FIRST AMENDED AND RESTATED RECOURSE AND INDEMNITY AGREEMENT

THIS FIRST AMENDED AND RESTATED RECOURSE AND INDEMNITY AGREEMENT, dated November 21, 2013 (“Agreement”) is by and among GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation with offices at 300 East John Carpenter Freeway, Irving, TX 75062 (“GECC”), NMHG FINANCIAL SERVICES, INC., a Delaware corporation (“NFS”), and NACCO MATERIALS HANDLING GROUP, INC., a Delaware corporation with offices at 5875 Landerbrook Drive, Mayfield Heights, OH 44124 (“NMHG”).

NMHG is in the business of manufacturing forklift trucks and other equipment, including without limitation, Yale, Hyster and Utilev brand name equipment (collectively, the “NMHG Equipment”) that is sold and distributed by NMHG and by its dealers (“Dealers”).

GECC is in the business of, among other things, providing financing for equipment similar to the NMHG Equipment.

NMHG and GECC have now determined to revise the nature of their relationship to best provide certain types of financing to the Dealers and to the customers of NMHG and/or the Dealers (“Customers”) for (i) all types and brands of NMHG Equipment, (ii) certain other equipment sold by Dealers (“Allied Equipment”) and (iii) equipment sold by non-Dealers to certain Customers deemed by NMHG to be strategic customers (“Strategic Equipment”) and (iv) other forms of financing either expressly sanctioned in the By-Laws of NFS or as approved by the Board of Directors of NFS.

In conjunction therewith, NMHG and GECC have determined to amend and restate that certain Restated and Amended Joint Venture and Shareholders Agreement dated April 15, 1998, as such has been amended from time to time, and certain of the ancillary agreements related to the operation of NFS, including this Agreement.

This First Amended and Restated Recourse and Indemnity Agreement amends and restates that certain Recourse and Indemnity Agreement dated as of October 21, 1998, as such has been amended from time to time, and sets forth the terms and conditions on which NMHG guarantees the prompt payment and performance to GECC and NFS of the obligations of Dealers pursuant to loans and extensions of credit by NFS to such Dealers.

NOW, THEREFORE, in consideration of the above premises and the mutual promises contained herein, as well as other good and valuable considerations, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

1.01    “Base Term” shall mean the period from the date hereof to and including December 31, 2018, unless sooner terminated as provided herein.

1.02     “Commercial Equipment Financing” shall have the meaning given such term in Section (1)(b)(v) of the Shareholders Agreement.

1.04     “Eligible US Fleet Rental Financing Account” means and includes all US Fleet Rental Financing Accounts other than any US Fleet Rental Financing Accounts constituting an “Ineligible US Fleet Rental Financing Account” approved by NFS in its sole discretion to qualify as Eligible US Fleet Rental Financing Accounts hereunder.

1.05     “Eligible US Fleet Rental Financing Account Default” means and includes any default of an obligor under an Eligible US Fleet Rental Financing Account (whether such obligor is the direct obligor or a surety) where such default is not cured by such obligor within 45 days of such obligor’s receipt of notice of said default.

1.06    “Fleet Rental Financing Account” means and includes any loan or other extension of credit to a Dealer for the acquisition by the Dealer of Equipment, including attachments and batteries (and any related trade-ins) only if and to the extent such Equipment (and any related trade-ins) is or becomes part of such Dealer’s rental fleet, but does not include any loan or other extension of credit by NFS to a Customer.

1.07    “Fleet Rental Financing Equipment” means any Equipment financed through a Fleet Rental Financing Account.

1.08     “Ineligible Fleet Rental Financing Account” means and includes the following: (i) Fleet Rental Financing Accounts financing property located outside of the United States; (ii) any US Fleet Rental Financing Account covered by a separate recourse arrangement; and (iii) any US Fleet Rental Financing Account that is not approved by NFS in its sole discretion to qualify as a Eligible US Fleet Rental Financing Account, which disapproval/ineligibility shall be communicated in writing to NMHG.

1.09     “Lease Financing” shall have the meaning defined in Section (1)(b)(vi) of the Shareholders Agreement.

1.10    “Loss Pool Balance” means, for each Loss Pool Account, the current balance of the Loss Pool Account, as determined in accordance with Section 2.06 of this Agreement.

1.11     “Net Book Value” means the value of an Eligible US Fleet Rental Financing Account, as reflected on NFS’s books and records, calculated on the basis of: (i) all accrued and unpaid sums due under such Eligible US Fleet Rental Financing Account; plus (ii) all future payments due during the remainder of the term of such Eligible US Fleet Rental Financing Account, with each such payment discounted to its present value from the due date thereof to the date of payment of the Net Book Value at the interest rate applicable to such Eligible US Fleet Rental Financing Account.

1.12     “Net Remarketing Proceeds” means the proceeds actually received by NMHG upon its remarketing of Equipment, minus any applicable sales taxes and Actual Out-Of-Pocket Costs (as defined in Section 2.06(b)(2) hereof). If NMHG does not remarket the Equipment during the Remarketing Period, Net Remarketing Proceeds will be deemed to be equal to the Net Book Value paid to NFS and the adjustment to the applicable Loss Pool Account will be zero.

1.13    “Person” shall mean and include any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government or any political subdivision thereof.

1.14    “Remarketing Period” means the period beginning on the date of receipt of the Net Book Value under section 2.01 below and ending one hundred eighty (180) days thereafter.

1.15    “Retail Customer” shall mean and include any Customer of a Dealer.

1.16     “Sale Out of Trust” means any conversion, disposal, sale or encumbrance (other than a permitted rental or sublease to a Retail Customer) by a Dealer of any Equipment that is the subject of a US Fleet Rental Financing Account in violation of the terms of the applicable US Fleet Rental Financing Account financing documents without the prior written consent of NFS.

1.17    “Shareholders Agreement” shall mean that certain Second Amended and Restated Joint Venture and Shareholder’s Agreement dated as of the date of this Agreement, by and between GECC and NMHG.

1.18     “US Fleet Rental Financing Account” means and includes any Fleet Rental Financing Account financing property located in the United States.

1.19    “Wholesale Account” shall mean and include any loan or other extension of credit, now or hereafter, by NFS to either: (i) any Dealer (whether or not owned by NMHG or any of its respective affiliates or subsidiaries), or (ii) NMHG or any of its respective affiliates or subsidiaries secured by NMHG Equipment (whether or not such NMHG Equipment is purchased directly from the proceeds of any such loan or other extension of credit or is kept as inventory for sale or as part of the respective party’s rental fleet), provided, however, that Wholesale Account shall not include any Commercial Equipment Financing nor any Lease Financing to Dealers or NMHG, where such assets are thereafter subleased to Retail Customers.

1.20     “Wholesale Account Documents” shall mean any documents evidencing any Wholesale Account.

All capitalized terms not defined herein shall have the same meanings as contained in the Shareholder’s Agreement.

2.01     Recourse for Wholesale Accounts. The following provisions shall apply with respect to all Wholesale Accounts not covered by the provisions of Section 2.06 hereof:

(a) In the event of a default under any of the Wholesale Accounts entered into by NFS during the Base Term (other than US Fleet Rental Financing Accounts covered by a separate recourse arrangement outside of this Agreement and Wholesale Accounts covered by the provisions of Section 2.06), NMHG will, within twenty (20) days of demand, repurchase any such Wholesale Account(s) affected by such default and pay NFS the amount then owed by the respective party thereto to NFS under the default pursuant to the terms of the respective Wholesale Account Documents (“Repurchase Price”). For purposes of this Section 2.01, default is defined as the occurrence of any event which would, under the terms of the Wholesale Account Documents, constitute a default. It is not contemplated that NFS will automatically exercise its rights to demand repurchase of any Wholesale Account(s) under this Section unless collection of such Account(s) is deemed to be unlikely. Failure on the part of NFS to exercise such right shall not constitute a waiver of such right. Upon receipt by NFS of the full amount of the Repurchase Price for any Wholesale Account(s), and provided that NMHG is not otherwise in Default under this Agreement, NFS will assign all of its right, title and interest in such Account(s) to NMHG (or its designee) without recourse to, or warranty (of any kind whatsoever) from NFS.

(b)     Anything in this Agreement to the contrary notwithstanding, NMHG hereby agrees that its obligations under this Section 2.01 shall be primary, absolute, continuing and unconditional, irrespective of, and unaffected by, any of the following actions or circumstances (regardless of any notice to, or consent of, NMHG): (i) the genuineness, validity, regularity and enforceability of any Wholesale Account; (ii) any extension, renewal, amendment, change, waiver or other modification by NFS of any Wholesale Account; (iii) the absence of, or delay in, any action to enforce the terms of any Wholesale Account; (iv) the release of, extension of time for payment or performance by, or any other indulgence granted to the Dealer or any other person with respect to any Wholesale Account by operation of law or otherwise; (v) the existence, value, condition, loss, subordination or release (with or without substitution) of, or failure to have title to or perfect and maintain a security interest in, or the time, place and manner of any sale or other disposition of any NMHG Equipment, collateral or security given in connection with any Wholesale Account, or any other impairment (whether intentional or negligent, by operation of law or otherwise) of NFS’s rights to any such NMHG Equipment, collateral or security; (vi) any Dealer’s voluntary or involuntary bankruptcy, assignment for the benefit of creditors, reorganization, or similar proceedings affecting the Dealer or any of its assets; or (vii) any other action or circumstances which might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor. Notwithstanding any provision to the contrary herein, NMHG shall have no obligation to repurchase any Wholesale Account pursuant to this Section 2.01 under any of the following circumstances: (x) solely with respect to Wholesale Accounts which are documented solely by NFS, if a Wholesale Account proves unenforceable due to the fact that the applicable Wholesale Account Documents are incomplete, (y) solely with respect to Wholesale Accounts where NFS is responsible for the perfection of its security interest in the respective NMHG Equipment, if a Wholesale Account proves unenforceable due to a failure of the GECC to obtain and perfect a valid first priority security interest in such Equipment, or (z) if a Wholesale Account falls into default solely because NFS is in default of its obligations under the applicable Wholesale Account Documents.

(c)     At least One-Hundred and Eighty (180) days prior to the expiration of the Base Term, NFS, GECC and NMHG shall enter into discussions with respect to the continuing need for recourse on Wholesale Accounts. In the event that NFS, GECC and NMHG have not reached a mutual agreement as to the provision of recourse on Wholesale Accounts for the period following the expiration of the Base Term on or before the expiration of the Base Term, NFS may at the expiration

of the Base Term, in its sole discretion, cease providing Wholesale Accounts to Dealers. Notwithstanding any provision to the contrary herein, with respect to any and all obligations of NMHG as set forth in this Section 2.01 with respect to Wholesale Accounts which may arise during the Base Term (“Base Term Obligations”), those Base Term Obligations shall nevertheless continue and remain undischarged until the same are indefeasibly paid and performed in full.

2.02     Certain Waivers. With respect to NMHG’s recourse obligation set forth in Section 2.01, notice of acceptance thereof and of any default by any Dealer or any other Person is hereby waived. Presentment, protest, demand, and notice of protest, demand and dishonor of any Wholesale Account, and the exercise of possessory, collection or other remedies on any Wholesale Account, are hereby waived. Notice of adverse change in any Dealer’s financial condition or of any other fact which might materially increase the risk of NMHG is also waived. All settlements, compromises, accounts stated and agreed balances made in good faith between NFS and any Dealer shall be binding upon NMHG.

2.03     No Subrogation. Without NFS’s prior written consent, NMHG shall not exercise any rights which it may acquire against any· Dealer or the NMHG Equipment or any other collateral or security by way of subrogation under this Agreement, nor shall NMHG seek or attempt to exercise or enforce any of NFS’s rights or remedies against any Dealer or the NMHG Equipment or any of the collateral or security in respect of any payments made by NMHG hereunder, unless and until all of the obligations of such Dealer hereby guaranteed have been paid and performed in full. However, nothing in this Section shall be deemed to prohibit NMHG from making demand upon, or suing, any Dealer for any payment made by NMHG on behalf of such Dealer under this Agreement, so long as such demand or suit does not involve (i) any attempt to accelerate or otherwise require such Dealer to pay any amount not paid by NMHG, or (ii) any attempt to repossess, foreclose upon, or otherwise proceed against the NMHG Equipment or any other collateral or security (whether or not NMHG may also have a security interest in or lien upon the same).

2.04     Dealer Credit Lines. In consideration of the recourse set forth in this Article II, NMHG and NFS shall work in a timely fashion to determine, from time to time, the maximum amount of credit (“Credit Line”) that will be extended to each Dealer. However, it is expressly agreed and understood that it shall be no defense to NMHG’s obligations under this Article II if such Credit Line is ever exceeded, unless NMHG has specifically rejected, in writing, an extension of credit to a Dealer in excess of the Credit Line previously determined by both NMHG and NFS.

2.05     Termination. The recourse obligation set forth in Section 2.01 may be terminated by NMHG at any time as to any Dealer upon delivery to NFS of a written notice of such termination, but as to all “pretermination obligations” those obligations shall nevertheless continue and remain undischarged until the same are indefeasibly paid and performed in full. For these purposes, “pretermination obligations” shall mean and include all of the Dealer’s obligations under any Wholesale Account in existence, or any proposed Wholesale Account for which NFS may have made a commitment, on or before delivery of such written notice of termination.

2.06.     Rental Fleet Financing Account Loss Pool. The following recourse provisions shall apply to all Eligible US Fleet Rental Financing Accounts. For the avoidance of doubt, the parties hereto hereby confirm: Fleet Rental Financing Accounts other than Eligible US Fleet Rental Financing

Accounts, and Eligible US Fleet Rental Financing Accounts that become Ineligible US Fleet Rental Financing Accounts due to a Sale Out of Trust, shall be covered under the provisions of Section 2.01 hereof.

(a)     Operation of Loss Pool Accounts.

(1)     NFS and NMHG will establish (for notional purposes only) an initial Loss Pool Account (the “Initial Loss Pool Account”) for all Eligible US Fleet Rental Financing Accounts funded prior to January 1, 2008.

(2)     Commencing annually on the first day of each subsequent calendar year and thereafter ending on the last day of such calendar year during the Base Term (or on the last day of the Base Term if such term expires on a day which is not the last day of such calendar year), NFS and NMHG will (for notional purposes only) establish a new annual loss pool account (each such account, together with the Initial Loss Pool Account, a “Loss Pool Account”) for all Eligible US Fleet Rental Financing Accounts funded during that calendar year.

(3)    The starting Loss Pool Balance for the Initial Loss Pool Account shall be equal to seven and one half percent (7.5%) of the Net Book Value of each outstanding Eligible US Fleet Rental Financing Accounts funded prior to January 1, 2008.

(4)     The starting Loss Pool Balance in each annual Loss Pool Account on January 1 of the calendar year in which such Loss Pool Account is established (other than the Initial Loss Pool Account) will be equal to $1,500,000.00.

(5)    Unless otherwise specifically agreed by the parties, the Loss Pool Balance for an annual Loss Pool Account will remain unchanged until the aggregate Eligible US Fleet Rental Financing Accounts funded by NFS during such calendar year (the “Annual Aggregate Funded Amount”) exceeds twenty million dollars ($20,000,000.00). When the Annual Aggregate Funded Amount exceeds twenty million dollars ($20,000,000.00), NFS and NMHG will, simultaneously with the funding of additional Eligible US Fleet Rental Financing Accounts, increase the Loss Pool Account for such calendar year by an amount equal to seven and one half percent (7.5%) of the Net Book Value of such funded Eligible US Fleet Rental Financing Accounts.

(6)     In the event that NFS determines that an Eligible US Fleet Rental Financing Account Default has occurred, NFS may at its discretion provide NMHG with written notice of such default, including the applicable Net Book Value for such account (“Loss Pool Default Notice”).

(7)     Within ten (10) days of its receipt of a Loss Pool Default Notice, NMHG will pay NFS the applicable Net Book Value associated with such Fleet Rental Financing Account causing the Loss Pool Default. Notwithstanding the foregoing, if the applicable Net Book Value exceeds the then existing applicable Loss Pool Balance, NMHG shall be required to pay only that portion of the applicable Net Book Value (the “Partial Net Book Value”) that does not exceed the then existing applicable Loss Pool Balance (unless NMHG, in its discretion, chooses to make a payment to NFS in excess of that balance). Further, if the particular Net Book Value is greater than the applicable annual Loss Pool Balance, NFS will

be entitled to obtain the unpaid portion out of any other Loss Pool Balance (or if the Loss Pool Balance for such calendar year is still subject to increase under Section 2.06(a)(5) above, then out of the future Loss Pool Balance of such annual Loss Pool Account) and/or retain any future collections in regard to the defaulted Transaction (up to the applicable Net Book Value).

(8)    The Loss Pool Balance for the Initial Loss Pool Account shall be reduced by NFS and NMHG to the extent that the Net Book Value of the total Eligible US Fleet Rental Financing Accounts funded prior to January 1, 2008 becomes less than the Loss Pool Balance in the Initial Loss Pool Account. The Loss Pool Balance for all other Loss Pool Account shall be reduced by NFS and NMHG to the extent that after the calendar year in which the Loss Pool Account is established, the total Net Book Value of the Eligible US Fleet Rental Financing Accounts for such year becomes less than the Loss Pool Balance in such year’s Loss Pool Account.

(9)     Provided that NFS has received the applicable Net Book Value from NMHG, NFS will transfer and assign all its right, title and interest in such Eligible US Fleet Rental Financing Account and any Equipment associated with such account to NMHG on an AS-IS, WHERE-IS basis, without representation or warranty, except that neither NFS nor any agent of NFS shall have encumbered the applicable account.

(10)     Upon receipt of either the Net Book Value or the Partial Net Book Value, as the case may be, and the remarketing of the applicable Equipment pursuant to the remarketing agreement, the applicable annual Loss Pool Balance will be reduced by the difference between such Partial Net Book Value or Net Book Value, as the case may be, and the applicable Net Remarketing Proceeds. For the avoidance of doubt, no Loss Pool Account will be reduced to less than zero at any time.

(11)     In no event shall the payment by NMHG of any indemnity or recourse payment, including any amount payable pursuant to Section 2.01 of this Agreement, result in a reduction of, or otherwise affect, any Loss Pool Balance.

(12)     Notwithstanding the foregoing, on no more than (3) occasions (unless NFS shall agree in writing to a greater number) during the term of any Eligible US Fleet Rental Financing Account, NMHG, in its discretion, may choose to cure an Eligible US Fleet Rental Financing Account Default by paying the accrued and unpaid amounts (each a “Cure Payment”) due under such account as of the date of the corresponding Loss Pool Default Notice in lieu of paying NFS the applicable Net Book Value. Should an Eligible US Fleet Rental Financing Account Default occur following NMHG’s making of three (3) Cure Payments, NMHG shall be required to pay the applicable Net Book Value.

(b)     Remarketing of Eligible US Fleet Rental Financing Equipment

(1) Upon payment of the Net Book Value, NMHG shall obtain possession and, on a best efforts basis, remarket the Fleet Rental Financing Equipment during the Remarketing Period. In performing its remarketing responsibilities, NMHG will not discriminate between the Fleet Rental Financing Equipment and equipment owned by it or another party to whom NMHG may be bound to provide remarketing assistance.

(2) In attempting to remarket the Fleet Rental Financing Equipment to a third party on a best efforts basis during the Remarketing Period, NMHG shall be entitled to the actual and reasonable costs of repossession, repair, refurbishment, insurance and remarketing (“Actual Out-Of-Pocket Costs”) which do not exceed fifteen percent (15%) of the Net Book Value of the Fleet Rental Financing Equipment being remarketed.

(3) If NMHG is able to remarket the Fleet Rental Financing Equipment to a third party during the Remarketing Period, the proceeds actually received by NMHG will be distributed in the following manner: (i) first, to NMHG, an amount equal to the Actual Out-Of-Pocket Costs; (ii) second, to NFS, an amount equal to the outstanding Net Book Value, to the extent not previously paid by NMHG; (iii) third, to NMHG, an amount equal to that portion of the Net Book Value that was previously paid by NMHG to NFS; and (iv) fourth, to any other amounts owed to NFS for which the Fleet Rental Financing Equipment acted as security for such other amounts owed, if any; and (v) any amount remaining after payment of the amounts described in subparagraphs (i) through (iv) shall be remitted to the applicable Dealer.

3.01     Lender Liability. NMHG hereby agrees to indemnify, save and keep harmless NFS, its respective agents, employees, successors and assigns from and against any and all losses, damages, penalties, injuries, claims, actions and suits, including legal expenses and outside attorneys’ fees, of whatsoever kind and nature, in contract or tort (collectively, “Losses”) arising out of or in connection with (i) any decision or recommendation by NMHG to limit, terminate or otherwise modify any Dealer’s Credit Line, (ii) any decision or recommendation by NMHG to the effect that NFS should not enter into any Wholesale Account with any Dealer, (iii) any refusal by NFS to enter into any Wholesale Account with any Dealer by reason of NMHG’s termination of the recourse set forth in Article II above with respect to such Dealer’s obligations, or (iv) any termination or other modification of any Dealer’s franchise by NMHG.

3.02     Product Liability and Infringement Claims. NMHG hereby also agrees to indemnify, save and keep harmless, NFS, its respective agents, employees, successors and assigns from and against any and all Losses arising out of or in connection with the manufacture, sale, delivery, use, specifications, performance, operation or condition of any NMHG Equipment and infringement claims relating to NMHG Equipment.

3.03     Defense. NMHG shall, upon written request, defend any actions based on any matter covered by the indemnities contained in Section 3.01 or 3.02 above (collectively, “Indemnities”).

3.04    Survival. The Indemnities shall survive the expiration or termination of this Agreement.

4.01     Audits. From time to time NFS may cause an audit to be performed as to all of the collateral or security of any Dealer for any obligation to NFS (“Collateral Audit”). Such Collateral Audit shall be conducted by a party of NFS’s choosing, which party may be related to NFS or may be

independent of NFS. At NFS’s election, NMHG may perform Collateral Audits (each, an “NMHG Audit”).

4.02     Costs. NMHG and the NFS shall pay their own costs in connection with any NMHG Audit.

5.01     Assignment. NFS may not assign its respective rights hereunder, without the prior written consent of NMHG. NMHG may not delegate any of its duties or obligations hereunder without the prior written consent of NFS.

5.02     Successors and Permitted Assigns. The respective rights and obligations of the parties set forth in this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

5.03     Notices. All notices permitted or required to be given hereunder shall be in writing and shall be delivered, via certified mail (return receipt requested), overnight courier, hand delivery or telefax, to the parties at the following addresses (or at such other address for a party as may be specified by like notice):

(i)     If to NFS or GECC:

GENERAL ELECTRIC CAPITAL CORPORATION

    300 East John Carpenter Freeway, Suite 510

    Irving, TX 75062

    Attention: General Counsel – Vendor Finance

(ii)     If to NMHG:

NACCO Materials Handling Group, Inc.

5875 Landerbrook Drive, Suite 300

Mayfield Heights, OH 44124

Attn: General Counsel

Such notices shall be deemed delivered upon receipt.

5.04     Headings. Article and Section headings used in this Agreement are for convenience of reference only and shall not be used in interpreting or construing or affecting the meaning or construction of this Agreement.

5.05     Counterparts. This Agreement may be executed by the parties hereto in any number of counterparts, each of which shall be deemed to be an original but all of which together shall constitute but one and the same instrument.

5.06    Severability. If any provision of this Agreement is held to be invalid or unenforceable, such invalidity or unenforceability shall not affect or impair the validity or enforceability of the remaining provisions of this Agreement.

5.07     Further Acts. The parties agree to take such further action and to execute such further documents or instruments which are necessary and appropriate to complete or give effect to the transactions contemplated hereby.

5.08     Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto and supersedes all prior agreements and understandings, both written and oral, with respect to the subject matter hereof. There are no representations or warranties of, or conditions to the obligation of, any party hereto except as expressly set forth in this Agreement. This Agreement may not be altered or varied nor its provisions waived except in a writing duly executed by GECC, NFS and NMHG.

5.09     Governing Law and Jurisdiction. This Agreement shall be construed and enforced in accordance with the laws of the State of New York. Any and all disputes, controversies or claims arising out of, or relating to, this Agreement or any of the Other Agreements shall be determined by arbitration in accordance with the Arbitration Rules of the American Arbitration Association. The number of arbitrators shall be three. One arbitrator each shall be appointed by NMHG and GECC respectively, and the third arbitrator, who shall serve as chairman of the tribunal, shall be appointed by the American Arbitration Association. The place of arbitration shall be New York City. The language of the arbitration shall be English and any arbitral award arising from any arbitration pursuant to this paragraph shall be final and binding upon all parties hereto and no party shall seek recourse to a court of law or other authorities to appeal for revision of such decision or any other ruling of the arbitrator. The cost of the arbitration shall be borne by the party who does not prevail in the arbitration proceeding or as is otherwise decided by the arbitration panel. The question of whether a dispute is governed by this arbitration clause shall itself be determined by arbitration.

IN WITNESS WHEREOF, the parties hereto have caused their duly authorized representatives to execute and deliver this Agreement as of the first date above written.

GENERAL ELECTRIC CAPITAL            NACCO MATERIALS

CORPORATION                    HANDLING GROUP, INC.

NMHG FINANCIAL SERVICES, INC.