABN AMRO BANK N.V., CANADA BRANCH, as Canadian Agent (the “Canadian
Agent”), KEY BANK, NATIONAL ASSOCIATION, as Syndication Agent, FLEET CAPITAL
CORPORATION, as Documentation Agent, LASALLE BUSINESS CREDIT, INC., as
Documentation Agent, and NATIONAL CITY BUSINESS CREDIT, INC., as Documentation
Agent.

W I T N E S S E T H:

     WHEREAS, pursuant to a Credit Agreement dated as of December 17, 2002 (as
amended, supplemented or otherwise modified from time to time, the “Credit
Agreement”) among the Borrowers, the Lenders and the Administrative Agent, the
Lenders have extended commitments to make certain credit facilities available
to the Borrowers;

     WHEREAS, the Borrowers have requested that the Credit Agreement be amended
as described herein;

     WHEREAS, the Lenders are willing to make such amendments to the Credit
Agreement and to grant such waivers, subject to the terms and conditions
hereof;

     NOW, THEREFORE, in consideration of the agreements herein contained, the
parties hereby agree as follows:

PART I

DEFINITIONS

     SUBPART 1.1. Certain Definitions. Unless otherwise defined herein
or the context otherwise requires, the following terms used in this
Amendment, including its preamble and recitals, have the following
meanings:

     “Amendment Effective Date” is defined in Subpart
3.1.

 

 

     SUBPART 1.2. Other Definitions. Unless otherwise defined herein or the
context otherwise requires, terms used in this Amendment, including its
preamble and recitals, have the meanings provided in the Credit Agreement (as
amended hereby).

PART II

AMENDMENTS TO CREDIT AGREEMENT

     Effective on (and subject to the occurrence of) the Amendment Effective
Date, the Credit Agreement is hereby amended in accordance with this Part II.

     SUBPART 2.1. Amendments to Section 1.1. Section 1.1 of the Credit
Agreement is hereby amended as follows:

     (A) The definition of “Applicable Inventory Percentage” is hereby
deleted in its entirety and replaced with the following:

     “Applicable Inventory Percentage” means the advance rate
established from time to time by the Administrative Agent in its
reasonable discretion. The initial Applicable Inventory Percentage
on the Amendment Effective Date for Eligible Inventory included in
the U.S. Borrowing Base or the Canadian Borrowing Base shall be
seventy percent (70%). The Applicable Inventory Percentage can be
readjusted periodically based on each new Inventory Appraisal such
that the advance rate shall be a percentage no greater than the
lesser of (a) seventy percent (70%) or (b) the percentage which,
when multiplied by Eligible Inventory of the Borrowers, would yield
an amount equal to the product of eighty-five percent (85%)
multiplied by the Net Orderly Liquidation Value of the finished
goods Inventory of the Borrowers. The above-mentioned advance rate
may not be increased without the consent of all the Lenders;
provided, however, that the foregoing shall not prevent the
Administrative Agent from increasing the advance rate which had
been lowered by the Administrative Agent back to seventy percent
(70%) or to intermediate levels, but in no event higher than
seventy percent (70%).

     (B) The table set forth in the definition of “Applicable Percentage”
is hereby deleted in its entirety and replaced with the following:

 

 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	Applicable	 	 	 	 
	 	 	 	 	Percentage for	 	 	 	 
	 	 	 	 	Eurodollar Loans,	 	 	 	 
	 	 	 	 	Bankers’	 	 	 	 
	 	 	 	 	Acceptances and Letter	 	Applicable	 	Applicable
	 	 	 	 	of Credit	 	Percentage for Base	 	Percentage for
	Tier Levels
	 	Leverage Ratio
	 	Fees
	 	Rate Loans
	 	Unused Fees

	1
	 	>3.75 to 1.00	 	3.00%	 	1.75%	 	0.50%
	 
	 	> 3.25 to 1.00,	 	 	 	 	 	 
	2
	 	but
£ 3.75 to 1.00	 	2.75%	 	1.50%	 	0.50%
	 
	 	> 2.75 to 1.00,	 	 	 	 	 	 
	3
	 	but £ 3.25 to 1.00	 	2.50%	 	1.25%	 	0.50%
	 
	 	> 2.25 to 1.00,	 	 	 	 	 	 
	4
	 	but £ 2.75 to 1.00	 	2.25%	 	1.00%	 	0.50%
	 
	 	> 1.75 to 1.00,	 	 	 	 	 	 
	5
	 	but £ 2.25 to 1.00	 	2.00%	 	0.75%	 	0.375%
	 
	 	> 1.50 to 1.00,	 	 	 	 	 	 
	6
	 	but £ 1.75 to 1.00	 	1.75%	 	0.50%	 	0.375%
	7
	 	£ 1.50 to 1.00	 	1.50%	 	0.25%	 	0.375%

     (C) Clause (xiii) of the definition of “Eligible Accounts
Receivable” is hereby deleted in its entirety and replaced with the
following:

     (xiii) the amount of the Account, when aggregated with all
other Accounts of such account debtor (excluding Wal Mart), exceeds
twenty percent (20%) in face value of all Accounts of the Borrowers
then outstanding, to the extent of such excess (provided, that the
Accounts owed by Kmart shall not exceed $10,000,000); or

     (D) The definition of “Eligible Trademark Amount” is hereby deleted
in its entirety and replaced with the following:

     “Eligible Trademarks Amount” means the most recent appraised
value of the Eligible Trademarks reviewed and accepted by the
Administrative Agent, provided that in no event shall the Eligible
Trademarks Amount equal more than (a) $15,000,000 for the period
from the Closing Date through January 31, 2004, (b) $10,000,000 for the period
from February 1, 2004 through January 31, 2005, (c) $5,000,000 for
the period from February 1, 2005 through January 31, 2006 or (d) $0
from February 1, 2006 through the Maturity Date.

     (E) The definition of “Excess Availability” is hereby deleted in its
entirety and replaced with the following:

     “Excess Availability” means at any time the sum of (I) (a) the
lesser of (i) the U.S. Revolving Loan Commitment and (ii) the U.S.
Borrowing Base minus (b) the aggregate amount of (i) U.S. Revolving
Loans outstanding plus (ii) the LOC Obligations, plus (II) (a) the
lesser of (i) the Canadian Revolving Loan Commitment and (ii) the
Canadian Borrowing Base minus (b) the aggregate amount of (i)
Canadian Revolving Loans outstanding plus (ii) the BA Obligations.

 

 

     (F) The definition of “Maturity Date” is hereby deleted in its
entirety and replaced with the following:

     “Maturity Date” means July 31, 2007.

     (G) The definition of “U.S. Borrowing Base” is hereby deleted in its
entirety and replaced with the following:

     “U.S. Borrowing Base” means a U.S. dollar amount equal to the
sum of (a) an amount equal to the product of (i) 85% multiplied by
(ii) the Eligible Accounts Receivable of the U.S. Borrowers, plus
(b) the U.S. Eligible Inventory Amount, plus (c) the Eligible
Trademarks Amount minus (d) the Derivative Reserve minus (e) other
reserves established by the Administrative Agent from time to time
in its sole discretion. Subject to the relevant terms and
provisions set forth herein, the Administrative Agent at all times
shall be entitled to adjust the advance rates and standards of
eligibility under this Credit Agreement in its sole discretion.
Promptly, and in any event within ten Business Days’ thereafter,
the Administrative Agent will notify the Company if it establishes
reserves or if it adjusts the advance rates and standards of
eligibility under this Credit Agreement.

     (H) The following definitions are hereby added to Section 1.1 of the
Credit Agreement in appropriate alphabetical order:

     “Amendment Effective Date” means June 29, 2004.

     “Anti-Terrorism Laws” shall have the meaning ascribed thereto
in Section 6.32.

     “Extraordinary Dividend” means cash dividends paid by the
Company on its common capital stock to Holdings in an aggregate
amount during the term of this Credit Agreement of up to
$35,000,000.

     “NACCO Debt” means unsecured Indebtedness incurred by the
Company or any other Credit Party, which, in each case, is
expressly subordinated and made junior to the payment and
performance in full of the Obligations and contains terms and
conditions reasonably satisfactory to the Agent, including, without
limitation, terms requiring payment no more frequently than
quarterly and only so long as pro forma Excess Availability would
be at least $10,000,000 (net of past due accounts payable) for a
period of at least 90 days following any such payment and no
Default or Event of Default under the Credit Agreement shall have
occurred and be continuing at the time of the making of such
payment or would result therefrom.

 

 

     (I) The definitions of the terms “Adjusted Non-Seasonal Rate” and
“Adjusted Seasonal Rate” are hereby deleted from Section 1.1 of the
Credit Agreement.

     SUBPART 2.2. Addition of Section 6.32. A new Section 6.32 is hereby
added to the Credit Agreement which shall read as follows:

     6.32 Anti-Terrorism Laws. Neither the making of the Loans
hereunder nor the Borrowers’ use of the proceeds thereof will violate the
Patriot Act, the Trading with the Enemy Act, as amended, or any of the
foreign assets control regulations of the United States Treasury
Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling
legislation or executive order relating thereto, or is in violation of
any Federal statute or Presidential Executive Order, including without
limitation Executive Order 13224 66 Fed. Reg. 49079 (September 25, 2001)
(Blocking Property and Prohibiting Transactions with Persons who Commit,
Threaten to Commit or Support Terrorism)(collectively, “Anti-Terrorism
Laws”).

     SUBPART 2.3. Amendment to Section 7.10. Section 7.10 of the Credit
Agreement is hereby deleted in its entirety and replaced with the following:

     7.10 Use of Proceeds. The proceeds of the Loans hereunder will be
used solely (a) to pay the Extraordinary Dividend, but only to the extent
permitted by Section 9.11 hereof, (b) for capital expenditures and
general corporate and working capital purposes of the Borrowers and their
Subsidiaries in the ordinary course of business and (c) as otherwise
permitted under this Agreement.

     SUBPART 2.4 Amendment to Section 7.12. The fourth sentence of Section
7.12 of the Credit Agreement is hereby deleted in its entirety and replaced
with the following:

     Prior to the occurrence and continuance of an Event of Default, the
first two field examinations per fiscal year shall be conducted at the
Credit Parties’ expense (which shall include out-of-pocket expenses,
including a per diem cost per examiner).

     SUBPART 2.5 Amendment to Section 8.1. Section 8.1 of the Credit
Agreement is hereby deleted in its entirety and replaced with the following:

     Leverage Ratio. The Consolidated Group shall maintain a Leverage
Ratio of no greater than 3.0 to 1.0 as of the last day of each fiscal
month.

     SUBPART 2.6 Amendment to Section 9.1. Section 9.1 of the Credit
Agreement is hereby amended by relettering clause (l) as clause (m) and adding
a new clause (l) which shall read as follows:

     (l) the NACCO Debt; and

 

 

     SUBPART 2.7 Amendment to Section 9.11. Section 9.11 of the Credit
Agreement is hereby amended by adding the following clause to the end thereof:

     , and (f) the payment of the Extraordinary Dividend, so long as (i)
pro forma Excess Availability would be at least $10,000,000 (net of past
due accounts payable) for a period of at least 90 days following any such
payment, (ii) no Default or Event of Default shall have occurred and be
continuing at the time of such payment or would result therefrom, (iii)
prior to the payment of the Extraordinary Dividend, the Company shall
have provided a budget, in form and substance satisfactory to the Agent,
for the applicable fiscal year in which such Extraordinary Dividend is to
be paid, prepared on a monthly basis including a forecasted balance
sheet, income statement, statement of cash flow, borrowing base, excess
availability, capital expenditure and covenant compliance, all of which
shall give effect to the proposed Extraordinary Dividend.

     SUBPART 2.8. Addition of Section 9.20. A new Section 9.20 is hereby
added to the Credit Agreement which shall read as follows:

     9.20 Excess Availability. The Credit Parties will not permit Excess
Availability to be less than $10,000,000 (net of past due accounts
payable) at any time during the 90 day period following the payment of
(a) any Extraordinary Dividend or (b) any payment in connection with the
NACCO Debt.

PART III

CONDITIONS TO EFFECTIVENESS

     SUBPART 3.1. Amendment Effective Date. This Amendment shall be and
become effective as of the date hereof (the “Amendment Effective Date”) when
all of the conditions set forth in this Subpart 3.1 shall have been satisfied.

     SUBPART 3.1.1. Execution of Counterparts of Amendment. The
Administrative Agent shall have received counterparts of this
Amendment, which collectively shall have been duly executed on
behalf of the Borrower and the Required Lenders.

     SUBPART 3.1.2. Amendment Fee. The Borrower shall have paid
or caused to be paid an amendment fee to the Administrative Agent
in connection with this Amendment for the account of each Lender
that shall have returned executed signature pages to this Amendment
no later than noon on Monday, June 28, 2004, as directed by the
Administrative Agent, in an aggregate amount equal to $287,500 to
be shared by such Lenders on a pro rata basis according to each
such Lender’s aggregate Commitment as of the date hereof.

 

 

     SUBPART 3.1.3. Other Fees. The Borrowers shall have paid
such other fees and expenses owed by them to the Lenders and the
Administrative Agent to the extent invoiced prior to the Amendment
Effective Date.

     SUBPART 3.1.4. Resolutions. The Administrative Agent shall
have received certified copies of resolutions of the board of
directors of each of the Borrowers and consents from any applicable
third party approving this Amendment and authorizing the execution
and delivery hereof.

     SUBPART 3.1.5. Budget. The Administrative Agent shall have
received and reviewed the Company’s budget for its fiscal year 2004
on a monthly basis and for fiscal years 2005, 2006 and 2007 on an
annual basis including a forecasted balance sheet, income
statement, statement of cash flow, borrowing base, excess
availability, capital expenditure and covenant compliance, each of
which shall be satisfactory to the Agent in its sole discretion.

     SUBPART 3.1.6 Legal Opinion. The Administrative Agent shall
have received an opinion, or opinions, in form and substance
satisfactory to the Administrative Agent and the Canadian Agent,
addressed to the Agents on behalf of the Lenders and dated as of
the date hereof, from U.S. and Canadian legal counsel to the Credit
Parties which covers, among other matters, valid corporate
existence and authority, legality, validity and binding effect of
this Amendment and the Credit Agreement, as amended by this
Amendment.

     SUBPART 3.1.7. Other Documents. The Administrative Agent
shall have received such other documentation and legal opinions as
the Administrative Agent may reasonably request in connection with
the foregoing, all in form reasonably satisfactory to the
Administrative Agent.

PART IV

REPRESENTATIONS AND WARRANTIES

     SUBPART 4.1. Each Borrower hereby represents and warrants that (i) the
representations and warranties contained in Article VI of the Credit Agreement
are true and correct in all material respects on and as of the date hereof as
though made on and as of such date (except for those which by their terms
expressly relate to an earlier date) and after giving effect to the
transactions contemplated herein, (ii) no Default or Event of Default has
occurred and is continuing on and as of the date hereof and after giving effect
to the transactions contemplated herein, (iii) it has the corporate power and
authority to execute and deliver this Amendment and to perform its obligations
hereunder and has taken all necessary corporate action to authorize the
execution, delivery and performance by it of this Amendment, and (iv) it has
duly executed and delivered this Amendment, and this Amendment constitutes its
legal, valid and binding obligation enforceable in accordance with its terms
except as the enforceability thereof may be

 

 

limited by bankruptcy, insolvency
or other similar laws affecting the rights of creditors generally or by general
principles of equity.

PART V

MISCELLANEOUS

     SUBPART 5.1. Cross-References. References in this Amendment to any Part
or Subpart are, unless otherwise specified, to such Part or Subpart of this
Amendment.

     SUBPART 5.2. Instrument Pursuant to Credit Agreement. This Amendment is
a Credit Document executed pursuant to the Credit Agreement and shall (unless
otherwise expressly indicated therein) be construed, administered and applied
in accordance with the terms and provisions of the Credit Agreement.

     SUBPART 5.3. References in Other Credit Documents. At such time as this
Amendment shall become effective pursuant to the terms of Subpart 3.1, all
references in the Credit Documents to the “Credit Agreement” shall be deemed to
refer to the Credit Agreement as amended by this Amendment.

     SUBPART 5.4. Survival. Except as expressly modified and amended in this
Amendment, all of the terms and provisions and conditions of each of the Credit
Documents shall remain unchanged.

     SUBPART 5.5. Counterparts. This Amendment may be executed in any number
of counterparts, each of which when so executed and delivered shall be deemed
an original and it shall not be necessary in making proof of this Amendment to
produce or account for more than one such counterpart. Delivery of an executed
counterpart of this Amendment by telecopy shall be as effective as an original
executed counterpart hereof and shall constitute a representation that an
original executed counterpart will be delivered.

     SUBPART 5.6. Governing Law. THIS AMENDMENT SHALL BE DEEMED TO BE A
CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK
WITHOUT GIVING EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF.

     SUBPART 6.7. Successors and Assigns. This Amendment shall be binding
upon and inure to the benefit of the parties hereto and their respective
successors and assigns.

[remainder of page intentionally left blank]

 

 

     Each of the parties hereto has caused a counterpart of this Amendment to
be duly executed and delivered as of the date first above written.

	 	 	 	 	 
	COMPANY:	 	HAMILTON BEACH/PROCTOR-SILEX, INC.,
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	
 
	 	 	Name: James H. Taylor
	 	 	Title: Vice President and Treasurer
	 
	 	 	 	 
	 	 	U.S. SUBSIDIARY BORROWERS:
	 
	 	 	 	 
	 	 	[NONE]
	 
	 	 	 	 
	 	 	CANADIAN BORROWER:
	 
	 	 	 	 
	 	 	PROCTOR-SILEX CANADA INC.
	 
	

	 	By:	 	 
	

	 	 	 	
 
	 	 	Name: James H. Taylor
	 	 	Title: Treasurer

 

 

	 	 	 	 	 
	 	 	AGENTS AND LENDERS:
	 
	 	 	 	 
	 	 	WACHOVIA BANK, NATIONAL ASSOCIATION,

in its capacity as Administrative Agent and as a
Lender
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	
 
	

	 	Name:	 	 
	

	 	 	 	
 
	

	 	Title:	 	 
	

	 	 	 	
 

 

 

	 	 	 	 	 
	 	 	ABN AMRO BANK N.V., CANADA BRANCH,

in its capacity as Canadian Agent and as a Lender
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	
 
	

	 	Name:	 	 
	

	 	 	 	
 
	

	 	Title:	 	 
	

	 	 	 	
 

 

 

	 	 	 	 	 
	 	 	KEY BANK, NATIONAL ASSOCIATION,

in its capacity as Syndication Agent and as a
Lender
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	
 
	

	 	Name:	 	 
	

	 	 	 	
 
	

	 	Title:	 	 
	

	 	 	 	
 

 

 

	 	 	 	 	 
	 	 	FLEET CAPITAL CORPORATION,

in its capacity as Documentation Agent and as a Lender
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	
 
	

	 	Name:	 	 
	

	 	 	 	
 
	

	 	Title:	 	 
	

	 	 	 	
 

 

 

	 	 	 	 	 
	 	 	LASALLE BUSINESS CREDIT, INC.,

in its capacity as Documentation Agent and as a Lender
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	
 
	

	 	Name:	 	 
	

	 	 	 	
 
	

	 	Title:	 	 
	

	 	 	 	
 

 

 

	 	 	 	 	 
	 	 	NATIONAL CITY BUSINESS CREDIT, INC.,

in its capacity as Documentation Agent and as a
Lender
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	
 
	

	 	Name:	 	 
	

	 	 	 	
 
	

	 	Title:	 	 
	

	 	 	 	
 

 

 

	 	 	 	 	 
	 	 	WASHINGTON MUTUAL BANK, as a Lender
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	
 
	

	 	Name:	 	 
	

	 	 	 	
 
	

	 	Title:	 	 
	

	 	 	 	
 

 

 

	 	 	 	 	 
	 	 	SOVEREIGN BANK, as a Lender
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	
 
	

	 	Name:	 	 
	

	 	 	 	
 
	

	 	Title:	 	 
	

	 	 	 	
 

 

 

	 	 	 	 	 
	 	 	THE PROVIDENT BANK, as a Lender
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	
 
	

	 	Name:	 	 
	

	 	 	 	
 
	

	 	Title:	 	 
	

	 	 	 	
 

[end of signature pages]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}]]