Document:

<PAGE>

                                  Exhibit 10.16

                        Agreement of Ownership Structure
                                     In the
                         Sakhalin Palace Resort Project
                        Dated the 25th day of June, 1999

                              Summary of Agreement

This Agreement shall establish clearly the ownership structure of the Sakhalin
Palace Resort Project (the Project) as previously determined collectively by the
Parties, being individually CCA Companies Limited (the Client), Arter Group
Limited (the Advisor) and Valmet S.A. (the Agent).

                              Summary of Structure

The Project is wholly operated and owned by a company established in, and
according to the laws of, the Russian Federation, named Sakhalin City Centre
Limited (SCC).

The ownership of the Parties in the underlying Project, and specifically SCC,
will be represented by a company established in, and according to the laws of,
Cyprus, named Sakhalin General Trading & Investment Limited (SGTI).

There is additional ownership in SCC by regional and city administrations, being
the Sakhalin Oblast Administration (the Oblast) and the Yuzhno-Sakhalinsk City
Administration (the City).

                                  SCC Ownership

SGTI will, subject to agreement, own 80% (eighty percent) of the shares of SCC
and will retain full executive control over the management and implementation of
the Project.

The remaining 20% (twenty percent) of shares, subject to final negotiation, will
be owned by the Oblast and the City.

                                 SGTI Ownership

The shareholding structure of SGTI will be as follows;

      o  The Client, being CCA Companies Limited, will own 50% (fifty percent)
         of the shares of SGTI which will give an effective ownership
         individually in SCC of 40% (forty percent).
      o  The Advisor, being Arter Group Limited, will own 31.25% (thirty-one
         point two five percent) of the shares of SGTI which will give an
         effective ownership individually in SCC of 25% (twenty-five percent).
      o  The Agent, being Valmet S.A., will own 18.75% (eighteen point seven
         five percent) of the shares of SGTI which will give an effective
         ownership individually in SCC of 15% (fifteen percent).

A Board of Directors (the Board) will be established for SGTI that will
collectively manage the joint shareholding in SCC. The specific conditions for
this management policy will be clearly set out and agreed to in the Articles of
Association of SGTI.

                                   Page 1 of 3

<PAGE>

                                  Exhibit 10.16

The Board will be composed of 5 (five) members, of which 2 (two) members will be
proposed by the Client, 2 (two) members will be proposed by the Advisor, and 1
(one) member will be proposed by the Agent. The member proposed by the Agent
will act as Chairman, who in the event of dispute will not exercise his casting
vote.

Any additional company or companies that may be established for the purpose of
managing or implementing any element of the Project will proportionately reflect
the shareholding structure of SGTI as described above, and may be subject to
further written agreement.

                             Obligations of Parties

The Parties shall individually take on the following obligations;

The Client

The Client shall;

      o  Undertake to provide the Advisor and the Agent with any information
         related to the Project deemed reasonably necessary, in a timely
         fashion.
      o  Undertake to provide any authorizations for the Advisor and the Agent,
         written or otherwise, that may be needed to act on its behalf.
      o  Undertake to provide any other assistance as is reasonably required.

The Advisor

The Advisor shall;

      o  Undertake responsibility, as far as possible and as agreed, for any
         negotiations or activities with financial institutions, government
         institutions, or any other bodies, located in the Russian Federation,
         related to the successful implementation of the Project.
      o  Undertake to keep the parties fully informed of any negotiations or
         activities thus carried out, in a timely fashion.

The Agent

The Agent shall;

      o  Undertake responsibility, as far as possible and as previously agreed,
         for any negotiations or activities with financial institutions,
         government institutions, or any other bodies, located outside the
         Russian Federation, related to the successful implementation of the
         Project.
      o  Undertake to keep the Parties fully informed of any negotiations or
         activities thus carried out, in a timely fashion.

                               Costs and Expenses

The Parties shall as far as possible, bear their own expenses, excepting as
previously agreed in writing.

In the case of payment for other parties external to this Agreement, or services
thus engaged, by either the Advisor or the Agent, and with the previous written
agreement of the Client, the Client will pay directly on presentation of an
appropriate invoice from these parties. In the occurrence of any payment delays
or other payment problems related to these parties or services, both the Advisor
and the Agent shall be fully indemnified by the Client and shall not be liable
for any penalties or fines.

                                   Page 2 of 3

<PAGE>

                                  Exhibit 10.16

                                  Miscellaneous

This Agreement is subject to the Advisor and/or the Agent, by way or means of
the obligations stated above, negotiating sufficient funding for the completion
of the Project as planned by the Client. Sufficient funding is defined as 70%
(seventy percent) of the total estimated cost of the Project, the remainder to
be equity financing, that will be arranged by the Client.

This Agreement comes into force on the day of acceptance of such funding for the
Project and following its signing by all Parties, and shall then remain in force
until such time as written agreement is reached by all parties unanimously as to
its cancellation. However, the Client retains the right to terminate the
Agreement with 60 (sixty) days notice to all Parties in writing, only prior to
the acceptance of funding. Such acceptance is defined as a term sheet or letter
of intent issued by a financing organization, offering a commitment to provide
sufficient funding as defined above. A refusal by the Client to accept the
funding shall not preclude the other Parties from engaging in any competing
Project.

The Agreement exists in 3 (three) copies, one each to be retained by the Client,
the Advisor and the Agent, all copies completed in the English language.

Any changes, amendments or additions to this Agreement must be confirmed by each
and all Parties in writing, and it is understood that any such correspondence
must be in the English language.

This Agreement is governed by the laws of the State of New York. Any dispute
arising out of or relating to this agreement shall be determined and resolved by
arbitration in accordance with the INTERNATIONAL ARBITRATION RULES OF THE
AMERICAN ARBITRATION ASSOCIATION. Any decision reached by such arbitration shall
be final and binding on the Parties.

                              Addresses of Parties

<TABLE>
<CAPTION>
For the Client-                  For the Advisor-              For the Agent-

<S>                              <C>                           <C>
Mr. Dallas Dempster              Mr. Andrei Chuguevsky         Mr. Christopher Samuelson

CCA Companies Ltd.               Arter Capital Ltd.            Valmet S.A.
3250 Mary Street                 P.O. Box 175                  1 Rue des Moulins
Suite 1005                       100 Market Street             P.O. Box 5740
Coconut Grove                    Douglas                       CH 1211
Florida 33133                    Isle of Man IM99 ITT          Geneva 11
United States of America         United Kingdom                Switzerland

Telephone   + 44 207 235 8332    Telephone  + 7 095 9353480    Telephone  + 41 22 819 9000
Facsimile   + 44 207 235 1604    Facsimile  + 7 095 2300386    Facsimile  + 41 22 819 9090
</TABLE>

                              Signatures of Parties

<TABLE>
<CAPTION>
<S>                              <C>                           <C>
 /s/  Dallas Dempster             /s/  Andrei Chuguevsky        /s/ Christopher Samuelson
-----------------------------    --------------------------    --------------------------
Mr. Dallas Dempster              Mr. Andrei Chuguevsky         Mr. Christopher Samuelson
CEO, CCA Companies Ltd.          Director, Arter Capital Ltd.  CEO, Valmet S.A.
</TABLE>

                                   Page 3 of 3EXHIBIT 10.(X)

                 FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT

THIS FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT (this "AMENDMENT") is made
and entered into as of the 27th day of April, 1999, by and among RANKIN
AUTOMOTIVE GROUP, INC., a Louisiana corporation ("BORROWER"), with its principal
place of business at 3711 South MacArthur, Alexandria Louisiana 71302, the
financial institution(s) listed on the signature pages hereof or which may
become parties hereto and their respective successors and assigns (each
individually a "LENDER" and collectively "LENDERS") and HELLER FINANCIAL, INC.,
a Delaware corporation (in its individual capacity, "HELLER"), with offices at
500 West Monroe Street, Chicago, Illinois 60661, for itself as a Lender and as
Agent.

                                   RECITALS

      A. Borrower, Agent and Lenders have entered into that certain Loan and
Security Agreement, dated as of March 10, 1999 (the "LOAN AGREEMENT").

      B. Borrower, Agent and Lenders, desire to amend the Loan Agreement, as
hereinafter set forth, subject to the terms and conditions set forth herein

      NOW, THEREFORE, in consideration of the premises herein contained and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties, intending to be legally bound, agree as
follows:

                                   ARTICLE I
                                  DEFINITIONS

      Capitalized terms used in this Amendment are defined in the Loan
Agreement, as amended hereby, unless otherwise stated.

                                  ARTICLE II
                                  AMENDMENTS

      2.01 AMENDMENT TO SECTION 7.1(A)(6). Effective as of the date hereof,
SECTION 7.1(A)(6) shall be deleted in its entirety.

      2.02 AMENDMENT TO SECTION 7.5(B). Effective as of the date hereof, SECTION
7.5(B) is deleted in its entirety and replaced with the following:

            "(B) Borrower may, provided, that no Default or Event of Default has
occurred or is continuing and such payment or payments will not result in a
Default or Event of Default, (i) pay accrued and unpaid interest on a monthly
basis and (ii) make a payment of principal once each month for eighteen (18)
months in equal installments in the ordinary course of business on the Allied
Notes; PROVIDED, HOWEVER, that, within thirty days of the Funding Date related
to the Allied Acquisition, all or a portion of the Allied Notes may be converted
to the common stock of Borrower in the manner and at the conversion ratio set
forth in the Allied Notes; and"

                                       36
<PAGE>
      2.03 AMENDMENT TO SECTION 7.5(C). Effective as of the date hereof, SECTION
7.5(C) of the Loan Agreement is hereby deleted in its entirety.

      2.04 AMENDMENT TO SECTION 8.1. Effective as of the date hereof, SECTION
8.1 shall be amended by inserting the following:

            "(S) ALLIED NOTES. Notwithstanding anything herein to the contrary,
(a) a Default or Event of Default under the Allied Notes and/or (b) an
amendment, modification, or supplement to the terms and conditions of the Allied
Note."

      2.05 AMENDMENT TO SECTION 11.1. Effective as of the date hereof, SECTION
11.1 shall be amended by deleting definitions for the following defined terms:
"Second Allied Note" and "Allied Principal Payment".

                                  ARTICLE III
                             CONDITIONS PRECEDENT

      The effectiveness of this Amendment is subject to the satisfaction of the
following conditions precedent, unless specifically waived in writing by Agent
and each Lender:

            (a) Agent and each Lender shall have received the following, in form
and substance satisfactory to Agent and each Lender (unless waived or the
satisfaction delayed by Agent in writing):

                  (i)   this Amendment, duly executed by Borrower;

                  (ii) company general certificates certified by the Secretary
            or Assistant Secretary of Borrower acknowledging (A) that Borrower's
            Board of Directors met prior to the Closing Date and at that time
            adopted, approved, consented to and ratified resolutions which
            authorize the execution and delivery by such Borrower of this
            Amendment, and (B) the names of the officers of Borrower authorized
            to sign this Amendment together with specimen signatures of such
            officers;

                  (iii) a copy of the resolutions of Borrower authorizing (A)
            the execution, delivery and performance of this Amendment, and (B)
            the consummation of the transactions contemplated by this Amendment,
            all certified by the Secretary or Assistant Secretary of such
            Borrower;

                  (iv) such additional documents, instruments and information as
            Agent or any Lender or their respective legal counsel may request.

            (b) The representations and warranties contained herein, in the Loan
      Agreement, as amended hereby, and in the other Loan Documents, shall be
      true and correct as of the date hereof, as if made on the date hereof.

            (c) No Default or Event of Default shall have occurred and be
      continuing which Agent shall not have waived in writing.

                                       37
<PAGE>
            (d) All corporate proceedings taken in connection with the
      transactions contemplated by this Amendment and all documents, instruments
      and other legal matters incident thereto shall be satisfactory to Agent,
      each Lender, and their respective legal counsel.

                                  ARTICLE IV
                                   NO WAIVER

      Nothing contained in this Amendment shall be construed as a waiver by
Agent or any Lender of any covenant or provision of the Loan Agreement, the Loan
Documents, this Amendment, or of any other contract or instrument between
Borrower and Agent or any Lender, and the failure of Agent or any Lender at any
time or times hereafter to require strict performance by Borrower of any
provision thereof shall not waive, affect or diminish any right of Agent or any
Lender to thereafter demand strict compliance therewith. Agent and Lenders
hereby reserve all rights granted under the Loan Agreement, the Loan Documents,
this Amendment and any other contract or instrument between Borrower and Agent
or any Lender.

                                   ARTICLE V
                 RATIFICATIONS, REPRESENTATIONS AND WARRANTIES

      5.01 RATIFICATIONS. The terms and provisions set forth in this Amendment
shall modify and supersede all inconsistent terms and provisions set forth in
the Loan Agreement and the other Loan Documents, and, except as expressly
modified and superseded by this Amendment, the terms and provisions of the Loan
Agreement and the other Loan Documents are ratified and confirmed and shall
continue in full force and effect. Borrower and Agent and each Lender agree that
the Loan Agreement and the other Loan Documents, as amended hereby, shall
continue to be legal, valid, binding and enforceable in accordance with their
respective terms. Each of the Guarantors hereby ratifies and confirms its
Guaranty, the Loan Agreement, as amended hereby, and each and every other Loan
Document to which each is a party after giving effect to this Amendment.

      5.02 REPRESENTATIONS, WARRANTIES AND AGREEMENTS. Borrower hereby
represents and warrants to Agent and each Lender that (a) the execution,
delivery and performance of this Amendment and any and all other Loan Documents
executed and/or delivered in connection herewith have been authorized by all
requisite corporate action on the part of Borrower and will not violate the
Articles of Incorporation or Bylaws of Borrower; (b) the representations and
warranties contained in the Loan Agreement, as amended hereby, and any other
Loan Documents, as amended hereby (including this Amendment), are true and
correct on and as of the date hereof and on and as of the date of execution
hereof as though made on and as of each such date except as set forth in
SCHEDULE 1 hereto; (c) no Default or Event of Default under the Loan Agreement,
as amended hereby, has occurred and is continuing except as set forth in
SCHEDULE 1 hereto; and (d) Borrower is in full compliance with all covenants and
agreements contained in the Loan Agreement and the other Loan Documents, as
amended hereby.

                                       38
<PAGE>
                                   ARTICLE VI
                           MISCELLANEOUS PROVISIONS

      6.01 SURVIVAL OF REPRESENTATIONS AND WARRANTIES. All representations and
warranties made in the Loan Agreement or any other Loan Documents, including,
without limitation, any document furnished in connection with this Amendment,
shall survive the execution and delivery of this Amendment and the other Loan
Documents, and no investigation by Agent or any Lender or any closing shall
affect the representations and warranties or the right of Agent or any Lender to
rely upon them.

      6.02 REFERENCE TO LOAN AGREEMENT. Each of the Loan Agreement and the other
Loan Documents (including this Amendment), and any and all other agreements,
documents or instruments now or hereafter executed and delivered pursuant to the
terms hereof or pursuant to the terms of the Loan Agreement, as amended hereby,
are hereby amended (unless the context clearly requires otherwise) so that any
reference in the Loan Agreement and such other Loan Documents to the Loan
Agreement shall mean a reference to the Loan Agreement as amended hereby.

      6.03 EXPENSES OF AGENT AND LENDERS. As provided in the Loan Agreement,
Borrower agrees to pay on demand; and hereby authorizes and confirms Agent's
right to make a Loan under the Loan Agreement to pay when due, all costs and
expenses incurred by Agent or any Lender in connection with the preparation,
negotiation and execution of this Amendment executed pursuant hereto and any and
all amendments, modifications, and supplements thereto, including, without
limitation, the costs and fees of Agent's and any Lender's legal counsel, and
all costs and expenses incurred by Agent and each Lender in connection with the
enforcement or preservation of any rights under the Loan Agreement, as amended
hereby, or any other Loan Documents, including, without, limitation, the costs
and fees of Agent's and each Lender's legal counsel.

      6.04 SEVERABILITY. Any provision of this Amendment held by a court of
competent jurisdiction to be invalid or unenforceable shall not impair or
invalidate the remainder of this Amendment and the effect thereof shall be
confined to the provision so held to be invalid or unenforceable.

      6.05 SUCCESSORS AND ASSIGNS. This Amendment is binding upon and shall
inure to the benefit of Agent and each Lender and Borrower and their respective
successors and assigns, except that Borrower may not assign or transfer any of
their rights or obligations hereunder without the prior written consent of Agent
and Lenders.

      6.06 COUNTERPARTS. This Amendment may be executed in one or more
counterparts, each of which when so executed shall be deemed to be an original,
but all of which when taken together shall constitute one and the same
instrument.

      6.07 EFFECT OF WAIVER. No consent or waiver, express or implied, by Agent
or any Lender to or for any breach of or deviation from any covenant or
condition by Borrower shall be deemed a consent to or waiver of any other breach
of the same or any other covenant, condition or duty.

      6.08 HEADINGS. The headings, captions, and arrangements used in this
Amendment are for convenience only and shall not affect the interpretation of
this Amendment.

                                       39
<PAGE>
      6.09 APPLICABLE LAW. THIS AMENDMENT AND ALL OTHER LOAN DOCUMENTS EXECUTED
PURSUANT HERETO SHALL BE DEEMED TO HAVE BEEN MADE AND TO BE PERFORMABLE IN AND
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
ILLINOIS.

      6.10 FINAL AGREEMENT. THE LOAN AGREEMENT, AS AMENDED HEREBY, AND THE OTHER
LOAN DOCUMENTS REPRESENT THE ENTIRE EXPRESSION OF THE PARTIES WITH RESPECT TO
THE SUBJECT MATTER HEREOF ON THE DATE THIS AMENDMENT IS EXECUTED. NEITHER THE
LOAN AGREEMENT AS AMENDED HEREBY NOR THE OTHER LOAN DOCUMENTS, MAY BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS
OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. NO
MODIFICATION, RESCISSION, WAIVER, RELEASE OR AMENDMENT OF ANY PROVISION OF THIS
AMENDMENT SHALL BE MADE, EXCEPT BY A WRITTEN AGREEMENT SIGNED BY BORROWER AND
AGENT AND EACH LENDER.

      6.11 RELEASE. BORROWER HEREBY ACKNOWLEDGES THAT IT HAS NO DEFENSE,
COUNTERCLAIM, OFFSET, CROSS-COMPLAINT, CLAIM OR DEMAND OF ANY KIND OR NATURE
WHATSOEVER THAT CAN BE ASSERTED TO REDUCE OR ELIMINATE ALL OR ANY PART OF ITS
LIABILITY TO REPAY THE "INDEBTEDNESS" OR TO SEEK AFFIRMATIVE RELIEF OR DAMAGES
OF ANY KIND OR NATURE FROM AGENT OR ANY LENDER. BORROWER HEREBY VOLUNTARILY AND
KNOWINGLY RELEASES AND FOREVER DISCHARGES AGENT AND EACH LENDER, THEIR
RESPECTIVE PREDECESSORS, OFFICERS, DIRECTORS, AGENTS, EMPLOYEES, SUCCESSORS AND
ASSIGNS, FROM ALL CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS,
EXPENSES, AND LIABILITIES WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR
UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED, CONTINGENT, OR CONDITIONAL, AT
LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE DATE THIS
AMENDMENT IS EXECUTED, WHICH THE BORROWER MAY NOW, OR REASONABLY EXPECT
HEREAFTER TO, HAVE AGAINST AGENT AND EACH LENDER, THEIR RESPECTIVE PREDECESSORS,
OFFICERS, DIRECTORS, AGENTS, EMPLOYEES, SUCCESSORS AND ASSIGNS, IF ANY, AND
IRRESPECTIVE OF WHETHER ANY SUCH CLAIMS ARISE OUT OF CONTRACT, TORT, VIOLATION
OF LAW OR REGULATIONS, OR OTHERWISE, AND ARISING FROM ANY "LOANS", INCLUDING,
WITHOUT LIMITATION, ANY CONTRACTING FOR, CHARGING, TAKING, RESERVING, COLLECTING
OR RECEIVING INTEREST IN EXCESS OF THE HIGHEST LAWFUL RATE APPLICABLE, THE
EXERCISE OF ANY RIGHTS AND REMEDIES UNDER THE LOAN AGREEMENT OR OTHER LOAN
DOCUMENTS, AND NEGOTIATION FOR AND EXECUTION OF THIS AMENDMENT.

                  [REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]

                                       40
<PAGE>
      IN WITNESS WHEREOF, this Amendment has been executed and is effective as
of the date first above-written.

BORROWER:                                   LENDERS:

RANKIN AUTOMOTIVE GROUP, INC.               HELLER FINANCIAL, INC.

By:    /S/ RANDALL B. RANKIN               By:    /S/ JEFFREY D. MORSE
Name:      RANDALL B. RANKIN               Name:      JEFFREY D. MORSE
Title:     CEO, CHAIRMAN                   Title:     VICE PRESIDENT
FEIN:

                                            FINOVA CAPITAL CORPORATION

                                            By:    /S/ THOMAS L. GIBBONS
                                            Name:      THOMAS L. GIBBONS
                                            Title:     VICE PRESIDENT

                                            BANK ONE, TEXAS, N.A.

                                            By:    /S/ J. V. CARR, JR.
                                            Name:      J. V. CARR, JR.
                                            Title:     SR. VICE PRESIDENT

                                       41

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