EXHIBIT 10(bm)
AMENDMENT NO. 4
Loan Agreement Between Hallmark Financial Services, Inc.
And Dorinco Reinsurance Company
This Amendment No. 4 is made and entered into effective as of November
8, 2001, by and between Hallmark Financial Services, Inc., a Nevada
corporation (the "Borrower"), and Dorinco Reinsurance Company, a Michigan
corporation (the "Lender").
WHEREAS, Borrower and Lender have entered into a Loan Agreement dated
March 10, 1997, which Loan Agreement has previously been amended by an
Amendment No. 1 executed by Borrower on July 31, 1998 and by Lender on
August 14, 1998; an Amendment No. 2 effective as of March 5, 1999; and an
Amendment Xx. 0 xxxxxxxxx xx xx Xxxxxxxx 00, 0000 (xx amended, the
"Agreement");
WHEREAS, Borrower has reduced the original principal amount outstanding
pursuant to the Loan Agreement and has executed a Third Renewal Promissory
Note of even date herewith reflecting the new principal balance and certain
revised payment terms;
THEREFORE, in consideration of the mutual covenants contained herein the
parties hereby agree as set forth below.
A. Subsection 0.xx. of the Agreement is hereby deleted in its entirety
and the following Subsection 0.xx. is substituted in its place:
"ac.'Promissory Note' means the Third Renewal Promissory
Note dated November 8, 2001, in the original principal amount of
$1,719,331.00 from Borrower, as maker, payable to the order of
Lender, and all extensions, renewals, substitutions and
modifications thereof."
B. Section 2 of the Agreement is hereby deleted in its entirety and
the following Section 2 is substituted in its place:
"2. Promissory Note Commitment. Lender will loan to
Borrower the sum of $1,719,311.00 upon the terms and conditions set
forth in this Agreement and the Promissory Note for the purposes set
forth in Subsection 6.k. of this Agreement."
C. Except as expressly amended hereby, all terms and conditions
of the Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment No.
4 to be effective as of the date set forth above.
BORROWER:
HALLMARK FINANCIAL SERVICES, INC.
By:________________________________________
Name: Xxxxx X. Xxxxxxx
Title: President
LENDER:
DORINCO REINSURANCE COMPANY
By:________________________________________
Name:______________________________________
Title:_______________________________________
