AMENDMENT TO PROMISSORY NOTE AND SECURITY AGREEMENT
DATED FEBRUARY 16, 2000
This Amendment, made this day of May, 2000, amends the Promissory Note and
Security Agreement dated February 16, 2000 ("Note") by and between X. Xxxxxxx
Xxxxxx ("Borrower") and Penn-America Insurance Company ("Lender"). This
amendment is effective February 16, 2000.
Pursuant to paragraph 15.B. of the Note, Borrower and Lender hereby
specifically agree to amend paragraph 2. of the Note, effective February 16,
2000, to read as follows:
2. Borrower's Promise to Pay Principal and Interest. In return
for the funds loaned by Lender to Borrower for the
acquisition of PNG common stock, Borrower promises to pay
$97,943.02 (the "Principal"), plus interest to the order of
the Lender. Interest, at an annual rate of (6.20%), will be
charged on that part of the Principal which has not been
paid from the date of this Note until all Principal has been
paid in full, with interest to be accrued semi-annually. See
attached Addendum, incorporated herein by reference, for
specifics of the transaction(s), which generated the
principal due and owing herein.
This Amendment is limited as specified and shall not constitute or be
deemed to constitute an amendment, modification or waiver of any provision of
the Note except as expressly set forth herein. Except as expressly amended
hereby, the Note shall remain in full force and effect in accordance with its
terms.
IN WITNESS WHEREOF, the parties hereto have hereunto set their hands and
seals the day and year first above written.
PENN-AMERICA INS. CO. Borrower:
By: /s/ Xxxxxxx X Xxxxxxxx /s/ X. Xxxxxxx Xxxxxx
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WITNESS:
/s/ Xxxxxx X. Xxxxx
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