EXHIBIT 10.2
[LETTERHEAD OF CITY NATIONAL BANK] LOAN REVISION AGREEMENT
(Unsecured or Secured by Personal Property Only)
Note No. 209600/11552
This LOAN REVISION AGREEMENT ("Agreement") refers to the loan evidenced by a
promissory note ("Note") dated July 1, 1997, in favor of CITY NATIONAL BANK,
a national banking association ("CNB") executed by ZENITH NATIONAL INSURANCE
CORP., A DELAWARE CORPORATION ("Borrower") in the original principal amount
of $20,000,000.00, payable in full on July 1, 1999, subject to any
installment maturities in the Note.
The principal balance of the Note as of June 30, 1999, is $0.00.
Each Borrower hereby requests that CNB revise the terms of the Note and that
CNB accept payment of the Note at the time, or times, and in the manner
following:
MATURITY DATE OF THE NOTE IS HEREBY EXTENDED TO JULY 1, 2000.
In consideration of CNB's acceptance of the revision of the Note, including
the time for payment thereof, all as set forth above, each Borrower does
hereby acknowledge and admit to such indebtedness, and further does
unconditionally agree to pay such indebtedness together with interest thereon
within the time and in the manner as revised in accordance with this
Agreement.
This Agreement is a revision of the terms of repayment only, and not a
novation; and except as herein provided, all of the terms and conditions of
the Note shall remain unchanged and in full force and effect.
When more than one Borrower signs this Agreement, all agree:
a. That breach of any covenant by any Borrower may, at CNB's option, be
treated as a breach by all Borrowers; and
b. That the liability and obligations of each Borrower are joint and
several.
Dated at Beverly Hills, California, this 30th day of June, 1999.
ZENITH NATIONAL INSURANCE CORP., a
Delaware corporation
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇
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▇▇▇▇▇▇▇ ▇. ▇▇▇, Chairman of the Board/President
GUARANTORS
I hereby join in the foregoing request and agree that any and all of my
obligations relating to the above described Note shall remain in effect and
shall relate fully to such Note as it is hereby modified, extended and/or
revised.
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Accepted and revision and/or extension granted in reliance upon each of the
representations and agreements hereinabove contained.
Dated: June 30, 1999. CITY NATIONAL BANK
By: /s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
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▇▇▇▇▇▇▇▇ ▇▇▇▇▇, Vice President
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