Exhibit 10.16
AMENDMENT TO LOAN AGREEMENT
This Amendment dated as of the 14th day of December, 2005, by and between
TWIN BRIDGES (BERMUDA) LTD., a Bermuda Company whose registered office is at
Xxxxxx'x Court, 00 Xxxxxxxx Xxxxxx, Xxxxxxxx XX 00, Xxxxxxx ("Xxxxxxxx") and
KEYBANK NATIONAL ASSOCIATION, a national banking association with offices at
0000 Xxxxxxxx Xxxx, XX-00-00-0000, Xxxxxxxx, Xxxx 00000 ("Lender") to that
certain Amended and Restated Loan Agreement dated October 3, 2005 between
Borrower and Lender (the "Agreement").
W I T N E S S E T H :
WHEREAS, pursuant to the Agreement, Lender made available to Borrower a
line of credit in the maximum principal amount of $4,500,000.00, the
availability of said sum expiring on June 30, 2006, and
NOW, THEREFORE, in consideration of the mutual covenants herein contained,
Borrower and Lender, incorporating the defined terms used in the Agreement,
hereby amend the Agreement to read as follows:
"2.1. CREDIT FACILITY. The Lender hereby agrees to extend a Line of Credit
to Borrower, subject to the terms and conditions of this Agreement in the
principal amount of $6,500,000.00, which will be used by the Borrower for the
following purpose: To support standby Letters of Credit for
operations/agreements with New York Marine and General Insurance Company
("NYMAGIC")."
"2.3." FEE. The Borrower will pay a fee equal to 1.50% per annum of the
amount requested for each Standby Letter of Credit, calculated from the time
issued until the current expiration date of the Letter.
Except as hereby amended, the Agreement shall remain in full force and effect.
THIS SPACE LEFT INTENTIONALLY BLANK.
IN WITNESS WHEREOF, Borrower and Lender have executed this Amendment as of
the date first hereinabove set forth.
TWIN BRIDGES (BERMUDA) LTD. KEYBANK NATIONAL ASSOCIATION
By: /s/ Xxxxxxxx X. Xxxxx By: /s/ Xxxxxx Xxxxxxxxx
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Name: Xxxxxxxx X. Xxxxx Name: Xxxxxx Xxxxxxxxx
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Title: Director Title: Vice President
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