Second Amendment to Revolving Credit Promissory Note between Perma-Bilt and Zenith National Insurance Corp.
This amendment increases the principal amount of a revolving credit promissory note from $20 million to $40 million. The agreement is between Perma-Bilt, a Nevada corporation, and Zenith National Insurance Corp., a Delaware corporation. All other terms and conditions of the original note remain unchanged. The amendment is effective as of June 26, 1996.
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Exhibit 10.17
SECOND
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, which was amended by Amendment dated November 10, 1995 to increase the principal amount to Twenty Million Dollars (as amended, the "Note").
2. The undersigned hereby amends the Note by deleting the words "Twenty Million Dollars" wherever they appear in the Note as the principal amount and substituting "Forty Million Dollars" in their place and by deleting the symbol and number "$20,000,000" wherever they appear in the Note as the principal amount and substituting "$40,000,000" 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: June 26, 1996 | Perma-Bilt, a Nevada Corporation, a Nevada corporation | |||
| By: | /s/ DANIEL SCHWARTZ Daniel Schwartz President | |||
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