Document:

<PAGE>

                                                                    Exhibit 4(a)

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                                CREDIT AGREEMENT

                           Dated as of April 30, 2004

                                     between

                              CLEVELAND-CLIFFS INC

                                       and

                                FIFTH THIRD BANK,

                           an Ohio banking corporation

================================================================================

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                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                         PAGE
<S>                                                                                      <C>
SECTION                                      DESCRIPTION

SECTION 1.          DEFINITIONS; INTERPRETATION.....................................        1

     Section 1.1.   Definitions.....................................................        1
     Section 1.2.   Interpretation..................................................       13
     Section 1.3.   Change in Accounting Principles.................................       13

SECTION 2.          THE CREDITS.....................................................       13

     Section 2.1.   Revolving Credit................................................       13
     Section 2.2.   Revolving Credit Loans..........................................       14
     Section 2.3.   Letters of Credit...............................................       14
     Section 2.4.   Manner and Disbursement of Loans................................       15
     Section 2.5.   Interest Rate Options...........................................       15
     Section 2.6.   Minimum Amounts.................................................       16
     Section 2.7.   Computation of Interest.........................................       16
     Section 2.8.   Manner of Rate Selection........................................       16
     Section 2.9.   Prepayments.....................................................       17
     Section 2.10.  Terminations....................................................       17
     Section 2.11.  Place and Application of Payments...............................       17
     Section 2.12.  Notations.......................................................       18
     Section 2.13.  Fees............................................................       18

SECTION 3.          CONDITIONS PRECEDENT............................................       18

     Section 3.1.   All Advances....................................................       18
     Section 3.2.   Initial Advance.................................................       19

SECTION 4.          GUARANTY........................................................       20

SECTION 5.          REPRESENTATIONS AND WARRANTIES..................................       20

     Section 5.1.   Organization and Qualification..................................       20
     Section 5.2.   Subsidiaries....................................................       21
     Section 5.3.   Authority and Validity of Obligations...........................       21
     Section 5.4.   Use of Proceeds; Margin Stock...................................       21
     Section 5.5.   Financial Reports...............................................       22
     Section 5.6.   No Material Adverse Change......................................       22
     Section 5.7.   Full Disclosure.................................................       22
     Section 5.8.   Trademarks, Franchises and Licenses.............................       22
     Section 5.9.   Governmental Authority and Licensing............................       22
     Section 5.10.  Good Title......................................................       22
     Section 5.11.  Litigation and Other Controversies..............................       23
     Section 5.12.  Taxes...........................................................       23
     Section 5.13.  Approvals.......................................................       23
</TABLE>

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<TABLE>
<S>                                                                                      <C>
     Section 5.14.  Affiliate Transactions..........................................       23
     Section 5.15.  Investment Company; Public Utility Holding Company..............       23
     Section 5.16.  ERISA...........................................................       23
     Section 5.17.  Compliance with Laws............................................       24
     Section 5.18.  Other Agreements................................................       24
     Section 5.19.  No Default......................................................       24

SECTION 6.          COVENANTS.......................................................       24

     Section 6.1.   Information Covenants...........................................       24
     Section 6.2.   Inspections.....................................................       25
     Section 6.3.   Maintenance of Property, Insurance, etc.........................       26
     Section 6.4.   Preservation of Existence.......................................       26
     Section 6.5.   Compliance with Laws............................................       26
     Section 6.6.   ERISA...........................................................       26
     Section 6.7.   Payment of Taxes................................................       27
     Section 6.8.   No Changes in Fiscal Year.......................................       27
     Section 6.9.   Change in the Nature of Business................................       27
     Section 6.10.  Limitation on Restrictions......................................       27
     Section 6.11.  Contracts with Affiliates.......................................       27
     Section 6.12.  Indebtedness....................................................       27
     Section 6.13.  Liens...........................................................       28
     Section 6.14.  Consolidation, Merger, Sale of Assets, etc......................       29
     Section 6.15.  Restricted Investments Prohibited...............................       30
     Section 6.16.  Subordinated Debt...............................................       30
     Section 6.17.  Financial Covenants.............................................       30
     Section 6.18.  Additional Restrictions.........................................       31
     Section 6.19.  Operating Accounts..............................................       31

SECTION 7.          EVENTS OF DEFAULT AND REMEDIES..................................       31

     Section 7.1.   Events of Default...............................................       31
     Section 7.2.   Non-Bankruptcy Defaults.........................................       33
     Section 7.3.   Bankruptcy Defaults.............................................       33
     Section 7.4.   Collateral for Undrawn Letters of Credit........................       33

SECTION 8.          CHANGE IN CIRCUMSTANCES AND CONTINGENCIES.......................       34

     Section 8.1.   Change of Law...................................................       34
     Section 8.2.   Unavailability of Deposits or Inability to Ascertain Adjusted
                      LIBOR.........................................................       34
     Section 8.3.   Taxes and Increased Costs.......................................       34
     Section 8.4.   Change in Capital Adequacy Requirements.........................       35
     Section 8.5.   Funding Indemnity...............................................       36
     Section 8.6.   Lending Branch..................................................       36
     Section 8.7.   Discretion of Bank as to Manner of Funding......................       36
</TABLE>

                                      -ii-
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<TABLE>
<S>                                                                                      <C>
SECTION 9.          MISCELLANEOUS...................................................       37

     Section 9.1.   Non-Business Days...............................................       37
     Section 9.2.   No Waiver, Cumulative Remedies..................................       37
     Section 9.3.   Amendments, Etc.................................................       37
     Section 9.4.   Costs and Expenses; Indemnification.............................       37
     Section 9.5.   Documentary Taxes...............................................       38
     Section 9.6.   Survival of Representations.....................................       38
     Section 9.7.   Notices.........................................................       38
     Section 9.8.   Participations..................................................       38
     Section 9.9.   Construction....................................................       39
     Section 9.10.  Headings........................................................       39
     Section 9.11.  Severability of Provisions......................................       39
     Section 9.12.  Counterparts....................................................       39
     Section 9.13.  Binding Nature, Governing Law, Etc..............................       39
     Section 9.14.  Submission to Jurisdiction;  Waiver of Jury Trial...............       39

Signature...........................................................................       41
</TABLE>

Exhibit A      --  Revolving Note
Exhibit B      --  Compliance Certificate
Schedule 5.2   --  Subsidiaries
Schedule 5.11  --  Litigation
Schedule 5.16  --  Welfare Plans
Schedule 6.10  --  Limitation on Restrictions
Schedule 6.15  --  Permitted Investments

                                      -iii-

<PAGE>

                                CREDIT AGREEMENT

      This Credit Agreement is entered into as of APRIL 30, 2004, by and between
CLEVELAND-CLIFFS INC, an Ohio corporation (the "Borrower") and FIFTH THIRD BANK,
an Ohio banking corporation (the "Bank").

      The Borrower has requested, and the Bank has agreed to extend, certain
credit facilities on the terms and conditions of this Agreement. In
consideration of the mutual agreements set forth in this Agreement, the parties
to this Agreement agree as follows:

      SECTION 1. DEFINITIONS; INTERPRETATION.

      Section 1.1. Definitions. The following terms when used herein shall have
the following meanings:

      "Adjusted LIBOR" means a rate per annum determined by the Bank in
accordance with the following formula:

                Adjusted LIBOR = LIBOR / 100%-Reserve Percentage

"Reserve Percentage" means, for the purpose of computing Adjusted LIBOR, the
maximum rate of all reserve requirements (including, without limitation, any
marginal, emergency, supplemental or other special reserves) imposed by the
Board of Governors of the Federal Reserve System (or any successor) under
Regulation D on Eurocurrency liabilities (as such term is defined in Regulation
D) for the applicable Interest Period as of the first day of such Interest
Period, but subject to any amendments to such reserve requirement by such Board
or its successor, and taking into account any transitional adjustments thereto
becoming effective during such Interest Period. For purposes of this definition,
LIBOR Portions shall be deemed to be Eurocurrency liabilities as defined in
Regulation D without benefit of or credit for prorations, exemptions or offsets
under Regulation D. "LIBOR" means, for each Interest Period, (a) the LIBOR Index
Rate for such Interest Period, if such rate is available, and (b) if the LIBOR
Index Rate cannot be determined, the arithmetic average of the rates of interest
per annum (rounded upward, if necessary, to the nearest 1/100th of 1%) at which
deposits in U.S. Dollars in immediately available funds are offered to the Bank
at 11:00 a.m. (London, England time) 2 Business Days before the beginning of
such Interest Period by 3 or more major banks in the interbank eurodollar market
selected by the Bank for a period equal to such Interest Period and in an amount
equal or comparable to the applicable LIBOR Portion scheduled to be outstanding
from the Bank during such Interest Period. "LIBOR Index Rate" means, for any
Interest Period, the rate per annum (rounded upwards, if necessary, to the next
higher one hundred-thousandth of a percentage point) for deposits in U.S.
Dollars for a period equal to such Interest Period which appears on the Telerate
Page 3750 as of 11:00 a.m. (London, England time) on the date 2 Business Days
before the commencement of such Interest Period. "Telerate Page 3750" means the
display designated as "Page 3750" on the Telerate Service (or such other page as
may replace Page 3750 on that service or such other service as may be nominated
by the British Bankers'

<PAGE>

Association as the information vendor for the purpose of displaying British
Bankers' Association Interest Settlement Rates for U.S. Dollar deposits). Each
determination of LIBOR made by the Bank shall be conclusive and binding absent
manifest error.

      "Adjusted Net Income" means, with reference to any period, Net Income less
any gain recognized from the sale of International Steel Group, Inc. common
stock during such period on the books of the Borrower and its Subsidiaries.

      "Affiliate" means any Person directly or indirectly controlling or
controlled by, or under direct or indirect common control with, another Person.
A Person shall be deemed to control another Person for purposes of this
definition if such Person possesses, directly or indirectly, the power to
direct, or cause the direction of, the management and policies of the other
Person, whether through the ownership of voting securities, common directors,
trustees or officers, by contract or otherwise; provided that, in any event for
purposes of this definition, any Person that owns, directly or indirectly, 30%
or more of the securities having the ordinary voting power for the election of
directors or governing body of a corporation or 30% or more of the partnership
or other ownership interests of any other Person (other than as a limited
partner of such other Person) will be deemed to control such corporation or
other Person.

      "Agreement" means this Credit Agreement, as the same may be amended,
modified, or restated from time to time in accordance with the terms hereof.

      "Applicable Margin" means, with respect to Loans and letter of credit fees
payable under Section 2.13 hereof, until the first Pricing Date, the rates per
annum shown opposite Level II below, and thereafter from one Pricing Date to the
next the Applicable Margin means the rates per annum determined in accordance
with the following schedule:

<TABLE>
<CAPTION>
                                                                  APPLICABLE MARGIN FOR
                                             APPLICABLE MARGIN    EURODOLLAR LOANS AND
                                            FOR BASE RATE LOANS   LETTER OF CREDIT FEE
LEVEL                  EBITDA                    SHALL BE:              SHALL BE:
<S>     <C>                                 <C>                   <C>
  I     Less than or equal to $25,000,000           .50%                  2.25%

 II     Greater than $25,000,000 but less           .00%                  1.75%
        than or equal to $50,000,000

 III    Greater than $50,000,000                    .00%                  1.25%
</TABLE>

      For purposes hereof, the term "Pricing Date" means, for any fiscal quarter
of the Borrower ending on or after June 30, 2004, the date on which the Bank is
in receipt of the Borrower's most recent financial statements (and, in the case
of the year-end financial statements, audit report) for the fiscal quarter then
ended, pursuant to Section 6.1 hereof. The Applicable Margin shall be
established based on the EBITDA for the four most recently completed fiscal
quarters and the Applicable Margin established on a Pricing Date shall remain in
effect until the next Pricing Date. If the Borrower has not delivered its
financial statements by the date such financial statements (and, in the case of
the year-end financial statements, audit report) are required to be delivered
under Section 6.1 hereof, until such financial statements and

                                       -2-

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audit report are delivered, the Applicable Margin shall be the highest
Applicable Margin (i.e., the EBITDA shall be deemed to be less than
$25,000,000). If the Borrower subsequently delivers such financial statements
before the next Pricing Date, the Applicable Margin established by such late
delivered financial statements shall take effect from the date of delivery until
the next Pricing Date. In all other circumstances, the Applicable Margin
established by such financial statements shall be in effect from the Pricing
Date that occurs immediately after the end of the fiscal quarter covered by such
financial statements until the next Pricing Date. Each determination of the
Applicable Margin made by the Bank in accordance with the foregoing shall be
conclusive and binding on the Borrower absent manifest error.

      "Application" is defined in Section 2.3(d) hereof.

      "Authorized Representative" means those persons shown on the list of
officers provided by the Borrower pursuant to Section 3.2 hereof, or on any
update of any such list provided by the Borrower to the Bank, or any further or
different officer of the Borrower so named by any Authorized Representative of
the Borrower in a written notice to the Bank.

      "Bank" is defined in the introductory paragraph hereof.

      "Base Rate" means, for any day, the greater of: (i) the rate of interest
announced by the Bank from time to time as its "prime rate" is in effect on such
day with any change in the Base Rate resulting from a change in said prime rate
to be effective as of the date of the relevant change in said prime rate (it
being understood and agreed that such rate may not be the Bank's best or lowest
rate) and (ii) the sum of (x) the Federal Funds Rate, plus (y) 1/2 of 1%.

      "Base Rate Portion" is defined in Section 2.5(a) hereof.

      "Borrower" is defined in the introductory paragraph hereof.

      "Business Day" means any day other than a Saturday or Sunday on which the
Bank is not authorized or required to close in Cleveland, Ohio, and if the
applicable Business Day relates to the advance or continuation of, or conversion
into, or payment of, a LIBOR Portion on which banks are dealing in U.S. Dollar
deposits in the interbank eurodollar market in London, England.

      "Capital Expenditures" means, with respect to any Person for any period,
the aggregate amount of all expenditures (whether paid in cash or accrued as a
liability) by such Person during that period for the acquisition or leasing
(pursuant to a Capital Lease) of fixed or capital assets or additions to
property, plant, or equipment (including replacements and improvements) which
should be capitalized on the balance sheet of such Person in accordance with
GAAP.

      "Capital Lease" means any lease of Property which in accordance with GAAP
is required to be capitalized on the balance sheet of the lessee.

      "Capitalized Lease Obligation" means, for any Person, the amount of the
liability shown on the balance sheet of such Person in respect of a Capital
Lease determined in accordance with GAAP.

                                       -3-

<PAGE>

      "Change of Control" shall mean and include any Person or related Persons
constituting a "group" for the purposes of Section 13(d) of the Securities
Exchange Act of 1934, as amended, becoming the beneficial owner or owners,
directly or indirectly, of a majority of the Voting Stock (determined by number
of votes) of the Borrower (the "Beneficial Owners"); provided that a Change of
Control shall not have occurred if the Beneficial Owner include, and are under
the general direction and control of, a member or members of the Current
Management Group. As used herein, the term "Voting Stock" shall mean Securities
of any class or classes, the holders of which are ordinarily, in the absence of
contingencies, entitled to elect a majority of the corporate directors (or
Persons performing similar functions). As used herein, the term "Current
Management Group" shall mean William R. Calfee, John S. Brinzo, Edward C.
Dowling, Jr. and David H. Gunning and any successors thereto who are appointed
by a majority of the Continuing Directors. As used herein, this term "Continuing
Director" shall mean any director of the Borrower who either (x) is a director
of the Borrower on the date hereof or (y) becomes a director of the Borrower
subsequent to the date hereof but prior to the date of the Change of Control and
whose election or nomination for election by the shareholders of the Borrower
was duly approved by at least two-thirds of the Continuing Directors who were
such immediately prior to that time of election or nomination, either by a
specific vote of such Continuing Directors or by approval of the proxy statement
issued by the Borrower in which such individual was named as a nominee for
director of the Borrower.

      "Code" means the Internal Revenue Code of 1986, as amended, and any
successor statute thereto.

      "Commitment" is defined in Section 2.1 hereof.

      "Contingent Obligation" shall mean as to any Person, any obligation of
such Person guaranteeing or intended to guarantee any Indebtedness, leases,
dividends or other obligations ("primary obligations") of any other Person (the
"primary obligor") in any manner, whether directly or indirectly, including,
without limitation, any obligation of such Person, whether or not contingent,
(i) to purchase any such primary obligation or any Property constituting direct
or indirect security therefor, (ii) to advance or supply funds (x) for the
purchase or payment of any such primary obligation or (y) to maintain working
capital or equity capital of the primary obligor or otherwise to maintain the
net worth or solvency of the primary obligor, (iii) to purchase property,
securities or services primarily for the purpose of assuring the owner of any
such primary obligation of the ability of the primary obligor to make payment of
such primary obligation or (iv) otherwise to assure or hold harmless the holder
of such primary obligation against loss in respect thereof; provided, however,
that the term Contingent Obligation shall not include endorsements of
instruments for deposit or collection in the ordinary course of business. The
amount of any Contingent Obligation shall be deemed to be an amount equal to the
stated or determinable amount of the primary obligation in respect of which such
Contingent Obligation is made or, if not stated or determinable, the maximum
reasonably anticipated liability in respect thereof (assuming such Person is
required to perform thereunder) as determined by such Person in good faith.

      "Controlled Group" means all members of a controlled group of corporations
and all trades and businesses (whether or not incorporated) under common control
which, together with

                                       -4-

<PAGE>

the Borrower or any of its Subsidiaries, are treated as a single employer under
Section 414 of the Code.

      "Default" means any event or condition the occurrence of which would, with
the passage of time or the giving of notice, or both, constitute an Event of
Default.

      "EBITDA" means, with reference to any period, Net Income for such period
plus all amounts deducted in arriving at such Net Income amount in respect of
(a) Interest Expense for such period, plus (b) federal, state and local income
taxes for such period, plus (c) all amounts properly charged for depreciation of
fixed assets and amortization of intangible assets during such period on the
books of the Borrower and its Subsidiaries, less (x) all amounts added in
arriving at such Net Income in respect of Interest Income for such period, and
(y) dividends accrued on preferred stock of the Borrower during such period on
the books of the Borrower.

      "Encumbrance" means any mortgage, lien, security interest, pledge, charge,
or encumbrance of any kind in respect of any Property, including the interests
of a vendor or lessor under any conditional sale, Capital Lease or other title
retention arrangement.

      "ERISA" means the Employee Retirement Income Security Act of 1974, as
amended, or any successor statute thereto.

      "Event of Default" means any event or condition identified as such in
Section 7.1 hereof.

      "Federal Funds Rate" means for any day the rate determined by the Bank to
be the average (rounded upward, if necessary, to the next higher 1/100 of 1%) of
the rates per annum quoted to the Bank at approximately 10:00 a.m. (Cleveland
time) (or as soon thereafter as is practicable) on such day (or, if such day is
not a Business Day, on the immediately preceding Business Day) by two or more
Federal funds brokers selected by the Bank for sale to the Bank at face value of
Federal funds in the secondary market in an amount equal or comparable to the
principal amount owed to the Bank for which such rate is being determined.

      "Funds Transfer and Deposit Account Liability" means the liability of the
Borrower or any of its Subsidiaries owing to the Bank, or any Affiliates of the
Bank, arising out of (a) the execution or processing of electronic transfers of
funds by automatic clearing house transfer, wire transfer or otherwise to or
from the deposit accounts of the Borrower and/or any Subsidiary now or hereafter
maintained with the Bank or its Affiliates, (b) the acceptance for deposit or
the honoring for payment of any check, draft or other item with respect to any
such deposit accounts, and (c) any other deposit, disbursement, and cash
management services afforded to the Borrower or any such Subsidiary by the Bank
or its Affiliates.

      "GAAP" means generally accepted accounting principles set forth from time
to time in the opinions and pronouncements of the Accounting Principles Board
and the American Institute of Certified Public Accountants and statements and
pronouncements of the Financial Accounting Standards Board (or agencies with
similar functions of comparable stature and authority within the U.S. accounting
profession), which are applicable to the circumstances as of the date of
determination.

                                       -5-

<PAGE>

      "Guaranty" is defined in Section 4 hereof.

      "Hedging Agreements" shall mean, with respect to any Person, any agreement
entered into to protect such Person against fluctuations in interest rates, or
currency or commodity values, including, without limitation, any interest rate
swap, cap or collar agreement or similar arrangement between such Person and one
or more counterparties, any foreign currency exchange agreement, currency
protection agreements, commodity purchase or option agreements or other interest
or exchange rate or commodity price hedging agreements.

      "Hedging Liability" means the liability of the Borrower or any Subsidiary
to the Bank, or any Affiliates of the Bank, in respect of any Hedging Agreements
as the Borrower or such Subsidiary, as the case may be, may from time to time
enter into with the Bank or its Affiliates.

      "Indebtedness" means for any Person (without duplication) (a) all
indebtedness of such Person for borrowed money, whether current or funded, or
secured or unsecured, (b) all indebtedness for the deferred purchase price of
Property or services, (c) all indebtedness created or arising under any
conditional sale or other title retention agreement with respect to Property
acquired by such Person (even though the rights and remedies of the seller or
lender under such agreement in the event of a default are limited to
repossession or sale of such Property), (d) all indebtedness secured by a
purchase money mortgage or other Lien to secure all or part of the purchase
price of Property subject to such mortgage or Lien, (e) all obligations under
leases which shall have been or must be, in accordance with GAAP, recorded as
Capital Leases in respect of which such Person is liable as lessee, (f) any
liability in respect of banker's acceptances or letters of credit, (g) any
indebtedness, whether or not assumed, secured by Liens on Property acquired by
such Person at the time of acquisition thereof, (h) all obligations under any
so-called "synthetic lease" transaction entered into by such Person, (i) all
obligations under any so-called "asset securitization" transaction entered into
by such Person, and (j) all Contingent Obligations, it being understood that the
term "Indebtedness" shall not include trade payables arising in the ordinary
course of business.

      "Interest Expense" means, with reference to any period, the sum of all
interest charges (including imputed interest charges with respect to Capitalized
Lease Obligations and all amortization of debt discount and expense) of the
Borrower and its Subsidiaries for such period determined in accordance with
GAAP.

      "Interest Income" means, with reference to any period, the sum of all
interest revenues of the Borrower and its Subsidiaries for such period
determined in accordance with GAAP.

      "Interest Period" means, with respect to any LIBOR Portion, the period
commencing on, as the case may be, the creation, continuation or conversion date
with respect to such LIBOR Portion and ending 1, 2 or 3 months thereafter as
selected by the Borrower in its notice as provided herein, subject to the
following:

            (i) if any Interest Period would otherwise end on a day which is not
      a Business Day, that Interest Period shall be extended to the next
      succeeding Business Day, unless in the case of an Interest Period the
      result of such extension would be to carry such

                                       -6-

<PAGE>

      Interest Period into another calendar month in which event such Interest
      Period shall end on the immediately preceding Business Day;

            (ii) no Interest Period may extend beyond the final maturity date of
      the Note; and

            (iii) the interest rate to be applicable to each Portion for each
      Interest Period shall apply from and including the first day of such
      Interest Period to but excluding the last day thereof.

For purposes of determining an Interest Period, a month means a period starting
on one day in a calendar month and ending on a numerically corresponding day in
the next calendar month, provided, however, if an Interest Period begins on the
last day of a month or if there is no numerically corresponding day in the month
in which an Interest Period is to end, then such Interest Period shall end on
the last Business Day of such month.

      "Investment" means any investment, made in cash or by delivery of
property, by the Borrower or any of its Subsidiaries (i) in any Person, whether
by acquisition of stock, Indebtedness or other obligation or Security, or by
loan, guaranty, advance, capital contribution or otherwise, or (ii) in property.

      "Letter of Credit" and "Letters of Credit" each is defined in Section 2.1
hereof.

      "LIBOR Portion" is defined in Section 2.5(a) hereof.

      "Lien" means any mortgage, lien, security interest, pledge, charge or
encumbrance of any kind in respect of any Property, including the interests of a
vendor or lessor under any conditional sale, Capital Lease or other title
retention arrangement.

      "Loan" and "Loans" each is defined in Section 2.1 hereof.

      "Loan Documents" means this Agreement, the Note, the Guaranty and each
other instrument or document to be executed or delivered by the Borrower or any
Subsidiary Guarantor hereunder or thereunder or otherwise in connection
therewith.

      "Material Adverse Effect" means (a) a material adverse change in, or
material adverse effect upon, the operations, business, Property, condition
(financial or otherwise) of the Borrower and its Subsidiaries taken as a whole,
(b) a material impairment of the ability of the Borrower or any Subsidiary to
perform its obligations under any Loan Document, or (c) a material adverse
effect upon the legality, validity, binding effect or enforceability against the
Borrower or any Subsidiary of any Loan Document or the rights and remedies of
the Bank thereunder.

      "Multiemployer Plan" shall have the same meaning as in ERISA.

      "Net Income" means, with reference to any period, the net income (or net
loss) of the Borrower and its Subsidiaries for such period computed on a
consolidated basis in accordance

                                       -7-

<PAGE>

with GAAP; provided that there shall be excluded from Net Income (a) that
non-cash charge in the amount of approximately $6,000,000 resulting from the
kiln shutdown at the Borrower's Tilden facility in November of 2003, (b) that
non-cash charges resulting from the salaried employees reduction program taken
during the third and fourth fiscal quarters of the Borrower's 2003 fiscal year
in an amount not to exceed $8,700,000, (c) those expenses in the amount of
approximately $3,000,000 arising from the acquisition and start-up of the
Eveleth Mines by United Taconite in December of 2003, (d) that charge in the
amount of approximately $5,000,000 for stock-based employee compensation arising
from the increase in the market price of the Borrower's common stock taken
during the fourth quarter of the Borrower's 2003 fiscal year, (e) that charge in
the amount of up to $5,000,000 for stock-based employee compensation arising
from the increase in the market price of the Borrower's common stock taken
during the first quarter of the Borrower's 2004 fiscal year, and (f) that charge
in the amount of up to $10,000,000 taken to write down the value of that certain
MABCO note on the books of the Borrower during the first quarter of the
Borrower's 2004 fiscal year.

      "Note" is defined in Section 2.2 hereof.

      "Obligations" means all obligations of the Borrower to pay principal and
interest on the Loans, all fees and charges payable hereunder, and all other
payment obligations of the Borrower arising under or in relation to any Loan
Document, in each case whether now existing or hereafter arising, due or to
become due, direct or indirect, absolute or contingent, and howsoever evidenced,
held, or acquired.

      "PBGC" means the Pension Benefit Guaranty Corporation or any Person
succeeding to any or all of its functions under ERISA.

      "Permitted Liens" is defined in Section 6.13 hereof.

      "Person" shall mean an individual, partnership, corporation, trust or
unincorporated organization, and a government or agency or political subdivision
thereof.

      "Plan" means any employee pension benefit plan covered by Title IV of
ERISA or subject to the minimum funding standards under Section 412 of the Code
that either (a) is maintained by a member of the Controlled Group for employees
of a member of the Controlled Group or (b) is maintained pursuant to a
collective bargaining agreement or any other arrangement under which more than
one employer makes contributions and to which a member of the Controlled Group
is then making or accruing an obligation to make contributions or has within the
preceding five plan years made contributions.

      "Portion" is defined in Section 2.5(a) hereof.

      "Property" means any interest in any kind of property or asset, whether
real, personal or mixed, or tangible or intangible.

                                       -8-

<PAGE>

      "Responsible Officer" shall mean any of the President, Chairman, Chief
Executive Officer, Chief Operating Officer, Vice Chairman, any Executive Vice
President, Chief Financial Officer or General Counsel, of the Borrower.

      "Restricted Investments" means all Investments except the following:

            (a) property, plant and equipment to be used in the ordinary course
      of business of the Borrower and its Subsidiaries;

            (b) current assets arising from the sale of goods and services in
      the ordinary course of business of the Borrower and its Subsidiaries;

            (c) Investments from time to time in one or more of the Subsidiaries
      disclosed on Schedule 5.2;

            (d) Investments disclosed in Schedule 6.15;

            (e) Investments in United States Governmental Securities, provided
      that such obligations mature within 365 days from the date of acquisition
      thereof;

            (f) Investments in certificates of deposit or banker's acceptances
      issued by an Acceptable Bank, provided that such obligations mature within
      365 days from the date of acquisition thereof;

            (g) Investments in commercial paper given the highest rating by a
      credit rating agency of recognized national standing and maturing not more
      than 270 days from the date of creation thereof;

            (h) Investments in money market mutual funds which maintain a
      constant $1.00 net asset value and invest substantially all of their
      assets in the Investments of the type described in clauses (e), (f) and/or
      (g) above;

            (i) Investments in Repurchase Agreements;

            (j) Investments in tax-exempt obligations of any state of the United
      States of America, or any municipality of any such state, in each case
      rated "AA" or better by S&P, "Aa2" or better by Moody's or an equivalent
      rating by any other credit rating agency of recognized national standing,
      provided that such obligations mature within 365 days from the date of
      acquisition thereof;

            (k) Investments of the Borrower and its Subsidiaries to make
      acquisitions of additional mining interests (including liabilities such as
      Capital Leases but excluding any other Indebtedness) provided (i) the
      aggregate amount of cash invested in connection with such Investments
      pursuant to this clause (k) shall not exceed at any time $20,000,000 and
      (ii) all such Investments (in excess of $5,000,000 cash invested) pursuant
      to this

                                       -9-

<PAGE>

      clause (k) shall be described in writing to the Bank in reasonable detail
      not less than 15 days prior to making any such Investment;

            (l) Investments in Polymet Mining Corp., a Canadian corporation,
      provided that the aggregate amount of cash invested pursuant to this
      clause (l) shall not exceed $5,000,000;

            (m) Investments in that joint venture commonly known as the Mesabi
      Nugget Project, provided that the aggregate amount of cash invested
      pursuant to this clause (m) shall not exceed $25,000,000;

            (n) Investments permitted by Sections 6.12(e) and (f) hereof; and

            (o) Other Investments of the Borrower and its Subsidiaries for
      strategic or commercial purposes, provided that (i) the aggregate amount
      of cash invested in connection with such investments pursuant to this
      clause (o) shall not exceed at any time $20,000,000 minus the amount of
      cash invested pursuant to clause (k) above, and (ii) all such investments
      (in excess of $5,000,000 cash invested) pursuant to this clause (o) shall
      be described in writing to the Bank in reasonable detail not less than 15
      days prior to making any such Investment.

      As used in this definition of "Restricted Investments":

            "Acceptable Bank" means any bank or trust company (i) which is
            organized under the laws of the United States of America or any
            State thereof, (ii) which has capital, surplus and undivided profits
            aggregating at least $500,000,000 , and (iii) whose long-term
            unsecured debt obligations (or the long-term unsecured debt
            obligations of the bank holding company owning all of the capital
            stock of such bank or trust company) shall have been given a rating
            of "A" or better by S&P, "A2" or better by Moody's or an equivalent
            rating by any other credit rating agency of recognized national
            standing.

            "Acceptable Broker-Dealer" means any Person other than a natural
            person (i) which is registered as a broker or dealer pursuant to the
            Securities and Exchange Act of 1934, as amended, and (ii) whose
            long-term unsecured debt obligations shall have been given a rating
            of "A" or better by S&P, "A2" or better by Moody's or an equivalent
            rating by any other credit rating agency of recognized national
            standing.

            "Moody's" means Moody's Investors Service, Inc.

            "Repurchase Agreement" means any written agreement

                        (a) that provides for (i) the transfer of one or more
                  United States Governmental Securities in an aggregate
                  principal amount at least equal to the amount of the Transfer
                  Price (defined below) to the Borrower

                                      -10-

<PAGE>

                  or any of its Subsidiaries from an Acceptable Bank or an
                  Acceptable Broker-Dealer against a transfer of funds (the
                  "Transfer Price") by the Company or such Subsidiary to such
                  Acceptable Bank or Acceptable Borrower, and (ii) a
                  simultaneous agreement by the Borrower or such Subsidiary, in
                  connection with such transfer of funds, to transfer to such
                  Acceptable Bank or Acceptable Broker-Dealer the same or
                  substantially similar United States Governmental Securities
                  for a price not less than the Transfer Price plus a reasonable
                  return thereon at a date certain not later than 365 days after
                  such transfer of funds,

                        (b) in respect of which the Borrower or such Subsidiary
                  shall have the right, whether by contract or pursuant to
                  applicable law, to liquidate such agreement upon the
                  occurrence of any default thereunder, and

                        (c) in connection with which the Borrower or such
                  Subsidiary, or an agent thereof, shall have taken all action
                  required by applicable law or regulations to perfect a Lien in
                  such United States Governmental Securities.

            "Security" shall have the same meaning as in Section 2(1) of the
            Securities Act of 1933, as amended

            "S&P" means Standard & Poor's Ratings Group, a division of The
            McGraw Hill Companies, Inc.

            "United States Governmental Security" means any direct obligation
            of, or obligation guaranteed by, the United States of America, or
            any agency controlled or supervised by or acting as an
            instrumentality of the United States of America pursuant to
            authority granted by the Congress of the United States of America,
            so long as such obligation or guarantee shall have the benefit of
            the full faith and credit of the United States of America which
            shall have been pledged pursuant to authority granted by the
            Congress of the United States of America.

      "Revolving Credit" is defined in Section 2.1 hereof.

      "Subordinated Debt" means Indebtedness owing to any Person on terms and
conditions, and in such amounts, acceptable to the Bank and which is
subordinated in right of payment to the prior payment in full of the
Obligations, Hedging Liability and Funds Transfer and Deposit Account Liability
pursuant to written subordination provisions approved in writing by the Bank;
provided that, no Subordinated Debt may mature on or before May 15, 2005.

      "Subsidiary" means, as to any particular parent corporation or
organization, any other corporation or organization more than 50% of the
outstanding Voting Stock of which is at the time directly or indirectly owned by
such parent corporation or organization or by any one or more other entities
which are themselves subsidiaries of such parent corporation or organization.

                                      -11-

<PAGE>

Unless otherwise expressly noted herein, the term "Subsidiary" means a
Subsidiary of the Borrower or of any of its direct or indirect Subsidiaries.

      "Subsidiary Guarantor" shall mean and include (i) each Subsidiary, except
a Subsidiary that does not have (together with its Subsidiaries) (a)
consolidated total assets that constitute more than 5% of the consolidated total
assets of the Borrower with its Subsidiaries as of the close of any fiscal year
of the Borrower ending on or after December 31, 2003, or (b) consolidated gross
revenues for any fiscal year of the Borrower ending on or after December 31,
2003, that constitute more than 5% of the consolidated gross revenues of the
Borrowers and its Subsidiaries during such fiscal year, and (ii) each of the
following Subsidiaries of the Borrower: The Cleveland-Cliffs Iron Company,
Northshore Sales Company, Cliffs Mining Company, Cliffs Mining Services Company,
IronUnits LLC, Northshore Mining Company, Lake Superior and Ishpeming Railroad
Company and Cliffs Minnesota Mining Company

      "Tangible Net Worth" means, at any time the same is to be determined, the
total shareholders' equity (including capital stock, additional paid-in capital
and retained earnings after deducting treasury stock) which would appear on the
balance sheet of the Borrower and its Subsidiaries determined on a consolidated
basis in accordance with GAAP plus, (a), to the extent not already included in
such total shareholder's equity, the book value convertible preferred stock of
the Borrower, plus (b), to the extent not already included in such total
shareholder's equity, the book value of International Steel Group Inc.'s common
stock owned by the Borrower net of deferred taxes relating to such stock, less
(x) the aggregate book value of all assets which would be classified as
intangible assets under GAAP, including, without limitation, goodwill, patents,
trademarks, trade names, copyrights, franchises and deferred charges (including,
without limitation, unamortized debt discount and expense, organization costs
and deferred research and development expense) and similar assets.

      "Termination Date" means March 30, 2005, or such earlier date on which the
Commitment is terminated in whole pursuant to Section 2.10, 7.2 or 7.3 hereof.

      "Total Liabilities" means, at any time the same is to be determined, the
aggregate of all indebtedness, obligations, liabilities, reserves and any other
items which would be listed as a liability on a balance sheet of the Borrower
and its Subsidiaries determined on a consolidated basis in accordance with GAAP.

      "U.S. Dollars" and "$" each mean the lawful currency of the United States
of America.

      "Unfunded Vested Liabilities" means, for any Plan at any time, the amount
(if any) by which the present value of all vested nonforfeitable accrued
benefits under such Plan exceeds the fair market value of all Plan assets
allocable to such benefits, all determined as of the then most recent valuation
date for such Plan, but only to the extent that such excess represents a
potential liability of a member of the Controlled Group to the PBGC or the Plan
under Title IV of ERISA.

      "Voting Stock" of any Person means capital stock or other equity interests
of any class or classes (however designated) having ordinary power for the
election of directors or other similar governing body of such Person (including,
without limitation, general partners of a partnership),

                                      -12-

<PAGE>

other than stock or other equity interests having such power only by reason of
the happening of a contingency.

      "Welfare Plan" means a "welfare plan" as defined in Section 3(1) of ERISA.

      "Wholly-Owned Subsidiary" means, at any time, any Subsidiary all of the
Voting Stock (except directors' qualifying shares) of which are owned by any one
or more of the Borrower and the Borrower's other Wholly-Owned Subsidiaries at
such time.

      Section 1.2. Interpretation. The foregoing definitions are equally
applicable to both the singular and plural forms of the terms defined. The words
"hereof", "herein", and "hereunder" and words of like import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular
provision of this Agreement. All references to time of day herein are references
to Cleveland, Ohio time unless otherwise specifically provided. Where the
character or amount of any asset or liability or item of income or expense is
required to be determined or any consolidation or other accounting computation
is required to be made for the purposes of this Agreement, it shall be done in
accordance with GAAP except where such principles are inconsistent with the
specific provisions of this Agreement.

      Section 1.3. Change in Accounting Principles. If, after the date of this
Agreement, there shall occur any change in GAAP from those used in the
preparation of the financial statements referred to in Section 6.1 hereof and
such change shall result in a change in the method of calculation of any
financial covenant, standard or term found in this Agreement, either the Bank or
the Borrower may by notice to the other party, require that the Bank and the
Borrower negotiate in good faith to amend such covenants, standards, and term so
as equitably to reflect such change in accounting principles, with the desired
result being that the criteria for evaluating the financial condition of the
Borrower and its Subsidiaries shall be the same as if such change had not been
made. No delay by the Bank or the Borrower in requiring such negotiation shall
limit its right to so require such a negotiation at any time after such a change
in accounting principles. Until any such covenant, standard, or term is amended
in accordance with this Section 1.3, financial covenants shall be computed and
determined in accordance with GAAP in effect prior to such change in accounting
principles. Without limiting the generality of the foregoing, the Borrower shall
neither be deemed to be in compliance with any financial covenant hereunder nor
out of compliance with any financial covenant hereunder if such state of
compliance or noncompliance, as the case may be, would not exist but for the
occurrence of a change in accounting principles after the date hereof.

SECTION 2. THE CREDITS.

      Section 2.1. Revolving Credit. Subject to the terms and conditions hereof,
the Bank agrees to extend a revolving credit (the "Revolving Credit") to the
Borrower which may be availed of by the Borrower from time to time during the
period from and including the date hereof to but not including the Termination
Date, at which time the commitment of the Bank to extend credit under the
Revolving Credit shall expire. The Revolving Credit may be utilized by the
Borrower in the form of loans (individually a "Loan" and collectively the
"Loans") and stand-by letters of credit issued by the Bank for the account of
the Borrower or any Subsidiary

                                      -13-

<PAGE>

(individually a "Letter of Credit" and collectively the "Letters of Credit"),
all as more fully hereinafter set forth, provided that the aggregate outstanding
principal amount of Loans and the face amount of all issued and outstanding
Letters of Credit shall not at any time exceed $30,000,000 (the "Commitment", as
such amount may be reduced pursuant to the terms hereof). During the period from
and including the date hereof to but not including the Termination Date, the
Borrower may use the Commitment by borrowing, repaying, and reborrowing Loans in
whole or in part and/or by having the Bank issue Letters of Credit, having such
Letters of Credit expire or otherwise terminate without having been drawn upon
or, if drawn upon, reimbursing the Bank for each such drawing, and having the
Bank issue new Letters of Credit, all in accordance with the terms and
conditions of this Agreement.

      Section 2.2. Revolving Credit Loans. Each Loan shall be in a minimum
amount of $100,000; provided, however, that any LIBOR Portion of the Loans shall
be in such greater amount as is required by Section 2.6 hereof. The Loans shall
be made against and evidenced by a single promissory note of the Borrower in the
form (with appropriate insertions) attached hereto as Exhibit A (the "Note").
The Note shall be dated the date of issuance thereof and be expressed to bear
interest as set forth herein. The Note, and all Loans evidenced thereby, shall
mature and become due and payable in full on the Termination Date. Without
regard to the principal amount of the Note stated on its face, the actual
principal amount at any time outstanding and owing by the Borrower on account of
the Note shall be the sum of all Loans made hereunder less all payments of
principal actually received by the Bank.

      Section 2.3. Letters of Credit. (a) General Terms. The aggregate amount of
Letters of Credit issued and outstanding at any time hereunder shall not at any
one time exceed $5,000,000. For purposes of this Agreement, a Letter of Credit
shall be deemed outstanding as of any time in an amount equal to the maximum
amount which could be drawn thereunder under any circumstances and over any
period of time plus any unreimbursed drawings then outstanding with respect
thereto. If and to the extent any Letter of Credit expires or otherwise
terminates without having been drawn upon, the availability under the Commitment
shall to such extent be reinstated.

      (b) Term. Each Letter of Credit issued hereunder shall expire not later
than five (5) days prior to the Termination Date.

      (c) General Characteristics. Each Letter of Credit issued hereunder shall
be payable in U.S. Dollars, conform to the general requirements of the Bank for
the issuance of a standby or commercial letter of credit, as the case may be, as
to form and substance, and be a letter of credit which the Bank may lawfully
issue.

      (d) Applications. At the time the Borrower requests each Letter of Credit
to be issued (or prior to the first issuance of a Letter of Credit in the case
of a continuing application), the Borrower shall execute and deliver to the Bank
an application for such Letter of Credit in the form then customarily prescribed
by the Bank (individually an "Application" and collectively the "Applications").
Subject to the other provisions of this subsection, the obligation of the
Borrower to reimburse the Bank for drawings under a Letter of Credit shall be
governed by the Application for such Letter of Credit; provided however that in
the event of a conflict between

                                      -14-

<PAGE>

the terms of the Application and the terms of the Credit Agreement, the terms of
the Credit Agreement will prevail. Anything contained in the Applications to the
contrary notwithstanding, (i) in the event the Bank is not reimbursed by the
Borrower for the amount the Bank pays on any drawing made under a Letter of
Credit issued hereunder by 11:00 a.m. (Cleveland time) within 1 Business Day of
when such drawing is paid, the obligation of the Borrower to reimburse the Bank
for the amount of such drawing shall bear interest (which the Borrower hereby
promises to pay on demand) from and after the date the drawing is paid by the
Bank until repayment in full thereof at the fluctuating rate per annum
determined by adding 2% to the Base Rate as from time to time in effect
(computed on the basis of a year of 360 days for the actual number of days
elapsed), and (ii) the Borrower shall pay fees in connection with each Letter of
Credit as set forth in Section 2.13 hereof.

      Section 2.4. Manner and Disbursement of Loans. The Borrower shall give
written or telephonic notice to the Bank (which notice shall be irrevocable once
given and, if given by telephone, shall be promptly confirmed in writing) by no
later than 11:00 a.m. (Cleveland time) on the date the Borrower requests the
Bank to make a Loan hereunder. Each such notice shall specify the date of the
Loan requested (which must be a Business Day) and the amount of such Loan. Each
Loan shall initially constitute part of the Base Rate Portion of the Note except
to the extent the Borrower has otherwise timely elected that such Loan, or any
part thereof, constitute part of a LIBOR Portion as provided in Section 2.5
hereof. The Borrower agrees that the Bank may rely upon any written or
telephonic notice given by any person the Bank in good faith believes is an
Authorized Representative without the necessity of independent investigation
and, in the event any telephonic notice conflicts with the written confirmation,
such telephonic notice shall govern if the Bank has acted in reliance thereon.
Subject to the provisions of Section 3 hereof, the proceeds of each Loan shall
be made available to the Borrower at the Borrower's account with the Bank in
Cleveland, Ohio, in immediately available funds.

      Section 2.5. Interest Rate Options.(a) Subject to all of the terms and
conditions of this Section 2, portions of the principal indebtedness evidenced
by the Note (all of the indebtedness evidenced by the Note bearing interest at
the rate for the same period of time being hereinafter referred to as a
"Portion") may, at the option of the Borrower, bear interest with reference to
the Base Rate (the "Base Rate Portion") or with reference to an Adjusted LIBOR
("LIBOR Portions"), and Portions may be converted from time to time from one
basis to another. All of the indebtedness evidenced by the Note that is not part
of a LIBOR Portion shall constitute a single Base Rate Portion. All of the
indebtedness evidenced by the Note which bears interest with reference to a
particular Adjusted LIBOR for a particular Interest Period shall constitute a
single LIBOR Portion applicable to the Note. There shall not be more than five
LIBOR Portions applicable to the Note outstanding at any one time. Anything
contained herein to the contrary notwithstanding, the obligation of the Bank to
create, continue, or effect by conversion any LIBOR Portion (other than the
conversion of any LIBOR Portion to the Base Rate Portion) shall be conditioned
upon the fact that at the time no Default or Event of Default shall have
occurred and be continuing. The Borrower hereby promises to pay interest on each
Portion at the rates and times specified in this Section 2.

      (b) Base Rate Portion. Each Base Rate Portion shall bear interest at the
rate per annum determined by adding the Applicable Margin to the Base Rate as in
effect from time to time,

                                      -15-

<PAGE>

provided that if the Base Rate Portion or any part thereof is not paid when due
(whether by lapse of time, acceleration, or otherwise), or at the election of
the Bank upon notice to the Borrower during the existence of any other Event of
Default, such Portion shall bear interest, whether before or after judgment
until the earlier of payment in full thereof or the date on which such Event of
Default is cured, at the rate per annum determined by adding 2% to the interest
rate which would otherwise be applicable thereto from time to time. Interest on
each Base Rate Portion shall be payable monthly in arrears on the first day of
each month in each year and at maturity of the Note, and interest after maturity
(whether by lapse of time, acceleration, or otherwise) shall be due and payable
upon demand. Any change in the interest rate on any Base Rate Portion resulting
from a change in the Base Rate shall be effective on the date of the relevant
change in the Base Rate.

      (c) LIBOR Portions. Each LIBOR Portion shall bear interest for each
Interest Period selected therefor at a rate per annum determined by adding the
Applicable Margin to the Adjusted LIBOR for such Interest Period, provided that
if any LIBOR Portion is not paid when due (whether by lapse of time,
acceleration, or otherwise), or at the election of the Bank upon notice to the
Borrower during the existence of any other Event of Default, such Portion shall
bear interest, whether before or after judgment until the earlier of payment in
full thereof or the date on which such Event of Default is cured, through the
end of the Interest Period then applicable thereto at the rate per annum
determined by adding 2% to the interest rate which would otherwise be applicable
thereto, and effective at the end of such Interest Period such LIBOR Portion
shall automatically be converted into and added to the Base Rate Portion of the
Note and shall thereafter bear interest at the interest rate applicable to the
Base Rate Portion of such Note after default. Interest on each LIBOR Portion
shall be due and payable on the last day of each Interest Period applicable
thereto, and interest after maturity (whether by lapse of time, acceleration, or
otherwise) shall be due and payable upon demand. The Borrower shall notify the
Bank on or before 11:00 a.m. (Cleveland time) on the third Business Day
preceding the end of an Interest Period applicable to a LIBOR Portion whether
such LIBOR Portion is to continue as a LIBOR Portion, in which event the
Borrower shall notify the Bank of the new Interest Period selected therefor; and
in the event the Borrower shall fail to so notify the Bank, such LIBOR Portion
shall automatically be converted into and added to the Base Rate Portion of the
relevant Note as of and on the last day of such Interest Period.

      Section 2.6. Minimum Amounts. Each LIBOR Portion shall be in an amount
equal to $1,000,000 or such greater amount which is an integral multiple of
$500,000.

      Section 2.7. Computation of Interest. All interest on the Note shall be
computed on the basis of a year of 360 days for the actual number of days
elapsed.

      Section 2.8. Manner of Rate Selection. The Borrower shall notify the Bank
by 11:00 a.m. (Cleveland time) at least 3 Business Days prior to the date upon
which the Borrower requests that any LIBOR Portion be created or that any part
of the Base Rate Portion be converted into a LIBOR Portion (each such notice to
specify in each instance the amount thereof and the Interest Period selected
therefor). If any request is made to convert a LIBOR Portion of the Note into a
Base Rate Portion, such conversion shall only be made so as to become effective
as of the last day of the Interest Period applicable thereto. All requests for
the creation,

                                      -16-

<PAGE>

continuance, and conversion of Portions under this Agreement shall be
irrevocable. Such requests may be written or oral and the Bank is hereby
authorized to honor telephonic requests for creations, continuances, and
conversions received by it from any person the Bank in good faith believes to be
an Authorized Representative without the necessity of independent investigation,
the Borrower hereby indemnifying the Bank from any liability or loss ensuing
from so acting.

      Section 2.9. Prepayments. The Borrower shall have the privilege of
prepaying the Loans in whole or in part (but, if in part, then (a) if such Loan
or Loans constitutes part of the Base Rate Portion, in an amount not less than
$100,000, (b) if such Loan or Loans constitutes part of a LIBOR Portion, in an
amount not less than $500,000, and (c) in each case, in an amount such that the
minimum amount required for a Loan pursuant to Sections 2.2 and 2.6 hereof
remain outstanding) at any time, if such Loan or Loans constitutes part of a
LIBOR Portion, upon 3 Business Days prior irrevocable notice by the Borrower to
the Bank or, if such Loan or Loans constitute part of the Base Rate Portion,
upon prior notice by the Borrower to the Bank (any such notice if received
subsequent to 11:00 a.m. (Cleveland time) on a given day to be treated as though
received at the opening of business on the next Business Day) and by paying to
the Bank the principal amount to be prepaid and (i) if such a prepayment prepays
the Note in full and is accompanied by the termination of the Commitment in
whole, accrued interest thereon to the date of prepayment, and (ii) in the case
of any prepayment of a LIBOR Portion of the Loans, accrued interest thereon to
the date of prepayment plus any amounts due the Bank under Section 8.5 hereof.

      Section 2.10. Terminations. The Borrower shall have the right, at any time
and from time to time, upon 3 Business Days prior notice to the Bank, to
terminate without premium or penalty and in whole or in part (but if in part,
then in an amount not less than $5,000,000 and in multiples of $1,000,000
thereafter) the Commitment, provided that the Commitment may not be reduced to
an amount less than the aggregate principal amount of the Loans and Letters of
Credit then outstanding. Any termination of the Commitment pursuant to this
Section may not be reinstated.

      Section 2.11. Place and Application of Payments. All payments of
principal, interest, fees, and all other Obligations payable under the Loan
Documents shall be made to the Bank at its principal office in Cleveland, Ohio
(or at such other place as the Bank may specify) no later than 12:00 noon
(Cleveland time) on the date any such payment is due and payable. Payments
received by the Bank after 12:00 noon (Cleveland time) shall be deemed received
as of the opening of business on the next Business Day. All such payments shall
be made in lawful money of the United States of America, in immediately
available funds at the place of payment, without set-off or counterclaim and
without reduction for, and free from, any and all present or future taxes,
levies, imposts, duties, fees, charges, deductions, withholdings, restrictions,
and conditions of any nature imposed by any government or any political
subdivision or taxing authority thereof (but excluding any taxes imposed on or
measured by the net income of the Bank). Unless the Borrower otherwise directs,
principal payments shall be applied first to the Prime Portion until payment in
full thereof, with any balance applied to the LIBOR Portions in the order in
which their Interest Periods expire. Any amount repaid may, subject to the terms
and conditions hereof, be borrowed, repaid, and borrowed again.

                                      -17-

<PAGE>

      Section 2.12. Notations. All Loans made against the Note, the status of
all amounts evidenced by the Note as constituting part of the Base Rate Portion
or a LIBOR Portion, and, in the case of any LIBOR Portion, the rates of interest
and Interest Periods applicable to such Portions shall be recorded by the Bank
on its books and records or, at its option in any instance, endorsed on a
schedule to the Note and the unpaid principal balance and status, rates and
Interest Periods so recorded or endorsed by the Bank shall be prima facie
evidence in any court or other proceeding brought to enforce the Note of the
principal amount remaining unpaid thereon, the status of the Loan or Loans
evidenced thereby and the interest rates and Interest Periods applicable
thereto; provided that the failure of the Bank to record any of the foregoing
shall not limit or otherwise affect the obligation of the Borrower to repay the
principal amount of the Note together with accrued interest thereon. Prior to
any negotiation of the Note, the Bank shall record on a schedule thereto the
status of all amounts evidenced thereby as constituting part of the Base Rate
Portion or a LIBOR Portion and, in the case of any LIBOR Portion, the rates of
interest and the Interest Periods applicable thereto.

      Section 2.13. Fees.

      (a) Facility Fee. For the period from and including the date hereof to but
not including the Termination Date, the Borrower shall pay to the Bank a
facility fee at the rate equal to .25% (computed on the basis of a year of 360
days for the actual number of days elapsed) of the average daily amount of the
Commitment. Such facility fee shall be payable quarterly in arrears on the first
day of each January, April, July and October in each year (commencing July 1,
2004) and on the Termination Date.

      (b) Letter of Credit Fees. On the date of issuance of each Letter of
Credit, and as a condition thereto, the Borrower shall pay to the Bank a letter
of credit fee equal to the Applicable Margin (computed on the basis of a year of
360 days for the actual number of days elapsed) on the average daily amount of
such Letter of Credit. Such fee shall be payable quarterly in advance on the
date of issuance of such Letter of Credit and on the first day of each January,
April, July and October. In addition to the letter of credit fee called for
above, the Borrower further agrees to pay to the Bank such processing and
transaction fees and charges as the Bank from time to time customarily imposes
in connection with any issuance, amendment, cancellation, negotiation, and/or
payment of letters of credit and drafts drawn thereunder.

      (c) Closing Fee. The Borrower shall pay to the Bank on the date hereof a
closing fee in the amount of $45,000.

SECTION 3. CONDITIONS PRECEDENT.

      The obligation of the Bank to make any Loan or issue any Letter of Credit
under this Agreement is subject to the following conditions precedent:

      Section 3.1. All Advances. As of the time of the making of each Loan or
the issuance of each Letter of Credit (including the initial Loan) hereunder:

                                      -18-

<PAGE>

            (a) each of the representations and warranties set forth in Section
      5 hereof and in the other Loan Documents shall be true and correct in all
      material respects as of such time, except to the extent the same expressly
      relate to an earlier date;

            (b) the Borrower shall be in compliance with the terms and
      conditions of the Loan Documents, and no Default or Event of Default shall
      have occurred and be continuing or would occur as a result of making such
      Loan or issuing such Letter of Credit;

            (c) in the case of the issuance of any Letter of Credit, the Bank
      shall have received a properly completed Application therefor together
      with the fees called for hereby; and

            (d) such Loan or Letter of Credit shall not violate any order,
      judgment, or decree of any court or other authority or any provision of
      law or regulation applicable to the Bank (including, without limitation,
      Regulation U of the Board of Governors of the Federal Reserve System) as
      then in effect.

The Borrower's request for any Loan or Letter of Credit shall constitute its
warranty as to the facts specified in subsections (a) through (c) above, both
inclusive.

      Section 3.2. Initial Advance. At or prior to the making of the initial
extension of credit hereunder, the following conditions precedent shall also
have been satisfied:

            (a) the Bank shall have received the following (and, with respect to
      all documents, each to be properly executed and completed) and the same
      shall have been approved as to form and substance by the Bank:

                  (i) the Note;

                  (ii) the Guaranty;

                  (iii) copies (executed or certified as may be appropriate) of
            resolutions of the Board of Directors or other governing body of the
            Borrower and of each Subsidiary Guarantor authorizing the execution,
            delivery, and performance of the Loan Documents;

                  (iv) articles of incorporation (or equivalent formation
            documents) of the Borrower and of each Subsidiary Guarantor
            certified by the appropriate governmental office of the state of its
            organization;

                  (v) by-laws (or equivalent governing documents) for the
            Borrower and for each Subsidiary Guarantor certified by an
            appropriate officer of such Person acceptable to the Bank;

                                      -19-

<PAGE>

                  (vi) an incumbency certificate containing the name, title and
            genuine signature of the Borrower's Authorized Representatives; and

                  (vii) a good standing certificate for the Borrower and each
            Subsidiary, dated as of a date no earlier than 45 days prior to the
            date hereof, from the appropriate governmental offices in the state
            of its incorporation or organization and in each state in the United
            States in which it is qualified to do business as a foreign
            organization;

            (b) the Bank shall have received the closing fee specified in
      Section 2.13(c) hereof;

            (c) legal matters incident to the execution and delivery of the Loan
      Documents and to the transactions contemplated hereby shall be
      satisfactory to the Bank and its counsel;

            (d) the Bank shall have received financing statement, tax and
      judgment lien search results against the Property of the Borrower and its
      Subsidiaries, evidencing the absence of Liens on their Property except as
      permitted by Section 6.11 hereof; and

            (e) the Bank shall have received such other agreements, instruments,
      documents, certificates and opinions as the Bank may reasonably request.

SECTION 4. GUARANTY.

      The payment and performance of the Obligations shall at all times be
guaranteed by each Subsidiary Guarantor pursuant to a guaranty agreement in form
and substance acceptable to the Bank, as the same may be amended, modified or
supplemented from time to time (the "Guaranty"). In the event the Borrower or
any Subsidiary forms or acquires any other Subsidiary after the date hereof and
such Subsidiary qualifies as a Subsidiary Guarantor, or in the event that any
existing Subsidiary that is not a Subsidiary Guarantor on the date hereof later
qualifies as a Subsidiary Guarantor, the Borrower shall promptly upon such
formation, acquisition or qualification cause such Subsidiary to become a party
to the Guaranty by executing and delivering to the Bank that supplement attached
as Exhibit A to the Guaranty.

SECTION 5. REPRESENTATIONS AND WARRANTIES.

      The Borrower represents and warrants to the Bank as follows:

      Section 5.1. Organization and Qualification. The Borrower is duly
organized, validly existing, and in good standing as a corporation under the
laws of the State of Ohio, has full and adequate power to own its Property and
conduct its business as now conducted, and is duly licensed or qualified and in
good standing in each jurisdiction in which the nature of the business conducted
by it or the nature of the Property owned or leased by it requires such
licensing or qualifying except where the failure to do so would not have a
Material Adverse Effect.

                                      -20-

<PAGE>

      Section 5.2. Subsidiaries. Each Subsidiary is duly organized, validly
existing, and in good standing under the laws of the jurisdiction in which it is
organized, has full and adequate power to own its Property and conduct its
business as now conducted, and is duly licensed or qualified and in good
standing in each jurisdiction in which the nature of the business conducted by
it or the nature of the Property owned or leased by it requires such licensing
or qualifying except where the failure to do so would not have a Material
Adverse Effect. Schedule 5.2 hereto identifies each Subsidiary, the jurisdiction
of its organization, the percentage of issued and outstanding shares of each
class of its capital stock or other equity interests owned by the Borrower and
the Subsidiaries and, if such percentage is not 100% (excluding directors'
qualifying shares as required by law), a description of each class of its
authorized capital stock and other equity interests and the number of shares of
each class issued and outstanding. There are no outstanding commitments or other
obligations of any Subsidiary to issue, and no options, warrants or other rights
of any Person to acquire, any shares of any class of capital stock or other
equity interests of any Subsidiary.

      Section 5.3. Authority and Validity of Obligations. The Borrower has full
right and authority to enter into this Agreement and the other Loan Documents
executed by it, to make the borrowings herein provided for, to issue its Note in
evidence thereof, and to perform all of its obligations hereunder and under the
other Loan Documents executed by it. Each Subsidiary Guarantor has full right
and authority to enter into the Loan Documents executed by it, to guarantee the
Obligations, and to perform all of its obligations under the Loan Documents
executed by it. The Loan Documents delivered by the Borrower and each Subsidiary
Guarantor have been duly authorized, executed, and delivered by the Borrower and
each Subsidiary Guarantor and constitute valid and binding obligations of the
Borrower and each Subsidiary Guarantor enforceable in accordance with their
terms except as enforceability may be limited by bankruptcy, insolvency,
fraudulent conveyance, or similar laws affecting creditors' rights generally and
general principles of equity (regardless of whether the application of such
principles is considered in a proceeding in equity or at law); and this
Agreement and the other Loan Documents do not, nor does the performance or
observance by the Borrower and each Subsidiary Guarantor of any of the matters
and things herein or therein provided for, (a) contravene or constitute a
default under any provision of law or any judgment, injunction, order or decree
binding upon the Borrower or any Subsidiary Guarantor or any provision of the
organizational documents (e.g., charter, articles of incorporation, or by-laws)
of the Borrower or any Subsidiary Guarantor or any covenant, indenture or
agreement of or affecting the Borrower or any Subsidiary Guarantor or any of its
Property, or (b) result in the creation or imposition of any Encumbrance on any
Property of the Borrower or any Subsidiary Guarantor.

      Section 5.4. Use of Proceeds; Margin Stock. The Borrower shall use the
proceeds of the Loans for its general working capital purposes and for such
other legal and proper purposes as are consistent with all applicable laws.
Neither the Borrower nor any Subsidiary is engaged in the business of extending
credit for the purpose of purchasing or carrying margin stock (within the
meaning of Regulation U of the Board of Governors of the Federal Reserve
System), and no part of the proceeds of any Loan will be used to purchase or
carry any such margin stock or to extend credit to others for the purpose of
purchasing or carrying any such margin stock.

                                      -21-

<PAGE>

      Section 5.5. Financial Reports. The consolidated balance sheet of the
Borrower and its Subsidiaries as at December 31, 2003, and the related
consolidated statements of income, retained earnings, and cash flows of the
Borrower and its Subsidiaries for the fiscal year then ended, and accompanying
notes thereto, which financial statements are accompanied by the audit report of
Ernst & Young LLP, independent public accountants, fairly present in all
material respects the consolidated financial condition of the Borrower and its
Subsidiaries as at said date and the consolidated results of their operations
and cash flows for the period then ended in conformity with GAAP applied on a
consistent basis. Neither the Borrower nor any Subsidiary has contingent
liabilities which are material to it other than as indicated on such financial
statements and accompanying notes thereto or, with respect to future periods, on
the financial statements and accompanying notes thereto furnished pursuant to
Section 6.1 hereof.

      Section 5.6. No Material Adverse Change. Since December 31, 2003, there
has been no change in the condition (financial or otherwise) of the Borrower or
any Subsidiary except those occurring in the ordinary course of business, none
of which individually or in the aggregate could reasonably be expected to have a
Material Adverse Effect.

      Section 5.7. Full Disclosure. The statements and information furnished to
the Bank in connection with the negotiation of this Agreement and the other Loan
Documents, and the commitment by the Bank to provide all or part of the
financing contemplated hereby, do not contain any untrue statements of a
material fact or omit a material fact necessary to make the material statements
contained herein or therein not misleading, the Bank acknowledging that, as to
any projections furnished to the Bank, the Borrower only represents that the
same were prepared on the basis of information and estimates the Borrower
believed to be reasonable at the time prepared.

      Section 5.8. Trademarks, Franchises and Licenses. The Borrower and its
Subsidiaries own, possess or have the right to use all necessary patents,
licenses, franchises, trademarks, trade names, trade styles, copyrights, trade
secrets, know how, and confidential commercial and proprietary information to
conduct their businesses as now conducted, without known conflict with any
patent, license, franchise, trademark, trade name, trade style, copyright or
other proprietary right of any other Person except where the failure to do so
would not have a Material Adverse Effect.

      Section 5.9. Governmental Authority and Licensing. The Borrower and its
Subsidiaries have received all licenses, permits, and approvals of all federal,
state, and local governmental authorities, if any, necessary to conduct their
businesses, in each case where the failure to obtain or maintain the same could
reasonably be expected to have a Material Adverse Effect. No investigation or
proceeding which, if adversely determined, could reasonably be expected to
result in revocation or denial of any material license, permit or approval is
pending or, to the Borrower's knowledge threatened.

      Section 5.10. Good Title. The Borrower and its Subsidiaries have good and
defensible title (or valid leasehold interests) to all of their material assets
as reflected on the most recent consolidated balance sheet of the Borrower and
its Subsidiaries furnished to the Bank (except for

                                      -22-

<PAGE>

sales of assets by the Borrower and its Subsidiaries in the ordinary course of
business), subject to no Liens other than Permitted Liens.

      Section 5.11. Litigation and Other Controversies. Except as disclosed on
Schedule 5.11, there is no litigation or governmental or arbitration proceeding
or labor controversy pending, nor to the Borrower's knowledge threatened,
against the Borrower or any Subsidiary that could reasonably be expected to have
a Material Adverse Effect.

      Section 5.12. Taxes. All material tax returns required to be filed by the
Borrower or any Subsidiary in any jurisdiction have, in fact, been filed, and
all material taxes, assessments, fees, and other governmental charges upon the
Borrower or any Subsidiary or upon any of their Property, income or franchises,
which are shown to be due and payable in such returns, have been paid except to
the extent that the Borrower or any Subsidiary is contesting the same in good
faith. The Borrower does not know of any proposed additional material tax
assessment against it or its Subsidiaries for which adequate provisions in
accordance with GAAP have not been made on their accounts. Adequate provisions
in accordance with GAAP for taxes on the books of the Borrower and its
Subsidiaries have been made for all open years, and for the current fiscal
period.

      Section 5.13. Approvals. No authorization, consent, license or exemption
from, or filing or registration with, any court or governmental department,
agency or instrumentality, nor any approval or consent of any other Person, is
or will be necessary to the valid execution, delivery or performance by the
Borrower or any Subsidiary of any Loan Document to which it is a party, except
for such approvals which have been obtained prior to the date of this Agreement
and remain in full force and effect.

      Section 5.14. Affiliate Transactions. Neither the Borrower nor any
Subsidiary is a party to any material contracts or agreements with any of its
Affiliates on terms and conditions which are less favorable to the Borrower or
such Subsidiary than would be usual and customary in similar contracts or
agreements between Persons not affiliated with each other.

      Section 5.15. Investment Company; Public Utility Holding Company. Neither
the Borrower nor any Subsidiary is an "investment company" or a company
"controlled" by an "investment company" within the meaning of the Investment
Company Act of 1940, as amended, or a "public utility holding company" within
the meaning of the Public Utility Holding Company Act of 1935, as amended.

      Section 5.16. ERISA. The Borrower and each other member of its Controlled
Group has fulfilled its obligations under the minimum funding standards of, and
is in compliance in all material respects with, ERISA and the Code to the extent
applicable to it and has not incurred any liability to the PBGC or a Plan under
Title IV of ERISA other than a liability to the PBGC for premiums under Section
4007 of ERISA. Except with respect to the Welfare Plans identified on Schedule
5.16, as of the date hereof, neither the Borrower nor any Subsidiary has any
contingent liabilities with respect to any post-retirement benefits under a
Welfare Plan, other than liability for continuation coverage described in
article 6 of Title I of ERISA.

                                      -23-

<PAGE>

      Section 5.17. Compliance with Laws. The Borrower and its Subsidiaries are
in compliance with the requirements of all federal, state, and local laws, rules
and regulations applicable to or pertaining to their Property or business
operations (including, without limitation, the Occupational Safety and Health
Act of 1970, the Americans with Disabilities Act of 1990, and laws and
regulations establishing quality criteria and standards for air, water, land and
toxic or hazardous wastes and substances), non-compliance with which,
individually or in the aggregate, could reasonably be expected to have a
Material Adverse Effect. Neither the Borrower nor any Subsidiary has received
notice to the effect that its operations are not in compliance with any of the
requirements of applicable federal, state or local environmental, health and
safety statutes and regulations or are the subject of any governmental
investigation evaluating whether any remedial action is needed to respond to a
release of any toxic or hazardous waste or substance into the environment, which
non-compliance or remedial action, individually or in the aggregate, could
reasonably be expected to have a Material Adverse Effect.

      Section 5.18. Other Agreements. Neither the Borrower nor any Subsidiary is
in default under the terms of any covenant, indenture or agreement of or
affecting the Borrower, any Subsidiary or any of their Property, which default
if uncured could reasonably be expected to have a Material Adverse Effect.

      Section 5.19. No Default. No Default or Event of Default has occurred and
is continuing.

SECTION 6. COVENANTS.

      The Borrower covenants and agrees that, so long as any credit is available
to the Borrower hereunder, except to the extent compliance in any case is waived
in writing by the Bank, and until all Obligations are paid in full:

      Section 6.1. Information Covenants. The Borrower will furnish to the Bank:

            (a) Quarterly Statements. Within 45 days after the close of each
      quarterly accounting period in each fiscal year of the Borrower, the
      Borrower's consolidated balance sheet as at the end of such quarterly
      accounting period and the related consolidated statements of income and of
      cash flows for such quarterly accounting period and for the elapsed
      portion of the fiscal year ended with the last day of such quarterly
      accounting period, in each case setting forth comparative figures for the
      related periods in the prior fiscal year (other than with respect to the
      consolidated balance sheet which shall be compared to the consolidated
      balance sheet for the fiscal year most recently ended), all of which shall
      be in reasonable detail, prepared by the Borrower in accordance with GAAP,
      and certified by the chief financial officer or other officer of the
      Borrower acceptable to the Bank that they fairly present in all material
      respects in accordance with GAAP the financial condition of the Borrower
      and its Subsidiaries as of the dates indicated and the results of their
      operations and changes in their cash flows for the periods indicated,
      subject to normal year-end audit adjustments and the absence of footnotes.

                                      -24-

<PAGE>

            (b) Annual Statements. Within 90 days after the close of each fiscal
      year of the Borrower, a copy of the Borrower's consolidated balance sheet
      as of the last day of the fiscal year then ended and the Borrower's
      consolidated statements of income, shareholder's equity, and cash flows
      for the fiscal year then ended, and accompanying notes thereto, each in
      reasonable detail showing in comparative form the figures for the previous
      fiscal year, accompanied by an unqualified opinion of a firm of
      independent public accountants of recognized national standing, selected
      by the Borrower and acceptable to the Bank, to the effect that the
      financial statements have been prepared in accordance with GAAP and
      present fairly in accordance with GAAP the consolidated financial
      condition of the Borrower and its Subsidiaries as of the close of such
      fiscal year and the results of their operations and cash flows for the
      fiscal year then ended and that an examination of such accounts in
      connection with such financial statements has been made in accordance with
      generally accepted auditing standards.

            (c) Officer's Certificates. Within 75 days after the close of each
      quarterly accounting period in each fiscal year of the Borrower, a
      certificate of the chief financial officer or other officer of the
      Borrower acceptable to Bank in the form of Exhibit B (x) stating no
      Default or Event of Default has occurred during the period covered by such
      statements or, if a Default or Event of Default exists, a detailed
      description of the Default or Event of Default and all actions the
      Borrower is taking with respect to such Default or Event of Default, (y)
      confirming that the representations and warranties stated in Section 5
      remain true and correct in all material respects, and (z) showing the
      Borrower's compliance with the covenants set forth in Section 6.17 hereof.

            (d) Notice of Default or Litigation. Promptly, and in any event
      within five Business Days after any Responsible Officer obtains knowledge
      thereof, notice of (i) the occurrence of any event which constitutes a
      Default or an Event of Default or any other event which could reasonably
      be expected to have a Material Adverse Effect, which notice shall specify
      the nature thereof, the period of existence thereof and what action the
      Borrower proposes to take with respect thereto, (ii) the commencement of,
      or any significant development in, any litigation, labor controversy,
      arbitration or governmental proceeding pending against the Borrower or any
      of its Subsidiaries which, if adversely determined, could reasonably be
      expected to have a Material Adverse Effect.

            (e) Other Reports and Filings. Promptly, copies of all financial
      information, proxy materials and other material information, certificates,
      reports, statements and completed forms, if any, which the Borrower or any
      of its Subsidiaries (x) has filed with the Securities and Exchange
      Commission or any governmental agencies substituted therefor (the "SEC")
      or any comparable agency outside of the United States, or (y) has
      furnished to the shareholders of the Borrower.

            (f) Other Information. From time to time, such other information or
      documents (financial or otherwise) as the Bank may reasonably request.

      Section 6.2. Inspections. At such times when any Loan or Letter of Credit
is outstanding, the Borrower will, and will cause each Subsidiary to, permit
officers, representatives

                                      -25-

<PAGE>

and agents of the Bank, to visit and inspect any Property of the Borrower or
such Subsidiary, and to examine the books of account of the Borrower or such
Subsidiary and discuss the affairs, finances and accounts of the Borrower or
such Subsidiary with its and their officers and independent accountants, all at
such reasonable times as the Bank may request and upon reasonable advance
notice.

      Section 6.3. Maintenance of Property, Insurance, etc. (a) The Borrower
will, and will cause each of its Subsidiaries to, (i) keep its property, plant
and equipment in good repair, working order and condition, normal wear and tear
excepted, and shall from time to time make all needful and proper repairs,
renewals, replacements, extensions, additions, betterments and improvements
thereto so that at all times such property, plant and equipment are reasonably
preserved and maintained and (ii) maintain in full force and effect with
financially sound and reputable insurance companies insurance which provides
substantially the same (or greater) coverage and against at least such risks as
is in accordance with industry practice, and shall furnish to the Bank upon
request full information as to the insurance so carried.

      Section 6.4. Preservation of Existence. The Borrower will, and will cause
each of its Subsidiaries to, do or cause to be done, all things necessary to
preserve and keep in full force and effect its existence and, except where the
failure to do so would not reasonably be expected to have a Material Adverse
Effect, its franchises, authority to do business, licenses, patents, trademarks,
copyrights and other proprietary rights; provided, however, that nothing in this
Section 6.4 shall prevent, to the extent permitted by Section 6.14 hereof, sales
of assets by the Borrower or any of its Subsidiaries, the dissolution or
liquidation of any Subsidiary of the Borrower, or the merger or consolidation
between or among the Subsidiaries of the Borrower.

      Section 6.5. Compliance with Laws. The Borrower shall, and shall cause
each Subsidiary to, comply in all respects with the requirements of all federal,
state, local, and foreign laws, rules, regulations, ordinances and orders
applicable to its property or business operations, where any such
non-compliance, individually or in the aggregate, could reasonably be expected
to have a Material Adverse Effect or result in a Lien upon any of its material
Property not permitted hereunder.

      Section 6.6. ERISA. The Borrower shall, and shall cause each Subsidiary
to, promptly pay and discharge all obligations and liabilities arising under
ERISA of a character which if unpaid or unperformed could reasonably be expected
to have a Material Adverse Effect or result in a Lien upon any of its Property.
The Borrower shall, and shall cause each Subsidiary to, promptly notify the Bank
of: (a) the occurrence of any reportable event (as defined in ERISA) with
respect to a Plan which the Borrower is required to report to the PBGC, (b)
receipt of any notice from the PBGC of its intention to seek termination of any
Plan or appointment of a trustee therefor, (c) its intention to terminate or
withdraw from any Plan subject to Title IV of ERISA, and (d) the occurrence of
any event with respect to any Plan which would result in the incurrence by the
Borrower or any Subsidiary of any material liability, fine or penalty, or any
material increase in the contingent liability of the Borrower or any Subsidiary
with respect to any post-retirement Welfare Plan benefit.

                                      -26-

<PAGE>

      Section 6.7. Payment of Taxes. The Borrower will, and will cause each of
its Subsidiaries to, pay and discharge, all material taxes, assessments, fees
and other governmental charges imposed upon it or any of its Property, before
becoming delinquent and before any penalties accrue thereon, unless and to the
extent that the same are being contested in good faith and by proper proceedings
and as to which appropriate reserves are provided therefor, unless and until any
Lien resulting therefrom attaches to any of its Property.

      Section 6.8. No Changes in Fiscal Year. The Borrower shall not, nor shall
it permit any Subsidiary to, change its fiscal year from its present basis.

      Section 6.9. Change in the Nature of Business. The Borrower will not, and
will not permit its Subsidiaries to, engage in any business activities which are
materially different in nature from and unrelated to the activities of the
Borrower and its Subsidiaries engaged in as of the date hereof, which activities
include mining, processing, manufacturing and management services for such
businesses and activities and other organizations.

      Section 6.10. Limitation on Restrictions.

            (a) Except as set forth on Schedule 6.10 hereto, the Borrower will
      not, and it will not permit any of its Subsidiaries to, directly or
      indirectly, create or otherwise cause or suffer to exist or become
      effective any restriction on the ability of any such Subsidiary to (i) pay
      dividends or make any other distributions on its capital stock or other
      equity interests owned by the Borrower or any other Subsidiary, (ii) pay
      or repay any Indebtedness owed to the Borrower or any other Subsidiary,
      (iii) make loans or advances to the Borrower or any other Subsidiary, (iv)
      transfer any of its Property to the Borrower or any other Subsidiary, (v)
      encumber or pledge any of its assets to or for the benefit of the Bank or
      (vi) guaranty the Obligations.

            (b) The Borrower will not, and it will not permit any of its
      Subsidiaries to, cause or suffer to exist or become effective any
      restriction on the ability of the Borrower or any Subsidiary to grant
      Liens to the Bank.

      Section 6.11. Contracts with Affiliates. The Borrower shall not, nor shall
it permit any Subsidiary to, enter into any material contract, agreement or
business arrangement with any of its Affiliates on terms and conditions less
favorable to the Borrower or such Subsidiary than would be usual and customary
in similar contracts or agreements between Persons not affiliated with each
other; provided that all transactions or arrangements with Affiliates shall be
assessed in light of, and taking into consideration, all related transactions
with the relevant Affiliate or Affiliates (including its or their Affiliates).

      Section 6.12. Indebtedness. The Borrower will not, and will not permit any
of its Subsidiaries to, contract, create, incur, assume or suffer to exist any
Indebtedness, except;

            (a) the Obligations, the Guaranty and other indebtedness and
      obligations of the Borrower or any Subsidiary from time to time owing to
      the Bank;

                                      -27-

<PAGE>

            (b) intercompany Indebtedness among the Borrower and its
      Subsidiaries to the extent permitted by Section 6.15;

            (c) purchase money Indebtedness and Capitalized Lease Obligations of
      the Borrower and its Subsidiaries in an amount not to exceed $30,000,000
      in the aggregate at any one time outstanding;

            (d) customer advances for prepayment of ore sales;

            (e) Indebtedness and obligations owing under Hedging Agreements
      entered into to manage existing or anticipated interest rate, currency or
      commodity price risks and not for speculative purposes;

            (f) Indebtedness and obligations owing under agreements entered into
      to manage existing or anticipated risk relating to the fluctuations in the
      value of the Borrower's investment in common stock of International Steel
      Group Inc.; provided that the aggregate notional amount of such
      Indebtedness and obligations shall not exceed $100,000,000 at any one
      time;

            (g) Indebtedness of the Borrower or any Subsidiary owing pursuant to
      letters of credit issued by any financial institution other than the Bank;
      provided that the aggregate amount of such Indebtedness shall not exceed
      $10,000,000 at any one time;

            (h) Subordinated Debt of the Borrower; and

            (i) Unsecured Indebtedness of the Borrower and its Subsidiaries not
      otherwise permitted by this Section in an amount not to exceed $1,000,000
      in the aggregate at any one time outstanding.

      Section 6.13. Liens. The Borrower will not, and will not permit any of its
Subsidiaries to, create, incur or suffer to exist any Lien on any of its
Property; provided that the foregoing shall not prevent the following (the Liens
described below, the "Permitted Liens"):

            (a) inchoate Liens for the payment of taxes which are not yet due
      and payable or the payment of which is not required by Section 6.7;

            (b) Liens arising by statute in connection with worker's
      compensation, unemployment insurance, old age benefits, social security
      obligations, taxes, assessments, statutory obligations or other similar
      charges (other than Liens arising under ERISA), good faith cash deposits
      in connection with tenders, contracts or leases to which the Borrower or
      any Subsidiary is a party or other cash deposits required to be made in
      the ordinary course of business, provided in each case that the obligation
      is not for borrowed money and that the obligation secured is not overdue
      or, if overdue, is being contested in good faith by appropriate
      proceedings which prevent enforcement of the matter under contest and
      adequate reserves have been established therefor;

                                      -28-

<PAGE>

            (c) mechanics', workmen's, materialmen's, landlords', carriers' or
      other similar Liens arising in the ordinary course of business with
      respect to obligations which are not due or which are being contested in
      good faith by appropriate proceedings which prevent enforcement of the
      matter under contest;

            (d) Liens of or resulting from any judgment or award, the time for
      the appeal or petition for rehearing of which shall not have expired, or
      in respect of which the Borrower or a Subsidiary shall at any time in good
      faith be prosecuting an appeal or proceeding for a review and in respect
      of which a stay of execution pending such appeal or proceeding for review
      shall have been secured;

            (e) any interest or title of a lessor under any operating lease;

            (f) Liens on Property of the Borrower or any Subsidiary created
      solely for the purpose of securing indebtedness permitted by Section
      6.11(c) hereof, representing or incurred to finance the purchase price of
      Property, provided that no such Lien shall extend to or cover other
      Property of the Borrower or such Subsidiary other than the respective
      Property so acquired, and the principal amount of indebtedness secured by
      any such Lien shall at no time exceed the purchase price of such Property,
      as reduced by repayments of principal thereon;

            (g) Liens in favor of the Minnesota Department of Natural Resources
      and Pollution Control Agency, or any political subdivision of the State of
      Minnesota replacing such agency, on Property of the Borrower or any
      Subsidiary with a fair market value not to exceed $7,000,000; and

            (h) easements, rights-of-way, restrictions, and other similar
      encumbrances against real property incurred in the ordinary course of
      business which, in the aggregate, are not substantial in amount and which
      do not materially detract from the value of the Property subject thereto
      or materially interfere with the ordinary conduct of the business of the
      Borrower or any Subsidiary.

      Section 6.14. Consolidation, Merger, Sale of Assets, etc. The Borrower
will not, and will not permit any of its Subsidiaries to, wind up, liquidate or
dissolve its affairs or agree to any merger or consolidation, or convey, sell,
lease or otherwise dispose of all or any part of its operating property,
including any disposition as part of any sale-leaseback transactions except that
this Section shall not prevent:

            (a) the sale and lease of inventory in the ordinary course of
      business;

            (b) the sale, transfer or other disposition of any tangible personal
      property that, in the reasonable judgment of the Borrower or its
      Subsidiaries, has become uneconomic, obsolete or worn out;

            (c) the sale, transfer, lease, or other disposition of Property of
      the Borrower and its Wholly-owned Subsidiaries to one another;

                                      -29-

<PAGE>

            (d) the merger of any Wholly-owned Subsidiary with and into the
      Borrower or any other Wholly-owned Subsidiary, provided that, in the case
      of any merger involving the Borrower, the Borrower is the legal entity
      surviving the merger; and

            (e) the sale of International Steel Group Inc. common stock by the
      Borrower; and

            (f) the sale of Polymet Mining Corp. common stock by the Borrower.

      Section 6.15. Restricted Investments Prohibited. The Borrower will not and
will not permit any of its Subsidiaries to have, make or authorize any
Restricted Investments.

      Section 6.16. Subordinated Debt. The Borrower shall not, nor shall it
permit any Subsidiary to, (a) amend or modify any of the terms or conditions
relating to the Subordinated Debt, (b) make any voluntary prepayment of
Subordinated Debt or effect any voluntary redemption thereof, or (c) make any
payment on account of Subordinated Debt which is prohibited under the terms of
any instrument or agreement subordinating the same to the Obligations.

      Section 6.17. Financial Covenants.

      (a) Minimum Tangible Net Worth. On and after June 30, 2004, the Borrower
will at all times keep and maintain Tangible Net Worth at an amount not less
than the sum of (a) 90% of Tangible Net Worth as of December 31, 2003, plus (b)
to the extent it is not included in determining Tangible Net Worth, 100% of the
Borrower's convertible preferred stock at the time such Tangible Net Worth is
being measured, plus (c) 50% of Adjusted Net Income for each fiscal quarter of
the Borrower after that fiscal quarter ending on December 31, 2003, for which
Adjusted Net Income is a positive amount (i.e. there shall be no reduction to
the minimum amount of Tangible Net Worth required to be maintained hereunder for
any fiscal quarter in which Adjusted Net Income is a negative amount).

      (b) Leverage Ratio. The Borrower shall not, as of the last day of each
fiscal quarter of the Borrower, permit the ratio of Total Liabilities at such
time to Tangible Net Worth at such time to be more than 2.10 to 1.00.

      (c) Interest Coverage Ratio. On and after June 30, 2004, the Borrower
shall not, as of the last day of each fiscal quarter of the Borrower, permit the
ratio of EBITDA for the four fiscal quarters of the Borrower then ended to
Interest Expense for the same four fiscal quarters then ended to be less than
5.00 to 1.00.

      (d) Capital Expenditures. The Borrower will not, nor shall it permit any
Subsidiary to, expend or become obligated for Capital Expenditures in an
aggregate amount in excess of $55,000,000 during any fiscal year of the
Borrower, provided that the Bank's consent to, and approval of, Capital
Expenditures proposed to be made in excess of such $55,000,000 amount shall not
be unreasonably withheld.

                                      -30-

<PAGE>

      (e) Future Covenant Adjustments. The Bank, in its own discretion, may
amend or otherwise modify the definition of Net Income to exclude from such
definition specific non-cash charges that the Borrower may request from time to
time, provided that this Section 6.17(e) does not obligate or commit the Bank to
making or consenting to any such requested amendments or modifications.

      Section 6.18. Additional Restrictions. In addition to and not in
limitation of any of the restrictions to which the Borrower or any Subsidiary is
subject pursuant to this Agreement, the Borrower agrees that in the event the
Borrower or any Subsidiary is subject to any financial covenant for the benefit
of any lender or other provider of credit which is in addition to, or more
restrictive than the financial covenants to which the Borrower and its
subsidiaries are subject pursuant to this Agreement, such other covenants,
without further action, shall be deemed to be incorporated herein and the Bank
shall be entitled to the benefit of such covenants at all times so long as such
other covenants remain outstanding; provided that, this Section 6.18 shall not
operate to incorporate any (a) reporting requirements under Capital Leases or
similar contracts and (b) requirements in any contracts with regard to
insurance. At the request of the Bank, the Borrower shall, or shall cause the
appropriate Subsidiary to enter into amendments hereto to properly incorporate
the aforementioned additional covenants.

      Section 6.19. Operating Accounts. The Borrower will maintain its primary
deposit accounts with the Bank.

SECTION 7. EVENTS OF DEFAULT AND REMEDIES.

      Section 7.1. Events of Default. Any one or more of the following shall
constitute an "Event of Default" hereunder:

            (a) default (i) in the payment when due of all or any part of the
      principal of any Obligation payable by the Borrower hereunder or under any
      Loan Document or (ii) in the payment when due or within five Business Days
      thereafter of all or any part of the interest on any Obligation payable by
      the Borrower hereunder or under any Loan Document, (whether at the stated
      maturity thereof or at any other time provided for in this Agreement); or

            (b) default in the observance or performance of any covenant set
      forth in Sections 6.4, 6.12, 6.13, 6.14, 6.15, 6.16 and 6.17 hereof; or

            (c) default in the observance or performance of any other provision
      hereof or of any other Loan Document which is not remedied within 30 days
      after the earlier of (i) the date on which such failure shall first become
      known to any Responsible Officer or (ii) written notice thereof is given
      to the Borrower by the Bank to remedy the same; or

            (d) any representation or warranty made by the Borrower or any
      Subsidiary Guarantor herein or in any other Loan Document, or in any
      statement or certificate furnished by it pursuant hereto or thereto, or in
      connection with any Loan made

                                      -31-

<PAGE>

      hereunder, proves untrue in any material respect as of the date of the
      issuance or making thereof; or

            (e) default shall occur under any Indebtedness issued, assumed or
      guaranteed by the Borrower or any Subsidiary aggregating more than
      $1,000,000 or under any indenture, agreement or other instrument under
      which the same may be issued, and such default shall continue for a period
      of time sufficient to permit the acceleration of the maturity of any such
      Indebtedness (whether or not such maturity is in fact accelerated), or any
      such Indebtedness shall not be paid when due (whether by lapse of time,
      acceleration or otherwise); or

            (f) any judgment or judgments, writ or writs, or warrant or warrants
      of attachment, or any similar process or processes in an aggregate amount
      in excess of $10,000,000 (and not covered by insurance) shall be entered
      or filed against the Borrower or any Subsidiary or against any of their
      Property and which remains unvacated, unbonded, unstayed or unsatisfied
      for a period of 30 days; or

            (g) the Borrower or any Subsidiary withdraws from any Multiemployer
      Plan or permits any employee benefit plan maintained by it to be
      terminated if such withdrawal or termination results in withdrawal
      liability (as described in Part 1 of Subtitle E of Title IV of ERISA) in
      excess of $3,000,000 or the imposition of a Lien on any property of the
      Borrower or any Subsidiary pursuant to Section 4068 of ERISA; or

            (h) the Borrower or any Subsidiary shall (i) have entered
      involuntarily against it an order for relief under the United States
      Bankruptcy Code, as amended which is not stayed or dismissed within 60
      days of the filing thereof, (ii) not pay, or admit in writing its
      inability to pay, its debts generally as they become due, (iii) make an
      assignment for the benefit of creditors, (iv) apply for, seek, consent to,
      or acquiesce in, the appointment of a receiver, custodian, trustee,
      examiner, liquidator or similar official for it or any substantial part of
      its Property, (v) institute any proceeding seeking to have entered against
      it an order for relief under the United States Bankruptcy Code, as
      amended, to adjudicate it insolvent, or seeking dissolution, winding up,
      liquidation, reorganization, arrangement, adjustment or composition of it
      or its debts under any law relating to bankruptcy, insolvency or
      reorganization or relief of debtors or fail to file an answer or other
      pleading denying the material allegations of any such proceeding filed
      against it, (vi) take any corporate action in furtherance of any matter
      described in parts (i) through (v) above, or (vii) fail to contest in good
      faith any appointment or proceeding described in Section 7.1(i) hereof; or

            (i) a custodian, receiver, trustee, examiner, liquidator or similar
      official shall be appointed for the Borrower or any Subsidiary or any
      substantial part of any of their Property, or a proceeding described in
      Section 7.1(h)(v) shall be instituted against the Borrower or any
      Subsidiary, and such appointment continues undischarged or such proceeding
      continues undismissed or unstayed for a period of 60 days; or

                                      -32-

<PAGE>

            (j) any Subsidiary Guarantor takes any action for the purpose of
      terminating, repudiating or rescinding any Loan Document executed by it,
      except as permitted hereunder, or any of its obligations thereunder, or
      any event of the type described in any of Sections 7.1(e), 7.1(f), 7.1(h)
      or 7.1(i) above shall occur with respect to any Subsidiary Guarantor; or

            (k) a Change of Control occurs.

      Section 7.2. Non-Bankruptcy Defaults. When any Event of Default described
in subsection (a) through (g), both inclusive, or subsection (j) of Section 7.1
has occurred and is continuing, the Bank may, by notice to the Borrower, take
one or more of the following actions:

            (a) terminate the obligation of the Bank to extend any further
      credit hereunder on the date (which may be the date thereof) stated in
      such notice;

            (b) declare the principal of and the accrued interest on the Note to
      be forthwith due and payable and thereupon the Note, including both
      principal and interest and all fees, charges and other Obligations payable
      hereunder and under the other Loan Documents, shall be and become
      immediately due and payable without further demand, presentment, protest
      or notice of any kind; and

            (c) enforce any and all rights and remedies available to it under
      the Loan Documents or applicable law.

      Section 7.3. Bankruptcy Defaults. When any Event of Default described in
subsection (h) or (i) of Section 7.1 has occurred and is continuing, then the
Note, including both principal and interest, and all fees, charges and other
Obligations payable hereunder and under the other Loan Documents, shall
immediately become due and payable without presentment, demand, protest or
notice of any kind, and the obligation of the Bank to extend further credit
pursuant to any of the terms hereof shall immediately terminate. In addition,
the Bank may exercise any and all remedies available to it under the Loan
Documents or applicable law.

      Section 7.4. Collateral for Undrawn Letters of Credit. When any Event of
Default, other than an Event of Default described in subsection (h) or (i) of
Section 7.1, has occurred and is continuing, the Borrower shall, upon demand of
the Bank, and when any Event of Default described in subsection (h) or (i) of
Section 7.1 has occurred the Borrower shall, without notice or demand from the
Bank, immediately pay to the Bank the full amount of each Letter of Credit then
outstanding, the Borrower agreeing to immediately make such payment and
acknowledging and agreeing that the Bank would not have an adequate remedy at
law for failure of the Borrower to honor any such demand and that the Bank shall
have the right to require the Borrower to specifically perform such undertaking
whether or not any draws have been made under any such Letters of Credit. Such
funds shall be held by the Bank in a cash collateral account maintained at the
Bank. The cash collateral shall be in the name of the Borrower and shall be
pledged to, and subject to the control of the Bank. The Borrower hereby pledges
and grants to the Bank a security interest in all such funds held in the cash
collateral account from time to time and all

                                      -33-

<PAGE>

proceeds thereof, as security for the payment of all amounts due under any
outstanding Letter of Credit, whether or not then due.

SECTION 8. CHANGE IN CIRCUMSTANCES AND CONTINGENCIES.

      Section 8.1. Change of Law. Notwithstanding any other provisions of this
Agreement or the Note, if at any time the Bank shall determine that any change
in applicable laws, treaties, or regulations, or in the interpretation thereof,
makes it unlawful for the Bank to create or continue to maintain any LIBOR
Portion, it shall promptly so notify the Borrower and the obligation of the Bank
to create, continue, or maintain any such LIBOR Portion under this Agreement
shall be suspended until it is no longer unlawful for the Bank to create,
continue, or maintain such LIBOR Portion. If the continued maintenance of any
such LIBOR Portion is unlawful, the Borrower shall prepay on demand to the Bank
the outstanding principal amount of the affected LIBOR Portion together with all
interest accrued thereon and all other amounts payable to the Bank with respect
thereto under this Agreement; provided, however, the Borrower may elect to
convert the principal amount of the affected Portion into another type of
Portion available hereunder, subject to the terms and conditions of this
Agreement (but shall not be liable for any indemnity costs pursuant to Section
8.5 hereof).

      Section 8.2. Unavailability of Deposits or Inability to Ascertain Adjusted
LIBOR. Notwithstanding any other provision of this Agreement or the Note, if the
Bank shall determine prior to the commencement of any Interest Period that
deposits in the amount of any LIBOR Portion scheduled to be outstanding during
such Interest Period are not readily available to the Bank in the relevant
market or, by reason of circumstances affecting the relevant market, adequate
and reasonable means do not exist for ascertaining Adjusted LIBOR, then the Bank
shall promptly give notice thereof to the Borrower and the obligations of the
Bank to create, continue, or effect by conversion any such LIBOR Portion in such
amount and for such Interest Period shall be suspended until deposits in such
amount and for the Interest Period selected by the Borrower shall again be
readily available in the relevant market and adequate and reasonable means exist
for ascertaining Adjusted LIBOR.

      Section 8.3. Taxes and Increased Costs. With respect to any LIBOR Portion,
if the Bank shall determine that any change in any applicable law, treaty,
regulation, or guideline (including, without limitation, Regulation D of the
Board of Governors of the Federal Reserve System), or any new law, treaty,
regulation, or guideline, or any interpretation of any of the foregoing, by any
governmental authority charged with the administration thereof or any central
bank or other fiscal, monetary, or other authority having jurisdiction over the
Bank or its lending branch or the LIBOR Portions contemplated by this Agreement
(whether or not having the force of law), shall:

            (i) impose, increase, or deem applicable any reserve, special
      deposit, or similar requirement against assets held by, or deposits in or
      for the account of, or loans by, or any other acquisition of funds or
      disbursements by, the Bank which is not in any instance already accounted
      for in computing the interest rate applicable to such LIBOR Portion;

                                      -34-

<PAGE>

            (ii) subject the Bank, any LIBOR Portion or the Note to the extent
      it evidences such LIBOR Portion to any tax (including, without limitation,
      any United States interest equalization tax or similar tax however named
      applicable to the acquisition or holding of debt obligations and any
      interest or penalties with respect thereto), duty, charge, stamp tax, fee,
      deduction, or withholding in respect of this Agreement, any LIBOR Portion
      or the Note to the extent it evidences such LIBOR Portion, except such
      taxes as may be measured by the overall net income or gross receipts of
      the Bank or its lending branches and imposed by the jurisdiction, or any
      political subdivision or taxing authority thereof, in which the Bank's
      principal executive office or its lending branch is located;

            (iii) change the basis of taxation of payments of principal and
      interest due from the Borrower to the Bank hereunder or under the Note to
      the extent it evidences any LIBOR Portion (other than by a change in
      taxation of the overall net income or gross receipts of the Bank); or

            (iv) impose on the Bank any penalty with respect to the foregoing or
      any other condition regarding this Agreement, any LIBOR Portion, or its
      disbursement, or the Note to the extent it evidences any LIBOR Portion;

and the Bank shall determine that the result of any of the foregoing is to
materially increase the cost (whether by incurring a cost or adding to a cost)
to the Bank of creating or maintaining any LIBOR Portion hereunder or to reduce
the amount of principal or interest received or receivable by the Bank (without
benefit of, or credit for, any prorations, exemption, credits, or other offsets
available under any such laws, treaties, regulations, guidelines, or
interpretations thereof), then the Borrower shall pay on demand to the Bank from
time to time as specified by the Bank such additional amounts as the Bank shall
reasonably determine are sufficient to compensate and indemnify it for such
increased cost or reduced amount. If the Bank makes such a claim for
compensation, it shall provide to the Borrower a certificate setting forth the
computation of the increased cost or reduced amount as a result of any event
mentioned herein in reasonable detail and such certificate shall be conclusive
absent manifest error.

      Section 8.4. Change in Capital Adequacy Requirements. If the Bank shall
determine that the adoption after the date hereof of any applicable law, rule,
or regulation regarding capital adequacy, or any change in any existing law,
rule, or regulation, or any change in the interpretation or administration
thereof by any governmental authority, central bank, or comparable agency
charged with the interpretation or administration thereof, or compliance by the
Bank (or any of its branches) with any request or directive regarding capital
adequacy (whether or not having the force of law) of any such authority, central
bank, or comparable agency, has or would have the effect of reducing the rate of
return on the Bank's capital as a consequence of its obligations hereunder or
for the credit which is the subject matter hereof to a level below that which
the Bank could have achieved but for such adoption, change, or compliance
(taking into consideration the Bank's policies with respect to liquidity and
capital adequacy) by an amount deemed by the Bank to be material, then from time
to time, within 15 days after demand by the Bank, the Borrower shall pay to the
Bank such additional amount or amounts reasonably determined by the Bank as will
compensate the Bank for such reduction.

                                      -35-

<PAGE>

      Section 8.5. Funding Indemnity. (a) In the event the Bank shall incur any
loss, cost, or expense (including, without limitation, any loss (excluding any
loss of anticipated profit), cost, or expense incurred by reason of the
liquidation or reemployment of deposits or other funds acquired or contracted to
be acquired by the Bank to fund or maintain any LIBOR Portion or the relending
or reinvesting of such deposits or other funds or amounts paid or prepaid to the
Bank or by reason of breakage of interest rate swap agreements or the
liquidation of other hedging interests or agreements) as a result of:

            (i) any payment or prepayment of a LIBOR Portion on a date other
      than the last day of the then applicable Interest Period for any reason,
      whether before or after default, and whether or not such payment is
      required by any provision of this Agreement; or

            (ii) any failure by the Borrower to create, borrow, continue, or
      effect by conversion a LIBOR Portion on the date specified in a notice
      given pursuant to this Agreement;

then upon the demand of the Bank, the Borrower shall pay to the Bank such amount
as will reimburse the Bank for such loss, cost, or expense.

      (b) If the Bank requests reimbursement or payment under this Section, it
shall provide to the Borrower a certificate setting forth the computation of the
loss, cost, expense, or funding indemnity giving rise to the request for
reimbursement and payment in reasonable detail and such certificate shall be
conclusive absent manifest error.

      Section 8.6. Lending Branch. The Bank may, at its option, elect to make,
fund or maintain Portions of the Loans hereunder at such of its branches or
offices as the Bank may from time to time elect. To the extent reasonably
possible, the Bank shall designate an alternate branch or funding office with
respect to the LIBOR Portions to reduce any liability of the Borrower to the
Bank under Section 8.3 hereof or to avoid the unavailability of an interest rate
option under Section 8.2 hereof, so long as such designation is not otherwise
disadvantageous to the Bank.

      Section 8.7. Discretion of Bank as to Manner of Funding. Notwithstanding
any provision of this Agreement to the contrary, the Bank shall be entitled to
fund and maintain its funding of all or any part of the Note in any manner it
sees fit, it being understood, however, that for the purposes of this Agreement
all determinations hereunder (including, without limitation, determinations
under Sections 8.2, 8.3 and 8.4 hereof) shall be made as if the Bank had
actually funded and maintained each LIBOR Portion during each Interest Period
applicable thereto through the purchase of deposits in the relevant market in
the amount of such LIBOR Portion, having a maturity corresponding to such
Interest Period, and bearing an interest rate equal to the LIBOR for such
Interest Period.

                                      -36-

<PAGE>

SECTION 9. MISCELLANEOUS.

      Section 9.1. Non-Business Days. If any payment hereunder becomes due and
payable on a day which is not a Business Day, the due date of such payment shall
be extended to the next succeeding Business Day on which date such payment shall
be due and payable. In the case of any payment of principal falling due on a day
which is not a Business Day, interest on such principal amount shall continue to
accrue during such extension at the rate per annum then in effect, which accrued
amount shall be due and payable on the next scheduled date for the payment of
interest.

      Section 9.2. No Waiver, Cumulative Remedies. No delay or failure on the
part of the Bank or on the part of the holder of the Obligations in the exercise
of any power or right shall operate as a waiver thereof or as an acquiescence in
any default, nor shall any single or partial exercise of any power or right
preclude any other or further exercise thereof or the exercise of any other
power or right. The rights and remedies hereunder of the Bank and of the holder
of the Obligations are cumulative to, and not exclusive of, any rights or
remedies which any of them would otherwise have.

      Section 9.3. Amendments, Etc. No amendment, modification, termination or
waiver of any provision of this Agreement or of any other Loan Document, nor
consent to any departure by the Borrower therefrom, shall in any event be
effective unless the same shall be in writing and signed by the Bank. No notice
to or demand on the Borrower in any case shall entitle the Borrower to any other
or further notice or demand in similar or other circumstances.

      Section 9.4. Costs and Expenses; Indemnification. The Borrower agrees to
pay on demand the reasonable costs and expenses of the Bank in connection with
the negotiation, preparation, execution and delivery of this Agreement, the
other Loan Documents and the other instruments and documents to be delivered
hereunder or thereunder, and in connection with the recording or filing of any
of the foregoing, and in connection with the transactions contemplated hereby or
thereby, and in connection with any consents hereunder or waivers or amendments
hereto or thereto, including the reasonable fees and expenses of counsel for the
Bank with respect to all of the foregoing (whether or not the transactions
contemplated hereby are consummated). The Borrower further agrees to pay to the
Bank or any other holder of the Obligations all costs and expenses (including
court costs and reasonable attorneys' fees), if any, incurred or paid by the
Bank or any other holder of the Obligations in connection with any Default or
Event of Default or in connection with the enforcement of this Agreement or any
of the other Loan Documents or any other instrument or document delivered
hereunder or thereunder. The Borrower further agrees to indemnify the Bank, and
any security trustee, and their respective directors, officers and employees,
against all losses, claims, damages, penalties, judgments, liabilities and
expenses (including, without limitation, all expenses of litigation or
preparation therefor, whether or not the indemnified Person is a party thereto)
which any of them may pay or incur arising out of or relating to any Loan
Document or any of the transactions contemplated thereby or the direct or
indirect application or proposed application of the proceeds of any Loan, other
than those which arise from the gross negligence or willful misconduct of the
party claiming indemnification. The Borrower, upon demand by the Bank at any
time, shall reimburse the Bank for any legal or other expenses incurred in
connection with investigating or defending

                                      -37-

<PAGE>

against any of the foregoing except if the same is directly due to the gross
negligence or willful misconduct of the party to be indemnified. The obligations
of the Borrower under this Section shall survive the termination of this
Agreement.

      Section 9.5. Documentary Taxes. The Borrower agrees to pay on demand any
documentary, stamp or similar taxes payable in respect of this Agreement or any
other Loan Document, including interest and penalties, in the event any such
taxes are assessed, irrespective of when such assessment is made and whether or
not any credit is then in use or available hereunder.

      Section 9.6. Survival of Representations. All representations and
warranties made herein or in any of the other Loan Documents or in certificates
given pursuant hereto or thereto shall survive the execution and delivery of
this Agreement and the other Loan Documents, and shall continue in full force
and effect with respect to the date as of which they were made as long as any
credit is in use or available hereunder.

      Section 9.7. Notices. Except as otherwise specified herein, all notices
hereunder shall be in writing (including, without limitation, notice by
telecopy) and shall be given to the relevant party at its address or telecopier
number set forth below, or such other address or telecopier number as such party
may hereafter specify by notice to the other given by United States certified or
registered mail, by telecopy or by other telecommunication device capable of
creating a written record of such notice and its receipt. Notices hereunder
shall be addressed:

to the Borrower at:                to the Bank at:

Cleveland-Cliffs Inc               Fifth Third Bank
1100 Superior Avenue               1404 East Ninth Street
Cleveland, Ohio  44114-2589        Cleveland, Ohio  44114
Attention: Secretary               Attention: Myia Lowman
Telephone: (216) 694-5470          Telephone: (216) 274-5578
Telecopy: (216) 694-6741           Telecopy: (216) 274-5420

Each such notice, request or other communication shall be effective (i) if given
by telecopier, when such telecopy is transmitted to the telecopier number
specified in this Section and a confirmation of such telecopy has been received
by the sender, (ii) if given by mail, five (5) days after such communication is
deposited in the mail, certified or registered with return receipt requested,
addressed as aforesaid or (iii) if given by any other means, when delivered at
the addresses specified in this Section; provided that any notice given pursuant
to Section 2 hereof shall be effective only upon receipt.

      Section 9.8. Participations. The Bank shall have the right to grant
participations (to be evidenced by one or more agreements or certificates of
participation) in its extensions of credit hereunder at any time and from time
to time to one or more other Persons; provided that no such participation shall
relieve the Bank of any of its obligations under this Agreement, and, provided,
further that no such participant shall have any rights under this Agreement
except as provided in this Section. Any agreement pursuant to which such
participation is granted shall provide that

                                      -38-

<PAGE>

the Bank shall retain the sole right and responsibility to enforce the
obligations of the Borrower under this Agreement and the other Loan Documents
including, without limitation, the right to approve any amendment, modification
or waiver of any provision of the Loan Documents, except that such agreement may
provide that the Bank will not agree to any modification, amendment or waiver of
the Loan Documents that would reduce the amount of or postpone any fixed date
for payment of any Obligation in which such participant has an interest. Any
party to which such a participation has been granted shall have the benefits of
Section 8.3 and Section 8.5 hereof. The Borrower authorizes the Bank to disclose
to any participant or prospective participant under this Section any financial
or other information pertaining to the Borrower or any Subsidiary, provided that
such participant or prospective participant agrees in writing to maintain the
confidentiality of such information in a form acceptable to the Borrower.

      Section 9.9. Construction. The provisions of this Agreement relating to
Subsidiaries shall only apply during such times as the Borrower has one or more
Subsidiaries. NOTHING CONTAINED HEREIN SHALL BE DEEMED OR CONSTRUED TO PERMIT
ANY ACT OR OMISSION WHICH IS PROHIBITED BY THE TERMS OF ANY OF THE OTHER LOAN
DOCUMENTS, THE COVENANTS AND AGREEMENTS CONTAINED HEREIN BEING IN ADDITION TO
AND NOT IN SUBSTITUTION FOR THE COVENANTS AND AGREEMENTS CONTAINED IN THE OTHER
LOAN DOCUMENTS.

      Section 9.10. Headings. Section headings used in this Agreement are for
convenience of reference only and are not a part of this Agreement for any other
purpose.

      Section 9.11. Severability of Provisions. Any provision of this Agreement
which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof or
affecting the validity or enforceability of such provision in any other
jurisdiction.

      Section 9.12. Counterparts. This Agreement may be executed in any number
of counterparts, and by different parties hereto on separate counterpart
signature pages, and all such counterparts taken together shall be deemed to
constitute one and the same instrument.

      Section 9.13. Binding Nature, Governing Law, Etc. This Agreement shall be
binding upon the Borrower and its successors and assigns, and shall inure to the
benefit of the Bank and the benefit of its successors and assigns, including any
subsequent holder of the Obligations. The Borrower may not assign its rights
hereunder without the written consent of the Bank. This Agreement constitutes
the entire understanding of the parties with respect to the subject matter
hereof and any prior agreements, whether written or oral, with respect thereto
are superseded hereby. THIS AGREEMENT AND THE RIGHTS AND DUTIES OF THE PARTIES
HERETO SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS
OF THE STATE OF OHIO WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS.

      Section 9.14. Submission to Jurisdiction; Waiver of Jury Trial. The
Borrower hereby submits to the nonexclusive jurisdiction of the United States
District Court for the Southern District of Ohio and of any Ohio State court
sitting in the City of Cincinnati for purposes of all legal proceedings arising
out of or relating to this Agreement, the other Loan Documents or the

                                      -39-

<PAGE>

transactions contemplated hereby or thereby. The Borrower irrevocably waives, to
the fullest extent permitted by law, any objection which it may now or hereafter
have to the laying of the venue of any such proceeding brought in such a court
and any claim that any such proceeding brought in such a court has been brought
in an inconvenient forum. THE BORROWER AND THE BANK HEREBY IRREVOCABLY WAIVE ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO ANY LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY.

                           [SIGNATURE PAGE TO FOLLOW]

                                      -40-

<PAGE>

      Upon your acceptance hereof in the manner hereinafter set forth, this
Agreement shall constitute a contract between us for the uses and purposes
hereinabove set forth.

      Dated as of this 30th day of April, 2004.

                                         CLEVELAND-CLIFFS INC

                                         By /s/ D. J. Gallagher
                                            ------------------------------------
                                            Name D. J. Gallagher
                                            Title Senior Vice President, Chief
                                            Financial Officer and Treasurer

      Accepted and agreed as of the day and year last above written.

                                         FIFTH THIRD BANK, an Ohio banking
                                            corporation

                                         By /s/ R. C. Lanctot
                                            ------------------------------------
                                            Name R. C. Lanctot
                                            Title Vice President

                                      -41-

<PAGE>

                                    EXHIBIT A
                                 REVOLVING NOTE

$30,000,000.00                                                   Cleveland, Ohio
                                                                  APRIL 30, 2004

      On the Termination Date, for value received, the undersigned,
CLEVELAND-CLIFFS INC, an Ohio corporation (the "Borrower"), hereby promises to
pay to the order of FIFTH THIRD BANK, an Ohio banking corporation (the "Bank")
at its principal office in Cleveland, Ohio, the principal sum of (i) THIRTY
MILLION and no/100 DOLLARS ($30,000,000), or (ii) such lesser amount as may at
the time of the maturity hereof, whether by acceleration or otherwise, be the
aggregate unpaid principal amount of all Loans owing from the Borrower to the
Bank under the Revolving Credit provided for in the Credit Agreement hereinafter
mentioned.

      This Note evidences Loans made and to be made to the Borrower by the Bank
under the Revolving Credit provided for under that certain Credit Agreement
dated as of APRIL 30, 2004, between the Borrower and the Bank (said Credit
Agreement, as the same may be amended, modified or restated from time to time,
being referred to herein as the "Credit Agreement"), and the Borrower hereby
promises to pay interest at the office described above on such Loans evidenced
hereby at the rates and at the times and in the manner specified therefor in the
Credit Agreement.

      This Note is issued by the Borrower under the terms and provisions of the
Credit Agreement and this Note and the holder hereof are entitled to all of the
benefits provided for thereby or referred to therein, to which reference is
hereby made for a statement thereof. This Note may be declared to be, or be and
become, due prior to its expressed maturity, voluntary prepayments may be made
hereon, all in the events, on the terms and with the effects provided in the
Credit Agreement. All capitalized terms used herein without definition shall
have the same meanings herein as such terms are defined in the Credit Agreement.

      The Borrower hereby promises to pay all costs and expenses (including
attorneys' fees) suffered or incurred by the holder hereof in collecting this
Note or enforcing any rights in any collateral therefor. The Borrower hereby
waives presentment for payment and demand. THIS NOTE SHALL BE CONSTRUED IN
ACCORDANCE WITH, AND GOVERNED BY, THE INTERNAL LAWS OF THE STATE OF OHIO WITHOUT
REGARD TO PRINCIPLES OF CONFLICTS OF LAWS.

                                            CLEVELAND-CLIFFS INC

                                            By
                                               Name_____________________________
                                               Title____________________________

<PAGE>

                                    EXHIBIT B

                             COMPLIANCE CERTIFICATE

To: Fifth Third Bank

      This Compliance Certificate is furnished to the Fifth Third Bank, an Ohio
banking corporation, pursuant to that certain Credit Agreement dated as of APRIL
30, 2004, between us (the "Credit Agreement"). Unless otherwise defined herein,
the terms used in this Compliance Certificate have the meanings ascribed thereto
in the Credit Agreement.

      THE UNDERSIGNED HEREBY CERTIFIES THAT:

      1. I am the duly elected ____________ of Cleveland-Cliffs Inc;

      2. I have reviewed the terms of the Credit Agreement and I have made, or
have caused to be made under my supervision, a detailed review of the
transactions and conditions of the Borrower and its Subsidiaries during the
accounting period covered by the attached financial statements;

      3. The examinations described in paragraph 2 did not disclose, and I have
no knowledge of, the existence of any condition or the occurrence of any event
which constitutes a Default or Event of Default during or at the end of the
accounting period covered by the attached financial statements or as of the date
of this Compliance Certificate, except as set forth below;

      4. The financial statements required by Section 6.1 of the Credit
Agreement and being furnished to you concurrently with this Compliance
Certificate are true, correct and complete as of the date and for the periods
covered thereby;

      5. The representations and warranties of the Borrower contained in Section
5 of the Credit Agreement are true and correct in all material respects as
though made on and as of the date hereof (except to the extent such
representations and warranties relate to an earlier date, in which case they are
true and correct as of such date); and

      6. The Schedule I hereto sets forth financial data and computations
evidencing the Borrower's compliance with certain covenants of the Credit
Agreement, all of which data and computations are, to the best of my knowledge,
true, complete and correct and have been made in accordance with the relevant
Sections of the Credit Agreement.

      Described below are the exceptions, if any, to paragraph 3 by listing, in
detail, the nature of the condition or event, the period during which it has
existed and the action which the Borrower has taken, is taking, or proposes to
take with respect to each such condition or event:

<PAGE>

      ______________________________________________________________
      ______________________________________________________________
      ______________________________________________________________
      ______________________________________________________________

      The foregoing certifications, together with the computations set forth in
Schedule I hereto and the financial statements delivered with this Certificate
in support hereof, are made and delivered this ______ day of __________________
20___.

                                         CLEVELAND-CLIFFS INC

                                            By
                                               Name_____________________________
                                               Title____________________________

                                       -2-

<PAGE>

                                   SCHEDULE I
                            TO COMPLIANCE CERTIFICATE

                              CLEVELAND-CLIFFS INC

                             COMPLIANCE CALCULATIONS
                 FOR CREDIT AGREEMENT DATED AS OF APRIL 30, 2004

                     CALCULATIONS AS OF _____________, 20___

================================================================================

<TABLE>
<S>                                                                                <C>
A.    Tangible Net Worth (Section 6.17(a))

      1.    Total Shareholder's Equity                                             $______________

      2.    Value of Borrower's Convertible Preferred Stock (to the                $______________
            extent not included in Line A1)

      3.    Value of International Steel Group Inc.'s Common Stock net of          $______________
            deferred taxes (to the extent not included in Line A1)

      4.    Total Intangible Assets                                                $______________

      5.    Tangible Net Worth (Line A1 plus Lines A2 and A3 minus Line A4)        $______________

      6.    90% of Tangible Net Worth on 12/31/03                                  $______________

      7.    Value of Borrower's Convertible Preferred Stock (to the extent not     $______________
            included in Line A5)

      8.    50% of positive Adjusted Net Income after 12/31/03                     $______________

      9.    Sum of Lines A6 through A8                                             $______________

      10.   Line A5 must be greater than Line A9 yes/no The Borrower is in            yes/no
            compliance (circle yes or no)

B.    Leverage Ratio (Section 6.17(b))

      1.    Total Liabilities                                                      $______________

      2.    Tangible Net Worth (from Line A5)                                      $______________

      3.    Ratio of Line B1 to B2 must not be more than                            2.10 to 1.00

      4.    The Borrower is in compliance (circle yes or no) yes/no                   yes/no

C.    Interest Coverage Ratio (Section 6.17(c))

      1.    Net Income for past 4 quarters                                         $______________

      2.    Interest Expense for past 4 quarters                                   $______________
</TABLE>

<PAGE>

<TABLE>
<S>                                                                                <C>
      3.    Income taxes for past 4 quarters                                       $______________

      4.    Depreciation and amortization expense for past 4 quarters              $______________

      5.    Interest Income for past 4 quarters                                    $______________

      6.    Accrued Dividends on Preferred Stock during past 4 quarters            $______________

      7.    Sum of Lines C1, C2, C3 and C4 minus Lines C5 and C6 ("EBITDA")        $______________

      8.    Interest Expense for past 4 quarters                                   $______________

      9.    Ratio of Line C7 to C8                                                 $______________

      10.   Line C9 must not be less than                                           5.00 to 1.00

      11.   The Borrower is in compliance (circle yes or no) yes/no                   yes/no

D.    Capital Expenditures (Section 6.17(d))

      1.    Year-to-date Capital Expenditures                                      $______________

      2.    Capital Expenditures must not exceed $55,000,000

      3.    The Borrower is in compliance (circle yes or no) yes/no                   yes/no
</TABLE>

                                      -2-
<PAGE>

                                  SCHEDULE 5.2

                                  SUBSIDIARIES

<TABLE>
<CAPTION>
                    ENTITY                         STATE OF FORMATION    PERCENTAGE OWNERSHIP
-----------------------------------------------    ------------------    --------------------
<S>                                                <C>                   <C>
Cleveland-Cliffs Ore Corporation                           OH                    100%

The Cleveland-Cliffs Iron Company                          OH                    100%

Northshore Sales Company                                   OH                    100%

Wabush Iron Co. Limited                                    OH                    100%

Cliffs Oil Shale Corp.                                     CO                    100%

CALipso Sales Company                                      DE                  82.39%

Cliffs Erie L.L.C.                                         DE                    100%

Cliffs Mining Company                                      DE                    100%

Cliffs Mining Services Company                             DE                    100%

Cliffs Reduced Iron Corporation                            DE                    100%

Cliffs Reduced Iron Management Company                     DE                    100%

IronUnits LLC                                              DE                    100%

Northshore Mining Company                                  DE                    100%

Seignelay Resources, Inc.                                  DE                    100%

Silver Bay Power Company                                   DE                    100%

The Cleveland-Cliffs Steamship Company                     DE                    100%

Cliffs Biwabik Ore Corporation                             MN                    100%

Pickands Hibbing Corporation                               MN                    100%

Syracuse Mining Company                                    MN                    100%

Cliffs Empire, Inc.                                        MI                    100%
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                    ENTITY                         STATE OF FORMATION    PERCENTAGE OWNERSHIP
-----------------------------------------------    ------------------    --------------------
<S>                                                <C>                   <C>
Cliffs IH Empire, Inc.                                     MI                    100%

Cliffs Marquette, Inc.                                     MI                    100%

Cliffs MC Empire, Inc.                                     MI                    100%

Cliffs TIOP, Inc.                                          MI                    100%

Lake Superior & Ishpeming Railroad Company                 MI                    100%

Lasco Development Corporation                              MI                    100%

Empire-Cliffs Partnership (assumed name for                MI                    100%
Cliffs Empire, Inc. and Cliffs MC Empire, Inc.)

Empire Iron Mining Partnership                             MI                     79%

Marquette Iron Mining Partnership (assumed name            MI                    100%
for Cliffs Marquette, Inc.)

Marquette Range Coal Service Company                       MI                 82.086%

Tilden Mining Company L.C.                                 MI                     85%

Wheeling-Pittsburgh/Cliffs Partnership (assumed            MI                    100%
name for Cliffs Empire, Inc., Cliffs IH Empire,
Inc. and Wheeling-Empire Company)

Minerais Midway Ltee-Midway Ore Company Ltd.         Quebec, Canada              100%

Cliffs and Associates Limited                           Trinidad               82.39%

Cliffs Synfuel Corp.                                       UT                    100%

Republic Wetlands Preserve LLC                             MI                    100%

Cliffs International Management Company LLC                DE                    100%
</TABLE>

                                       -2-

<PAGE>

<TABLE>
<CAPTION>
                    ENTITY                         STATE OF FORMATION    PERCENTAGE OWNERSHIP
-----------------------------------------------    ------------------    --------------------
<S>                                                <C>                   <C>
Cliffs Minnesota Mining Company                            DE                    100%

United Taconite LLC                                        DE                     70%

Cliffs Natural Stone LLC                                   MN                     56%
</TABLE>

                                       -3-

<PAGE>

                                  SCHEDULE 5.11

                                   LITIGATION

                                      NONE

<PAGE>

                                  SCHEDULE 5.16

                                  WELFARE PLANS

1.    Program of Hospital and Medical Benefits for Eligible Pensioners (Cliffs
      Mining)

2.    Program of Hospital/Medical Benefits for Eligible Pensioners & Surviving
      Spouses Represented by United Steelworkers of America (Empire Iron Mining
      Partnership)

3.    Program of Hospital/Medical Benefits for Eligible Pensioners & Surviving
      Spouses Represented by United Steelworkers of America (Tilden)

4.    Program of Hospital/Medical Benefits for Eligible Pensioners & Surviving
      Spouses (Cliffs Mining as Managing Agent of Hibbing Joint Venture)

5.    Program of Hospital/Medical Benefits for Eligible Pensioners & Surviving
      Spouses Represented by United Steelworkers of America (Cleveland-Cliffs
      Iron)

6.    Program of Insurance Benefits for Salaried Retirees and Surviving Spouses
      of the Cleveland-Cliffs Iron Company and Its Associated Employers
      (Cleveland-Cliffs Iron)

7.    Insurance Benefits for Retirees and Surviving Spouses (Cleveland-Cliffs
      Inc)

8.    Program of Hospital/Medical Benefits for Eligible Pensioners & Surviving
      Spouses (Central Shops) (Cleveland-Cliffs Iron)

<PAGE>

                                  SCHEDULE 6.10

                           LIMITATION ON RESTRICTIONS

      1. Any agreement evidencing or relating to a capital lease or purchase
money financing to the extent that such agreement prohibits the transfer or
encumbrance of the property subject to such agreement.

      2. Any agreement relating to any shares of International Steel Group Inc.
owned by the Borrower or any of its Subsidiaries that restricts the transfer of
such shares or prohibits the creation of a lien on or pledge of such shares by
the Borrower or any of its Subsidiaries.

<PAGE>

                                  SCHEDULE 6.15

                              PERMITTED INVESTMENTS

-     Investments from time to time in variable rate notes and bonds that are
      credit enhanced by letters of credit issued by any commercial bank

-     Investments from time to time in municipal auction reset securities or
      comparable securities<PAGE>

                                                                    EXHIBIT 4(b)

                               GUARANTY AGREEMENT

      THIS GUARANTY AGREEMENT (this "Guaranty") is made as of this 30th day of
April, 2004, by and among each of the parties who have executed this Guaranty
(collectively the "Guarantors" and individually a "Guarantor") in favor of Fifth
Third Bank, an Ohio banking corporation (the "Bank").

                                   WITNESSETH:

      WHEREAS, each Guarantor is a subsidiary or affiliate of CLEVELAND-CLIFFS
INC, an Ohio corporation (the "Borrower"); and

      WHEREAS, the Borrower and the Bank have entered into a Credit Agreement
dated as of March 31, 2004 (such Credit Agreement as the same may from time to
time hereafter be modified, amended or restated being hereinafter referred to as
the "Credit Agreement") pursuant to which the Bank has extended various credit
facilities to the Borrower; and

      WHEREAS, the Borrower provides each of the Guarantors with substantial
financial, management, administrative, technical and design support; and

      WHEREAS, the interdependent nature of the businesses of each of the
Guarantors and the Borrower is such that the viability of each Guarantor is
dependent upon the continued success of the Borrower and upon the continuation
of the Borrower's business relationships with such Guarantor, and the
continuation thereof necessitates the Borrower's access to credit and other
financial accommodations from the Bank which the Bank will only make available
on the condition, among others, that the Guarantors guarantee all indebtedness,
obligations and liabilities of the Borrower from time to time owing to the Bank
under the Credit Agreement; and

      WHEREAS, each Guarantor will directly and substantially benefit from
credit and other financial accommodations extended and to be extended by the
Bank to the Borrower.

      NOW, THEREFORE, FOR VALUE RECEIVED, and in consideration of advances made
or to be made, or credit accommodations given or to be given, to the Borrower by
the Bank from time to time, each Guarantor hereby agrees as follows:

      1. All capitalized terms used herein without definition shall have the
same meanings herein as such terms have in the Credit Agreement.

      2. The Guarantors hereby jointly and severally guarantee the full and
prompt payment to the Bank at maturity and at all times thereafter of (i) any
and all indebtedness, obligations and liabilities of every kind and nature of
the Borrower to the Bank under or in connection with or evidenced by the Credit
Agreement, the Note of the Borrower heretofore or hereafter issued under the
Credit Agreement and the obligations of the Borrower to reimburse the Bank for
the amount of all drawings on all Letters of Credit issued pursuant to the
Credit Agreement and all other obligations of the Borrower under any and all
applications for Letters of Credit (and

<PAGE>

whether arising before or after the filing of a petition in bankruptcy and
including all interest accrued after the petition date), due or to become due,
direct or indirect, absolute or contingent, and howsoever evidenced, held or
acquired (hereinafter all such indebtedness, obligations and liabilities being
collectively referred to as the "indebtedness hereby guaranteed").
Notwithstanding in this Guaranty to the contrary, the right of recovery against
a Guarantor under this Guaranty shall not exceed $1.00 less than the lowest
amount which would render such Guarantor's obligations under this Guaranty void
or voidable under applicable law, including fraudulent conveyance law.

      3. The Guarantors further jointly and severally agree to pay all costs and
expenses, legal and/or otherwise (including court costs and reasonable
attorneys' fees), suffered or incurred by the Bank in enforcing or endeavoring
to enforce this Guaranty, in enforcing or endeavoring to collect the
indebtedness hereby guaranteed, or any part thereof, and in protecting,
defending or enforcing this Guaranty in any litigation, bankruptcy or insolvency
proceedings or otherwise.

      4. If any of the indebtedness hereby guaranteed is not paid when due and
payable, each Guarantor agrees that, upon demand, such Guarantor will then pay
to the Bank the full amount of the indebtedness hereby guaranteed (subject to
the limitations on the right of recovery from such Guarantor pursuant to the
last sentence of Section 2 above) whether or not any one or more of the other
Guarantors shall then or thereafter pay any amount whatsoever in respect to
their obligations hereunder.

      5. Each of the Guarantors agrees that such Guarantor will not exercise or
enforce any right of exoneration, contribution, reimbursement, recourse or
subrogation available to such Guarantor against any person liable for payment of
the indebtedness hereby guaranteed, or as to any security therefor, unless and
until the full amount owing to the Bank of the indebtedness hereby guaranteed
has been paid and all commitments, if any, of the Bank to extend credit to or
for the account of the Borrower which, when made, would constitute indebtedness
hereby guaranteed shall have terminated. The payment by any Guarantor of any
amount or amounts to the Bank pursuant hereto shall not in any way entitle any
such Guarantor, either at law, in equity or otherwise, to any right, title or
interest (whether by way of subrogation or otherwise) in and to the indebtedness
hereby guaranteed or any part thereof or any collateral security therefor or any
other rights or remedies in any way relating thereto or in and to any amounts
theretofore, then or thereafter paid or applicable to the payment thereof
howsoever such payment may be made and from whatsoever source such payment may
be derived unless and until all of the indebtedness hereby guaranteed and all
costs and expenses suffered or incurred by said Bank in enforcing this Guaranty
have been paid in full and all commitments, if any, of the Bank to extend credit
to or for the account of the Borrower which, when made, would constitute
indebtedness hereby guaranteed shall have terminated and unless and until such
payment in full and termination, any payments made by any Guarantor hereunder
and any other payments from whatsoever source derived on account of or
applicable to the indebtedness hereby guaranteed or any part thereof shall be
held and taken to be merely payments in gross to the Bank reducing pro tanto the
indebtedness hereby guaranteed.

      6. The Bank may, without any notice whatsoever to any one, sell, assign,
or transfer all of the indebtedness hereby guaranteed, or any part thereof, or
grant participations therein, and in

                                      -2-
<PAGE>

that event each and every immediate and successive assignee, transferee, or
holder of or participant in all or any part of the indebtedness hereby
guaranteed, shall have the right to enforce this Guaranty, by suit or otherwise,
for the benefit of such assignee, transferee, holder or participant, as fully as
if such assignee, transferee, holder or participant were herein by name
specifically given such rights, powers and benefits; but the Bank shall have an
unimpaired right to enforce this Guaranty for the benefit of the Bank or any
such participant, as to so much of the indebtedness hereby guaranteed that it
has not sold, assigned or transferred.

      7. This Guaranty is a continuing, absolute and unconditional Guaranty, and
shall remain in full force and effect until written notice of its discontinuance
executed by the Borrower and all the Guarantors shall be actually received by
said Bank, and also until any and all of said indebtedness hereby guaranteed
created or existing before receipt of such notice shall be fully paid and all
commitments, if any, of the Bank to extend credit to or for the account of the
Borrower which, when made, would constitute indebtedness hereby guaranteed shall
have terminated. The dissolution of any of the Guarantors shall not terminate
this Guaranty until notice of such dissolution shall have been actually received
by said Bank, nor until all of said indebtedness hereby guaranteed, created or
existing or committed to be extended in each case before receipt of such notice
shall be fully paid. The Bank may at any time or from time to time release any
Guarantor from its obligations hereunder or effect any compromise with any
Guarantor and no such release or compromise shall in any manner effect or impair
the obligations hereunder of the other Guarantors.

      8. In case of the incompetency, dissolution, liquidation or insolvency
(howsoever evidenced) of, or the institution of bankruptcy or receivership
proceedings against the Borrower or any of the Guarantors, all of the
indebtedness hereby guaranteed which is then existing shall, at the option of
the Bank, immediately become due or accrued and payable from the Guarantors. All
dividends or other payments received from the Borrower or on account of the
indebtedness hereby guaranteed from whatsoever source, shall be taken and
applied as payment in gross, and this Guaranty shall apply to and secure any
ultimate balance that shall remain owing to the Bank.

      9. The liability hereunder shall in no way be affected or impaired by (and
said Bank is hereby expressly authorized to make from time to time, without
notice to anyone), any sale, pledge, surrender, compromise, settlement, release,
renewal, extension, indulgence, alteration, substitution, exchange, change in,
modification or other disposition of any of said indebtedness hereby guaranteed,
either express or implied, or of any contract or contracts evidencing any
thereof, or of any security or collateral therefor or any guaranty thereof. The
liability hereunder shall in no way be affected or impaired by any acceptance by
said Bank of any security for or other guarantors upon any of said indebtedness
hereby guaranteed, or by any failure, neglect or omission on the part of said
Bank to realize upon or protect any of said indebtedness hereby guaranteed, or
any collateral or security therefor, or to exercise any lien upon or right of
appropriation of any moneys, credits or property of said Borrower possessed by
said Bank toward the liquidation of said indebtedness hereby guaranteed, or by
any application of payments or credits thereon. Said Bank shall have the
exclusive right to determine how, when and what application of payments and
credits, if any, shall be made on said indebtedness hereby guaranteed, or any
part of same. In order to hold any Guarantor liable hereunder, there shall be no
obligation on the part of said Bank at any time to resort for payment to said
Borrower or to

                                      -3-
<PAGE>

any other Guarantor, or to any other person or corporations, their properties or
estate, or resort to any collateral, security, property, liens or other rights
or remedies whatsoever, and the Bank shall have the right to enforce this
Guaranty irrespective of whether or not other proceedings or steps are pending
seeking resort to or realization upon or from any of the foregoing are pending.

      10. In the event the Bank shall at any time in its discretion permit a
substitution of Guarantors hereunder or a party shall wish to become Guarantor
hereunder, such substituted or additional Guarantor shall, upon executing an
agreement in the form attached hereto as Exhibit A, become a party hereto and be
bound by all the terms and conditions hereof to the same extent as though such
Guarantor had originally executed this Guaranty and, in the case of a
substitution, in lieu of the Guarantor being replaced. No such substitution
shall be effective absent the written consent of the Bank nor shall it in any
manner affect the obligations of the other Guarantors hereunder.

      11. All diligence in collection or protection, and all presentment,
demand, protest and/or notice, as to any and everyone, whether or not the
Borrower or the Guarantors or others, of dishonor and of default and of
non-payment and of the creation and existence of any and all of said
indebtedness hereby guaranteed, and of any security and collateral therefor, and
of the acceptance of this Guaranty, and of any and all extensions of credit and
indulgence hereunder, are expressly waived.

      12. No act of commission or omission of any kind, or at any time, upon the
part of the Bank with respect to the Borrower, shall in any way affect or impair
this Guaranty.

      13. The Guarantors waive any and all defenses, claims and discharges of
the Borrower, or any other obligor, pertaining to the indebtedness hereby
guaranteed, except the defense of discharge by payment in full. Without limiting
the generality of the foregoing, the Guarantors will not assert, plead or
enforce against the Bank any defense of waiver, release, discharge in
bankruptcy, statute of limitations, res judicata, statue of frauds,
anti-deficiency statute, fraud, incapacity, minority, usury, illegality or
unenforceability which may be available to the Borrower or any other person
liable in respect of any of the indebtedness hereby guaranteed, or any set-off
available against the Bank to the Borrower or any such other person, whether or
not on account of a related transaction. The Guarantors agree that the
Guarantors shall be and remain jointly and severally liable for any deficiency
remaining after foreclosure of any mortgage or security interest securing the
indebtedness hereby guaranteed, whether or not the liability of the Borrower or
any other obligor for such deficiency is discharged pursuant to statute or
judicial decision.

      14. If any payment applied by the Bank to the indebtedness hereby
guaranteed is thereafter set aside, recovered, rescinded or required to be
returned for any reason (including, without limitation, the bankruptcy,
insolvency or reorganization of the Borrower or any other obligor), the
indebtedness hereby guaranteed to which such payment was applied shall for the
purposes of this Guaranty be deemed to have continued in existence,
notwithstanding such application, and this Guaranty shall be enforceable as to
such of the indebtedness hereby guaranteed as fully as if such application had
never been made.

                                      -4-
<PAGE>

      15. The liability of the Guarantors under this Guaranty is in addition to
and shall be cumulative with all other liabilities of the Guarantors after the
date hereof to the Bank as a Guarantor of the indebtedness hereby guaranteed,
without any limitation as to amount, unless the instrument or agreement
evidencing or creating such other liability specifically provides to the
contrary.

      16. Any invalidity or unenforceability of any provision or application of
this Guaranty shall not affect other lawful provisions and applications hereof,
and to this end the provisions of this Guaranty are declared to be severable.
Without limiting the generality of the foregoing, any invalidity or
unenforceability against any Guarantor of any provision or application of the
Guaranty shall not affect the validity or enforceability of the provisions or
application of this Guaranty as against the other Guarantors.

      17. Any demand for payment on this Guaranty or any other notice required
or desired to be given hereunder to any Guarantor shall be in writing
(including, without limitation, notice by telecopy) and shall be given to the
relevant party c/o Cleveland-Cliffs Inc its address or telecopier number set
forth in the Credit Agreement, or such other address or telecopier number as
such party may hereafter specify by notice to the Bank given by United States
certified or registered mail, by telecopy or by other telecommunication device
capable of creating a written record of such notice and its receipt. Each such
notice, request or other communication shall be effective (i) if given by
telecopier, when such telecopy is transmitted to the telecopier number specified
in this Section and a confirmation of such telecopy has been received by the
sender, (ii) if given by mail, five (5) days after such communication is
deposited in the mail, certified or registered with return receipt requested,
addressed as aforesaid or (iii) if given by any other means, when received at
the addresses specified in this Section.

      18. Each Guarantor represents and warrants to the Bank that:

      (a) Such Guarantor is a corporation or other legal entity duly organized,
validly existing and in good standing under the laws of its jurisdiction of
organization, and is duly qualified as a foreign corporation or other legal
entity and is in good standing in each jurisdiction in which such qualification
is required by law, other than those jurisdictions as to which the failure to be
so qualified or in good standing would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. Such Guarantor has the
power and authority to own or hold under lease the properties it purports to own
or hold under lease, to transact the business it transacts and proposes to
transact, to execute and deliver this Guaranty and to perform the provisions
hereof.

      (b) This Guaranty has been duly authorized by all necessary action on the
part of such Guarantor, and this Guaranty constitutes a legal, valid and binding
obligation of such Guarantor enforceable against such Guarantor in accordance
with its terms, except as such enforceability may be limited by (i) applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws
affecting the enforcement of creditors' rights generally and (ii) general
principles of equity (regardless of whether such enforceability is considered in
a proceeding in equity or at law).

                                      -5-
<PAGE>

      (c) The execution, delivery and performance by such Guarantor of this
Guaranty will not (i) contravene, result in any breach of, or constitute a
default under, or result in the creation of any Lien in respect of any property
of such Guarantor or any of its subsidiaries under any indenture, mortgage, deed
of trust, loan, purchase or credit agreement, lease, charter document or by-law,
or any other agreement or instrument to which such Guarantor or any of its
subsidiaries is bound or by which such Guarantor or any of its subsidiaries or
any of their respective properties may be bound or affected, or (ii) contravene
any provision of any law, statute, rule, regulation, order, judgment, decree, or
ruling of any court, arbitrator or governmental authority applicable to such
Guarantor or any of its subsidiaries.

      (d) No consent, approval or authorization of, or registration, filing or
declaration with, any governmental authority is required in connection with the
execution, delivery or performance by such Guarantor of this Guaranty.

      (e) Such Guarantor is solvent, has capital not unreasonably small in
relation to its business or any contemplated or undertaken transaction and has
assets having a value both at fair valuation and at present fair salable value
greater than the amount required to pay its debts as they become due and greater
than the amount that will be required to pay its probable liability on its
existing debts as they become absolute and matured. Such Guarantor does not
intend to incur, or believe or should have believed that it will incur, debts
beyond its ability to pay such debts as they become due. Such Guarantor will not
be rendered insolvent by the execution and delivery of, this Guaranty and, on a
consolidated basis with the Borrower and the other Guarantors, will not be
rendered insolvent. Such Guarantor does not intend to hinder, delay or defraud
its creditors by or through the execution and delivery of, or performance of its
obligations under, this Guaranty.

      (f) From and after the date of execution of the Credit Agreement by the
Borrower and continuing so long as any amount remains unpaid thereon, each
Guarantor agrees to comply with the terms and provisions of Section 6 of the
Credit Agreement, insofar as such provisions apply to such Guarantor, as if said
Section was set forth herein in full.

      19. THIS GUARANTY SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAW
OF THE STATE OF OHIO (without regard to principles of conflicts of laws) in
which state it shall be performed by the Guarantors and may not be waived,
amended, released or otherwise changed except by a writing signed by the Bank.
This Guaranty and every part thereof shall be effective upon delivery to the
Bank, without further act, condition or acceptance by the Bank, shall be binding
upon the Guarantors and upon the successors and assigns of the Guarantors, and
shall inure to the benefit of said Bank, its successors, legal representatives
and assigns. The Guarantors waive notice of the Bank's acceptance hereof. This
Guaranty may be executed in counterparts and by different parties hereto on
separate counterpart signature pages, each of which shall be an original, but
all together to be one and the same instrument.

      20. Each Guarantor hereby submits to the nonexclusive jurisdiction of the
United States District Court for the Southern District of Ohio and of any Ohio
State court sitting in the City of Cincinnati, Ohio for purposes of all legal
proceedings arising out of or relating to this Guaranty or the transactions
contemplated hereby. Each Guarantor irrevocably waives, to the fullest extent

                                      -6-
<PAGE>

permitted by law, any objection which it may now or hereafter have to the laying
of the venue of any such proceeding brought in such a court and any claim that
any such proceeding brought in such court has been brought in an inconvenient
forum. EACH GUARANTOR AND THE BANK HEREBY IRREVOCABLY WAIVE ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
GUARANTY OR THE TRANSACTIONS CONTEMPLATED HEREBY.

                           [SIGNATURE PAGE TO FOLLOW]

                                      -7-
<PAGE>

      IN WITNESS WHEREOF, the Guarantors have caused this Guaranty to be
executed and delivered as of the date first above written.

                                     "GUARANTORS"

                                     THE CLEVELAND-CLIFFS IRON COMPANY;
                                     NORTHSHORE SALES COMPANY;
                                     CLIFFS MINING COMPANY;
                                     CLIFFS MINING SERVICES COMPANY;
                                     IRONUNITS LLC;
                                     NORTHSHORE MINING COMPANY;
                                     LAKE SUPERIOR & ISHPEMING RAILROAD COMPANY;
                                       and
                                     CLIFFS MINNESOTA MINING COMPANY

                                     By: /s/ D. J. Gallagher
                                         ---------------------------------------
                                         Name: D. J. Gallagher
                                         Title: Treasurer

                                      -8-
<PAGE>

Accepted and agreed to as of the date first above written.

                                FIFTH THIRD BANK

                                By /s/ R. C. Lanctot
                                   ---------------------------------------------
                                   Name R. C. Lanctot
                                   Title Vice President

                                   Address:

                                   1404 East Ninth Street
                                   Cleveland, Ohio  44114
                                   Attention: Myia Lowman
                                   Telephone: (216) 274-5578
                                   Telecopy: (216) 274-5420

                                      -9-
<PAGE>

                                    EXHIBIT A
                                       TO
                               GUARANTY AGREEMENT

                 ASSUMPTION AND SUPPLEMENT TO GUARANTY AGREEMENT

      This Assumption and Supplement to Guaranty Agreement (the "Agreement") is
dated as of this _____ day of ____________, 20__, made by [NEW GUARANTOR], a(n)
___________ CORPORATION/LIMITED LIABILITY COMPANY/PARTNERSHIP (the "New
Guarantor") in favor of Fifth Third Bank, an Ohio banking corporation (the
"Bank");

                                WITNESSETH THAT:

      WHEREAS, certain parties have executed and delivered to the Bank that
certain Guaranty Agreement dated as of April 30, 2004 (such Guaranty Agreement,
as the same may from time to time be modified or amended, including supplements
thereto which add or substitute parties as Guarantors thereunder, being
hereinafter referred to as the "Guaranty") pursuant to which such parties (the
"Existing Guarantors") have guaranteed to the Bank the full and prompt payment
of, among other things, any and all indebtedness, obligations and liabilities of
CLEVELAND-CLIFFS INC, an Ohio corporation (the "Borrower"), arising under or
relating to the Credit Agreement and the Loan Documents as defined therein; and

      WHEREAS, the Borrower provides the New Guarantor with substantial
financial, managerial, administrative, technical and design support and the New
Guarantor will directly and substantially benefit from credit and other
financial accommodations extended and to be extended by the Bank to the
Borrower;

      NOW, THEREFORE, FOR VALUE RECEIVED, and in consideration of advances made
or to be made, or credit accommodations given or to be given, to the Borrower by
the Bank from time to time, the New Guarantor hereby agrees as follows:

      1. The New Guarantor acknowledges and agrees that it shall become a
"Guarantor" party to the Guaranty effective upon the date the New Guarantor's
execution of this Agreement and the delivery of this Agreement to the Bank, and
that upon such execution and delivery, all references in the Guaranty to the
terms "Guarantor" or "Guarantors" shall be deemed to include the New Guarantor.

      2. The New Guarantor hereby assumes and becomes liable (jointly and
severally with all the other Guarantors) for the indebtedness hereby guaranteed
(as defined in the Guaranty) and agrees to pay and otherwise perform all of the
obligations of a Guarantor under the Guaranty according to, and otherwise on and
subject to, the terms and conditions of the Guaranty to the same extent and with
the same force and effect as if the New Guarantor had originally been one of the
Existing Guarantors under the Guaranty and had originally executed the same as
such an Existing Guarantor.

<PAGE>

      3. The New Guarantor acknowledges and agrees that, as of the date hereof,
the New Guarantor makes each and every representation and warranty that is set
forth in Section 18 of the Guaranty.

      4. All capitalized terms used in this Agreement without definition shall
have the same meaning herein as such terms have in the Guaranty, except that any
reference to the term "Guarantor" or "Guarantors" and any provision of the
Guaranty providing meaning to such term shall be deemed a reference to the
Existing Guarantors and the New Guarantor. Except as specifically modified
hereby, all of the terms and conditions of the Guaranty shall stand and remain
unchanged and in full force and effect.

      5. The New Guarantor agrees to execute and deliver such further
instruments and documents and do such further acts and things as the Bank may
deem necessary or proper to carry out more effectively the purposes of this
Agreement.

      6. No reference to this Agreement need be made in the Guaranty or in any
other document or instrument making reference to the Guaranty, any reference to
the Guaranty in any of such to be deemed a reference to the Guaranty as modified
hereby.

      7. This Agreement shall be governed by and construed in accordance with
the State of Ohio (without regard to principles of conflicts of law) in which
state it shall be performed by the New Guarantor.

                                        [NEW GUARANTOR]

                                        By
                                           Name_________________________________
                                           Title________________________________

         Acknowledged and agreed to as of the date first above written.

                                        FIFTH THIRD BANK

                                        By
                                           Name_________________________________
                                           Title________________________________

                                        Address:

                                        1404 East Ninth Street
                                        Cleveland, Ohio  44114
                                        Attention: Myia Lowman
                                        Telephone: (216) 274-5578
                                        Telecopy: (216) 274-5420

                                      -2-

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