[LOGO] 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, as previously revised by that
certain Modification of Note dated October 10, 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, 1998, subject to any
installment maturities in the Note.
The principal balance of the Note as of June 26, 1998, 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:
TERMINATION DATE OF THE NOTE IS HEREBY EXTENDED TO JULY 1, 1999.
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 26th day of June, 1998.
ZENITH NATIONAL INSURANCE CORP., A
DELAWARE CORPORATION
By: /s/ Xxxxxxx X. Xxx
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Xxxxxxx X. Xxx, Chairman of the Board and 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
Date
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Accepted and revision and/or extension granted in reliance upon each of the
representations and agreements hereinabove contained.
Dated: June 26, 1998. CITY NATIONAL BANK
By: /s/ Xxxxxxxx Xxxxx
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Xxxxxxxx Xxxxx, Vice President
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