Amendment to Revolving Credit Promissory Note between Perma-Bilt and Zenith National Insurance Corp.
Perma-Bilt, a Nevada corporation, and Zenith National Insurance Corp., a Delaware corporation, have agreed to amend their existing Revolving Credit Promissory Note dated April 5, 1993. The amendment increases the principal amount of the loan from $11 million to $20 million. All other terms and conditions of the original note remain unchanged. This amendment was signed on November 10, 1995.
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Exhibit 10.16
AMENDMENT
TO
REVOLVING CREDIT PROMISSORY NOTE
1. Reference is made to that Revolving Credit Promissory Note dated April 5, 1993 in the principal amount of Eleven Million Dollars made and delivered by Perma-Bilt, a Nevada Corporation, a Nevada corporation, to Zenith National Insurance Corp., a Delaware corporation, (the "Note").
2. The undersigned hereby amends the Note by deleting the words "Eleven Million Dollars" wherever they appear in the Note as the principal amount and substituting "Twenty Million Dollars" in their place and by deleting the symbol and number "$11,000,000" wherever they appear in the Note as the principal amount and substituting "$20,000,000" in their place.
3. Except for the specific modification of the principal amount, the undersigned expressly reaffirm the terms and conditions of the Note.
| Dated: November 10, 1995 | Perma-Bilt, a Nevada Corporation, a Nevada corporation | |||
| By: | /s/ DANIEL SCHWARTZ Daniel Schwartz President | |||
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