PROTECTIVE LIFE CORP
EX-10(C)  AMENDED AND RESTATED CREDIT AGREEMENT
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>4
<FILENAME>plc10qexhibit10c.htm
<DESCRIPTION>EX-10(C)  AMENDED AND RESTATED CREDIT AGREEMENT
<TEXT>
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<TITLE>Exhibit 10(c)</TITLE>
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                                                                                                    <B>Exhibit 10(c)</B><BR>

                                                                                                 <B>[EXECUTION COPY]</B></FONT></P>






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<PRE>
                                                         <B>AMENDED AND RESTATED
                                                           CREDIT AGREEMENT


                                                                 among

                                                PROTECTIVE LIFE CORPORATION, PROTECTIVE
                                                        LIFE INSURANCE COMPANY

                                                     THE SEVERAL LENDERS FROM TIME
                                                         TO TIME PARTY HERETO
                                                             AMSOUTH BANK
                                                                  and
                                                    WACHOVIA CAPITAL MARKETS, LLC,
                                           as Joint Lead Arrangers and Co-Syndication Agents

                                                                  and

                                                             AMSOUTH BANK,
                                                        as Administrative Agent

                                                $200,000,000 Revolving Credit Facility


                                                       Dated as of July 30, 2004</B>
</PRE>
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A<B>MENDED AND RESTATED</B><BR>
<B>CREDIT AGREEMENT</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS
AMENDED AND RESTATED CREDIT AGREEMENT</B> dated as of July 30, 2004 (&#147;this
Agreement&#148;) is entered into by and among <B>PROTECTIVE LIFE CORPORATION</B>, a Delaware
corporation (&#147;PLC&#148;), <B>PROTECTIVE LIFE INSURANCE COMPANY</B>, a Tennessee corporation
(&#147;PLICO&#148;; PLC and PLICO are together referred to as the &#147;Borrowers&#148;),
<B>AMSOUTH BANK</B>, an Alabama banking corporation (&#147;AmSouth&#148;), and the various
lenders identified on the signature pages hereto (collectively, with all other persons
that may from time to time hereafter become Lenders hereunder by execution of an
Assignment and Acceptance, the &#147;Lenders&#148;), and <B>AMSOUTH BANK</B>, in its capacity, as
Agent for the Lenders (the &#147;Agent&#148;). </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>RECITALS</B> </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          PLC, the Lenders and AmSouth, as Agent for the Lenders, have heretofore entered
          into a Credit Agreement dated as of October 17, 2001 (the &#147;Original Credit
          Agreement&#148;) pursuant to which the Lenders agreed to make available to PLC a
          credit facility in the maximum principal amount of $200,000,000. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The Borrowers, the Lenders and the Agent wish to amend and restate the Original
          Credit Agreement in its entirety, as hereinafter set forth. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>AGREEMENT </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NOW,
THEREFORE</B>, in consideration of the foregoing recitals, and of the mutual agreement of the
parties hereto, the Borrowers, the Lenders and the Agent agree as follows: </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ARTICLE I</B> </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>DEFINITIONS</U></B> </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
used in this Agreement:</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Adjusted
Consolidated Indebtedness&#148; means (i) Consolidated Indebtedness, less
(ii)&nbsp;Short-Term Indebtedness for advance fundings of guaranteed investment contracts,
annuities and other similar insurance and investment products. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Adjusted
Consolidated Interest Expense&#148; means, for any period of calculation,
(i)&nbsp;Consolidated Interest Expense, less (ii) interest on Short-Term Indebtedness for
advance fundings of guaranteed investment contracts, annuities and other similar insurance
and investment products. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Adjusted
Consolidated Net Worth&#148; means at any date of determination, Consolidated Net Worth
excluding all unrealized net losses and gains on assets held for sale pursuant to SFAS 115
and other accumulated comprehensive income pursuant to SFAS No. 133, to the extent such
unrealized net losses and gains have been taken into account in determining Consolidated
Net Worth. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Affiliate&#148;
of any Person means any other Person directly or indirectly controlling, controlled by or
under common control with such Person. A Person shall be deemed to control another Person
if the controlling Person owns 10% or more of any class of voting securities (or other
ownership interests) of the controlled Person or possesses, directly or indirectly, the
power to direct or cause the direction of the management or policies of the controlled
Person, whether through ownership of stock, by contract or otherwise. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Agent&#148;
means AmSouth Bank in its capacity as agent for the Lenders pursuant to Article&nbsp;IX of
this Agreement, and not in its individual capacity as a Lender, and any successor Agent
appointed pursuant to Article IX hereof. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Agreement&#148;
means this Amended and Restated Credit Agreement (including all schedules and exhibits
hereto), as it may be further amended or modified and in effect from time to time. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;AmSouth&#148;
means AmSouth Bank, an Alabama banking corporation, in its individual capacity, and its
successors and assigns. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Annual
Statement&#148; means the annual statutory financial statement of any Insurance Subsidiary
required to be filed with the insurance commissioner (or similar authority) of its
jurisdiction of incorporation, which statement shall be in the form required by such
Insurance Subsidiary&#146;s jurisdiction of incorporation or, if no specific form is so
required, in the form of financial statements recommended by the NAIC to be used for
filing annual statutory financial statements and shall contain the type of information
recommended by the NAIC to be disclosed therein, together with all exhibits or schedules
filed therewith. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Applicable
Facility Fee,&#148; &#147;Applicable LIBOR Rate Margin,&#148; and &#147;Applicable Prime
Rate Margin&#148; mean, with respect to any Revolving Credit Loan, Letter of Credit and
the facility fee, the rates per annum set forth opposite the appropriate test in the
pricing grid below: </FONT></P>

<PRE>
                                                         Prime Rate            LIBOR
                                                          Margin in          Margin in         Facility Fee in
                  S&amp;P Rating of PLC                     Basis Points        Basis Points        Basis Points

  Tier 1 - Greater than or equal to A+                      0bps               25bps                      8.5bps

  Tier 2 - Greater than or equal to A                       0bps               30bps                        9bps

  Tier 3 - Greater than or equal to A-                      0bps               40bps                       10bps

  Tier 4 - Greater than or equal to BBB+                    0bps               50bps                     12.5bps

  Tier 5 - Greater than or equal to BBB-                    0bps               95bps                       20bps

  Tier 6 - Less than BBB-                                   20bps              120bps                      30bps
</PRE>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Applicable Facility Fee,
Applicable LIBOR Rate Margin and Applicable Prime Rate Margin shall be based on PLC&#146;s
current senior long-term unsecured debt rating as published by S&amp;P and as determined
by the above-referenced pricing grid. Changes in the Applicable Facility Fee and
Applicable Prime Rate Margin shall become effective on the date on which the rating change
was announced by S&amp;P. Changes in the Applicable LIBOR Margin shall become effective at
the end of the applicable Interest Period subsequent to the date on which the rating
change was announced by S&amp;P. As of the date of this Agreement, PLC is currently rated
A by S&amp;P and the Applicable LIBOR Rate Margin is therefor 30 basis points and the
Applicable Facility Fee is therefor 9 basis points. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Article&#148;
means an article of this Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Assignment
and Acceptance&#148; means an Assignment and Acceptance in the form of Exhibit 9.2 (with
blanks appropriately completed) delivered in connection with an assignment of a portion of
a Lender&#146;s interest under this Agreement pursuant to Section 9.2. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Authorized
Officer&#148; means any of the President, Chief Financial Officer, Chief Accounting
Officer or any Vice President of the Borrowers, acting singly. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Borrowers&#148;
means collectively, PLC and PLICO, and their successors and assigns. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Borrowing
Notice&#148; is defined in Section 2.5.</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Business
Day&#148; means any day on which Agent is open for the conduct of ordinary business;
provided however, that when used in connection with determining the LIBOR Rate, the term
&#147;Business Day&#148; shall exclude any day on which banks are not open for dealings in
U.S. Dollar deposits in the London Interbank Market. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Capitalized
Lease&#148; of a Person means any lease of Property by such Person as lessee that would be
capitalized on a balance sheet of such Person prepared in accordance with GAAP. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Capitalized
Lease Obligations&#148; of a Person means the amount of the obligations of such Person
under Capitalized Leases that would be shown as a liability on a balance sheet of such
Person prepared in accordance with GAAP. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Change
in Control&#148; means the acquisition by any Person, or two or more Persons acting in
concert, of beneficial ownership (within the meaning of Rule 13d-3 of the Securities and
Exchange Commission under the Securities Exchange Act of 1934) of 35% or more of the
outstanding shares of voting stock of PLC. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Closing
Date&#148; means July 30, 2004. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Code&#148;
means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from
time to time. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Consolidated
Capitalization&#148; means, at any date of determination, the sum of (i) Adjusted
Consolidated Net Worth as at such date plus (ii) Adjusted Consolidated Indebtedness as at
such time. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Consolidated
Indebtedness&#148; means the Indebtedness of PLC and its Subsidiaries determined on a
consolidated basis in accordance with GAAP. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Consolidated
Interest Expense&#148; means, for any period of calculation, interest expense, whether
paid or accrued, of PLC and its Subsidiaries calculated on a consolidated basis in
accordance with GAAP. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Consolidated
Net Worth&#148; means, at any date of determination, the amount of consolidated common
shareholders&#146; equity of PLC and its Subsidiaries, determined as at such date in
accordance with GAAP (or SAP, with respect to the Insurance Subsidiaries). </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Consolidated
Subsidiary&#148; means, a Subsidiary, the accounts of which are customarily consolidated
with those of PLC for the purpose of reporting to stockholders of PLC or, in the case of a
recently acquired Subsidiary, the accounts of which would, in accordance with PLC&#146;s
regular practice, be so consolidated for that purpose. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Consolidated
Total Assets&#148; means, at any time, the total assets of PLC and its Consolidated
Subsidiaries, determined on a consolidated basis, as set forth or reflected on the most
recent consolidated balance sheet of PLC and its Consolidated Subsidiaries, prepared in
accordance with GAAP. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Credit
Documents&#148; means, collectively, each writing delivered at any time by the Borrowers
to Lenders or Agent relating to the Loans, the Swingline Loans, the Letters of Credit, any
Hedge Agreement or to evidence or secure any of the Obligations. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Default&#148;
means an event described in Article VI. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Default
Rate&#148; means a rate of interest equal to two percentage points (200 basis points) in
excess of the highest interest rate that would otherwise be payable on the principal
amount of the Obligations under the Credit Documents from time to time in the absence of
the existence of a default, or the maximum rate permitted by law, whichever is less. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;ERISA&#148;
means the Employee Retirement Income Security Act of 1974, as amended from time to time. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;ERISA
Affiliate&#148; means any Person that is a member of PLC&#146;s controlled group, or under
common control with PLC, within the meaning of Section 414 of the Code. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;ERISA
Event&#148; means (i) the occurrence with respect to a Plan of a reportable event, within
the meaning of Section 4034 of ERISA, unless the 30-day notice requirement with respect
thereto has been waived by the PBGC, (ii) the provision by the administrator of any Plan
of a notice of intent to terminate such Plan, pursuant to Section 4041(a)(2) of ERISA
(including any such notice with respect to a plan amendment referred to in Section 4041(e)
of ERISA); (iii) the cessation of operations at a facility of PLC or any ERISA Affiliate
in the circumstances described in Section 4062(e) of ERISA; (iv) the withdrawal by PLC or
an ERISA Affiliate from a Multiple Employer Plan during a plan year for which it was a
substantial employer, as defined in Section 4001(a)(2) of ERISA; (v) the conditions set
forth in Section 302(f)(1)(A) and (B) of ERISA to the creation of a lien upon property or
rights to property of PLC or any ERISA Affiliate for failure to make a required payment to
a Plan are satisfied; (vi) the adoption of an amendment to a Plan requiring the provision
of security to such Plan, pursuant to Section 307 of ERISA; or (vii) the institution by
the PBGC of proceedings to terminate a Plan, pursuant to Section 4042 of ERISA, or the
occurrence of any event or condition described in Section 4042 of ERISA that constitutes
grounds for the termination of, or the appointment of a trustee to administer, a Plan. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;GAAP&#148;
means generally accepted accounting principles as in effect from time to time, applied in
a manner consistent with that used in preparing the financial statements referred to in
Section 5.1. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Governmental
Authority&#148; means the federal government, any state or other political subdivision
thereof and any entity exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to government including, without limitation, any
board of insurance, insurance department or insurance commissioner. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Guaranteed
Obligations&#148; of a Person means all guaranties, endorsements, assumptions and other
contingent obligations with respect to, or to purchase or to otherwise pay or acquire,
Indebtedness of others. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Hedge
Agreement&#148; means any agreement between the Borrowers and any Lender now existing or
hereafter entered into, which provides for an interest rate or commodity swap, cap, floor,
collar, forward foreign exchange transaction, currency swap, cross-currency rate swap,
currency option, or any combination of, or option with respect to, these or similar
transactions, for the purpose of hedging the Borrowers&#146; exposure to fluctuations in
interest rates, currency valuations or commodity prices. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Indebtedness&#148;
of a Person means, without duplication, such Person&#146;s (i) obligations for borrowed
money, (ii) obligations representing the deferred purchase price of Property or services
(other than accounts payable arising in the ordinary course of such Person&#146;s business
payable on terms customary in the trade), (iii) obligations, whether or not assumed,
payable out of the proceeds or production from Property now or hereafter owned or acquired
by such Persons, (iv)&nbsp;obligations evidenced by notes, acceptances or other similar
debt instruments, (v) Capitalized Lease Obligations, (vi) obligations for reimbursement of
drafts drawn or available to be drawn under letters of credit, (vii) Synthetic Lease
Obligations and (viii) Guaranteed Obligations. It is understood and agreed, for the
avoidance of doubt, that (a) annuities, guaranteed investment contracts, funding
agreements and similar instruments and agreements, (b)&nbsp;obligations (including without
limitation trust obligations) under reinsurance, coinsurance, modified coinsurance
agreements or similar agreements and related trust agreements, and (c)&nbsp;insurance
products created or entered into in the normal course of business shall not constitute
&#147;Indebtedness&#148;. Notwithstanding the foregoing, Indebtedness shall not include:
(1)&nbsp;the following obligations issued in connection with the funding of statutory
reserves and with respect to which the Borrowers have no obligation to repay: (A) surplus
notes or other obligations of Subsidiaries of the Borrowers (&#147;Capital Market
Notes&#148;), (B) any securities backed by such Capital Market Notes, and (C) any
guarantees by the issuers of the obligations described in (A) and (B) above, (2) any
short-term indebtedness incurred for the pre-funding of anticipated policy obligations or
anticipated investment cash flow, or (3) obligations that are not otherwise included in
items (i) through (viii) of the definition of Indebtedness, but which would be classified
as a liability on the Borrowers&#146; financial statements only by reason of FASB
Interpretation No. 46. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Insufficiency&#148;
means, with respect to any Plan, the amount, if any, of its unfunded benefit liabilities
as defined in Section 4001(a)(18) of ERISA. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Insurance
Subsidiary&#148; means any Subsidiary that is engaged in the insurance business. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Interest
Payment Date&#148; means, (i) as to Prime Rate Loans and Swingline Loans, the first day of
each month, and (ii) as to any LIBOR Loan, the last day of the Interest Period applicable
to such Loan. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Interest
Period&#148; means, as to any LIBOR Loan, the period commencing on (and including) the
date of such LIBOR Loan and ending on (but excluding) the numerically corresponding day
(or, if there is no numerically corresponding day, on the last day) in the calendar month
that is 1, 2 or 3 months thereafter, as Borrowers may elect; provided, however, that (x)
if any Interest Period would end on a day that is not a Business Day, such Interest Period
shall be extended to the next succeeding Business Day unless, with respect to LIBOR Loans,
such next succeeding Business Day would fall in the next calendar month, in which case
such Interest Period shall end on the next preceding Business Day and (y) no Interest
Period with respect to any Loan shall end later than the Termination Date. Interest shall
accrue from and including the first Business Day of an Interest Period to but excluding
the last Business Day of such Interest Period. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Law&#148;
or &#147;Laws&#148; means all applicable constitutional provisions, statutes, codes, acts,
ordinances, orders, judgments, decrees, injunctions, rules, regulations, and requirements
of all Governmental Authorities. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Letters
of Credit&#148; has the meaning assigned in Section 2.16 of this Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Letter
of Credit Documents&#148; has the meaning assigned in Section 2.16.3 of this Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Letter of
Credit Liabilities&#148; has the meaning assigned in Section 2.16 of this Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Lender&#148;
means (a) AmSouth in its capacity as a Lender and each Person listed on the signature
pages hereto and identified as a Lender and (b) each Person that becomes an Assignee
pursuant to the provisions of Section 9.2. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;LIBOR
Liabilities&#148; means deposit liabilities incurred through the London Interbank Market. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;LIBOR Loan&#148;
means a Loan for which the Borrowers have elected application of an interest rate based on
the LIBOR Rate. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;LIBOR
Rate&#148; means, for any given Interest Period with respect to a given LIBOR Loan, the
rate per annum appearing on Telerate Page 3750 (or any successor page) as the London
interbank offered rate for deposits in Dollars at approximately 11:00 a.m. (London time)
two Business Days prior to the first day of such Interest Period for a term comparable to
such Interest Period. If for any reason such rate is not available, the term LIBOR Rate
means, for any given Interest Period with respect to a given LIBOR Loan, the rate per
annum appearing on Reuters Screen LIBOR Page as the London interbank offered rate for
deposits in Dollars at approximately 11:00 a.m. (London time) two Business Days prior to
the first day of such Interest Period for a term comparable to such Interest Period;
provided, however, if more than one rate is specified on Reuters Screen LIBOR Page, the
applicable rate shall be the arithmetic mean of all such rates. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;LIBOR
Rate Reserve Percentage&#148; means the reserve percentage applicable during any Interest
Period (or if more than one such percentage shall be so applicable, the daily average of
such percentages for those days in such Interest Period during which any such percentage
shall be so applicable) under regulations issued from time to time by the Board of
Governors of the Federal Reserve System (or any successor) for determining the maximum
reserve requirement (including, without limitation, any emergency, supplemental or other
marginal reserve requirement) for Lenders with respect to liabilities or assets consisting
of or including LIBOR Liabilities having a term equal to such Interest Period. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;License&#148;
means any license, certificate of authority, permit or other authorization required to be
obtained from a Governmental Authority in connection with the operation, ownership or
transaction of the insurance business. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Lien&#148;
means any lien (statutory or other), mortgage, pledge, hypothecation, assignment, deposit
arrangement, encumbrance or preference, priority or other security agreement or
preferential arrangement of any kind or nature whatsoever (including, without limitation,
the interest of a vendor or lessor under any conditional sale, Capitalized Lease or other
title retention agreement). Notwithstanding the foregoing, a Lien shall not include any
such agreement or arrangement with respect to: (1) the following obligations issued in
connection with the funding of statutory reserves and with respect to which the Borrowers
have no obligation to repay: (A)&nbsp;surplus notes or other obligations of Subsidiaries
of the Borrowers (&#147;Capital Market Notes&#148;), (B)&nbsp;any securities backed by
such Capital Market Notes, and (C) any guarantees by the issuers of the obligations
described in (A) and (B) above, (2) any short-term indebtedness incurred for the
pre-funding of anticipated policy obligations or anticipated investment cash flow, or (3)
obligations that are not otherwise included in items (i) through (viii) of the definition
of Indebtedness, but which would be classified as a liability on the Borrowers&#146;
financial statements only by reason of FASB Interpretation No. 46. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Loan&#148;
means and collectively refers to, loans advanced under the Revolving Credit Loan or, when
the context so requires, advanced as a Swingline Loan. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Material
Adverse Effect&#148; means a material adverse effect on (i) the business, Property,
condition (financial or otherwise), results of operations or prospects of the Borrowers
and their Subsidiaries taken as a whole, (ii) the ability of the Borrowers to perform
their obligations under the Credit Documents or (iii) the validity or enforceability of
any of the Credit Documents or the rights or remedies of the Agent or the Lenders
thereunder. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Maximum
Lawful Amount&#148; means the maximum lawful amount of interest, loan charges, commitment
fees or other charges that may be assessed under Alabama law or, if higher, under
applicable federal law. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Multiemployer
Plan&#148; means a &#147;multiemployer plan&#148; as defined in Section 3(37) of ERISA. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Multiple
Employer Plan&#148; means a single employer plan, as defined in Section 4001(a)(15) of
ERISA, that (i) is maintained for employees of PLC or an ERISA Affiliate and at least one
Person other than PLC and its ERISA Affiliates or (ii) was so maintained and with respect
to which PLC or an ERISA Affiliate could have liability under Section 4064 or 4049 of
ERISA in the event such plan has been or were to be terminated. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;NAIC&#148;
means the National Association of Insurance Commissioners or any successor thereto, or in
lieu thereof, any other association, agency or other organization performing advisory,
coordination or other like functions among insurance departments, insurance commissions
and similar Governmental Authorities of the various states of the United States of America
toward the promotion of uniformity in the practices of such Governmental Authorities. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Notes&#148;
means any of the Revolving Credit Notes and the Swingline Note. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Obligations&#148;
means the obligation of the Borrowers to Lenders to repay the Loans, the obligation of the
Borrowers to the Swingline Lender to repay the Swingline Loans, and all other obligations
of the Borrowers to Lenders and to Agent under this Agreement and the other Credit
Documents, subject to the limitations regarding PLICO set forth in Section 2.19 of this
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;PBGC&#148;
means the Pension Benefit Guaranty Corporation, or any successor thereto. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Permitted
Liens&#148; means: (i) with respect to the Synthetic Lease Facility, any of the following: </FONT></P>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               rights reserved to or vested in any Governmental Authority by the terms of any
               right, power, franchise, grant, license, permit or provision of law affecting
               the Synthetic Lease Facility to (1) terminate, or take any other action which
               has the effect of modifying, such right, power, franchise, grant, license,
               permit or provision of law; provided that such termination or other action, when
               taken, shall not have resulted in a loss event and shall not have had a Material
               Adverse Effect, or (2) purchase, condemn, appropriate or recapture, or designate
               a purchaser of, the Synthetic Lease Facility; </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               any Liens thereon for impositions or taxes and any Liens of mechanics,
               materialmen and laborers for work or services performed or materials furnished
               which (i) are not overdue, or (ii) are being contested in good faith; </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               rights reserved to or vested in any Governmental Authority to control or
               regulate the use of such Property or to use the Synthetic Lease Facility in any
               manner; </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               in the case of the Site, encumbrances, easements, and other similar rights
               existing which existence or exercise of which do not have a Material Adverse
               Effect; and </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               any Liens created under the operative documents relating to the Synthetic Lease
               Facility and any financing statements filed in connection therewith; and </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(ii) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               with respect to any other Property, any of the following: </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Liens existing on the Closing Date of this Agreement securing Indebtedness
               outstanding on the Closing Date; </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               any Lien existing on any asset of (i) corporation or partnership at the time
               such corporation or such partnership becomes a consolidated Subsidiary of PLC,
               or (ii)&nbsp;Subsidiary at the time it becomes a Subsidiary, and in either case
               not created in contemplation of such event; </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               any Lien on any asset securing Indebtedness incurred for the purposes of
               financing all or any part of the cost of constructing such asset, provided that
               such Lien attaches to such asset concurrently with or within 18 months after the
               completion of construction thereof; </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               any Lien on any asset of any corporation existing at the time such corporation
               is merged or consolidated with or into the Borrowers or their Subsidiaries and
               not created in contemplation of such event; </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               any Lien existing on any asset prior to the acquisition thereof by the Borrowers
               or another Subsidiary of the Borrowers and not created in contemplation or such
               acquisition; </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(f) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Liens securing Indebtedness owing by any Subsidiary to the Borrowers; </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(g) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Any Lien arising out of the refinancing, extension, renewal or refunding of any
               Indebtedness secured by any Lien permitted by any of the foregoing clauses of
               this subsection (ii) provided that (i) such Indebtedness is not secured by any
               additional assets, and (ii) the amount of such Indebtedness secured by any such
               Lien is not increased; </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(h) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Liens incidental to the conduct of the business of the Borrowers or any of their
               Subsidiaries or the ownership of their respective assets which (i) do not secure
               Indebtedness and (ii) do not in the aggregate materially detract from the value
               of their respective assets or materially impair the use thereof in the operation
               of their respective businesses; </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(i) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Any Lien on margin stock (as defined in Regulation U); </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(j) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Liens for impositions or taxes either not yet delinquent or which are being
               contested in good faith by appropriate proceedings; </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(k) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Liens not securing Indebtedness which are created by or relate to any legal
               proceedings which at the time are being contested in good faith by appropriate
               proceedings; </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(l) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Any other statutory or inchoate Lien securing amounts other than Indebtedness
               which are not delinquent; </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(m) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Liens securing purchase money debt, or Indebtedness arising under capitalized
               leases; provided, however, that in each case any such Lien attaches only to the
               specific item(s) or property or asset(s) financed with such purchase money debt
               or capitalized lease; and </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(n) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Liens not otherwise permitted by the foregoing paragraphs of this subsection
               (ii) securing Indebtedness and other obligations in an aggregate principal
               amount at any time outstanding not to exceed 15% of Adjusted Consolidated Net
               Worth. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Person&#148;
(whether or not capitalized) means any individual, corporation, partnership, joint
venture, association, joint stock company, trust, unincorporated organization, government,
limited liability company, governmental agency or political subdivision thereof or other
governmental authority, or any other form of entity. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Plan&#148;
means a Single Employer Pension Plan or a Multiple Employer Pension Plan. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;PLC&#148;
means Protective Life Corporation, a Delaware corporation. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;PLICO&#148;
means Protective Life Insurance Company, a Tennessee corporation. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Prime
Rate&#148; means that rate of interest designated by AmSouth from time to time as its
&#147;prime rate&#148;, it being expressly understood and agreed that such prime rate is
merely an index rate used by AmSouth to establish lending rates and is not necessarily
AmSouth&#146;s most favorable lending rate, and that changes in the prime rate are
discretionary with AmSouth. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Prime
Rate Loan&#148; means a Loan for which the Borrowers have elected application of an
interest rate based on the Prime Rate. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Pro
Rata&#148; or &#147;Pro Rata Share&#148; of any amount means, with respect to any Lender
at any time, the product of (i) such amount, multiplied by (ii) such Lender&#146;s
Revolving Credit Percentage at such time of the Revolving Credit Facility; provided
however, if at a time of determination there are principal amounts outstanding under the
Revolving Credit Loan, and if any Lender has failed to fund any unrepaid Revolving Credit
Loan that was funded by any other Lender or Lenders, this apportionment shall be
determined according to the respective total principal amounts of the Revolving Credit
Loan held by the respective Lenders rather than by their Revolving Credit Commitments. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Property&#148;
of a Person means any and all property, whether real, personal, tangible, intangible, or
mixed, of such Person, or other assets owned, leased or operated by such Person. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Regulation
U&#148; means Regulation U of the Board of Governors of the Federal Reserve System as from
time to time in effect and any successor or other regulation or official interpretation of
said Board of Governors relating to the extension of credit by banks for the purpose of
purchasing or carrying margin stocks applicable to member banks of the Federal Reserve
System. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Regulatory
Change&#148; means on or after the Closing Date, the adoption of any applicable law, rule
or regulation, or any change in any applicable law, rule or regulation, or any change in
the interpretation or administration thereof by any Governmental Authority, central bank
or comparable agency charged with the interpretation or administration thereof. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Reimbursement
Obligations&#148; has the meaning assigned in Section 2.16.2 of this Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Required
Lenders&#148; means, at any time, the Lenders owning or holding 51% or more of the sum of
(i) the then aggregate principal amount of the Revolving Credit Commitments then
outstanding plus (ii) the then aggregate Letter of Credit Liabilities; or, if no Loans or
Letters of Credits are then outstanding, the Lenders with 51% or more of the aggregate of
all Revolving Credit Commitments at such time. For purposes of this definition, if at a
time of determination there are principal amounts outstanding under the Revolving Credit
Loan, and if any Lender has failed to fund any unrepaid Revolving Credit Loan that was
funded by any other Lender or Lenders, this determination shall be made according to
Lenders holding the required percentage of principal amounts of the Revolving Credit Loan
rather than by the outstanding Revolving Credit Commitments. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Revolving
Credit Commitment&#148; means, with respect to any Lender at any time, the amount set
forth under such Lender&#146;s name on its signature page hereto under the caption
&#147;Revolving Credit Commitment&#148; or if such Lender has entered into one or more
Assignment and Acceptances, the amount set forth for such Lender at such time in the
register maintained by the Agent pursuant to Section 9.2 as such Lender&#146;s
&#147;Revolving Credit Commitment&#148; as such amount may be reduced at or prior to such
time pursuant to the terms hereof. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Revolving
Credit Facility&#148; means the revolving line of credit established by the Lenders under
Article II. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Revolving
Credit Loans&#148; means the revolving credit loans described in Article II hereof. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Revolving Credit
Note&#148; means the promissory notes of the Borrowers in substantially the form of
Exhibit 2.3, executed and delivered to the Lenders with the Revolving Credit Commitments
pursuant to Section 2.3 or, in connection with an Assignment and Acceptance, pursuant to
Section 9.2, together with any amendments, modifications and supplements thereto and
restatements thereof, in whole or in part. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Revolving
Credit Percentage&#148; means, with respect to any Lender at any time, a fraction
(expressed as a percentage) the numerator of which is the Revolving Credit Commitment of
such Lender at such time and denominator of which is the total Revolving Credit Commitment
at such time; provided that if the Revolving Credit Percentage of any Lender is to be
determined after the Revolving Credit Commitments have been terminated, then such
Revolving Credit Percentage shall be determined immediately prior (and without giving
effect) to such termination. </FONT></P>

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<A NAME=A013></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;S&amp;P&#148;
means Standard &amp; Poor&#146;s Ratings Group.</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;SAP&#148;
means, with respect to any Insurance Subsidiary, the statutory accounting practices
prescribed or permitted by the insurance commissioner (or other similar authority) as of
the Closing Date in the jurisdiction of incorporation of such Insurance Subsidiary for the
preparation of annual statements and other financial reports by insurance companies of the
same type as such Insurance Subsidiary. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Section&#148;
means a numbered section of this Agreement, unless another document is specifically
referenced. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Short-Term
Indebtedness&#148; means all indebtedness that by its terms matures within one year from
and that is not renewable at the option of the obligor to a date later than one year
after, the date such indebtedness was incurred. Any indebtedness which is extended or
renewed (other than pursuant to the option of the obligor) shall be deemed to have been
incurred at the date of such extension or renewal. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Significant
Insurance Subsidiary&#148; means any Significant Subsidiary that is an Insurance
Subsidiary. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Significant
Subsidiary&#148; means any Subsidiary which meets or exceeds any of the following
conditions: </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          PLC&#146;s and its other Subsidiaries&#146; investments in and advances to the
          Subsidiary exceed 10 percent of the total assets of PLC and its Subsidiaries
          consolidated as of the end of the most recently completed fiscal year; or </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          PLC&#146;s and its other Subsidiaries&#146; proportionate share of the total
          assets (after intercompany eliminations) of the Subsidiary exceeds 10 percent of
          the total assets of PLC and its Subsidiaries consolidated as of the end of the
          most recently completed fiscal year; or </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          PLC&#146;s and its other Subsidiaries&#146; equity in the income from continuing
          operations before income taxes, extraordinary items and cumulative effect of a
          change in accounting principle of the Subsidiary exceeds 10 percent of such
          income of PLC and its Subsidiaries consolidated for the most recently completed
          fiscal year. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Single
Employer Plan&#148; means a single employer plan, as defined in Section 4001(a)(15) of
ERISA, that (i) is maintained for employees of PLC or an ERISA Affiliate and no Person
other than PLC and its ERISA Affiliates or (ii) was so maintained and with respect to
which PLC or an ERISA Affiliate could have liability under Section 4069 of ERISA in the
event such plan has been or were to be terminated. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Site&#148;
means certain real property located in Birmingham, Alabama which generally comprises a
building, related parking deck, and related furniture, equipment, fixtures and other
improvements, located at 2801 Highway 280 South, Birmingham, Alabama 35223. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Subsidiary&#148;
means any corporation or other entity of which securities or other ownership interests
having ordinary voting power to elect a majority of the board of directors or other
persons performing similar functions are at the time directly or indirectly owned by PLC.
A separate account established pursuant to SAP or any applicable insurance regulatory
requirement shall be deemed not to be a Subsidiary. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Substantial
Portion&#148; means, with respect to the Property of PLC and its Subsidiaries, Property
that (i) represents more than 10% of the consolidated assets of PLC and its Subsidiaries
as would be shown in the consolidated financial statements of PLC and its Subsidiaries as
at the beginning of the twelve-month period ending with the month in which such
determination is made or (ii) is responsible for more than 10% of the consolidated net
sales or of the consolidated net income of PLC and its Subsidiaries as reflected in the
financial statements referred to in clause (i) above. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Surplus
Note&#148; means a promissory note executed by an Insurance Subsidiary to PLC of the type
generally described in the insurance industry as a &#147;surplus note&#148;, the principal
amount of which is properly recorded by the issuer as an addition to capital and surplus
rather than as a liability in accordance with SAP. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Swingline
Borrowing Notice&#148; has the meaning assigned in Section 2.17.3(b) hereof. </FONT></P>

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<A NAME=A014></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Swingline
Lender&#148; means AmSouth Bank.</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Swingline
Loan&#148; means a loan advanced under Section 2.17 hereof, and funded under the Revolving
Credit Loan. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Swingline
Note&#148; means the promissory note of the Borrowers in substantially the form of Exhibit
2.17.2 hereto executed and delivered to the Swingline Lender, together with any
amendments, modifications and supplements thereto and restatements thereof. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Synthetic
Lease Facility&#148; means those documents pertaining to the synthetic lease facility for
a building, related parking deck and related furniture, equipment, fixtures and other
improvements in Birmingham, Jefferson County, Alabama among Wachovia Capital Investments,
Inc. as Lessor and Ground Lessee, LaSalle Bank National Association and SunTrust Bank as
Lease Participants, PLICO as Lessee and Ground Lessor, and PLC as Guarantor dated as of
February 1, 2000. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Synthetic
Lease Obligations&#148; of a Person means the amount of the obligations of such Person
under any lease that would not be shown as a liability, but would be treated as an
operating lease, in accordance with GAAP, but which arise under a transaction in which the
property subject to such lease is owned by the lessee for the purposes of the Code.
Obligations under the Synthetic Lease Facility are Synthetic Lease Obligations. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Termination
Date&#148; means July 30, 2009, or such earlier date on which the obligations of the
Lenders to make Loans hereunder are terminated pursuant to the terms of this Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Unconsolidated
Cash Inflow Available for Interest Expense&#148; means, for any period of calculation, the
sum (without duplication) of (a) all amounts received by PLC from its Subsidiaries during
such period as (i) interest and principal on Indebtedness (including but not limited to
Surplus Notes) and (ii) management fees (net of expenses incurred in providing the
services for which such management fees were paid), (b) all amounts that PLC&#146;s
Subsidiaries were permitted, under applicable laws and regulations, to distribute to PLC
during each period as dividends, whether or not so distributed, and (c) other income of
PLC. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Unmatured
Default&#148; means an event that, but for the lapse of time or the giving of notice, or
both, would constitute a Default. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Wholly-Owned
Subsidiary&#148; means (i) any Subsidiary all of the outstanding voting securities of
which shall at the time be owned or controlled, directly or indirectly, by PLC or one or
more Wholly-Owned Subsidiaries of PLC, or by PLC and one or more Wholly-Owned Subsidiaries
of PLC, or (ii) any partnership, association, joint venture or similar business
organization 100% of the ownership interests having ordinary voting power of which shall
at the time be so owned or controlled. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
foregoing definitions shall be equally applicable to both the singular and plural forms of
the defined terms. </FONT></P>

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<A NAME=A015></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ARTICLE II</B> </FONT></P>

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<A NAME=A016></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U><B>THE LOANS</B></U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concurrently
with the execution of this Agreement, Lenders agree on a several basis, and not on a joint
basis, in accordance with their respective Revolving Credit Commitments, to make the Loans
to the Borrowers, under the following terms and conditions: </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.1.&nbsp;&nbsp;&nbsp;&nbsp;
          Amount of Revolving Credit Loan. The principal indebtedness of the Borrowers to
          Lenders having a Revolving Credit Commitment under the Revolving Credit Loan
          shall not exceed Two Hundred Million and No/100 Dollars ($200,000,000.00) less
          the sum of the outstanding Letter of Credit Liabilities and the principal
          balance of Swingline Loans outstanding from time to time. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.2.&nbsp;&nbsp;&nbsp;&nbsp;
          Use of Proceeds. The Revolving Credit Loan and Letters of Credit shall be used
          by the Borrowers for general corporate purposes, including but not limited to,
          (i) working capital needs, (ii) stock repurchases, (iii) capital contributions
          to PLC&#146;s Subsidiaries and (iv)&nbsp;acquisitions. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.3.&nbsp;&nbsp;&nbsp;&nbsp;
          Revolving Credit Notes. The Borrowers&#146; obligations under the Revolving
          Credit Loan shall be evidenced by Revolving Credit Notes in favor of the
          respective Lenders in the form included as Exhibit 2.3 hereto payable to each
          Lender for its Revolving Credit Commitment. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.4.&nbsp;&nbsp;&nbsp;&nbsp;
          Separate Commitments of Lenders. The Borrowers acknowledge that each
          Lender&#146;s commitment to fund its portion of the Loans is made by each Lender
          severally, and neither Agent nor any Lender shall be liable for the failure of
          another Lender to timely perform under this Agreement. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.5.&nbsp;&nbsp;&nbsp;&nbsp;
          Advances of Loans. Subject to the terms and conditions of this Agreement, the
          Borrowers may borrow, repay and reborrow Loans under the Revolving Credit Loan,
          provided that the outstanding principal balance of the Revolving Credit Loan
          shall not at any time exceed the amounts permitted under Section 2.1 above.
          Loans shall be disbursed as follows: </FONT></P>

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<A NAME=A017></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.5.1 Loans Advanced
Pursuant to Borrowing Notices. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.5.1 (a) Applicability. Loans (other
than the Swingline Loan) may be LIBOR Loans, Prime Rate Loans, or a combination thereof,
and the funding thereof shall be subject to this Section 2.5.1. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.5.1 (b) Borrowing Notices. As long
as the Borrowers meet the conditions for funding stated in this Agreement, the Borrowers
may submit requests for Loans (&#147;Borrowing Notices&#148;) to Agent. All requests shall
be made in writing (or by telephone, subject to such security procedures as Agent may
require from time to time, provided that all telephonic notices shall be confirmed by
written Borrowing Notices within one (1) Business Day) and shall specify the portion of
the Loan to be borrowed by PLICO (if any); the proposed disbursement date for the
requested Loan; the amount of the Loan; the purpose of the Loan (characterized in
accordance with Section 2.2 above); the type of Loan, i.e., LIBOR Loan or Prime Rate Loan;
and if a LIBOR Loan, the designated Interest Period. Each Borrowing Notice shall
irrevocably obligate the Borrowers to accept the Loan requested thereby. Borrowing Notices
shall be in the form of Exhibit 2.5.1(b) hereto or such other form as Agent may from time
to time require. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.5.1 (c) Funding of Loans. Lenders
shall fund their respective portions of requested Loans on the next following Business Day
after the Business Day of Agent&#146;s receipt of the Borrowing Notice, in the case of
Prime Rate Loans, and on the third (3rd) Business Day following the Business Day of
Agent&#146;s receipt of the Borrowing Notice, in the case of LIBOR Loans. All funds shall
be disbursed directly into an account maintained by the Borrowers with Agent. The
Borrowers agree that if any Lender elects to fund any requested Loan(s) sooner after
requested than is required hereunder, the Lender may nevertheless use the entire response
period allowed hereunder upon receipt of any subsequent request, at the Lender&#146;s sole
option. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.5.1 (d) Prime Rate Loan
Limitations. Individual Prime Rate Loans shall be in the minimum amount of Five Hundred
Thousand and No/100 Dollars ($500,000.00) each. Any number of Prime Rate Loans may be
outstanding at any one time. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.5.1 (e) LIBOR Loan Limitations.
Individual LIBOR Loans shall be in the minimum amount of Three Million and No/100 Dollars
($3,000,000.00) each (and in multiples of $1,000,000 if in excess thereof). No more than
four (4) LIBOR Loans may be outstanding under the Revolving Credit Loan. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.5.1 (f) Additional Limitation on
LIBOR Interest Periods. Notwithstanding anything to the contrary in this Agreement, if an
Unmatured Default or a Default shall have occurred and be continuing, no additional LIBOR
Loans may be created or continued and no Prime Rate Loan may be converted into a LIBOR
Loan. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.5.2 Conversion of Loans. The
Borrowers shall have the right, on prior irrevocable written notice to Agent given three
(3) Business Days prior to the date of any requested conversion, to convert any Prime Rate
Loan or LIBOR Loan into a Loan of another type, or to continue any LIBOR Loan for another
Interest Period, subject in each case to the following: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.5.2 (a) Application of Loans. Each
conversion shall be effected by applying the proceeds of the new LIBOR Loan and/or Prime
Rate Loan, as the case may be, to the Loan (or portion thereof) being converted. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.5.2 (b) Notices of Conversions.
Each notice pursuant to this 2.5.2(b) shall be irrevocable and shall refer to this
Agreement and specify the identity and principal amount of the particular Loan that a
Borrower requests be converted or continued; if such notice requests conversion, the date
of such conversion (which shall be a Business Day); and if a Loan is to be converted to a
LIBOR Loan or a LIBOR Loan is to be continued, the Interest Period with respect thereto.
No LIBOR Loan shall be converted at any time other than at the end of the Interest Period
applicable thereto, except in accordance with Section 2.12 hereof. Conversion notices
shall be in the form attached as Exhibit 2.5.1(b) hereto. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.5.3 Absence of Election. If a
Borrower fails to give Agent notice to continue any LIBOR Loan for a subsequent period,
such LIBOR Loan (unless repaid) shall automatically be converted into a Prime Rate Loan.
If a Borrower fails to specify in any Borrowing Notice the type of borrowing or, in the
case of a LIBOR Loan, the applicable Interest Period, the Borrower will be deemed to have
requested a Prime Rate Loan. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.5.4 Implied Representations Upon
Request for Loan. Upon making any request for any Loan, a Borrower shall be deemed to have
warranted to Agent and Lenders that all conditions to funding set forth in Article III
hereof are satisfied. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.5.5 Advance Not Waiver. Any
Lender&#146;s making of any Loan that it is not obligated to be made under any provision
of Article III hereof or any other provision hereof shall not be construed as a waiver of
the Lenders&#146; right to withhold future Loans, declare a Default, or otherwise demand
strict compliance with this Agreement, acting through Agent as permitted by the terms
hereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.6.&nbsp;&nbsp;&nbsp;&nbsp;
          Interest. Interest shall accrue on each Loan as follows: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.6.1 Prime Rate Loans. Interest
shall accrue on each Prime Rate Loan at an annual rate equal to the Prime Rate plus the
Applicable Prime Rate Margin, said rate to change contemporaneously with any change in the
Prime Rate. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.6.2 LIBOR Loans. Interest shall
accrue on each LIBOR Loan at a rate equal to the LIBOR Rate for the selected Interest
Period plus the Applicable LIBOR Rate Margin. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.6.3 Additional Interest on LIBOR
Loans. In addition to the interest described above, the Borrowers shall pay to Lenders, if
and so long as Lenders shall be required under regulations of the Board of Governors of
the Federal Reserve System to maintain reserves with respect to liabilities or assets
consisting of or including LIBOR Liabilities, additional interest on the unpaid principal
amount of each LIBOR Loan, from the date of such advance until said principal amount is
paid in full, at an interest rate per annum equal at all times to the remainder obtained
by subtracting (i) the LIBOR Rate for the Interest Period from (ii) the rate obtained by
dividing the LIBOR Rate by a percentage equal to 100% minus the LIBOR Rate Reserve
Percentage for such Interest Period. This additional interest shall be payable on each
date on which interest is payable. The amount of additional interest shall be determined
by each Lender, who shall notify the Borrowers and Agent thereof and whose determination
shall be conclusive, absent manifest error. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.6.4 Calculation of Interest.
Interest for both Prime Rate Loans and LIBOR Loans shall be computed on the basis of a
360-day year counting the actual number of days elapsed. Interest shall accrue on the
Business Day a Loan is extended and shall accrue through the Business Day prior to the
Business Day on which it is repaid. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.6.5 Default Rate. Notwithstanding
the foregoing, upon the occurrence of a Default and during the continuation of such
Default, interest shall be charged at the Default Rate, regardless of whether Lenders have
elected to exercise any other remedies available to Lenders, including, without
limitation, acceleration of the maturity of the outstanding principal of the Revolving
Credit Loan. All such interest shall be paid without demand on the Interest Payment Dates
applicable to Prime Rate Loans. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.6.6 Payment of Interest. Interest
for Prime Rate Loans and LIBOR Loans shall be due and payable in arrears, without notice,
on each Interest Payment Date. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.6.7 Usury Savings Provision. It is
the intention of the parties that all charges under or in connection with this Agreement
and the Obligations, however denominated, and including (without limitation) all interest,
commitment fees, late charges and loan charges, shall be limited to the Maximum Lawful
Amount. Such charges hereunder shall be characterized and all provisions of the Credit
Documents shall be construed as to uphold the validity of charges provided for therein to
the fullest possible extent. Additionally, all charges hereunder shall be spread over the
full permitted term of the Obligations for the purpose of determining the effective rate
thereof to the fullest possible extent, without regard to prepayment of or the right to
prepay the Obligations. If for any reason whatsoever, however, any charges paid or
contracted to be paid in respect of the Obligations shall exceed the Maximum Lawful
Amount, then, without any specific action by Lenders, Agent or the Borrowers, the
obligation to pay such interest and/or other charges shall be reduced to the Maximum
Lawful Amount in effect from time to time and any amounts collected by Lenders that exceed
the Maximum Lawful Amount shall be applied to the reduction of the principal balance of
the Obligations and/or refunded to the Borrowers so that at no time shall the interest or
loan charges paid or payable in respect of the Obligations exceed the Maximum Lawful
Amount. This provision shall control every other provision herein and in any and all other
agreements and instruments now existing or hereafter arising between the Borrowers and
Lenders with respect to the Obligations. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.7.&nbsp;&nbsp;&nbsp;&nbsp;
          Alternate Rate of Interest if LIBOR Unavailable. In the event, and on each
          occasion, that on the date of commencement of any Interest Period for a LIBOR
          Loan, a Lender shall have determined (i) that dollar deposits in the amount of
          the requested principal amount of such LIBOR Loan are not generally available in
          the London Interbank Market; (ii) that the rate at which such dollar deposits
          are being offered will not adequately and fairly reflect the cost to such Lender
          of making or maintaining such LIBOR Loan during such Interest Period; or (iii)
          that reasonable means do not exist for ascertaining the LIBOR Rate, such Lender
          shall, as soon as practicable thereafter, give written or telephonic notice of
          such determination to the Borrowers. In the event of any such determination, any
          request by the Borrowers for a LIBOR Loan under this Agreement shall, until the
          circumstances giving rise to such notice no longer exist, be deemed to be a
          request for a Prime Rate Loan. Each determination by such Lender hereunder shall
          be conclusive absent manifest error. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.8.&nbsp;&nbsp;&nbsp;&nbsp;
          Change in Circumstances. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.8.1 Imposition of Requirements.
Notwithstanding any other provision herein, if after the date of this Agreement any change
in applicable Laws or in the interpretation or administration thereof by any Governmental
Authority charged with the interpretation or administration thereof (whether or not having
the force of law) shall change the basis of taxation of payments to a Lender under any
LIBOR Loan made by the Lender or any other fees or amounts payable hereunder (other than
taxes imposed on the overall net income, gross receipts or added value of a Lender by the
country in which the Lender is located, or by the jurisdiction in which a Lender has its
principal office, or by any political subdivision or taxing authority therein), or shall
impose, modify or deem applicable any reserve requirement, special deposit, insurance
charge (including FDIC insurance on LIBOR Liabilities) or similar requirement against
assets of, deposits with or for the account of, or credit extended by, a Lender or shall
impose on a Lender or the London Interbank Market any other condition affecting this
Agreement or LIBOR Loans made by a Lender, and the result of any of the foregoing shall be
to increase the cost to the Lender of making or maintaining its LIBOR Loan or to reduce
the amount of any sum received or receivable by a Lender hereunder (whether of principal,
interest or otherwise) in respect thereof by an amount deemed by the affected Lender to be
material, then the Borrowers will pay to such Lender such additional amount or amounts as
will compensate the Lender for such additional costs of reduction. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.8.2 Other Changes. If either (i)
the introduction of, or any change in, or in the interpretation of, any United States or
foreign Law; or (ii) compliance with any directive, guidelines or request from any central
bank or other United States or foreign Governmental Authority (whether or not having the
force of law) promulgated or made after the date hereof, affects or would affect the
amount of capital required or expected to be maintained by a Lender (or any lending office
of a Lender) or any corporation directly or indirectly owning or controlling a Lender (or
any lending office of a Lender) based upon the existence of this Agreement, and the Lender
shall have determined that such introduction, change or compliance has or would have the
effect of reducing the rate of return on the Lender&#146;s capital or on the capital of
such owning or controlling corporation as a consequence of its obligations hereunder
(including its commitment) to a level below that which the Lender or such owning or
controlling corporation could have achieved but for such introduction, change or
compliance (after taking into account that Lender&#146;s policies or the policies of such
owning or controlling corporation, as the case may be, regarding capital adequacy) by an
amount deemed by the Lender (in its sole discretion) to be material, then, from time to
time, the Borrowers shall pay to the Lender such additional amount or amounts as will
compensate the Lender for such reduction attributable to making, funding and maintaining
its commitment and Loans hereunder. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.8.3 Computation of Amounts. A
certificate of a Lender setting forth the basis and method of computation of such amount
or amounts specified in Section 2.11 hereof as shall be necessary to compensate the Lender
(or its participating banks) as specified above, as the case may be, shall be delivered to
the Borrowers and shall be conclusive absent manifest error; provided however, that the
Borrowers shall be responsible for compliance herewith and the payment of increased costs
only to the extent that (i) any change in Laws giving rise to increased costs occurs after
the date of this Agreement; and (ii) the Lender gives notice of the change giving rise to
increased costs within one hundred eighty (180) Business Days after the Lender has, or
with reasonable diligence should have had, knowledge of the change, or else Lender can
only collect costs from and after the date of the notice. Subject to the foregoing, the
Borrowers shall pay the affected Lender the amount shown as due on any such certificate
within ten (10) Business Days after their receipt of such certificate. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.8.4 No Duty to Contest. The
protection of this Section 2.8 shall be available to a Lender regardless of any possible
contention of invalidity or inapplicability of the Law or condition that shall have been
imposed. Should a Lender assess any charge to the Borrowers under this Section 2.8, and
provided that the Borrowers pay the assessment to the Lender, the Borrowers may thereafter
undertake, at the Borrowers&#146; expense any contest of the matters giving rise to the
charge that may, in the opinion of the Borrowers&#146; independent counsel issued to the
affected Lender, and concurred in by counsel to the Lender, have a reasonable chance of
success, provided further that the contest would not require the assertion of any position
contrary to a position taken by the Lender generally with taxing authorities or any other
involved parties and that there does not exist any other circumstance that would
disadvantage the Lender in the event of such contest, as the affected Lender may determine
in its discretion. The affected Lender shall offer reasonable participation to the
Borrowers&#146; for the purpose of enabling the Borrowers to pursue the contest of such
issue, with all expenses, including fees and expenses of the affected Lender&#146;s
counsel, to be paid by the Borrowers. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.8.5 Replacement Lender.
Notwithstanding anything to the contrary contained herein or in any other Credit Document,
upon the occurrence of any event that obligates the Borrowers to pay any amount under
Section 2.8 with respect to any Lender, the Borrowers shall have the right, if no Default
or Unmatured Default then exists or will exist immediately after giving effect to the
respective replacement, to replace such Lender (the &#147;Replaced Lender&#148;) by
designating another Lender or an eligible assignee under Section 9.2 (such Lender or
eligible assignee being herein called a &#147;Replacement Lender&#148;) to which such
Replaced Lender shall assign, in accordance with Section 9.2 and without recourse to or
warranty by, or expense to, such Replaced Lender, all of the rights and obligations of
such Replaced Lender hereunder and, upon such assignment, such Replaced Lender shall no
longer be a party hereto or have any rights hereunder (except for such rights as survive
repayment of the Loans), and such Replacement Lender shall succeed to the rights and
obligations of such Replaced Lender hereunder. The Borrowers shall pay to such Replaced
Lender in same day funds on the date of replacement all interest, fees and other amounts
then due and owing such Replaced Lender by the Borrowers hereunder to and including the
date of replacement, including, without limitation, costs incurred under Section 2.8.
Notwithstanding anything to the contrary set forth herein or implied above, no Lender
shall be obligated hereunder to become a Replacement Lender. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.9.&nbsp;&nbsp;&nbsp;&nbsp;
          Change in Legality of LIBOR Loans. Notwithstanding anything to the contrary
          herein contained, if any change in any Law or in interpretation thereof by any
          Governmental Authority charged with the administration or interpretation thereof
          shall make it unlawful for a Lender to make or maintain any LIBOR Loan or to
          give effect to its obligations as contemplated hereby, then, by written notice
          to the Borrowers, the Lender may (i) declare that LIBOR Loans will not
          thereafter be made by the Lender hereunder, whereupon the Borrowers shall be
          prohibited from requesting LIBOR Loans from the Lender hereunder unless such
          declaration is subsequently withdrawn; and (ii) require that all outstanding
          LIBOR Loans made by it be converted to Prime Rate Loans, in which event (a) all
          such LIBOR Loans shall be automatically converted to Prime Rate Loans (but
          without imposition of any additional charge that would normally become due under
          Section 2.8 hereof) as of the effective date of such notice, and (b) all
          payments and prepayments of principal that would otherwise have been applied to
          repay the converted LIBOR Loans shall instead be applied to repay the Prime Rate
          Loans resulting from the conversion of such LIBOR Loans. For purposes of this
          Section 2.9, a notice to the Borrowers by the Lender pursuant to (a) above shall
          be effective, if lawful, on the last day of the then current Interest Period; in
          all other cases, such notice shall be effective on the date of receipt by the
          Borrowers. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.10.&nbsp;&nbsp;&nbsp;&nbsp;
          Principal Repayment. All remaining principal outstanding under the Revolving
          Credit Loan shall become due on the Termination Date or the earlier acceleration
          of the Revolving Credit Loan in accordance with the terms of this Agreement.
          During the continuance of any Default, all prepayments shall be applied, first,
          to the Swingline Loans, and second, after payment in full of the Swingline
          Loans, to the Revolving Credit Loans. In the absence of a Default, voluntary
          prepayments pursuant to this Agreement shall be applied as the Borrowers
          determine. Revolving Credit Loans and Swingline Loans prepaid pursuant to this
          Agreement may be reborrowed, subject to the terms and conditions of this
          Agreement. Each prepayment of the Revolving Credit Loans made pursuant to this
          Agreement shall be applied to reduce the aggregate outstanding principal amount
          of the Revolving Credit Loans, ratably among the Lenders holding Revolving
          Credit Loans in proportion to the principal amount held by each. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.11.&nbsp;&nbsp;&nbsp;&nbsp;
          Prepayment of LIBOR Loans. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.11.1 Notice of LIBOR Loan
Prepayment. A Borrower may, upon three (3) Business Days&#146; prior written notice to
Agent, and upon payment of all applicable premiums set forth in Section 2.11.3 hereof,
prepay any outstanding LIBOR Loans prior to any Interest Payment Date for such LIBOR
Loans, in whole or in part. Each notice of prepayment of any LIBOR Loan shall specify the
date and amount of such prepayment and shall be irrevocable. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.11.2 Amount of LIBOR Loan
Prepayment. Each partial prepayment of any LIBOR Loan shall be in an aggregate principal
amount which is the lesser of (i) the then outstanding principal balance of the one or
more LIBOR Loans to be prepaid, or (ii) Three Million and No/100 Dollars ($3,000,000.00)
or an integral multiple thereof. Interest on the amount prepaid accrued to the prepayment
date shall be paid on such date. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.11.3 LIBOR Loan Prepayment Premium.
Upon prepayment of any LIBOR Loan on a date other than the relevant Interest Payment Date
for such borrowing, a Borrower shall pay to Lenders, in addition to all other payments
then due and owing Lenders, premiums which shall be equal to an amount, if any, reasonably
determined by Agent to be the difference between the rate of interest then applicable to
the relevant LIBOR Loan and the yield Lenders would receive upon reinvestment of so much
of the relevant LIBOR Loans as is prepaid for the remainder of the term of the relevant
LIBOR Loan or Loans. Anything in this Section 2.11.3 to the contrary notwithstanding, the
premiums payable upon any such prepayment shall not exceed the amount, if any, determined
by Agent to be the difference between the rate of interest then applicable to the relevant
LIBOR Loan and the yield that Lenders could receive upon reinvestment in the &#147;Floor
Reinvestment&#148; of so much of the relevant LIBOR Loan as is prepaid for the remainder
of the term of the relevant LIBOR Loan. For purposes hereof, &#147;Floor
Reinvestment&#148; means an investment for the time period from the date of such
prepayment to the end of the relevant Interest Period applicable to such LIBOR Loan at an
interest rate per annum equal to the federal funds &#147;offered&#148; rate as published
in the Wall Street Journal on the date of such prepayment. All determinations, estimates,
assumptions, allocations and the like required for the determination of such premiums
shall be made by Agent in good faith and shall be presumed correct absent manifest error. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.12.&nbsp;&nbsp;&nbsp;&nbsp;
          Prepayment of Prime Rate Loans. A Borrower may at any time prepay any
          outstanding Prime Rate Loans prior to the Termination Date in whole or in part
          without premium or penalty on one (1) Business Day&#146;s notice in a minimum
          amount of $500,000 or any incremental multiple of $100,000. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.13.&nbsp;&nbsp;&nbsp;&nbsp;
          Fixed Commitment Fees. Upon the execution of this Agreement, the Borrowers shall
          pay commitment fees to AmSouth and the other Lenders, in the amounts previously
          agreed to by the Borrowers and the Lenders. These commitment fees are not
          refundable or proratable. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.14.&nbsp;&nbsp;&nbsp;&nbsp;
          Periodic Facility Fee. The Borrowers shall pay to Agent for distribution to
          Lenders Pro Rata a facility fee determined by applying the Applicable Facility
          Fee to the total Revolving Credit Commitment. The facility fee shall be paid in
          arrears on the first day of each January, April, July and October, commencing on
          October 1, 2004 and shall be computed on the basis of a 360-day year counting
          the actual number of days elapsed. This facility fee is not refundable or
          proratable. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.15.&nbsp;&nbsp;&nbsp;&nbsp;
          Agent&#146;s Fee. On the Closing Date, and on each subsequent anniversary
          thereof excepting only an anniversary corresponding to the Termination Date, the
          Borrowers shall pay to Agent, for its own account, a fee in such amount as shall
          be agreed to from time to time. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.16.&nbsp;&nbsp;&nbsp;&nbsp;
          Letters of Credit. Subject to the terms and conditions of this Agreement,
          Lenders&#146; respective Revolving Credit Commitments may be utilized, upon the
          request of PLC, on behalf of the Borrowers, for the issuance by the Agent of
          letters of credit (the &#147;Letters of Credit&#148;) for the account of
          Borrowers for uses that would be permitted for the Revolving Credit Loans;
          provided that in no event shall (i) the aggregate amount of all stated and
          undrawn amounts under Letters of Credit (the &#147;Letter of Credit
          Liabilities&#148;), together with the sum of the aggregate principal amount of
          the Loans advanced under the Revolving Credit Loan and the Swingline Loan,
          exceed the amount stated in Section 2.1 hereof, (ii) the initial face amount of
          any Letter of Credit be less than $5,000,000 and (iii) there be more than eight
          (8) Letters of Credit outstanding at any one time. No Letter of Credit shall
          have an expiry date later than the fifth Business Day prior to the Termination
          Date. The following additional provisions shall apply to Letters of Credit: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.16.1 Procedure for Issuance.
Borrowers shall give Agent at least three (3) Business Days&#146; irrevocable prior notice
(effective upon receipt) specifying the Business Day each Letter of Credit is to be issued
and describing in reasonable detail the proposed terms of such Letter of Credit (including
its beneficiary) and the nature of the transactions or obligations proposed to be
supported. The Agent shall issue the Letter of Credit as reasonably requested by the
Borrowers and in compliance with applicable law and will make available to the beneficiary
thereof the original of such Letter of Credit, as directed by PLC. PLC shall be the
account party for each Letter of Credit, including Letters of Credit issuable to a
beneficiary having a claim or potential claim against a Subsidiary of PLC. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.16.2 Participation Among Lenders.
On each day during the period commencing with the issuance by the Agent of any Letter of
Credit and until such Letter of Credit shall have expired or been terminated or, if drawn
upon, until the resulting obligations of reimbursement (the &#147;Reimbursement
Obligations&#148;) have been satisfied in full by Borrowers (whether by a borrowing under
this Agreement or otherwise), the Revolving Credit Commitment of each Lender shall be
deemed to be utilized for all purposes of this Agreement (including, but not limited to,
the calculation of availability) in an amount equal to such Lender&#146;s Pro Rata Share
of the Letter of Credit Liabilities associated with such Letter of Credit. Each Lender
(other than the Agent) agrees that, upon the issuance of any Letter of Credit, it shall
automatically be deemed to have acquired a participation in the Agent&#146;s liability
under such Letter of Credit in an amount equal to such Lender&#146;s Pro Rata Share of
such liability, and each Lender (other than the Agent) thereby shall absolutely,
unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be
unconditionally obligated to the Agent to pay and discharge when due, its Pro Rata Share
of the Agent&#146;s liability under such Letter of Credit. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.16.3 Reimbursement Obligation. Upon
receipt from the beneficiary of any Letter of Credit of any demand for payment under such
Letter of Credit, the Agent shall promptly notify PLC of the amount to be paid by the
Agent as a result of such demand and the date on which payment is to be made by the Agent
to such beneficiary in respect of such demand. Borrowers hereby unconditionally agree to
pay and reimburse the Agent and the other Lenders Pro Rata with respect to the amount of
each demand for payment under such Letter of Credit at or prior to the date on which
payment is to be made by the Agent to the beneficiary under such Letter of Credit, without
presentment, demand, protest or other formalities of any kind. Any amounts not so paid or
borrowed as set forth in Section 2.16.4 below shall bear interest at the rate(s) specified
in the documents relating to the issuance of the Letter of Credit (the &#147;Letter of
Credit Documents&#148;) or, if higher, at the rate(s) specified on the Notes (including
the Default Rate, if applicable). </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.16.4 Means of Reimbursement.
Forthwith upon its receipt of a notice referred to in Section&nbsp;2.16.3 hereof, PLC
shall advise the Agent whether or not PLC, on behalf of Borrowers, intends to obtain a
Loan to finance its obligation to reimburse the Agent for the amount of the related demand
for payment and, if it does, submit a notice of such borrowing as provided in this
Agreement. In the event that PLC fails to so advise the Agent, and if PLC fails to
reimburse the Agent for a demand for payment under a Letter of Credit by the date of such
payment, the Agent shall give each Lender prompt notice of the amount of the demand for
payment, specifying such Lender&#146;s Pro Rata Share of the amount of the related demand
for payment, and Borrowers shall be deemed in default hereunder for breaching Section
2.16.3 above. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.16.5 Payments by Lenders. Each
Lender (other than the Agent) shall pay to the Agent in Dollars and in immediately
available funds, such Lender&#146;s Pro Rata Share of any payment under a Letter of Credit
upon notice by the Agent to such Lender requesting such payment and specifying such amount
as provided in Section 2.16.4. Each such Lender&#146;s obligation to make such payments to
the Agent under this Section 2.16.5, and the Agent&#146;s right to receive the same, shall
be absolute and unconditional and shall not be affected by any circumstance whatsoever,
including the failure of any other Lender to make its payment under this Section 2.16.5,
the financial condition of Borrowers, the existence of any Unmatured Default or Event of
Default or the termination of the Revolving Credit Commitments. Each such payment to the
Agent shall be made without any offset, abatement, withholding or reduction whatsoever;
provided, nothing contained in the foregoing shall limit the Agent&#146;s liability for
its gross negligence or willful misconduct in improperly honoring a draft drawn under a
Letter of Credit. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.16.6 Settlement Among Lenders. Upon
the making of each payment by a Lender to the Agent pursuant to Section 2.16.5 above in
respect of any Letter of Credit, such Lender shall, automatically and without any further
action on the part of the Agent or such Lender, acquire (i) a participation in any amount
equal to such payment in the Reimbursement Obligation owing to the Agent by Borrowers
under this Agreement and under the Letter of Credit Documents relating to such Letter of
Credit and (ii) a participation in a percentage equal to such Lender&#146;s Pro Rata Share
in any interest or other amounts payable by Borrowers under such Letter of Credit
Documents and the other Credit Documents in respect of such Reimbursement Obligation. Upon
receipt by the Agent from or for the account of Borrowers of any payment in respect of any
Reimbursement Obligation or any such interest or other amount (including by way of set-off
or application of proceeds of any collateral security) the Agent shall promptly pay to
each Lender who shall have previously assumed a participation in such payment under clause
(ii) above, such Lender&#146;s Pro Rata Share of such payment, each such payment by the
Agent to be made in the same money and funds in which received by the Agent. In the event
any payment received by the Agent and so paid to Lenders is rescinded or must otherwise be
returned by the Agent, each Lender shall, upon the request of the Agent, repay to the
Agent the amount of such payment paid to such Lender, with interest at the rate specified
in Section 2.16.10. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.16.7 Letter of Credit Fee.
Borrowers shall pay to the Agent for the account of each Lender a letter of credit fee in
respect of each Letter of Credit on the daily average undrawn face amount of such Letter
of Credit for the period from and including the date of issuance of such Letter of Credit
to and including the date such Letter of Credit is drawn in full, expires or is terminated
(such fee to be non-refundable, to be paid in arrears on the first day of each calendar
quarter and on the Termination Date and to be calculated, for any day, after giving effect
any payments made under such Letter of Credit on such day) in an amount equal to the
Applicable LIBOR Rate Margin(s) in effect during the relevant period. In addition, for
each Letter of Credit that is issued (and all renewals thereof), the Borrowers agree to
pay to the Agent in advance, for its sole account (x) documentary and processing charges
in connection with the issuance or renewal of and draws under Letters of Credit in
accordance with the Agent&#146;s standard schedule for such charges as in effect from time
to time and (y) an issuance or renewal fee, as the case may be, on the stated amount of
the Letter of Credit being issued or renewed in an amount agreed upon by the Borrowers and
the Agent. Such fee shall be payable in advance on the date of issuance or renewal, as the
case may be. All calculations of Letter of Credit fees shall be based on a 360-day year
counting the actual number of elapsed days. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.16.8 Letter of Credit Information.
Upon the request of any Lender from time to time, the Agent shall deliver any information
reasonably requested by such Lender with respect to each Letter of Credit then
outstanding. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.16.9 Conditions Relating to Letters
of Credit. The issuance by the Agent of each Letter of Credit shall be subject, in
addition to the conditions precedent set forth in Article III hereof (as though the
issuance of the Letter of Credit were the making of a Loan), to the conditions precedent
that (i) such Letter of Credit shall be in such form, contain such terms and support such
transactions as shall be satisfactory to the Agent consistent with its then current
practices and procedures with respect to letters of credit of the same type,
(ii)&nbsp;Borrowers shall have executed and delivered such applications, agreements and
other instruments relating to such Letter of Credit as the Agent shall have reasonably
requested consistent with its then current practices and procedures with respect to
letters of credit of the same type and (iii) Borrowers shall have specified the portion of
the Letter of Credit to be issued for the account of PLICO (if any); provided that in the
event of any conflict between any such application, agreement or other instrument and the
provisions of this Agreement, the provisions of this Agreement shall control. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.16.10 Payments Among Lenders. In
the event that any Lender fails to pay any amount required to be paid pursuant to this
Section 2.16 when due, such Lender shall pay interest to the Agent on such amount from and
including such due date to but excluding the date such payment is made (i) during the
period from and including such due date to but excluding the date three Business Days
thereafter, at a rate per annum equal to the federal funds rate (as in effect from time to
time as determined by the Agent) and (ii) thereafter, at a rate per annum equal to the
Prime Rate plus 2.0%. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.16.11 Modifications. The issuance
by the Agent of any modification or supplement to any Letter of Credit shall be subject to
the same conditions applicable under this Section 2.16 to the issuance of new Letters of
Credit, and no such modification or supplement shall be issued unless either (x) the
respective Letter of Credit as affected by such action would have complied with such
conditions had it originally been issued in such modified or supplemented form or
(y)&nbsp;each Lender shall have consented to such modification or supplement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.16.12 Absolute Obligations of
Borrowers. The obligations of Borrowers under this Agreement in respect of any Letter of
Credit and under any other agreement or instrument relating to any Letter of Credit shall
be unconditional and absolute and shall not be affected, modified or impaired, upon the
happening at any time or from time to time of any of the following, whether or not with
notice to or the consent of Borrowers: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.16.12 (a) the compromise,
settlement, release, modification, amendment (whether material or otherwise) or
termination of any or all of the obligations, conditions, covenants or agreements of any
Person in respect of any of the Credit Documents; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.16.12 (b) the occurrence, or the
failure by Agent, any Lender or any other Person to give notice to Borrowers of the
occurrence, of any Event of Default or any default under any of the Credit Documents; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.16.12 (c) the waiver of the
payment, performance or observance of any of the obligations, conditions, covenants or
agreements of any Person contained in any of the Credit Documents; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.16.12 (d) the extension of the time
for performance of any other obligations, covenants or agreements of any Person under or
arising out of any of the Credit Documents; </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.16.12  (e) the taking or the omission of any of the actions referred to
 in any of the Credit Documents;</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.16.12 (f) any failure, omission or
delay on the part of Agent, any Lender, Borrowers or the beneficiary of any Letter of
Credit to enforce, assert or exercise any right, remedy, power or privilege conferred by
this Agreement or any of the Credit Documents; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.16.12 (g) the voluntary or
involuntary liquidation, dissolution, sale or other disposition of all or substantially
all the assets of, the marshaling of assets and liabilities, receivership, insolvency,
bankruptcy, assignment for the benefit of creditors, reorganization, arrangement,
composition with creditors or readjustment of, or other similar proceedings which affect,
Borrowers or any other party to any of the Credit Documents; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.16.12 (h) any lack of validity or
enforceability of this Agreement, any Letter of Credit or any other Credit Document, or
any allegation of invalidity or unenforceability or any contest of such validity or
enforceability; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.16.12 (i) the existence of any
claim, set-off, defense or other right which Borrowers may have at any time against Agent,
any Lender or any beneficiary or any transferee of any Letter of Credit (or any persons or
entities for whom the Lender or any such beneficiary or transferee may be acting), or any
other Person, whether in connection with this Agreement or any of the other Credit
Documents or any of the transactions contemplated by any Credit Document; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.16.12 (j) any statement in any
certificate or any other document presented under any Letter of Credit proving to be
forged, fraudulent, invalid or insufficient in any respect or any such statement being
untrue or inaccurate in any respect whatsoever; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.16.12 (k) the release or discharge
by operation of law (to the extent permitted thereby) of Borrowers from the performance or
observance of any obligation, covenant or agreement contained in any of the Credit
Documents pertaining to the Letters of Credit except for any such release or discharge
which results from the Agent&#146;s gross negligence or willful misconduct; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.16.12 (l) payment by the Agent
under any Letter of Credit against presentation of a demand or certificate which does not
comply with the terms of such Letter of Credit except for any such payment resulting from
the Agent&#146;s gross negligence or willful misconduct; or </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.16.12 (m) any other circumstance or
happening whatsoever, whether or not similar to any of the foregoing, provided the same
shall not have constituted gross negligence or willful misconduct of the Agent. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.16.13 Indemnification. Without
affecting Borrowers&#146; liability under any other provision of this Agreement, Borrowers
agree to indemnify each of the Agent and Lenders and their respective affiliates,
directors, officers, employees, attorneys and agents from, and hold each of them harmless
against, any and all losses, liabilities, damages or expenses incurred by any of them in
connection with or by reason of any actual or threatened investigation, litigation or
other proceeding (including, in respect of the Agent, any such investigations, litigation
or other proceeding between the Agent and any Lender) relating to (a)&nbsp;the execution
and delivery of any Letter of Credit; (b) the use of the proceeds of any drawing under any
Letter of Credit; or (c)&nbsp;the transfer or substitution of, or payment or failure to
pay under, any Letter of Credit, including the reasonable fees and disbursements of
counsel incurred in connection with any such investigation, litigation or other
proceeding, but excluding damages, losses, liabilities or expenses to the extent incurred
by reason of the willful misconduct or gross negligence of the Agent. It shall not be a
condition to any such indemnification that the Agent or any Lender shall be a party to any
such investigations, litigation or other proceeding. Nothing in this Section&nbsp;2.16.13
is intended to limit Borrowers&#146; payment obligations under this Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.16.14 Assumption of Risk. Borrowers
assume all risks of the acts or omissions of any beneficiary of any Letter of Credit with
respect to the use of the Letter of Credit. None of the Agent, any Lender nor any of their
respective affiliates, officers, directors, employees, attorneys or agents shall be liable
or responsible for: (a) the use which may be made of the Letter of Credit or for any acts
or omissions of any beneficiary of any Letter of Credit in connection with such Letter of
Credit; (b) the validity, sufficiency or genuineness of documents presented to the Agent,
or of any endorsement on such documents, even if such documents should in fact prove to be
in any or all respects invalid, insufficient, fraudulent or forged; (c) payment by the
Agent against presentation of documents which do not comply with the terms of any Letter
of Credit, including failure of any documents to bear any reference or adequate reference
to such Letter of Credit; or (d) any other circumstances whatsoever in making or failure
to make payment under any Letter of Credit; provided that Borrowers shall have a claim
against the Agent to the extent of damages (other than any special or consequential
damages) suffered by Borrowers which Borrowers prove were caused by the Agent&#146;s
willful misconduct or gross negligence. In furtherance and not in limitation of the
foregoing, the Agent may accept documents that appear on their face to be in order,
without responsibility for further investigation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.16.15 Reserves. The Borrowers
acknowledge that the Agent will be required by applicable rules and regulations of the
Federal Reserve Board to maintain reserves for its liability to honor draws made pursuant
to a Letter of Credit notwithstanding the obligation of the Lenders for a participation in
such Letter of Credit Liabilities. The Borrowers agree to reimburse the Agent promptly for
all additional costs incurred by reason of any Regulatory Change that the Agent may
hereafter incur solely by reason of its acting as issuer of the Letters of Credit and its
being required to reserve for such liability, it being understood by the Borrowers that
other interest and fees payable under this Agreement do not include compensation of the
Agent for such reserves. The Agent shall furnish to the Borrowers, at the time of the
Agent&#146;s demand for payment of such additional costs, the computation of such
additional cost, which shall be conclusive absent demonstrable error, provided that such
computations are made on a reasonable basis. The Borrowers shall pay to the Agent
administrative and other fees, if any, in connection with the Letters of Credit in such
amounts and at such times as the Agent and the Borrowers shall agree from time to time. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.17.&nbsp;&nbsp;&nbsp;&nbsp;
          Swingline Loans. The Swingline Lender hereby agrees to extend to the
          Borrowers&#146; Swingline Loans in the aggregate amount not to exceed Ten
          Million and No/100 Dollars ($10,000,000.00), on the following terms and
          conditions. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.17.1 Use of Proceeds of Swingline
Loans. The Borrowers may use the proceeds of Swingline Loans for any purpose permitted for
the proceeds of the Revolving Credit Loan under Section 2.2 of this Agreement. Swingline
Loans shall be applied to reduce the amount of the Revolving Credit Loan. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.17.2   Swingline Note.  The Swingline Loans shall be
 evidenced by the Swingline Note.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.17.3   Funding of Swingline Loans Advanced
Pursuant to Borrowing Notices.</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.17.3 (a) Applicability. Except for
Swingline Loans made pursuant to Account Agreements as provided in Section 2.17.4 hereof,
the funding of Swingline Loans shall be subject to this Section 2.17.3. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.17.3 (b) Borrowing Notices. As long
as the Borrowers meet the conditions for funding stated in this Agreement, the Borrowers
may submit requests for Swingline Loans (&#147;Swingline Borrowing Notices&#148;) to the
Swingline Lender. All requests shall be made in writing (or by telephone, subject to such
security procedures as the Swingline Lender may require from time to time, provided that
all telephonic notices shall be confirmed by written Swingline Borrowing Notices within
one (1) Business Day) and shall specify the portion of the Swingline Loan to be borrowed
by PLICO (if any); the proposed date of the requested disbursement and the aggregate
amount of such disbursement. Each Swingline Borrowing Notice shall irrevocably obligate
the Borrowers to accept the Swingline Loan requested thereby. Swingline Borrowing Notices
shall be in such form as the Swingline Lender may from time to time require. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.17.3 (c) Funding of Swingline
Loans. The Swingline Lender shall fund Swingline Loans on the Business Day following the
Business Day of the Swingline Lender&#146;s receipt of the Swingline Borrowing Notice. All
funds shall be disbursed directly into an account maintained by the Borrowers with the
Swingline Lender. The Borrowers agree that if the Swingline Lender elects to fund any
requested Swingline Loan(s) sooner after requested than is required hereunder, the
Swingline Lender may nevertheless use the entire response period allowed hereunder upon
receipt of any subsequent request, at its sole option. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.17.4 Funding of Swingline Loans
Advanced Pursuant to Cash Management Accounts. The Borrowers may have in effect from time
to time separate agreements with the Swingline Lender or its affiliates (&#147;Account
Agreements&#148;) establishing cash management procedures that may involve the automatic
disbursement of Swingline Loans. The Account Agreements may be established using
standardized forms that do not address the specific circumstances of the Swingline Loan.
All Swingline Loans made pursuant to Account Agreements shall be deemed advanced on behalf
of PLC only. To resolve potential inconsistencies between this Agreement and Account
Agreements, the terms of this Agreement and of Account Agreements shall relate to one
another as follows: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.17.4 (a) Funding and Payment
Procedures Controlled by Account Agreements. The Account Agreements shall control this
Agreement as to (i) Section 2.17.3 hereof regarding funding procedures, and (ii) Interest
Payment Dates, to the extent that an Account Agreement may provide for such payment more
frequently than otherwise required under this Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.17.4 (b) Certain Provisions
Controlled by this Agreement. Notwithstanding any provision of an Account Agreement to the
contrary, except as provided above in Section&nbsp;2.17.4(a) hereof, the provisions of
this Agreement shall control any Account Agreement to the extent that an Account Agreement
may be inconsistent with this Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.17.4 (c) Continuing Warranty Under
Account Agreements. Because Account Agreements may provide for the making of Swingline
Loans without formal draw requests from the Borrowers, the Borrowers agree that the
Borrowers&#146; warranty under Section 2.17.5 hereof as to the satisfaction of all
conditions to the right to receive Swingline Loans shall be a continuing one during any
period that such an Account Agreement may be in effect. Therefore, any Swingline Loans
funded by the Swingline Lender pursuant to an Account Agreement after the failure of a
condition stated in Article III hereof shall be deemed made upon the affirmative
misrepresentation of the Borrowers unless the Swingline Lender has received written notice
of and waived the failed condition in writing. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.17.5 Implied Representations Upon
Request for Swingline Loan. Upon making any request for a Swingline Loan, the Borrowers
shall be deemed to have warranted to the Swingline Lender that all conditions to funding
are satisfied as of the submission of the request to the Swingline Lender. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.17.6 Advance Not Waiver. The
Swingline Lender&#146;s making of any Swingline Loan that it is not obligated to make
under any provision of Article III hereof or any other provision hereof shall not be
construed as a waiver of the Swingline Lender&#146;s right to withhold future Swingline
Loans, notify Agent of a Default, or otherwise demand strict compliance with this
Agreement. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.17.7   Interest.  Interest shall be charged and paid
 on each Swingline Loan as follows:</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.17.7 (a) Rate of Interest. Interest
shall accrue on Swingline Loans at an annual rate equal to the Prime Rate, said rate to
change contemporaneously with any change in the Prime Rate. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.17.7 (b) Calculation of Interest.
Interest shall be computed on the basis of a 360-day year counting the actual number of
days elapsed. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.17.7   (c) Payment of Interest.  Interest shall be due
 and payable in arrears without notice on each Interest Payment Date.</FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.17.7 (d) Default Rate.
Notwithstanding the foregoing, upon the occurrence of a Default and during the
continuation of such Default until it is cured or waived, interest shall be charged at the
Default Rate, regardless of whether the Swingline Lender has elected to exercise any other
remedies available to it, including, without limitation, acceleration of the maturity of
the outstanding principal of the Swingline Loans. All such interest shall be paid at the
time of and as a condition precedent to the curing of any such Default to the extent any
right to cure is given in this Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.17.7 (e) Usury Savings Provision.
It is the intention of the parties that all charges under or in connection with this
Agreement and the Obligations, however denominated, and including (without limitation) all
interest, commitment fees, late charges and loan charges, shall be limited to the Maximum
Lawful Amount. Such charges hereunder shall be characterized and all provisions of the
Credit Documents shall be construed as to uphold the validity of charges provided for
therein. If for any reason whatsoever, however, any charges paid or contracted to be paid
in respect of the Swingline Loans shall exceed the Maximum Lawful Amount, then, ipso facto
the obligation to pay such interest and/or other charges shall be reduced to the Maximum
Lawful Amount in effect from time to time, and any amounts collected by Lender that exceed
the Maximum Lawful Amount shall be applied to the reduction of the principal balance of
the Swingline Loans and/or refunded to the Borrowers so that at no time shall the interest
or loan charges paid or payable in respect of the Swingline Loans exceed the Maximum
Lawful Amount. This provision shall control every other provision herein and in any and
all other agreements and instruments now existing or hereafter arising between the
Borrowers and the Swingline Lender with respect to the Swingline Loans. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.17.8 Repayment of Principal. All
remaining principal, interest and expenses outstanding under the Swingline Loans shall
become due in full on the Termination Date or the earlier acceleration of the Revolving
Credit Loan in accordance with the terms of this Agreement. A Borrower may at any time
prepay the interest or principal on any outstanding Swingline Loans in whole or in part
without premium or penalty. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.17.9 Procedures Among Lenders Upon
Default. Upon the occurrence of a Default, Lenders shall acquire participation interests
in the outstanding Swingline Loans as necessary to cause each Lender to own a Pro Rata
interest in the outstanding Swingline Loans, pursuant to such documentation as Agent may
deem necessary. The obligation of each Lender to acquire such a participation interest
shall be unconditional and, without limiting the foregoing, shall remain in effect
irrespective of (i) the occurrence of any Default or Unmatured Default, (ii) the financial
condition of the Borrowers, the Agent, the Swingline Lender or any other Lender or (iii)
the termination or cancellation of the Revolving Credit Commitments (provided that such
Swingline Loan was made prior to the date of such termination or cancellation). The
Swingline Loans shall thereafter be administered by Lenders and Agent as though the
Swingline Loans were amounts outstanding under the Revolving Credit Loan. Additionally, to
this end, upon the occurrence and continuation of a Default, Agent may, in its discretion,
and without the Borrowers&#146; consent, cause an advance to be made under the Revolving
Credit Loan sufficient to repay the outstanding Swingline Loans, even if a Default is then
outstanding. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.18.&nbsp;&nbsp;&nbsp;&nbsp;
          Withholding Tax Exemption. Each Lender that is not incorporated or organized
          under the laws of the United States of America, or a state thereof, shall, on or
          before the date such Lender becomes a party to this Agreement, deliver to each
          of the Borrowers and the Agent two duly completed copies of United States
          Internal Revenue Service Form W 8BEN, W 8ECI or W 8IMY, certifying that such
          Lender is entitled to receive payments under this Agreement and such
          Lender&#146;s Revolving Credit Note without deduction or withholding of any
          United States federal income taxes. Each Lender that so delivers a Form W 8BEN,
          W 8ECI or W 8IMY further undertakes to deliver to each of the Borrowers and the
          Agent two additional copies of such form (or a successor form) on or before the
          date that such form expires, becomes obsolete or otherwise is required to be
          resubmitted as a condition to obtaining an exemption from a required withholding
          or deduction of United States federal income tax or after the occurrence of any
          event requiring a change in the most recent forms so delivered by it, and such
          amendments thereto or extensions or renewals thereof as may be reasonably
          requested by the Borrowers or the Agent, in each case certifying that such
          Lender is entitled to receive payments under this Agreement and such
          Lender&#146;s Revolving Credit Note without deduction or withholding of any
          United States federal income taxes, unless an event (including without
          limitation any change in treaty, law or regulation) has occurred after the
          Closing Date and prior to the date on which any such delivery would otherwise be
          required that renders all such forms inapplicable or that would prevent such
          Lender from duly completing and delivering any such form with respect to it and
          such Lender promptly advises the Borrowers and the Agent that it is not capable
          of receiving payments without any deduction or withholding of United States
          federal income tax. Each Lender that is incorporated or organized under the laws
          of the United States of America or a state thereof shall, within ten (10) days
          following the date such Lender becomes a party to this Agreement, deliver to the
          Borrowers and the Agent two duly completed copies of United States Internal
          Revenue Service Form W-9, certifying that such Lender is a United States person
          for United States federal income tax purposes. Each Lender further undertakes to
          deliver to the Borrowers and the Agent two additional copies of such form (or a
          successor form) on or before the date that such form expires, becomes obsolete
          or otherwise becomes ineffective. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.19.&nbsp;&nbsp;&nbsp;&nbsp;
          Maximum PLICO Liability Amount. Notwithstanding anything to the contrary set
          forth elsewhere in this Agreement or any Credit Document, the liability of PLICO
          to the Lenders under this Agreement and the other Credit Documents shall be
          several and not joint with the liability of PLC under this Agreement and the
          other Credit Documents and shall not exceed the aggregate amount of the Loans
          (including principal, interest, fees and expenses) received, used by, or the
          portion of Letters of Credit issued for the account of PLICO in accordance with
          the provisions of Section 2.5.1 (in the case of Revolving Credit Loans), Section
          2.16 (in the case of Letters of Credit) or Section 2.17.3 (in the case of
          Swingline Loans); provided, however PLC shall be liable for the full amount of
          the Obligations (including those portions of Loans received or used by PLICO and
          the portion of Letters of Credit issued for the account of PLICO) without
          limitation. If there is any doubt or uncertainty as to the Borrower for whose
          benefit a Loan has been received or used, such Loan shall be deemed to have been
          received by and used by or for the benefit of PLC. If there is any doubt or
          uncertainty as to the Borrower for whose benefit a Letter of Credit has been
          issued, such Letter of Credit shall be deemed to have been issued for the
          account of PLC and such Letter of Credit Liabilities attributable to such Letter
          of Credit shall be attributed to PLC. </FONT></P>

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<A NAME=A018></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ARTICLE III</B> </FONT></P>

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<A NAME=A019></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>CONDITIONS PRECEDENT</U></B> </FONT></P>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.1. </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Initial Advance. The Lenders shall not be required to make the initial Advance
               hereunder and the Agent shall not issue any Letters of Credit unless the
               Borrowers have furnished to the Agent, with sufficient copies for the Lenders: </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(i) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               A certificate of good standing from the Secretary of State of Delaware and
               certificate of existence from the Secretary of State of Alabama with respect to
               PLC and a certificate of good standing from the Secretary of State of Tennessee
               with respect to PLICO. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(ii) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Copies, certified by the Secretary or an Assistant Secretary of the Borrowers,
               of their certificates of incorporation, together with all amendments thereto,
               and by-laws and Board of Directors&#146; resolutions (and resolutions of other
               bodies, if any are deemed necessary by counsel for any Lender) authorizing the
               execution of the Credit Documents. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(iii) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               An incumbency certificate, executed by the Secretary or any Assistant Secretary
               of the Borrowers, which shall identify by name and title and bear the signature
               of the officers of the Borrowers authorized to sign the Credit Documents and to
               make borrowings hereunder, upon which certificate the Agent and the Lenders
               shall be entitled to rely until informed in writing by the Borrowers of any
               change. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(iv) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               A certificate, signed by the Chief Financial Officer or the Chief Accounting
               Officer of the Borrowers, stating that on the initial Borrowing Date no Default
               or Unmatured Default has occurred and is continuing. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(v) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               A written opinion of the Borrowers&#146; counsel, addressed to the Lenders in
               form and substance satisfactory to the Agent. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(vi) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Revolving Credit Notes payable to the order of each of the Lenders and the
               Swingline Note. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(vii) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Written money transfer instructions, in a form required by the Agent, addressed
               to the Agent and signed by an Authorized Officer, together with such other
               related money transfer authorizations as the Agent may have reasonably
               requested. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(viii) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               A duly completed compliance certificate as of March 31, 2004, in substantially
               the form of Exhibit 3.1(viii) hereto. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(ix) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Such other documents as any Lender or its counsel may have reasonably requested. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.2. </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Each Loan. The Lenders shall not be required to make or continue any Loan,
               unless on the applicable borrowing date or date of continuation: </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(i) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               There exists no Default or Unmatured Default. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(ii) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               The representations and warranties contained in Article IV (other than
               Section&nbsp;4.5) are true and correct as of such borrowing date or date of
               continuation. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Borrowing Notice with respect to each such Loan shall constitute a representation and
warranty by the Borrowers that the conditions contained in Section 3.2(i) and (ii) have
been satisfied. Any Lender may require a duly completed compliance certificate in
substantially the form of Exhibit 3.1(viii) hereto as a condition to making or continuing
a Loan. </FONT></P>

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<A NAME=A020></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ARTICLE IV</B> </FONT></P>

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<A NAME=A021></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>REPRESENTATIONS AND
WARRANTIES</U></B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Borrowers
represent and warrant to the Lenders and the Agent that: </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.1.&nbsp;&nbsp;&nbsp;&nbsp;
          Corporate Existence and Standing. Each of the Borrowers and its Significant
          Subsidiaries is a corporation duly incorporated, validly existing and in good
          standing under the laws of its jurisdiction of incorporation and has all
          requisite authority to conduct its business in each jurisdiction in which its
          business is conducted. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.2.&nbsp;&nbsp;&nbsp;&nbsp;
          Authorization and Validity. The Borrowers have the corporate power and authority
          and legal right to execute and deliver the Credit Documents and to perform their
          obligations thereunder. The execution and delivery by the Borrowers of the
          Credit Documents and the performance of their obligations thereunder have been
          duly authorized by proper corporate proceedings, and the Credit Documents
          constitute legal, valid and binding obligations of the Borrowers enforceable
          against the Borrowers in accordance with their terms, except as enforceability
          may be limited by bankruptcy, insolvency or similar laws affecting the
          enforcement of creditors&#146; rights generally. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.3.&nbsp;&nbsp;&nbsp;&nbsp;
          No Conflict; Government Consent. Neither the execution and delivery by the
          Borrowers of the Credit Documents, nor the consummation of the transactions
          provided for therein, nor compliance with the provisions thereof, will violate
          any law, rule, regulation, order, writ, judgment, injunction, decree or award
          binding on the Borrowers or any of their Significant Subsidiaries or the
          Borrowers&#146; or any of their Significant Subsidiaries&#146; certificate or
          articles of incorporation or by-laws or the provisions of any indenture,
          instrument or agreement to which the Borrowers or any of their Significant
          Subsidiaries are parties or are subject, or by which they, or their Property,
          are bound, or conflict with or constitute a default thereunder, or result in the
          creation or imposition of any Lien in, of or on the Property of the Borrowers or
          any of their Significant Subsidiaries pursuant to the terms of any such
          indenture, instrument or agreement, other than such violations, conflicts or
          defaults which, individually or in the aggregate, could not reasonably be
          expected to have a Material Adverse Effect. No order, consent, approval,
          license, authorization, or validation of, or filing, recording or registration
          with, or exemption by, any Governmental Authority is required to authorize, or
          is required in connection with the execution, delivery and performance of, or
          the legality, validity, binding effect or enforceability of, any of the Credit
          Documents, except such as would not have a Material Adverse Effect. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.4.&nbsp;&nbsp;&nbsp;&nbsp;
          Financial Statements. The March 31, 2004, consolidated financial statements of
          PLC and its Subsidiaries heretofore delivered to the Lenders were prepared in
          accordance with generally accepted accounting principles in effect on the date
          such statements were prepared and fairly present the consolidated financial
          condition and operations of PLC and its Subsidiaries at such date and the
          consolidated results of their operations for the period then ended. The December
          31, 2003 consolidated financial statements of PLICO and its Subsidiaries
          heretofore delivered to the Lenders were prepared in accordance with GAAP in
          effect on the date such statements were prepared and fairly present the
          consolidated financial condition and operations of PLICO and its Subsidiaries at
          such date and the consolidated results of the operations of PLICO and its
          Subsidiaries for the period then ended. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.5.&nbsp;&nbsp;&nbsp;&nbsp;
          Material Adverse Change. Since March 31, 2004, there has been no change in the
          business, Property, prospects, condition (financial or otherwise) or results of
          operations of the Borrowers and their Significant Subsidiaries which would have
          a Material Adverse Effect. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.6.&nbsp;&nbsp;&nbsp;&nbsp;
          Taxes. The Borrowers and their Significant Subsidiaries have filed all United
          States federal tax returns and all other tax returns required to be filed and
          have paid all taxes due pursuant to said returns or pursuant to any assessment
          received by the Borrowers or any of their Significant Subsidiaries, except such
          taxes, if any, as are being contested in good faith and as to which, in the good
          faith judgment of the Borrowers, adequate reserves have been provided. The
          United States income tax returns of the Borrowers and their Significant
          Subsidiaries have been audited by the Internal Revenue Service through the
          fiscal year ended December 31, 1997. No tax liens have been filed with respect
          to any such taxes. The charges, accruals and reserves on the books of the
          Borrowers and their Significant Subsidiaries with respect to any taxes or other
          governmental charges are adequate in the good faith judgment of the Borrowers. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.7.&nbsp;&nbsp;&nbsp;&nbsp;
          Litigation and Guaranteed Obligations. Except as disclosed on Exhibit 4.7
          hereto, there is no litigation, arbitration, governmental investigation,
          proceeding or inquiry pending or, to the knowledge of any of their officers,
          threatened in writing against or affecting the Borrowers or any of their
          Significant Subsidiaries which could reasonably be expected to have a Material
          Adverse Effect. The Borrowers have no material Guaranteed Obligations not
          provided for or disclosed in the financial statements referred to in Section
          4.4. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.8.&nbsp;&nbsp;&nbsp;&nbsp;
          List of Significant Subsidiaries. Exhibit 4.8 hereto contains an accurate list
          of all of the now existing Significant Subsidiaries of the Borrowers, setting
          forth their respective jurisdictions of incorporation and the percentage of
          their respective capital stock owned by the Borrowers or other Subsidiaries. All
          the issued and outstanding shares of capital stock of such Significant
          Subsidiaries have been duly authorized and issued and are fully paid and
          non-assessable. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.9.&nbsp;&nbsp;&nbsp;&nbsp;
          ERISA. Each Plan complies in all material respects with all applicable
          requirements of law and regulations, and no ERISA Event has occurred or is
          reasonably expected to occur with respect to any Plan. No Insufficiency exists
          with respect to any Plan. Neither PLC nor any ERISA Affiliate is required to
          contribute to or has ever had a liability to a Multiemployer Plan. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.10.&nbsp;&nbsp;&nbsp;&nbsp;
          Accuracy of Information. No information, exhibit or report furnished by the
          Borrowers or any of their Significant Subsidiaries to the Agent or any Lender in
          connection with the negotiation of, or compliance with, the Credit Documents
          contained any material misstatement of fact or purposely omitted to state a
          material fact. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.11.&nbsp;&nbsp;&nbsp;&nbsp;
          Regulation U. Margin stock (as defined in Regulation U) constitutes less than
          25% of those assets of the Borrowers and their Significant Subsidiaries that are
          subject to any limitation on sale, pledge or other restriction hereunder. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.12.&nbsp;&nbsp;&nbsp;&nbsp;
          Material Agreements. Neither the Borrowers nor any Significant Subsidiary is a
          party to any agreement or instrument or subject to any charter or other
          corporate restriction that could reasonably be expected to have a Material
          Adverse Effect. Neither the Borrowers nor any Significant Subsidiary is in
          default in the performance, observance or fulfillment of any of the obligations,
          covenants or conditions contained in any agreement to which it is a party, which
          default could reasonably be expected to have a Material Adverse Effect. Neither
          the Borrowers nor any Significant Subsidiary is in default in the performance,
          observance or fulfillment of any of the obligations, covenants or conditions
          contained in any agreement or instrument evidencing or governing Indebtedness. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.13.&nbsp;&nbsp;&nbsp;&nbsp;
          Compliance With Laws. The Borrowers and their Significant Subsidiaries have
          complied with all applicable statutes, rules, regulations, orders and
          restrictions of any Governmental Authority, having jurisdiction over the conduct
          of their respective businesses or the ownership of their respective Property,
          except where the failure so to comply could not reasonably be expected to have a
          Material Adverse Effect. Neither the Borrowers nor any Significant Subsidiary
          has received any notice to the effect that its operations are not in material
          compliance with any of the requirements of applicable federal, state and local
          environmental, health and safety statutes and regulations or the subject of any
          federal or state investigation evaluating whether any remedial action is needed
          to respond to a release of any toxic or hazardous waste or substance into the
          environment, which non-compliance or remedial action could reasonably be
          expected to have a Material Adverse Effect. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.14.&nbsp;&nbsp;&nbsp;&nbsp;
          Investment Company Act. Neither the Borrowers nor any Significant Subsidiary
          thereof is an &#147;investment company&#148; or a company &#147;controlled&#148;
          by an &#147;investment company&#148;, within the meaning of the Investment
          Company Act of 1940, as amended. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.15.&nbsp;&nbsp;&nbsp;&nbsp;
          Public Utility Holding Company Act. Neither the Borrowers nor any Significant
          Subsidiary is a &#147;holding company&#148; or a &#147;subsidiary company&#148;
          of a &#147;holding company&#148;, or an &#147;affiliate&#148; of a &#147;holding
          company&#148; or of a &#147;subsidiary company&#148; of a &#147;holding
          company&#148;, within the meaning of the Public Utility Holding Company Act of
          1935, as amended. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.16.&nbsp;&nbsp;&nbsp;&nbsp;
          Insurance Licenses. Each Significant Insurance Subsidiary holds active Licenses,
          and is authorized to transact insurance business, in each jurisdiction wherein
          it transacts any insurance business. No such License is the subject of a
          proceeding for suspension or revocation, there is no sustainable basis for such
          suspension or revocation, and to the Borrowers&#146; knowledge no such
          suspension or revocation has been threatened by any Governmental Authority. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.17.&nbsp;&nbsp;&nbsp;&nbsp;
          Ownership of Properties. On the Closing Date, the Borrowers and their
          Significant Subsidiaries have beneficial ownership of the property and assets
          reflected in the financial statements referred to in Section 4.4 as owned by
          them, free of all Liens other than Permitted Liens. </FONT></P>

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<A NAME=A022></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ARTICLE V</B> </FONT></P>

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<A NAME=A023></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>COVENANTS</U></B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During
the term of this Agreement, unless the Lenders shall otherwise consent in writing: </FONT></P>

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               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.1. </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Financial Reporting. PLC will maintain, for itself and each Consolidated
               Subsidiary, a system of accounting established and administered in accordance
               with GAAP and (where applicable) SAP, and furnish to the Lenders: </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(i) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Within 95 days after the close of each of its fiscal years, an unqualified audit
               report certified by independent certified public accountants, acceptable to the
               Lenders, prepared in accordance with GAAP on a consolidated and consolidating
               basis (consolidating statements need not be certified by such accountants) for
               itself and the Consolidated Subsidiaries, including balance sheets as of the end
               of such period, related profit and loss and reconciliation of surplus
               statements, and a statement of cash flows (solely with respect to the
               consolidated statements), accompanied by a certificate of said accountants that,
               in the course of their examination necessary for their certification of the
               foregoing, they have obtained no knowledge of any Default or Unmatured Default,
               or if, in the opinion of such accountants, any Default or Unmatured Default
               shall exist, stating the nature and status thereof. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(ii) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Within 50 days after the close of each quarterly period of each of its fiscal
               years, for itself and the Consolidated Subsidiaries, consolidated and
               consolidating unaudited balance sheets as at the close of each such period and
               consolidated and consolidating profit and loss statements and a consolidated
               statement of cash flows for the period from the beginning of such fiscal year to
               the end of such quarter, all certified by its Chief Financial Officer or Chief
               Accounting Officer. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(iii) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Together with the financial statements required hereunder, a compliance
               certificate in substantially the form of Exhibit 3.1(viii) hereto signed by the
               Chief Financial Officer or Chief Accounting Officer of PLC showing the
               calculations necessary to determine compliance with this Agreement and stating
               that no Default or Unmatured Default exists, or if any Default or Unmatured
               Default exists, stating the nature and status thereof. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(iv) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               In the event an Insufficiency exists, within 270 days after the close of each
               fiscal year, a statement of the Insufficiency with respect to each Plan,
               certified as correct by an actuary enrolled under ERISA. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(v) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Promptly upon the request of any of the Lenders, copies of all the most recent
               material reports and notices in connection with Plans that PLC or any
               Significant Subsidiary is required to file under ERISA with the Internal Revenue
               Service or the PBGC or the U.S. Department of Labor, or which PLC or any
               Significant Subsidiary receives from such Governmental Authorities. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(vi) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               As soon as possible and in any event within 10 days after receipt by the
               Borrowers, a copy of (a) any notice or claim to the effect that the Borrowers or
               any of their Significant Subsidiaries are or may be liable to any Person as a
               result of the release by the Borrowers, any of their Significant Subsidiaries or
               any other Person of any toxic or hazardous waste or substance into the
               environment, and (b)&nbsp;any notice alleging any violation of any federal,
               state or local environmental, health or safety law or regulation by the
               Borrowers or any of their Significant Subsidiaries, which, in either case, could
               reasonably be expected to have a Material Adverse Effect. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(vii) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Upon the earlier of (i) 15 days after the regulatory filing date or (ii) 90 days
               after the close of each fiscal year of each Significant Insurance Subsidiary
               copies of the Annual Statement of each of the Significant Insurance Subsidiaries
               prepared on the NAIC annual statement blanks (or such other form as shall be
               required by the jurisdiction of incorporation of each such Significant Insurance
               Subsidiary), all such statements to be prepared in accordance with SAP
               consistently applied throughout the periods reflected therein; and within 15
               days after the regulatory filing date, copies of such Annual Statements
               certified by independent certified public accountants reasonably acceptable to
               the Lenders if such certification is so required by any Governmental Authority. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(viii) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Promptly upon the filing thereof, copies of all Forms 10Q and 10K (other than
               earnings press releases) that PLC or any Significant Subsidiary files with the
               Securities and Exchange Commission and, upon request, any Forms A and B that any
               Significant Insurance Subsidiary files with any insurance commission or
               department or analogous Governmental Authority. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(ix) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Promptly upon the Borrowers&#146; receipt thereof, copies of reports, notices,
               or claims prepared by or on behalf of any Governmental Authority with respect to
               any adverse action or event that has resulted in the reduction by 10% or more in
               the capital and surplus of any Significant Insurance Subsidiary. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(x) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Promptly and in any event within 10 days after learning thereof, notification of
               any change after the Closing Date of any rating given (a) by S&amp;P with
               respect to PLC or any Consolidated Subsidiary or (b) by A.M. Best &amp; Co. with
               respect to any Significant Insurance Subsidiary. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(xi) </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Such other information (including, without limitation, non-financial
               information) as the Agent or any Lender may from time to time reasonably
               request. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.2. </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Use of Proceeds. The Borrowers will, and will cause each Subsidiary to, use the
               proceeds of the Loans as set forth in Section 2.2. The Borrowers will not, nor
               will they permit any Subsidiary to, use any of the proceeds of the Loans to
               purchase or carry any &#147;margin stock&#148; (as defined in Regulation U). </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.3. </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Notice of Default. The Borrowers will give prompt notice in writing to the Agent
               and the Lenders of (i) the occurrence of any Default or Unmatured Default and of
               any other development, financial or otherwise, that could reasonably be expected
               to have a Material Adverse Effect, (ii) the receipt of any notice from any
               Governmental Authority of the expiration without renewal, revocation or
               suspension of, or the institution of any proceedings to revoke or suspend, any
               License now or hereafter held by any Significant Insurance Subsidiary which is
               required to conduct insurance business in compliance with all applicable laws
               and regulations, other than such expiration, revocation or suspension or
               institution of such proceedings that, individually or in the aggregate, could
               not reasonably be expected to have a Material Adverse Effect, (iii) the receipt
               of any notice from any Governmental Authority of the institution of any
               disciplinary proceedings against or with respect to any Significant Insurance
               Subsidiary, or the issuance of any order, the taking of any action or any
               request for an extraordinary audit for cause by any Governmental Authority which
               is reasonably expected to have a Material Adverse Effect or (iv) any judicial or
               administrative order limiting or controlling the insurance business of any
               Significant Insurance Subsidiary (and not the insurance industry generally)
               which has been issued or adopted and which could reasonably be expected to have
               a Material Adverse Effect. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.4. </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Conduct of Business. The Borrowers will, and will cause each Significant
               Subsidiary to, do all things necessary to remain duly incorporated, validly
               existing and in good standing as a domestic corporation in its jurisdiction of
               incorporation and maintain all requisite authority to conduct its business in
               each jurisdiction in which its business is conducted except where such failure
               to do so would not have a Material Adverse Effect. The Borrowers will cause each
               Significant Insurance Subsidiary to (i) carry on or otherwise be associated with
               the business of a licensed insurance carrier and (ii) do all things necessary to
               renew, extend and continue in effect all Licenses that may at any time and from
               time to time be necessary for such Significant Insurance Subsidiary to operate
               its insurance business in compliance with all applicable laws and regulations;
               provided, however, that any such Significant Insurance Subsidiary may withdraw
               from one or more states as an admitted insurer or change the state of its
               domicile, if such withdrawal or change is in the best interests of the Borrowers
               and such Significant Insurance Subsidiary. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.5. </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Taxes. The Borrowers will, and will cause each Significant Subsidiary to, pay
               when due all taxes, assessments and governmental charges and levies upon it or
               its income, profits or Property, except where the failure to file has not had
               and would not reasonably be expected to have, a Material Adverse Effect, and
               except those that are being contested in good faith by appropriate proceedings
               and with respect to which adequate reserves have been set aside. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.6. </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Insurance. The Borrowers will, and will cause each Significant Subsidiary to,
               maintain with financially sound and reputable insurance companies insurance on
               all or substantially all of its Property in such amounts and covering such
               risks, and with such risk retention or self-insurance, as is consistent with
               sound business practice for Persons in substantially the same industry as the
               Borrowers or such Significant Subsidiary, and the Borrowers will furnish to any
               Lender upon request full information as to the insurance carried and any
               applicable risk retention or self-insurance. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.7. </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Compliance with Laws. The Borrowers will, and will cause each Significant
               Subsidiary to, comply with all laws, rules, regulations, orders, writs,
               judgments, injunctions, decrees or awards to which it may be subject, except
               where the failure to so comply could not reasonably be expected to have a
               Material Adverse Effect. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.8. </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Maintenance of Properties. The Borrowers will, and will cause each Significant
               Subsidiary to, do all things necessary to maintain, preserve, protect and keep
               its Property in good repair, working order and condition and make all necessary
               and proper repairs, renewals and replacements so that its business carried on in
               connection therewith may be properly conducted at all times, except where the
               failure to so maintain, preserve, protect and repair could not reasonably be
               expected to have a Material Adverse Effect. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.9. </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Inspection. The Borrowers will, and will cause each Significant Subsidiary to,
               permit the Lenders, by their respective representatives and agents, to inspect
               any of the Property, corporate books and financial records of the Borrowers and
               each Significant Subsidiary, to examine and make copies of the books or accounts
               and other financial records of the Borrowers and each Significant Subsidiary,
               and to discuss the affairs, finances and accounts of the Borrowers and each
               Significant Subsidiary with, and to be advised as to the same by, their
               respective officers at such reasonable times and intervals as the Lenders may
               designate. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.10. </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Merger, Consolidation and Sale of Assets. The Borrowers will not, nor will they
               permit any Significant Subsidiary to, merge or consolidate with or into, or
               sell, lease or otherwise transfer all or any Substantial Portion of its assets
               to any other Person, except that (a) either Borrower or a Significant Subsidiary
               may merge with another Person if (i) such Person was organized under the laws of
               the United States of America or one of its states, (ii)&nbsp;either Borrower or
               a Significant Subsidiary is the corporation surviving such merger (provided that
               in a merger of either Borrower and a Significant Subsidiary, such Borrower shall
               be the corporation surviving such merger) and (iii) immediately after giving
               effect to such merger, no Default shall have occurred and be continuing and (b)
               Subsidiaries (other than PLICO) may merge with one another or into either
               Borrower. The foregoing limitation on merger and consolidation and the sale,
               lease or other transfer of assets shall not prohibit (i) sales of investment
               assets in the ordinary course of business and (ii) during any fiscal quarter, a
               merger, consolidation or any transfer of assets (in a single transaction or a
               series of related transactions) unless the aggregate assets that are the subject
               of such merger or consolidation or to be so transferred, when combined with all
               other assets transferred (including as the result of a merger or consolidation)
               during such fiscal quarter and the immediately preceding 3 fiscal quarters,
               constituted more than 15% of Consolidated Total Assets at the end of the most
               recent fiscal year. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.11. </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Liens. PLC will not, nor will it permit any Significant Subsidiary to, create,
               incur or suffer to exist any Lien in, of or on any Property, except for
               Permitted Liens. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.12. </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Adjusted Consolidated Net Worth. PLC will maintain at all times Adjusted
               Consolidated Net Worth equal to not less than the sum of (i) $1,400,000,000 plus
               (ii)&nbsp;25% of the consolidated net income of PLC and its Subsidiaries as
               reflected in the financial statements, if positive, earned after December 31,
               2003, through the last day of the most recent fiscal quarter for which
               statements were delivered or required to have been delivered to the Lenders
               pursuant to Section 5.1, taken as one accounting period, minus (iii) PLC&#146;s
               consolidated allowance for potential future losses on investments at the end of
               such fiscal quarter. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.13. </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Ratio of Adjusted Consolidated Indebtedness to Consolidated Capitalization. PLC
               will maintain at all times a ratio of Adjusted Consolidated Indebtedness to
               Consolidated Capitalization of not more than 0.4 to 1.0. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.14. </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Total Adjusted Capital of PLICO. PLICO will maintain at all times Total Adjusted
               Capital in an amount not less than 4.0 times PLICO&#146;s Authorized Control
               Level Risk-Based Capital. As used herein the terms &#147;Total Adjusted
               Capital&#148; and &#147;Authorized Control Level Risk-Based Capital&#148; have
               the meanings attributed thereto in the Risk-Based Capital (RBC) for Life and/or
               Health Insurers Model Act adopted by the NAIC in December 2000, as the same may
               be modified, supplemented or amended from time to time. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.15. </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Ratio of Unconsolidated Cash Inflow Available for Interest Expense to Adjusted
               Consolidated Interest Expense. PLC will maintain, on a rolling four quarter
               basis, a ratio of (i) Unconsolidated Cash Inflow Available for Interest Expense
               to (ii) Adjusted Consolidated Interest Expense of not less than 2.0 to 1.0. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.16. </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Affiliates. PLC will not, and will not permit any Significant Subsidiary to,
               enter into any transaction (including, without limitation, the purchase or sale
               of any Property or service) with, or make payments or transfer to, any Affiliate
               (other than a Wholly-Owned Subsidiary) except (i) any such transactions,
               payments or transfers with or to such Affiliates as are made in the ordinary
               course of business and pursuant to the reasonable requirements of PLC&#146;s or
               such Significant Subsidiary&#146;s business and upon fair and reasonable terms
               no less favorable to PLC&#146;s or such Significant Subsidiary than PLC or such
               Significant Subsidiary would obtain in a comparable arms-length transaction and
               (ii) any such other transactions, payments or transfers with or to such
               Affiliates as could not reasonably be expected to have a Material Adverse
               Effect. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.17. </FONT></TD>
               <TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Compliance with ERISA. The Borrowers will not (i) terminate, or permit any ERISA
               Affiliate to terminate, any Plan so as to result in any material (in the opinion
               of the Lenders) liability of the Borrowers or an ERISA Affiliate to the PBGC;
               (ii) permit to exist any occurrence of any Reportable Event (as defined in Title
               IV of ERISA), or any other event or condition, that presents a material (in the
               opinion of the Lenders) risk of such a termination by the PBGC of any Plan so as
               to result in any material (in the opinion of the Lenders) liability of the
               Borrowers or any ERISA Affiliate to the PBGC; (iii) be an &#147;employer&#148;
               (as defined in Section&nbsp;3(5) of ERISA), or permit any ERISA Affiliate to be
               an &#147;employer&#148;, required to contribute to any Multiemployer Plan; or
               (iv) fail to comply in all material respects with any laws or regulations
               applicable to any Plan. </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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<A NAME=A024></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ARTICLE VI</B> </FONT></P>

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<A NAME=A025></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>DEFAULTS</U></B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
occurrence of any one or more of the following events shall constitute a Default: </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.1.&nbsp;&nbsp;&nbsp;&nbsp;
          Any representation or warranty made or deemed made by or on behalf of the
          Borrowers or any of their Subsidiaries to the Lenders or the Agent under or in
          connection with this Agreement, any Loan or any certificate or written
          information delivered in connection with this Agreement or any other Credit
          Document shall be materially false on the date as of which made. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.2.&nbsp;&nbsp;&nbsp;&nbsp;
          Nonpayment of principal of any Loan when due, or nonpayment of interest upon any
          Loan or of any facility fee or other Obligation under any of the Credit
          Documents. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.3.&nbsp;&nbsp;&nbsp;&nbsp;
          The breach by the Borrowers of any of the terms or provisions of Section 5.2,
          5.10, 5.11, 5.12, 5.13 and 5.15. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.4.&nbsp;&nbsp;&nbsp;&nbsp;
          The breach by the Borrowers (other than a breach that constitutes a Default
          under Section 6.1, 6.2 or 6.3) of any of the terms or provisions of this
          Agreement, and the continuance of such breach for a period of 30 days after
          there has been given, by registered or certified mail, to the Borrowers by the
          Agent a written notice specifying such breach and requiring it to be remedied
          and stating that such notice is a &#147;notice of default&#148; hereunder. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.5.&nbsp;&nbsp;&nbsp;&nbsp;
          Failure of the Borrowers or any of their Subsidiaries to pay when due or within
          any applicable cure periods any Indebtedness, if the aggregate amount of all
          such Indebtedness involved exceeds $15,000,000; or if any event or condition
          shall occur that results in any Indebtedness of the Borrowers or any Subsidiary
          being declared to be due and payable or required to be prepaid (other than by a
          regularly scheduled payment or a payment made in the ordinary course of business
          and pursuant to a contractual obligation) prior to the stated maturity thereof,
          if the aggregate amount of all such Indebtedness involved exceeds $15,000,000;
          or the Borrowers or any of PLC&#146;s Subsidiaries shall not pay, or admit in
          writing their inability to pay, their debts generally as they become due. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.6.&nbsp;&nbsp;&nbsp;&nbsp;
          The Borrowers or any of their Significant Subsidiaries shall (i) have an order
          for relief entered with respect to them under the Federal bankruptcy laws as now
          or hereafter in effect, (ii) make an assignment for the benefit of creditors,
          (iii) apply for, seek, consent to, or acquiesce in, the appointment of a
          receiver, custodian, trustee, examiner, liquidator or similar official for them
          or any Substantial Portion of their Property, (iv) institute any proceeding
          seeking an order for relief under the Federal bankruptcy laws as now or
          hereafter in effect or seeking to adjudicate them bankrupt or insolvent, or
          seeking dissolution, winding up, liquidation, reorganization, arrangement,
          adjustment or composition of them or their debts under any law relating to
          bankruptcy, insolvency or reorganization or relief of debtors or fail to file an
          answer or other pleading denying the material allegations of any such
          proceeding, filed against them, (v)&nbsp;take any corporate action to authorize
          or effect any of the foregoing actions set forth in this Section 6.6 or (vi)
          fail to contest in good faith any appointment or proceeding described in Section
          6.7. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.7.&nbsp;&nbsp;&nbsp;&nbsp;
          Without the application, approval or consent of the Borrowers or any of their
          Subsidiaries, a receiver, trustee, examiner, liquidator or similar official
          shall be appointed for the Borrowers or any of PLC&#146;s Significant
          Subsidiaries or any Substantial Portion of its Property, or a proceeding
          described in Section 6.6(iv) shall be instituted against the Borrowers or any of
          PLC&#146;s Significant Subsidiaries, and such appointment continues undischarged
          or such proceeding continues undismissed or unstayed for a period of 30
          consecutive days. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.8.&nbsp;&nbsp;&nbsp;&nbsp;
          Any Governmental Authority shall condemn, seize or otherwise appropriate, or
          take custody or control of (each a &#147;Condemnation&#148;), all or any portion
          of the Property of the Borrowers or any of PLC&#146;s Significant Subsidiaries
          which, when taken together with all other Property of the Borrowers and
          PLC&#146;s Significant Subsidiaries so condemned, seized, appropriated or taken
          custody or control of, during the twelve-month period ending with the month in
          which any such Condemnation occurs, constitutes a Substantial Portion. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.9.&nbsp;&nbsp;&nbsp;&nbsp;
          The Borrowers or any of PLC&#146;s Subsidiaries shall fail within 45 days to
          pay, bond or otherwise discharge any judgment or order for the payment of money
          in excess of $15,000,000, which is not stayed on appeal or otherwise being
          appropriately contested in good faith. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.10.&nbsp;&nbsp;&nbsp;&nbsp;
          (i) Any ERISA Event shall have occurred or (ii) the sum of the aggregate
          Insufficiencies of all Plans shall exceed $15,000,000. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.11.&nbsp;&nbsp;&nbsp;&nbsp;
          Any Governmental Authority having jurisdiction shall prohibit or further limit
          the payment or distribution by PLICO or any other Significant Insurance
          Subsidiary to PLC of dividends, principal or interest payments or management
          fees, if such prohibition or further limitation could reasonably be expected to
          have a Material Adverse Effect. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.12.&nbsp;&nbsp;&nbsp;&nbsp;
          The Borrowers or any of PLC&#146;s Subsidiaries shall be the subject of any
          proceedings or investigation of any toxic or hazardous waste or substance into
          the environment, or any violation of any federal, state or local environmental,
          health or safety law or regulation, which, in either case, could reasonably be
          expected to have a Material Adverse Effect. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.13.&nbsp;&nbsp;&nbsp;&nbsp;
          Any Change in Control shall occur. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.14.&nbsp;&nbsp;&nbsp;&nbsp;
          Any License of any Insurance Subsidiary held by such Insurance Subsidiary on the
          Closing Date or acquired by such Insurance Subsidiary thereafter, the loss of
          which would have, in the reasonable judgment of the Lenders, a Material Adverse
          Effect (i) shall be revoked by a final non-appealable order by the state that
          issued such License, or any action (whether administrative or judicial) to
          revoke such License shall have been commenced against such Insurance Subsidiary
          which shall not have been dismissed or contested in good faith within 30 days of
          the commencement thereof, (ii) shall be suspended by such state for a period in
          excess of 30 days or (iii) shall not be reissued or renewed by such state upon
          the expiration thereof following application for such reissuance or renewal by
          such Insurance Subsidiary. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.15.&nbsp;&nbsp;&nbsp;&nbsp;
          A federal tax lien shall attach against the Borrowers or any Subsidiary under
          Section 6323 of the Code or a lien of the PBGC shall be filed against the
          Borrowers or any Subsidiary under Section 4068 of ERISA in an amount that would
          have, in the reasonable judgment of the Lenders, a Material Adverse Effect and
          in either case such lien shall remain undischarged for a period of 60 days after
          the attachment or filing, as the case may be. </FONT></P>

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<A NAME=A026></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ARTICLE VII</B> </FONT></P>

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<A NAME=A027></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>REMEDIES</U> </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the happening of any Default: </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.1.&nbsp;&nbsp;&nbsp;&nbsp;
          Default Rate. Agent shall at the direction, or may with the consent, of the
          Required Lenders declare the Obligations to thereafter bear interest at the
          Default Rate until such Default is cured or no longer exists. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.2.&nbsp;&nbsp;&nbsp;&nbsp;
          Termination of Commitments. As provided in Article III hereof, Lenders shall not
          be obligated to advance any additional Loans. Agent shall at the direction, or
          may with the consent, of the Required Lenders terminate the obligation of
          Lenders to advance any additional Loans. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.3.&nbsp;&nbsp;&nbsp;&nbsp;
          Letters of Credit. At the option of the Required Lenders, the Agent may treat
          all then outstanding Letters of Credit as if drafts in the full amount available
          to be drawn thereunder had been properly drawn thereunder and paid by the Agent
          and the Borrowers had failed or refused to reimburse the Agent for the amount so
          paid within the time permitted under this Agreement. The Borrowers shall,
          promptly upon demand of the Agent, deposit in cash with the Agent an amount
          equal to the amount of all Letter of Credit Liabilities then outstanding, as
          collateral security for the repayment thereof, which deposit shall be held by
          the Agent under the provisions of Section&nbsp;10.22. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.4.&nbsp;&nbsp;&nbsp;&nbsp;
          Acceleration. Agent may, by written notice to the Borrowers, declare the entire
          principal amount of all Obligations then outstanding, including interest accrued
          thereon, to be immediately due and payable without presentment, demand, protest,
          notice of protest, or dishonor or other notice of default of any kind, all of
          which are hereby expressly waived. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.5.&nbsp;&nbsp;&nbsp;&nbsp;
          Setoff. Any Lender may, to the extent of the amount of the Obligations, exercise
          its lien upon and right of setoff against any monies, items, credits, deposits
          or instruments that such Lender may have in its possession and which belong to
          the Borrowers or to any other person or entity liable for the payment of any or
          all of the Obligations. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.6.&nbsp;&nbsp;&nbsp;&nbsp;
          Other Remedies. Lenders and Agent may exercise any right that they may have
          under any other document evidencing or securing the Obligations or otherwise
          available to Lenders or Agent at law or equity. </FONT></P>

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<A NAME=A028></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ARTICLE VIII</B> </FONT></P>

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<A NAME=A029></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>THE AGENT</U></B> </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.1.&nbsp;&nbsp;&nbsp;&nbsp;
          Appointment of Agent. Lenders hereby appoint Agent to act as specified in this
          Article VIII. Agent&#146;s duties hereunder are administrative and ministerial
          in nature, and Agent&#146;s capacity is that of an independent contractor for
          Lenders. Agent is not a trustee or other fiduciary for Lenders, and Agent has no
          duties whatsoever to Lenders except as expressly set forth in this Agreement. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.2.&nbsp;&nbsp;&nbsp;&nbsp;
          Powers of Agent. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.2.1 Administration of Loans. Except
as otherwise provided in this Section 8.2, Agent shall have the exclusive power and
authority to (i) give all consents and approvals, issue waivers and amendments, enforce
the Credit Documents (including, but not limited to, the power to enforce the Credit
Documents in any relevant case under the Bankruptcy Code) and otherwise take all actions
permitted of Agent under this Agreement or any other Credit Document, (ii) give all
consents and approvals, issue waivers and amendments, enforce the Credit Documents
(including, but not limited to, the power to enforce the Credit Documents in any relevant
case under the Bankruptcy Code) and otherwise take all actions permitted of Lenders under
this Agreement or any other Credit Document, excepting only those matters that the Credit
Documents specifically reserve for the respective Lenders severally (such as the
computation of LIBOR charges unique to the circumstances of a given Lender), (iii) receive
all payments, notices and other deliveries and communications to be given Lenders or Agent
under this Agreement or any other Credit Document, and (iv) to perform such actions as are
incidental to any of the foregoing. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.2.2 Matters Reserved to Required
Lenders. Absent the prior approval of the Required Lenders, Agent shall not waive or amend
any provision of this Agreement or any other Credit Document. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.2.3 Matters Reserved to all
Lenders. Absent the prior approval of all Lenders, Agent shall not forgive any principal
included in the Obligations; waive or amend any interest rate applicable to the
Obligations; waive or amend the Termination Date; amend the expiry date of a Letter of
Credit to any date beyond the Termination Date; waive or amend the amount of any
Lender&#146;s Revolving Credit Commitment; waive a Default arising from non-payment of any
principal or interest due on the Obligations; accelerate the maturity of the Obligations;
or amend the definitions of Pro Rata Share or Required Lenders. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.3.&nbsp;&nbsp;&nbsp;&nbsp;
          Duties of Agent. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.3.1 Specific Duties of Agent:
Standard of Care. Agent shall (i) remit to each Lender, with reasonable promptness, the
appropriate Pro Rata Share of payments received or other amounts collected on account of
the Obligations, (ii) forward to Lenders, with reasonable promptness, counterparts or
copies of Borrowing Notices, financial reports and other information that may be delivered
to Agent by the Borrowers pursuant to the requirements of the Credit Documents, (iii)
notify Lenders of any Unmatured Default or Default known to Agent, in accordance with
Section 8.7 below, and (iv) otherwise administer the Loans through the exercise of such of
the powers granted herein as Agent deems appropriate from time to time. Agent shall have
no liability to Lenders for any action or inaction relating to this Agreement or the other
Credit Documents, except for actual losses caused by its gross negligence or reckless or
willful misconduct. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.3.2 Limitations on Agent&#146;s
Duties. Agent shall not be obligated to take any action hereunder or under any other
Credit Document (i) if such action would, in the opinion of Agent, be contrary to
applicable law, this Agreement or the other Credit Documents, (ii) if it shall not first
be specifically indemnified to its satisfaction against any and all liability and expense
that may be incurred by it by reason of taking or continuing to take any such action,
(iii) if it would likely subject Agent to a tax in any jurisdiction where it is not then
subject to a tax, (iv) if it would likely require Agent to qualify to do business in any
jurisdiction where it is not then so qualified, unless Agent receives security or
indemnity satisfactory to it against any tax or other liability in connection with such
qualification or resulting from the taking of such action in connection therewith, or (v)
if it would likely subject Agent to in personam jurisdiction in any location where it is
not then so subject. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.3.3 Agent&#146;s Right to Require
Instructions in Performance of Duties. If Agent, in its sole and absolute discretion,
requests instructions from the Required Lenders with respect to any act or action
(including the failure to act) in connection with this Agreement or any other Credit
Document for which the approval of the Required Lenders or all Lenders is not otherwise
required, Agent shall be entitled, at its option, to refrain from such action, or to
continue such inaction, unless and until Agent shall have received such instructions, and
Agent shall incur no liability by reason of so acting or refraining from action. No Lender
shall have any right of action whatsoever against Agent as a result of Agent&#146;s acting
or refraining from acting hereunder or under any other Credit Document in accordance with
the instructions of the Required Lenders in such a case. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.3.4 Agent&#146;s Reliance on Others
in Performance of Duties. Agent shall be entitled to rely, and shall be fully protected in
relying, upon any note, writing, resolution, notice, statement, consent, certificate,
telex, teletype or facsimile message, order or other documentary, teletransmission or
telephone message believed by it in good faith to be genuine and correct and to have been
signed, sent or made by the proper Person. Agent may consult with legal counsel (including
counsel for the Borrowers), accountants and other experts selected by it with respect to
all matters pertaining to this Agreement and the other Credit Documents and its duties
hereunder and thereunder and shall not be liable for any action taken or omitted to be
taken by it in good faith in accordance with the advice of such counsel (including counsel
for the Borrowers), accountants or experts. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.3.5 Sharing of Information. Except
as otherwise expressly provided in this Article&nbsp;VIII, Agent shall have no duty or
responsibility, either initially or on a continuing basis, to provide any Lender with any
credit or other information concerning the business, prospects, operations, properties,
financial or other condition or creditworthiness of the Borrowers or any other Person that
may come into its possession, whether before the making of the initial Loans or at any
time or times thereafter. All notices to be given to the Borrowers by a Lender hereunder
shall be concurrently given to Agent and all other Lenders. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.4.&nbsp;&nbsp;&nbsp;&nbsp;
          Indemnification of Agent. To the extent Agent is not reimbursed by or on behalf
          of the Borrowers, and without limiting the obligation of the Borrowers to do so,
          Lenders will reimburse and indemnify Agent, from and against any and all
          liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
          costs, expenses (including attorneys&#146; fees and expenses) or disbursements
          of any kind or nature whatsoever that may at any time (including at any time
          following the indefeasible repayment in full of the Loans) be imposed on,
          incurred by or asserted against Agent in any way relating to or arising out of
          this Agreement or any other Credit Document or the transactions contemplated
          thereby or any action taken or omitted by Agent under or in connection with any
          of the foregoing, and in particular will reimburse Agent for out-of-pocket
          expenses promptly upon demand by Agent therefor; provided, however, that no
          Lender shall be liable for any portion of such liabilities, obligations, losses,
          damages, penalties, actions, judgments, suits, costs, expenses or disbursements
          finally determined by a court of competent jurisdiction and not subject to any
          appeal or pursuant to arbitration to have resulted from Agent&#146;s gross
          negligence or reckless or willful misconduct. Agent may offset any amounts due
          Agent by any Lender against obligations of Agent to that Lender. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.5.&nbsp;&nbsp;&nbsp;&nbsp;
          No Representations by Agent. Each Lender acknowledges that neither Agent nor any
          of its officers, directors, employees, attorneys, accountants or agents has made
          any representation or warranty to it regarding the Borrowers, the Loans, or
          otherwise relating to this Agreement. Agent shall not be responsible to any
          Lender for any recitals, statements, information, representations or warranties
          herein or in any other Credit Document or in any document, instrument,
          certificate or other writing delivered in connection herewith or therewith or
          for the execution, effectiveness, genuineness, validity, enforceability,
          perfection, priority or sufficiency of this Agreement or any other Credit
          Document or the financial condition of the Borrowers or any other Person, or be
          required to make any inquiry concerning either the performance or observance of
          any of the terms, provisions or conditions of this Agreement or any other Credit
          Document, or the financial condition of the Borrowers or any other Person or the
          existence or possible existence of any Unmatured Default or Default. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.6.&nbsp;&nbsp;&nbsp;&nbsp;
          Independent Investigations by Lenders. Each Lender acknowledges that,
          independently and without reliance upon Agent or any other Lender and based on
          such documents and information as it has deemed and may deem appropriate, (i) it
          has made its own appraisal of and investigation into the business, prospects,
          operations, properties, financial and other condition and creditworthiness of
          the Borrowers in connection with its decision to enter into this Agreement and
          extend credit to Borrowers hereunder, and (ii) it will continue to make its own
          credit analysis, appraisals and decisions in taking or not taking action
          hereunder. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.7.&nbsp;&nbsp;&nbsp;&nbsp;
          Notice of Default. Agent shall not be deemed to have knowledge or notice of the
          occurrence of any Unmatured Default or Default, other than any Unmatured Default
          or Default arising out of the failure to pay any principal, interest, fees or
          other amounts payable to Agent for the account of Lenders, unless Agent has
          received written notice from the Borrowers or a Lender describing such Unmatured
          Default or Default and stating that such notice is a &#147;notice of
          default.&#148; In the event that Agent receives such a notice, Agent shall give
          notice thereof to Lenders as soon as reasonably practicable; provided, however,
          that if any such notice has also been furnished to Lenders, Agent shall have no
          obligation to notify Lenders with respect thereto. Each Lender shall promptly
          give Agent such a notice upon its actual knowledge of an Unmatured Default or a
          Default; provided, however, that the failure of any Lender to deliver such
          notice in the absence of gross negligence or reckless or willful misconduct
          shall not affect its rights hereunder or under the other Credit Documents. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.8.&nbsp;&nbsp;&nbsp;&nbsp;
          Funding of Loans Pursuant to Borrowing Notices. Promptly following receipt of
          notice from Agent that a Borrowing Notice has been submitted, and provided that
          all conditions to funding are believed to have been satisfied, each Lender shall
          transfer to a designated account with Agent that Lender&#146;s Pro Rata Share of
          the requested funding. The transfer of funds shall occur within the time
          required for funding under this Agreement; provided, however, no Lender shall be
          obligated to fund a LIBOR Loan earlier than three (3) Business Days after its
          receipt of notice of the borrowing from Agent. Should any Lender fail to timely
          fund its Pro Rata Share of a requested Loan, Agent may, but shall be under no
          obligation whatsoever to, advance to the Borrowers the defaulted Lender&#146;s
          Pro Rata Share of the requested Loan. If such an advance is made, it shall be
          deemed an advance by Agent for the account of the defaulting Lender and shall
          bear interest at the rate applicable to the Loan funded by the advance, payable
          on demand. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.9.&nbsp;&nbsp;&nbsp;&nbsp;
          Agent in its Individual Capacity. With respect to its Commitments, and the Loans
          made by it, Agent shall have the same rights and powers under the Credit
          Documents as any other Lender or holder of a Note and may exercise the same as
          though it were not performing the duties specified herein; and the terms
          &#147;Lenders,&#148; &#147;Required Lenders,&#148; and any similar terms shall,
          unless the context clearly otherwise indicates, include Agent in its individual
          capacity as a Lender. Agent may accept deposits from, lend money to and
          generally engage in any kind of banking, trust, financial advisory or other
          business with the Borrowers or any of their respective Affiliates as if it were
          not performing the servicing duties specified herein, and may accept fees and
          other consideration from the Borrowers for services in connection with this
          Agreement and otherwise without having to disclose or account for the same to
          Lenders. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.10.&nbsp;&nbsp;&nbsp;&nbsp;
          Holders. Agent may deem and treat the payee of any Note as the holder thereof
          and Lender hereunder for all purposes hereof unless and until a written notice
          of the assignment, transfer or endorsement thereof purportedly executed by the
          payee, as the case may be, shall have been filed with Agent. Any request,
          authority or consent of any Person that, at the time of making such request or
          giving such authority or consent, is the holder of any Note according to
          Agent&#146;s information, shall be conclusive and binding on any subsequent
          holder, transferee, assignee or endorsee, as the case may be, of such Note or of
          any Note or Notes issued in exchange therefor. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.11.&nbsp;&nbsp;&nbsp;&nbsp;
          Successor Agent. Agent may resign at any time upon sixty (60) days&#146; prior
          written notice to the Borrowers and Lenders. Agent may be removed upon
          Agent&#146;s insolvency, liquidation or the appointment of a receiver for Agent,
          and by action of the Required Lenders, at any time upon sixty (60) days&#146;
          prior written notice to the Borrowers and Agent. Such resignation or removal, as
          the case may be, shall take effect upon the appointment of a successor Agent as
          provided herein. The Required Lenders will appoint from among Lenders a
          successor Agent. If no successor Agent shall have been appointed within such
          sixty (60) day period, Agent may appoint, after consulting with Lenders and the
          Borrowers, a successor agent from among Lenders, who shall serve as Agent until
          such time, if any, as the Required Lenders shall have appointed a successor
          Agent as provided hereinabove. Upon the written acceptance of any appointment as
          Agent hereunder by a successor Agent, such successor Agent shall thereupon
          succeed to and become vested with all the rights, powers, privileges and duties
          of the retiring Agent, and the retiring Agent shall be discharged from its
          duties and obligations hereunder and under the other Credit Documents. After any
          retiring Agent&#146;s resignation as Agent, the provisions of this Article shall
          inure to its benefit as to any actions taken or omitted to be taken by it while
          it was Agent. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.12.&nbsp;&nbsp;&nbsp;&nbsp;
          Sharing of Payments, etc. Each Lender agrees that if it shall, through the
          exercise of a right of banker&#146;s lien, set-off, counterclaim or otherwise,
          obtain payment with respect to the Obligations which results in its receiving
          more than its Pro Rata Share of the aggregate payments with respect to all of
          the Obligations, then (a) such Lender shall be deemed to have simultaneously
          purchased from the other Lenders a share in the Obligations so that the amount
          of the Obligations held by each of Lenders shall continue to equal their
          respective Pro Rata Shares, and (b) such other adjustments shall be made from
          time to time as shall be equitable to insure that Lenders share such payments
          ratably. No Lender shall exercise its banker&#146;s lien, set-off or other right
          to accomplish such payment absent Agent&#146;s prior consent. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.13.&nbsp;&nbsp;&nbsp;&nbsp;
          Payments Between Agent and Lenders. All payments by Agent to any Lender, and all
          payments by any Lender to Agent, under the terms of this Agreement shall be made
          by wire transfer in immediately available funds to the receiving party&#146;s
          address specified for notices in this Agreement. If any of Lenders fail to pay
          when due any sum payable to Agent, then, except as otherwise provided in Section
          8.8 hereof, such sum shall bear interest until paid at the interest rate per
          annum for overnight borrowing by the payee from the Federal Reserve Bank for the
          period commencing on the date such payment was due and ending on, but excluding,
          the date such payment is made. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.14.&nbsp;&nbsp;&nbsp;&nbsp;
          Bankruptcy Provisions. Should the Borrowers become parties to a case under the
          Bankruptcy Code, each Lender shall be entitled to file its own claim, to the
          extent such a filing may be necessary. Agent shall review each claim before
          being filed by a Lender to assure that the claim is filed on a basis consistent
          with Agent&#146;s records and Agent&#146;s legal positions taken pursuant to
          this Agreement. Should the Borrowers become parties to a reorganization
          proceeding under the Bankruptcy Code, each Lender shall be recognized as the
          holder of a separate claim for the purpose of the approval or rejection of a
          Plan under 11 U.S.C. &sect; 1126, may freely vote such claim, and the provisions
          of that Section shall control the other provisions of this Agreement that
          otherwise require the consent of the Required Lenders or all Lenders in certain
          circumstances. Agent shall continue to administer the Revolving Credit Loan on
          behalf of Lenders, as they may be amended by any adopted Plan of Reorganization. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.15.&nbsp;&nbsp;&nbsp;&nbsp;
          Procedures for Notices and Approvals. All notices given among Lenders and Agent
          with respect to this Agreement or the other Credit Documents shall be given in
          the manner provided in this Agreement. Additionally, should Agent request
          Lenders&#146; approval of any matter, each Lender shall respond in writing
          within five (5) Business Days after the Business Day on which the request was
          received. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.16.&nbsp;&nbsp;&nbsp;&nbsp;
          Amendments to Article VIII. No provision of this Article VIII may be amended or
          waived absent the prior written consent of all Lenders and Agent. The
          Borrowers&#146; approval shall not be required for the amendment or waiver of
          any provision of this Article VIII; provided, however, the Borrowers&#146;
          written consent shall be required for any amendment of this Article VIII that
          would eliminate the position of Agent. </FONT></P>

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<A NAME=A030></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ARTICLE IX</B> </FONT></P>

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<A NAME=A031></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>BENEFIT OF AGREEMENT;
ASSIGNMENTS; PARTICIPATION</U></B> </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.1.&nbsp;&nbsp;&nbsp;&nbsp;
          Successors and Assigns. The terms and provision of the Credit Documents shall be
          binding upon and inure to the benefit of the Borrowers and the Lenders and their
          respective successors and assigns, except that (i) the Borrowers shall not have
          the right to assign their rights or obligations under the Credit Documents, and
          (ii) any assignment by any Lender must be made in compliance with
          Section&nbsp;9.2. Notwithstanding clause (ii) of the immediately preceding
          sentence, any Lender may at any time, without the consent of the Borrowers or
          the Agent, but with concurrent notice to the Borrowers and the Agent, assign all
          or any portion of its rights under this Agreement and its Note to (a) a Federal
          Reserve Bank; provided, however, that no such assignment shall release the
          transferor Lender from its obligations hereunder, or (b) such Person that,
          immediately prior to such assignment, was a Lender; provided however that such
          person has an office located in the United States of America and is acting
          through such office with respect to this Agreement. The Agent may treat the
          payee of any Note as the owner thereof for all purposes hereof unless and until
          such payee complies with Section 9.2, in the case of an assignment thereof, or,
          in the case of any other transfer, a written notice of the transfer is filed
          with the Agent. Any assignee or transferee of a Note agrees by acceptance
          thereof to be bound by all the terms and provisions of the Credit Documents. Any
          request, authority or consent of any Person, who at the time of making such
          request or giving such authority or consent is the holder of any Note, shall be
          conclusive and binding on any subsequent holder, transferee or assignee of such
          Note or of any Note or Notes issued in exchange therefor. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.2.&nbsp;&nbsp;&nbsp;&nbsp;
          Participations and Assignments. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Lenders may, from time to time, in their sole discretion, and with concurrent
          notice to the Borrowers, sell participations in any credit subject hereto to
          such other investors or financial institutions as it may elect. Lenders and
          Agent may from time to time disclose to any participant or prospective
          participant such information as they may have regarding the financial condition.
          operations, and prospects of the Borrowers, which participant agrees to keep
          such information confidential. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          At any time after the Closing Date each Lender may, with the prior consent of
          the Agent and the Borrowers (so long as no Default or Unmatured Default exists),
          which consent shall not be unreasonably withheld, assign to one or more banks or
          financial institutions all or a portion of its rights and obligations under this
          Agreement (including all or a portion of the Note payable to its order);
          provided, that (i) each such assignment shall be of a constant, and not a
          varying, percentage of all of the assigning Lender&#146;s rights and obligations
          under this Agreement, (ii) for each assignment involving the issuance and
          transfer of Notes, the assigning Lender shall execute an Assignment and
          Acceptance and the Borrowers hereby consent to execute a replacement Note or
          Notes to give effect to the assignment, (iii) the minimum commitment which shall
          be assigned is $5,000,000 and (iv) such assignee has an office located in the
          United States of America and is acting through such office with respect to this
          Agreement. Upon such execution, delivery, approval and acceptance, from and
          after the effective date specified in each Assignment and Acceptance (x) the
          assignee thereunder shall be a party hereto and, to the extent that rights and
          obligations hereunder or under such Note or Notes have been assigned or
          negotiated to it pursuant to such Assignment and Acceptance, have the rights and
          obligations of a Lender hereunder, as fully as if such assignee had been named
          as a Lender in this Agreement, and of a holder of such Note or Notes, and (y)
          the assignor shall, to the extent that rights and obligations hereunder or under
          such Note or Notes have been assigned or negotiated by it pursuant to such
          Assignment and Acceptance, relinquish its rights and be released from its future
          obligations under this Agreement. No assignee shall have the right to make any
          further assignment of its rights and obligations pursuant to this Agreement. Any
          Lender that makes an assignment (other than an assignment to an existing Lender
          or an Affiliate of a Lender) shall pay to the Agent a one-time administrative
          fee of $3,500, which fee shall not be reimbursed by the Borrowers. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          By executing and delivering an Assignment and Acceptance, the Lender-assignor
          and the assignee thereunder confirm to and agree with each other and the other
          parties hereto as follows: (i) the assignment made under such Assignment and
          Acceptance is made under such Assignment and Acceptance without recourse; (ii)
          such assignor makes no representation or warranty and assumes no responsibility
          with respect to the financial condition of the Borrowers or any other person or
          the performance or observance by the Borrowers or any other person of any of its
          obligations under any Credit Document or any other instrument or document
          furnished pursuant hereto; (iii) such assignee confirms that it has received a
          copy of this Agreement, together with copies of all financial statements
          delivered pursuant to this Agreement, and such other Credit Documents and other
          documents and information as it has deemed appropriate to make its own credit
          analysis and decision to enter into such Assignment and Acceptance;
          (iv)&nbsp;such assignee will, independently and without reliance upon the Agent,
          the assignor or any other Lender and based on such documents and information as
          it shall deem appropriate at the time, continue to make its own credit decisions
          in taking or not taking action under this Agreement; (v)&nbsp;such assignee
          appoints and authorizes the Agent to take such action as agent on its behalf and
          to exercise such powers under this Agreement, the Note and the other Credit
          Documents as are delegated to the Agent by the terms hereof and thereof,
          together with such powers as are reasonably incidental thereto; and (vi) such
          assignee agrees that it will perform in accordance with their terms all of the
          obligations which by the terms of this Agreement are required to be performed by
          it as a Lender and a holder of such Note. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The Agent shall maintain at its address referred to herein a copy of each
          Assignment and Acceptance delivered to and accepted by it. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Upon its receipt of an Assignment and Acceptance executed by an assigning
          Lender, the Agent shall give prompt notice thereof to the Borrowers. </FONT></P>

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<A NAME=A032></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ARTICLE X</B> </FONT></P>

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<A NAME=A033></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>GENERAL PROVISIONS</U> </B></FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.1.&nbsp;&nbsp;&nbsp;&nbsp;
          Notices. All communications relating to this Agreement or any of the other
          Credit Documents shall be in writing and shall effective when be delivered by
          mail, overnight courier, special courier, facsimile or otherwise to the
          following addresses: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
to the Borrowers:

<BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2801 Highway 280 South<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Birmingham, Alabama 35223<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Facsimile: &nbsp;&nbsp;&nbsp;(205) 268-3642<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention: &nbsp;&nbsp;&nbsp;Lance Black</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
a Copy To:<BR><BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2801 Highway 280 South<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Birmingham, Alabama 35223<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Facsimile: &nbsp;&nbsp;&nbsp;(205) 268-3597<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention:&nbsp;&nbsp;&nbsp; Barrie B. Stokes, Esq.,<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Department</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
to AmSouth or Agent:</FONT></P>

<P> <FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900
Fifth Avenue North<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upper Lobby, AmSouth Center<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Birmingham, Alabama 35203<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Facsimile:&nbsp;&nbsp;&nbsp;(205) 801-0157<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention: &nbsp;&nbsp;&nbsp;David A. Simmons</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With a Copy To:<BR><BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maynard, Cooper &amp; Gale, P.C.<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1901 6th Avenue North<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 AmSouth/Harbert Plaza <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Birmingham, Alabama 35203-2618<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Facsimile:&nbsp;&nbsp;&nbsp; (205) 254-1999<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attention: &nbsp;&nbsp;&nbsp;J. Kris Lowry, Esq. </FONT></P>

<BR>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
to the other Lenders, at the address set forth on the signature pages attached hereto. Any
party may change its address for receipt of notice by written direction to the other
parties hereto. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.2.&nbsp;&nbsp;&nbsp;&nbsp;
          Renewal, Extension, or Rearrangement. All provisions of this Agreement relating
          to Obligations shall apply with equal force and effect to each and all
          promissory notes executed hereafter which in whole or in part represent a
          renewal, extension for any period, increase, or rearrangement of any part of the
          Obligations originally represented by any part of such other Obligations. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.3.&nbsp;&nbsp;&nbsp;&nbsp;
          Application of Payments. Amounts received with respect to the Obligations shall
          be applied (i) first, to any expenses due Lenders or Agent, (ii) second, to
          accrued and unpaid interest under any of the Obligations, (iii) third, to reduce
          the unpaid principal portion of the Obligations (other than those arising from
          Hedge Agreements) in such manner as determined by Agent, and (iv) fourth, to any
          Obligations arising under Hedge Agreements (apportioned pro rata among them if
          more than one). </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.4.&nbsp;&nbsp;&nbsp;&nbsp;
          Counterparts. This Agreement may be executed in counterparts with all signatures
          or by counterpart signature pages, and it shall not be necessary that the
          signatures of all parties be contained on any one counterpart. Each counterpart
          shall be deemed an original, but all of them together shall constitute one and
          the same instrument. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.5.&nbsp;&nbsp;&nbsp;&nbsp;
          Negotiated Document. This Agreement and the other Credit Documents have been
          negotiated by the parties with full benefit of counsel and should not be
          construed against any party as author. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.6.&nbsp;&nbsp;&nbsp;&nbsp;
          Consent to Jurisdiction: Exclusive Venue. The Borrowers hereby irrevocably
          consent to the jurisdiction of the United States District Court for the Northern
          District of Alabama and of all Alabama state courts sitting in Jefferson County,
          Alabama, for the purpose of any litigation to which Lenders or Agent may be a
          party and which concerns this Agreement or the Obligations. It is further agreed
          that venue for any such action shall lie exclusively with courts sitting in
          Jefferson County, Alabama, unless Lenders and Agent agree to the contrary in
          writing. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.7.&nbsp;&nbsp;&nbsp;&nbsp;
          Not Partners: No Third Party Beneficiaries. The relationship of Lenders and the
          Borrowers is that of lenders and borrowers only, and neither is a fiduciary,
          partner or joint venturer of the other for any purpose. This Agreement has been
          executed for the sole benefit of Lenders, and no third party is authorized to
          rely upon Lenders&#146; rights or duties hereunder. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.8.&nbsp;&nbsp;&nbsp;&nbsp;
          No Reliance on Lenders&#146; Analysis. The Borrowers acknowledge and represent
          that, in connection with the Obligations, the Borrowers have not relied upon any
          financial projection, budget, assessment or other analysis by Lenders or Agent
          upon any representation by Lenders as to the risks, benefits or prospects of
          Borrowers&#146; business activities or present or future capital needs
          incidental thereto, all such considerations having been examined fully and
          independently by the Borrowers. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.9.&nbsp;&nbsp;&nbsp;&nbsp;
          No Marshaling of Assets. Lenders and Agent may proceed against collateral
          securing the Obligations and against parties liable therefor in such order as
          they may elect, and neither the Borrowers nor any surety or guarantor for the
          Borrowers nor any creditor of the Borrowers shall be entitled to require Lenders
          or Agent to marshal assets. The benefit of any rule of law or equity to the
          contrary is hereby expressly waived. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.10.&nbsp;&nbsp;&nbsp;&nbsp;
          Business Days. If any payment date under the Obligations falls on a day that is
          not a Business Day, or if the last day of any notice period falls on such a day,
          the payment shall be due and the notice period shall end on the next following
          Business Day. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.11.&nbsp;&nbsp;&nbsp;&nbsp;
          Standard of Care: Limitation of Damages. Lenders and Agent shall be liable to
          the Borrowers only for matters arising from this Agreement or otherwise related
          to the Obligations resulting from such Lender&#146;s or Agent&#146;s gross
          negligence or reckless or willful misconduct, and liability for all other
          matters is hereby waived. Lenders and Agent shall not in any event be liable to
          the Borrowers for special or consequential damages arising from this Agreement
          or otherwise related to the Obligations. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.12.&nbsp;&nbsp;&nbsp;&nbsp;
          Incorporation of Schedules. All Schedules and Exhibits referred to in this
          Agreement are incorporated herein by this reference. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.13.&nbsp;&nbsp;&nbsp;&nbsp;
          Indulgence Not Waiver. Lenders&#146; or Agent&#146;s indulgence in the existence
          of a default hereunder or any other departure from the terms of this Agreement
          shall not prejudice Lenders&#146; or Agent&#146;s rights to declare a default or
          otherwise demand strict compliance with this Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.14.&nbsp;&nbsp;&nbsp;&nbsp;
          Cumulative Remedies. The remedies provided Lenders and Agent in this Agreement
          are not exclusive of any other remedies that may be available to Lenders and
          Agent under any other document or at law or equity. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.15.&nbsp;&nbsp;&nbsp;&nbsp;
          Amendment and Waiver in Writing. No provision of this Agreement can be amended
          or waived, except by a statement in writing signed by the party or parties
          against whom enforcement of the amendment or waiver is sought. Waivers and
          amendments may be executed by Agent on behalf of Lenders, subject to the
          requirements of Article VIII hereof requiring the consent of some or all of
          Lenders under certain circumstances. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.16.&nbsp;&nbsp;&nbsp;&nbsp;
          Entire Agreement. This Agreement and the other written agreements among the
          Borrowers, Lenders and Agent represent the entire agreement between the parties
          concerning the subject matter hereof, and all oral discussions and prior
          agreements are merged herein. Provided, if there is a conflict between this
          Agreement and any other document executed contemporaneously herewith with
          respect to the Obligations, the provisions in this Agreement shall control. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.17.&nbsp;&nbsp;&nbsp;&nbsp;
          Severability. Should any provision of this Agreement be declared invalid or
          unenforceable for any reason, the remaining provisions hereof shall remain in
          full effect. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.18.&nbsp;&nbsp;&nbsp;&nbsp;
          Time of Essence. Time is of the essence of this Agreement, and all dates and
          time periods specified herein shall be strictly observed. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.19.&nbsp;&nbsp;&nbsp;&nbsp;
          Applicable Law. The validity, construction and enforcement of this Agreement and
          all other documents executed with respect to the Obligations shall be determined
          according to the laws of Alabama applicable to contracts executed and performed
          entirely within that state. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.20.&nbsp;&nbsp;&nbsp;&nbsp;
          Captions Not Controlling. Captions and headings have been included in this
          Agreement for the convenience of the parties, and shall not be construed as
          affecting the content of the respective Sections. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.21.&nbsp;&nbsp;&nbsp;&nbsp;
          Facsimile Signatures. This Agreement may be executed by facsimile signatures,
          and shall be effective when Agent has received telecopy transmissions of the
          signature pages executed by all parties hereto; provided, however, that all
          parties shall deliver original executed documents to Agent promptly following
          the execution hereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.22.&nbsp;&nbsp;&nbsp;&nbsp;
          Termination. The termination of this Agreement shall not affect any rights of
          the Borrowers, the Lenders or the Agent or any obligation of the Borrowers, the
          Lenders or the Agent, arising prior to the effective date of such termination,
          and the provisions hereof shall continue to be fully operative until all
          transactions entered into or rights created or obligations incurred prior to
          such termination have been fully disposed of, concluded or liquidated and the
          Obligations arising prior to or after such termination have been irrevocably
          paid in full. The rights granted to the Agent for the benefit of the Lenders
          hereunder and under the other Credit Documents shall continue in full force and
          effect, notwithstanding the termination of this Agreement, until all of the
          Obligations have been paid in full after the termination hereof or the Borrowers
          have furnished the Lenders with an indemnification satisfactory to the Lenders
          with respect thereto. All representations, warranties, covenants, waivers and
          agreements contained herein shall survive termination hereof until payment in
          full of the Obligations unless otherwise provided herein. Notwithstanding the
          foregoing, if after receipt of any payment of all or any part of the
          Obligations, the Agent or the Lenders are for any reason compelled to surrender
          such payment to any Person because such payment is determined to be void or
          voidable as a preference, impermissible setoff, a diversion of trust funds or
          for any other reason, this Agreement shall continue in full force and the
          Borrowers shall be liable to, and shall indemnify and hold the Agent and the
          Lenders harmless for, the amount of such payment surrendered until the Agent and
          the Lenders shall have been finally and irrevocably paid in full. The provisions
          of the foregoing sentence shall be and remain effective notwithstanding any
          contrary action which may have been taken by the Agent or the Lenders in
          reliance upon such payment, and any such contrary action so taken shall be
          without prejudice to the Agent&#146;s or the Lenders&#146; rights under this
          Agreement and shall be deemed to have been conditioned upon such payment having
          become final and irrevocable. If on any date on which the Borrowers wish to pay
          the Obligations in full and terminate this Agreement, there are any outstanding
          Letters of Credit, the Borrowers shall, unless otherwise agreed by the Required
          Lenders in their sole discretion, make a cash prepayment to the Agent on such
          date in an amount equal to the then-outstanding Letter of Credit Liabilities,
          and the Agent shall hold such prepayment in an interest-bearing cash collateral
          account in the name and under the sole control of the Agent (which account shall
          bear interest at the Agent&#146;s then-current rate for such accounts) as
          security for the Reimbursement Obligations and other Letter of Credit
          obligations. To the extent allowed by law, such account shall not constitute an
          asset of the Borrowers, or any of them, subject to their rights therein under
          this Section 10.22. The Agent shall from time to time debit such account for the
          payment of the Letter of Credit Liabilities as the same become due and payable
          and shall promptly refund any excess funds (including interest) held in said
          account to the Borrowers if and when no Letter of Credit Liabilities remain
          outstanding hereunder and all of the Obligations have been paid in full. The
          Borrowers shall remain liable for any Obligations in excess of the amounts paid
          from such account. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.23.&nbsp;&nbsp;&nbsp;&nbsp;
          Waiver of Jury Trial. THE BORROWERS, THE AGENT AND THE LENDERS HEREBY KNOWINGLY,
          VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY
          WITH RESPECT TO ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN
          CONNECTION WITH, THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT, OR ANY COURSE OF
          CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF
          THE LENDERS, THE AGENT OR THE BORROWERS OR ANY OF THEM. THIS PROVISION IS A
          MATERIAL INDUCEMENT FOR THE LENDERS&#146; AND THE AGENT&#146;S ENTERING INTO
          THIS AGREEMENT. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.24.&nbsp;&nbsp;&nbsp;&nbsp;
          Agreement Amends and Restates Original Credit Agreement. The Original Credit
          Agreement is amended and restated in its entirety by this Agreement. The
          proceeds of the Loans made on the Closing Date under this Agreement shall repay
          the Loans under the Original Credit Agreement. The promissory notes held by the
          Lenders to evidence the indebtedness owing by PLC to the Lenders under the
          Original Credit Agreement shall be retained by the Lenders in their files until
          this Agreement is terminated. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Default" -->
<A NAME=A041></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>[signatures on
following pages] </FONT></P>






<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the Borrowers, the Lenders and the Agent have executed this Agreement. </FONT></P>

<PRE>
                                                     PROTECTIVE LIFE CORPORATION


                                                     By:________________________

                                                     Print Name:________________

                                                     Title:_____________________


                                                     PROTECTIVE LIFE INSURANCE COMPANY


                                                     By:________________________

                                                     Print Name:________________

                                                     Title:_____________________




                                                              2801 Highway 280 South
                                                              Birmingham, Alabama 35223
</PRE>



<PRE>
                  Revolving
                  <U>Credit Commitment</U>


                  $55,000,000.00                     AMSOUTH BANK




                                                     By:________________________

                                                     Print Name:________________

                                                     Title:_____________________


                                                              Post Office Box 11007
                                                              Birmingham, Alabama 35288

                                                     Attention: Mr. David A. Simmons
                                                     Senior Vice President
                                                     Telephone Number: (205) 326-5924
                                                     Facsimile: (205) 801-0157
</PRE>



<PRE>
                  Revolving
                  <U>Credit Commitment</U>


                  $20,000,000.00                     SUNTRUST BANK




                                                     By:________________________

                                                     Print Name:________________

                                                     Title:_____________________


                                                              303 Peachtree Street, N.E., 3rd Floor
                                                              Atlanta, Georgia 30308

                                                     Attention: Mr. Frank Wrenn
                                                     Director
                                                     Telephone Number: (404) 658-4219
                                                     Facsimile: (404) 588-8833
</PRE>



<PRE>
                  Revolving
                  <U>Credit Commitment</U>


                  $20,000,000.00                     SOUTHTRUST BANK




                                                     By:________________________

                                                     Print Name:________________

                                                     Title:_____________________


                                                              420 North 20th Street
                                                              11th Floor, SouthTrust Tower
                                                              Birmingham, Alabama 35203

                                                     Attention: Kelly Peace
                                                     Assistant Vice President
                                                     Telephone Number: (205) 254-4090
                                                     Facsimile: (205) 254-6600
</PRE>



<PRE>
                  Revolving
                  <U>Credit Commitment</U>


                  $30,000,000.00                     WACHOVIA BANK, N.A.




                                                     By:________________________

                                                     Print Name:________________

                                                     Title:_____________________


                                                              301 South College Street
                                                              Charlotte, North Carolina  28288

                                                     Attention: Mr. William R. Goley
                                                     Director
                                                     Telephone Number: (704) 383-8180
                                                     Facsimile:  (704) 383-7611
</PRE>



<PRE>
                  Revolving
                  <U>Credit Commitment</U>


                  $25,000,000.00                     REGIONS BANK



                                                     By:________________________

                                                     Print Name:________________

                                                     Title:_____________________


                                                              417 North 20th Street, Suite 220
                                                              Birmingham, Alabama 35203

                                                     Attention: Mr. Ron Montgomery
                                                     Senior Vice President
                                                     Telephone Number: (205) 326-7170
                                                     Facsimile: (205) 326-7739


</PRE>



<PRE>
                  Revolving
                  <U>Credit Commitment</U>


                  $10,000,000.00                     U.S. BANK NATIONAL ASSOCIATION




                                                     By:________________________

                                                     Print Name:________________

                                                     Title:_____________________


                                                              One Firstar Plaza
                                                              Corporate Banking - 12th Floor
                                                              St. Louis, Missouri  63101

                                                     Attention: Mr. Gregory L. Dryden
                                                     Vice President
                                                     Telephone Number: (314) 418-3983
                                                     Facsimile: (314) 418-3859

</PRE>



<PRE>
                  Revolving
                  <U>Credit Commitment</U>


                  $10,000,000.00                     FIRST COMMERCIAL BANK




                                                     By:________________________

                                                     Print Name:________________

                                                     Title:_____________________


                                                              800 Shades Creek Parkway
                                                              Birmingham, Alabama  35209

                                                     Attention: Mr. James W. Brunstad
                                                     Senior Vice President
                                                     Telephone Number: (205) 868-4924
                                                     Facsimile: (205) 868-4898
</PRE>



<PRE>
                  Revolving
                  <U>Credit Commitment</U>


                  $10,000,000.00                     COMPASS BANK



                                                     By:________________________

                                                     Print Name:________________

                                                     Title:_____________________


                                                              15 South 20th Street, 2nd Floor
                                                              Birmingham, Alabama 35233

                                                     Attention: Mr. David Nabors
                                                     Vice President
                                                     Telephone Number: (205) 297-3992
                                                     Facsimile: (205) 297-3926
</PRE>



<PRE>
                  Revolving
                  <U>Credit Commitment</U>


                  $20,000,000.00                     MERRILL LYNCH BANK USA




                                                     By:________________________

                                                     Print Name:________________

                                                     Title:_____________________


                                                              15 West South Temple, Suite 300
                                                              Salt Lake City, UT  84101

                                                     Attention: Mr. David Millett
                                                     VP, Corporate Lending Officer
                                                     Telephone Number: (801) 526-8312
                                                     Facsimile: (801) 933-8641
</PRE>



<PRE>
                                                     AMSOUTH BANK, as Agent


                                                     By:________________________

                                                     Print Name:________________

                                                     Title:_____________________


                                                              315 Deaderick Street
                                                              2nd Floor, AmSouth Center
                                                              Nashville, Tennessee 37237-0905

                                                     Attention: Mr. Robert T. Page
                                                     Vice President
                                                     Telephone Number: (615) 748-2761
                                                     Facsimile: (615) 748-1501
</PRE>



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<A NAME=A044></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>EXHIBIT 2.3 <BR><BR>
REVOLVING CREDIT NOTE</B> </FONT></P>

$__________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Birmingham, Alabama<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 30, 2004

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR
VALUE RECEIVED, <B>PROTECTIVE LIFE CORPORATION</B>, a Delaware corporation (&#147;PLC&#148;) and
<B>PROTECTIVE LIFE INSURANCE COMPANY</B>, a Tennessee corporation (&#147;PLICO&#148;; PLC and
PLICO are sometimes together referred to as &#147;Borrower&#148;), hereby promise to pay,
subject to the limitations set forth in Section 2.19 of the Credit Agreement (as
hereinafter defined) with respect to PLICO, to the order of _______________________
(&#147;Payee&#148;), the sum of _____________________ Dollars ($____________),or as much
thereof as may be outstanding from time to time, together with interest thereon as
provided in that certain Amended and Restated Credit Agreement of even date herewith
executed by and among Borrower, Payee and the several lenders from time to time party
thereto and AmSouth Bank, as agent, as it may be amended or restated from time to time
(the &#147;Credit Agreement&#148;). Capitalized terms not otherwise defined herein shall
have the meanings ascribed to those terms in the Credit Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Note evidences the &#147;Revolving Credit Loans,&#148; as defined in the Credit Agreement.
Reference is made to the Credit Agreement for the terms of payment of principal and
interest hereunder, for a description of the rights of the &#147;Agent&#148; as defined in
the Credit Agreement, to enforce this Note, and for additional provisions regarding
additional payments, prepayment, draws and other terms and conditions applicable to the
indebtedness evidenced by this Note. As provided in the Credit Agreement, all remaining
principal, interest and expenses outstanding hereunder or under the Credit Agreement shall
become finally due on the Termination Date. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
provided in the Credit Agreement, interest hereunder shall be calculated based upon a
360-day year and actual days elapsed. As also provided further in the Credit Agreement,
the interest rate required hereby shall not exceed the maximum rate permissible under
applicable law, and any amounts paid in excess of such rate shall be applied to reduce the
principal amount hereof or shall be refunded to the Borrower, at the option of the holder
of this Note. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of the Credit Agreement, Borrower may borrow, repay and reborrow amounts
hereunder from time to time, provided that Borrower is not in default hereunder or under
the Credit Agreement (unless such default is waived) and provided that all conditions to
Payee&#146;s obligation to fund advances as set forth in the Credit Agreement are
satisfied. Payee shall have no liability for its refusal to advance funds hereunder
following a determination that any condition precedent to the making of an advance has not
been satisfied. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payee&#146;s
records of the amounts advanced hereunder shall be conclusive proof thereof, absent
manifest error. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
amounts due under this Note are payable in lawful money of the United States of America,
at the principal place of business of the Agent in Nashville, Tennessee, or at such other
address as the Agent may direct. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent permitted by applicable law, Borrower shall pay to the holder hereof
(&#147;Holder&#148;) a late charge equal to five percent (5%) of any payment which is past
due for a period of twelve (12) or more days, in order to cover the additional expenses
incident to the handling and processing of delinquent payments. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
occurrence of a Default under the Credit Agreement shall constitute a Default under this
Note. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the occurrence of a Default, the Holder may, at its option and without notice (except as
provided in the Credit Agreement), acting through the Agent as provided in the Credit
Agreement, declare all Obligations to be presently due and payable, and Holder may enforce
any remedies available to Holder under any Credit Document. Holder may waive any default
before or after it occurs and may restore this Note in full effect without impairing the
right to declare it due for a subsequent default, this right being a continuing one. Upon
Default, the remaining unpaid principal balance of the indebtedness evidenced hereby and
all expenses due Holder shall bear interest at the Default Rate, as defined in the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
amounts received for payment of this Note shall be applied in accordance with the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower
and all sureties, guarantors, endorsers and other parties to this Note hereby consent to
any and all renewals, waivers, modifications, or extensions of time (of any duration) that
may be granted by Holder with respect to this Note and severally waive demand,
presentment, protest, notice of dishonor, and all other notices that might otherwise be
required by law, except as set forth in the Credit Agreement. All parties hereto waive the
defense of impairment of collateral and all other defenses of suretyship, if applicable. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower
and all sureties, guarantors, endorsers and other parties hereto agree to pay reasonable
attorneys&#146; fees and all court and other costs that Holder may incur in the course of
efforts to collect the debt evidenced hereby, to the extent permitted by the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
validity and construction of this Note shall be determined according to the laws of
Alabama applicable to contracts executed and performed within that state and applicable
federal law. If any provision of this Note should for any reason be invalid or
unenforceable, the remaining provisions hereof shall remain in full effect. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Words
used herein indicating gender or number shall be read as context may require. </FONT></P>

<PRE>
                                                     <B>PROTECTIVE LIFE CORPORATION</B>

                                                     By:_______________________________
                                                     Title:____________________________

                                                     Taxpayer Identification Number:95-2492236


                                                     <B>PROTECTIVE LIFE INSURANCE COMPANY</B>

                                                     By:_______________________________
                                                     Title:____________________________

                                                     Taxpayer Identification Number:63-0169720
</PRE>



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<A NAME=A046></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>EXHIBIT 2.16.2 <BR><BR>
SWINGLINE NOTE</U></B></FONT></P>
$10,000,000&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;Birmingham, Alabama<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 30, 2004

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR
VALUE RECEIVED, <B>PROTECTIVE LIFE CORPORATION</B>, a Delaware corporation (&#147;PLC&#148;) and
<B>PROTECTIVE LIFE INSURANCE COMPANY</B>, a Tennessee corporation (&#147;PLICO&#148;; PLC and
PLICO are sometimes together referred to as &#147;Borrower&#148;), hereby promise to pay,
subject to the limitations set forth in Section 2.19 of the Credit Agreement (as
hereinafter defined) with respect to PLICO, to the order of AMSOUTH BANK, an Alabama
banking corporation (&#147;Payee&#148;), the sum of Ten Million and No/100 Dollars
($10,000,000.00), or as much thereof as may be outstanding from time to time, together
with interest thereon as provided in that certain Amended and Restated Credit Agreement of
even date herewith executed by and among Borrower, Payee and the other several lenders
from time to time party thereto and AmSouth Bank, as agent, as it may be amended or
restated from time to time (the &#147;Credit Agreement&#148;). Capitalized terms not
otherwise defined herein shall have the meanings ascribed to those terms in the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Note evidences the &#147;Swingline Loan,&#148; as defined in the Credit Agreement.
Reference is made to the Credit Agreement for the terms of payment of principal and
interest hereunder, for a description of the rights of the &#147;Agent&#148; as defined in
the Credit Agreement, to enforce this Note, and for additional provisions regarding
additional payments, prepayment, draws and other terms and conditions applicable to the
indebtedness evidenced by this Note. As provided in the Credit Agreement, (i) all
remaining principal, interest and expenses outstanding hereunder or under the Credit
Agreement shall become finally due on the Termination Date, (ii) the sum of the
outstanding principal balance hereunder and under the Revolving Credit Loan may not exceed
$200,000,000 in the aggregate at any time, and (iii) the obligations hereunder are to be
allocated to Lenders Pro Rata upon an Event of Default. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
provided in the Credit Agreement, interest hereunder shall be calculated based upon a
360-day year and actual days elapsed. As also provided further in the Credit Agreement,
the interest rate required hereby shall not exceed the maximum rate permissible under
applicable law, and any amounts paid in excess of such rate shall be applied to reduce the
principal amount hereof or shall be refunded to the Borrower, at the option of the holder
of this Note. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of the Credit Agreement, Borrower may borrow, repay and reborrow amounts
hereunder from time to time, provided that Borrower is not in default hereunder or under
the Credit Agreement (unless such default is waived) and provided that all conditions to
Payee&#146;s obligation to fund advances as set forth in the Credit Agreement are
satisfied. Payee shall have no liability for its refusal to advance funds hereunder
following a determination that any condition precedent to the making of an advance has not
been satisfied. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payee&#146;s
records of the amounts advanced hereunder shall be conclusive proof thereof, absent
manifest error. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
amounts due under this Note are payable in lawful money of the United States of America,
at the principal place of business of the Agent in Nashville, Tennessee, or at such other
address as the Agent may direct. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent permitted by applicable law, Borrower shall pay to the holder hereof
(&#147;Holder&#148;) a late charge equal to five percent (5%) of any payment which is past
due for a period of twelve (12) or more days, in order to cover the additional expenses
incident to the handling and processing of delinquent payments. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
occurrence of a Default under the Credit Agreement shall constitute a Default under this
Note. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the occurrence of a Default, the Holder may, at its option and without notice (except as
provided in the Credit Agreement), acting through the Agent as provided in the Credit
Agreement, declare all Obligations to be presently due and payable, and Holder may enforce
any remedies available to Holder under any Credit Document. Holder may waive any default
before or after it occurs and may restore this Note in full effect without impairing the
right to declare it due for a subsequent default, this right being a continuing one. Upon
Default, the remaining unpaid principal balance of the indebtedness evidenced hereby and
all expenses due Holder shall bear interest at the Default Rate, as defined in the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
amounts received for payment of this Note shall be applied in accordance with the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower
and all sureties, guarantors, endorsers and other parties to this Note hereby consent to
any and all renewals, waivers, modifications, or extensions of time (of any duration) that
may be granted by Holder with respect to this Note and severally waive demand,
presentment, protest, notice of dishonor, and all other notices that might otherwise be
required by law, except as set forth in the Credit Agreement. All parties hereto waive the
defense of impairment of collateral and all other defenses of suretyship, if applicable. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower
and all sureties, guarantors, endorsers and other parties hereto agree to pay reasonable
attorneys&#146; fees and all court and other costs that Holder may incur in the course of
efforts to collect the debt evidenced hereby, to the extent permitted by the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
validity and construction of this Note shall be determined according to the laws of
Alabama applicable to contracts executed and performed within that state and applicable
federal law. If any provision of this Note should for any reason be invalid or
unenforceable, the remaining provisions hereof shall remain in full effect. </FONT></P>





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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Words
used herein indicating gender or number shall be read as context may require. </FONT></P>

<PRE>
                                                     <B>PROTECTIVE LIFE CORPORATION</B>

                                                     By:________________________________
                                                     Title:_____________________________

                                                     Taxpayer Identification Number: 95-2492236


                                                     <B>PROTECTIVE LIFE INSURANCE COMPANY</B>

                                                     By:________________________________
                                                     Title:_____________________________

                                                     Taxpayer Identification Number: 63-0169720
</PRE>


<BR><BR>
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<A NAME=A049></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>SCHEDULE 2.5.1(b) <BR><BR>

BORROWING/CONVERSION NOTICE </B></FONT></P>

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<A NAME=A051></A>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>TO:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AmSouth Bank, Agent <BR><BR>

<B>LENDERS:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lenders who are parties to the Credit Agreement described below<BR><BR>

<B>DATE:</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_____________________________,<BR><BR>

<B>BORROWER:</B>&nbsp;&nbsp;&nbsp;&nbsp;Protective  Life  Corporation  ("PLC") and Protective  Life Insurance<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company  ("PLICO";  together with PLC referred to herein as the<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Borrower")
</font></p>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This notice
is delivered under the Amended and Restated Credit Agreement (the &#147;Credit
Agreement&#148;) dated July 30, 2004, between Borrower, the Lenders named therein and
AmSouth Bank, as Agent for the Lenders. Terms defined in the Credit Agreement have the
same meanings when used &#151; unless otherwise defined &#151; in this request. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower
requests a Loan under the Credit Agreement as follows: </FONT></P>

<PRE>
Borrowing Date(1)                                   _______________,_____________
Amount of Borrowing                                 _____________________________
Portion of Borrowing to be borrowed by PLICO        _____________________________
Type of Borrowing(2)                                _____________________________
For LIBOR Loans, the Interest Period(3)            _____________________________months

(1) Same Business Day for Prime Rate Loans, second following Business Day for LIBOR Loans.
(2) LIBOR or Prime Rate Loan.
(3) 1, 2, 3 months

__________The proceeds of the requested Revolving Credit Loan shall be disbursed to Borrower as provided
in the Credit Agreement.

__________The proceeds of the requested LIBOR Loan shall be applied to the payment of Borrower&#146;s
existing Prime Rate Loan, this new Loan being a conversion of a Prime Rate Loan to a LIBOR
Loan
__________The proceeds of the requested LIBOR Loan shall be applied to the payment of the following
LIBOR Loan, subject to all requirements of the Credit Agreement, this new Loan being a
conversion of a LIBOR Loan to a different LIBOR Loan:

                                    Date:              ___________________________

                                    Amount:          ___________________________

                                    Interest Period: ___________________________
___________The proceeds of the requested Prime Rate Loan shall be applied to the payment of the following
LIBOR Loan, subject to all requirements of the Credit Agreement, this new Loan being a
conversion of a LIBOR Loan to a Prime Rate Loan:

                                    Date:              ___________________________

                                    Amount:          ___________________________


                                   Interest Period: ___________________________

</PRE>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this draw request relates to
an acquisition, attached hereto as Exhibit A are calculations of financial covenants as they will exist both before and after the closing of the
acquisition. These calculations demonstrate continued compliance with all financial covenants before and after the acquisition. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower certifies that on the
date hereof and on the date of the above Borrowing Date, after giving effect to the requested Loan, (a) all of the representations and
warranties in the Credit Documents will be true and correct in all material respects &#151; unless they speak to a specific date or the
facts on which they are based have been changed by transactions contemplated or permitted by the Credit Agreement, (b) no Event of
Default or Unmatured Default will exist, and (c) all conditions to Borrower&#146;s right to receive
the requested Loan under the Credit Agreement have been satisfied. </FONT></P>

<PRE>
                                                     <B>PROTECTIVE LIFE CORPORATION</B>

                                                     By:     _________________________________
                                                     Name:   _________________________________
                                                     Title:  _________________________________


                                                     <B>PROTECTIVE LIFE INSURANCE COMPANY</B>

                                                     By:     ________________________________
                                                     Name:   ________________________________
                                                     Title:  ________________________________
</PRE>

<BR><BR><BR>

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<A NAME=A053></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>EXHIBIT 3.1(viii)<BR><BR>

COMPLIANCE CERTIFICATE </B></FONT></P>

<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Lenders named in the <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Agreement described below</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Compliance Certificate is furnished
 pursuant to that certain Amended and Restated Credit Agreement dated July 30, 2004 (as amended, modified, renewed or extended from time to
time, the &#147;Agreement&#148;) between the Protective Life Corporation, a Delaware corporation (&#147;PLC&#148;) and Protective Life
Insurance Company, a Tennessee corporation (&#147;PLICO&#148;; PLC and PLICO are sometimes together referred to as &#147;Borrower&#148;),
the Lenders named therein and AmSouth Bank, as Agent for the Lenders. Unless otherwise defined herein, capitalized terms used in this
Compliance Certificate have the meanings ascribed thereto in the Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE UNDERSIGNED HEREBY CERTIFIES THAT: </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I am the duly elected
________________________________of the PLC.</FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed the terms of the Agreement and have made,
or have caused to be made under my supervision, a detailed review of the transactions and conditions of the Borrower and its
Subsidiaries during the accounting period covered by the attached financial statements. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The examinations described in paragraph 2 did not disclose,
and I have no knowledge of, the existence of any condition or event that constitutes a Default or Unmatured Default during or at the end of
the accounting period covered by the attached financial statements or as of the date of this Certificate, except as set forth below. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule I attached hereto sets forth financial data and
computations evidencing the Borrower&#146;s compliance with certain covenants of the Agreement, all of which data and computations are true, complete and correct. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Described below are the exceptions, if any, to paragraph 3 listing, in detail,
the nature of the condition or event, the period during which it has existed and the action the Borrower has taken, is taking or proposes to
take with respect to each such condition or event: </FONT></P>
<BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;___________________________________________________________________________________
<BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;___________________________________________________________________________________
<BR><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;___________________________________________________________________________________


<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The foregoing  certifications,  together  with the  computations  set forth in Schedule I hereto and the financial  statements
delivered with this Certificate in support hereof, are made and delivered this _________ day of ___________, 20____.<BR><BR><BR>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; _________________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; of Protective Life Corporation</FONT></P>






<PRE>
                                                 <B>SCHEDULE I TO COMPLIANCE CERTIFICATE</B>


                                  Schedule of Compliance as of [Insert date of end of fiscal quarter]
                                     with provisions of 5.12, 5.13, 5.14 and 5.15 of the Agreement

<B>1.       Section 5.12 - Adjusted Consolidated Net Worth</B>

         A.       Consolidated Net Worth                               $__________________

         B.       Adjustments, if any, for unrealized
                  net gains and losses on assets held
                  for sale pursuant to SFAS No. 115                    $__________________

         C.       Adjusted Consolidated Net Worth (A excluding B)      $__________________

         D.       $1,400,000,000                                       $1,400,000,000

         E.       Cumulative Consolidated Net Income
                  earned after December 31, 2003 (if positive)         $__________________

         F.       25% of E                                             $__________________

PLC's consolidated allowance for potential
future losses on investments                                           $__________________

         H.       D plus F minus G                                     $__________________

         I.       C minus H
                  (Must be greater than or equal to 0)                 $__________________


                  Complies__________________Does not comply_______________________________

<B>2.       Section 5.13 - Ratio of Adjusted Consolidated Indebtedness to
         Consolidated Capitalization</B>

         A.       Consolidated Indebtedness                            $__________________

                  1.       Borrowed money, obligations
                           secured by Liens and
                           obligations evidenced by
                           notes, etc.                                 $__________________

                  2.       Deferred purchase of
                           property or services                        $__________________

                  3.       Capitalized Lease
                           Obligations                                 $__________________

                  4.       Letters of Credit                           $__________________

                  5.       Guaranteed Obligations                      $__________________

         B.       Short-Term Indebtedness for
                  advance fundings of guaranteed
                  investment contracts, annuities
                  and other similar insurance and
                  investment products                                  $__________________

         C.       Adjusted Consolidated Indebtedness (A minus B)       $__________________

         D.       Consolidated Capitalization

                  (i)      Adjusted Consolidated Net Worth             $__________________

                  (ii)     Adjusted Consolidated Indebtedness          $__________________

                  (iii)    Sum of (i) and (ii)                         $__________________

         E.       Ratio of C to D                                            ________:1.0

         F.       Permitted Ratio                             Less than 0.4:1.0

                  Complies___________________________Does not comply______________________

<B>3.       Section 5.14 - PLICO's Total Adjusted Capital</B>

         A.       PLICO's Total Adjusted Capital                       $__________________
                  (See attached Exhibit A)

         B.       PLICO's Authorized Control Level
                  Risk-Based Capital                                   $__________________

         C.       4.0 times B                                          $__________________

         D.       A minus C (must be greater than or equal to 0)       $__________________

                  Complies____________________________Does not comply_____________________

<B>4.       Section 5.15 - Ratio of Unconsolidated Cash Inflow Available
         for Interest Expense to Adjusted Consolidated Interest Expense</B>

         A.       Unconsolidated Cash Inflow Available for Interest Expense
                  (for fiscal quarter ended_______________________, 20_____)

                  (i)      Interest and principal received by Borrower from
                           Subsidiaries during quarter                  $_________________

                           1.       Interest                  $______________
                           2.       Principal                 $______________

                  (ii)     Gross management fees received by
                           Borrower from Subsidiaries during quarter   $___________________

                  (iii)    Borrower's operating and administrative
                           expenses during quarter (excluding
                           interest expense)                           $___________________

                  (iv)     Net management fees received
                           by Borrower from Subsidiaries
                           during quarter ((ii) minus (iii))           $___________________

                  (v)      Dividends available to be
                           distributed by Subsidiaries to
                           Borrower during this year (see
                           attached Exhibit B)(4)                      $___________________

                  (vi)     (v) / 4                                     $___________________

                  (vii)    Other income (Describe:_______________      $___________________
                           ____________________________________

                  (viii)   Sum of (i), (iv), (vi) and (vii)            $___________________

         B.       Consolidated Interest Expense                        $___________________

         C.       Interest on Short-Term Indebtedness for
                  advance fundings of guaranteed investment
                  contracts, annuities and other similar
                  insurance and investment products                    $__________________
_
         D.       Adjusted Consolidated Interest Expense
                  (B minus C)                                          $__________________
_
         E.       Ratio of A to D                                            _______:1.0

         F.       Permitted Ratio                             Greater than   2.0:1.0

                  Complies___________________Does not comply_____________________

</PRE>



<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<A NAME=A056></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>EXHIBIT 4.7</U></B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A number of civil jury verdicts have
been returned against insurers in the jurisdictions in which PLICO does business involving
the insurers&#146; sales practices, alleged agent misconduct, failure to properly
supervise agents, and other matters. Increasingly these lawsuits have resulted in the
award of substantial judgments against the insurer that are disproportionate to the actual
damages, including material amounts of punitive damages. In addition, in some class action
and other lawsuits involving insurers&#146; sales practices, insurers have made material
settlement payments. In some states, including Alabama (where PLICO maintains its
headquarters), juries have substantial discretion in awarding punitive and non-economic
compensatory damages, which creates the potential for unpredictable material adverse
judgments in any given lawsuit. PLICO, like other insurers, in the ordinary course of
business, is involved in such litigation or alternatively in arbitration. The outcome of
any such litigation or arbitration cannot be predicted with certainty. </FONT></P>




<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<A NAME=A057></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>EXHIBIT 4.8</U>
<BR><BR>SIGNIFICANT SUBSIDIARIES</B> </FONT></P>

<PRE>
                                                                                            <B>Percentage Stock
                  Name of Significant                             State of                  Owned by Borrower
                       Subsidiary                              Incorporation                 or Subsidiaries</B>

Protective Life Insurance Company                                Tennessee                        100%

West Coast Life Insurance Company                                California                       100%
</PRE>



<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<A NAME=A059></A>
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>EXHIBIT 9.2</U> <BR><BR>FORM OF ASSIGNMENT AND ACCEPTANCE <BR><BR>
DATED___________________, 20_____ </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Amended and Restated Credit Agreement dated July 30, 2004 (the
&#147;Agreement&#148;) among <B>PROTECTIVE LIFE CORPORATION</B>, a Delaware corporation (&#147;PLC&#148;) and <B>PROTECTIVE LIFE INSURANCE COMPANY</B>, a Tennessee corporation
(&#147;PLICO&#148;; PLC and PLICO are sometimes together referred to as &#147;Borrower&#148;), the Lenders (as defined in the Agreement) and AMSOUTH BANK, as
Agent for the Lenders (&#147;Agent&#148;). Unless otherwise defined herein, terms defined in the Agreement are used herein with the same meanings. </FONT></P>

<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_____________________(the "Assignor") and ___________________(the "Assignee")
 agree as follows:</FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The Assignor hereby sells and assigns to the Assignee, and the Assignee hereby
          purchased and assumes from the Assignor, <B>WITHOUT RECOURSE</B>, a __________%<SUP>5</SUP>
          interest in and to all of the Assignor&#146;s rights and obligations under the
          Agreement as of the Effective Date (as defined below), including, without
          limitation, such percentage interest in the Loans owing to the Assignor on the
          Effective Date, and the Note held by the Assignor. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The Assignor (i) represents and warrants that, as of the date hereof, the
          aggregate outstanding principal amount of the Loans owing to it (without giving
          effect to assignments thereof which have not yet become effective) is
          $____________; (ii) represents and warrants that it is the legal and beneficial
          owner of the interest being assigned by it hereunder and that such interest is
          free and clear of any adverse claim; (iii) makes no representation or warranty
          and assumes no responsibility with respect to any statements, warranties or
          representations made in or in connection with the Agreement or any of the Credit
          Documents or the execution, legality, validity, enforceability, genuineness,
          sufficiency or value of the Agreement or any of the Credit Documents or any
          other instrument or document furnished pursuant thereto; (iv) makes no
          representation or warranty and assumes no responsibility with respect to the
          financial condition of Borrower or the performance or observance by Borrower of
          any of its obligations under the Agreement or any of the Credit Documents or any
          other instrument or document furnished pursuant thereto and (v) attaches the
          Note referred to in paragraph 1 above and requests that the Agent exchange such
          Note for new Note(s) as follows: A Note, dated _______________, 20____ in the
          principal amount of $_____________ payable to the order of the Assignor, and a
          Note, dated _________________, 20_____, in the principal amount of
          $________________ payable to the order of the Assignee. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The Assignee (i) confirms that it has received a copy of the Agreement, together
          with copies of the financial statements referred to in Section 5.1 thereof and
          such other documents and information as it has deemed appropriate to make its
          own credit analysis and decision to enter into this Assignment and Acceptance;
          (ii) agrees that it will, independently and without reliance upon the Agent, the
          Assignor, or any other Lender and based on such documents and information as it
          shall deem appropriate at the time, continue to make its own credit decisions in
          taking or not taking action under the Agreement; (iii) appoints and authorizes
          the Agent to take such actions on its behalf and to exercise such powers under
          the Credit Documents as are delegated to the Agent by the terms thereof,
          together with such powers as are reasonably incidental thereto; (iv) agrees that
          it will perform in accordance with their terms all of the obligations which by
          the terms of the Agreement are required to be performed by the Lender; and (v)
          specifies as its address for notices the office set forth beneath its name on
          the signature pages hereof. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          The effective date for this Assignment and Acceptance shall be
          ________________________________ (the &#147;Effective Date&#148;). Following the
          execution of this Assignment and Acceptance, it will be delivered to the Agent
          for acceptance and recording by the Agent. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Upon such acceptance and recording, as of the Effective Date, (i) the Assignee
          shall be a party to the Agreement and, to the extent provided in this Assignment
          and Acceptance, have the rights and obligations of a Lender thereunder and under
          the Credit Documents and (ii) the Assignor shall, to the extent provided in this
          Assignment and Acceptance, relinquish its rights and be released from its
          obligations under the Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          Upon such acceptance and recording, from and after the Effective Date, the Agent
          shall make all payments under the Agreement and Note in respect of the interest
          assigned hereby (including, without limitation, all payments of principal,
          interest, commitment fees and letter of credit fees with respect thereto) to the
          Assignee. The Assignor and Assignee shall make all appropriate adjustments in
          payments under this Agreement and the Note for periods prior to the Effective
          Date directly between themselves. </FONT></P>




<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          This Assignment and Acceptance shall be governed by and construed in accordance
          with, the laws of the State of Alabama. </FONT></P>

<PRE>
                                                     <B>[NAME OF ASSIGNOR]</B>


                                                     By:_________________________________
                                                     Name:_______________________________
                                                     Title:______________________________

                                                     Notice of Address:__________________
                                                                       __________________

                                                     After the Effective Date
                                                     Outstanding Loans:$_________________



                                                     <B>[NAME OF ASSIGNEE]</B>


                                                     By:________________________________
                                                     Name:______________________________
                                                     Title:_____________________________

                                                     Notice of Address:_________________
                                                                       _________________

                                                     After the Effective Date
                                                     Outstanding Loans:$________________



                                                     Accepted this _____ day of _____________, 20___

                                                     <B>AMSOUTH BANK,</B> as Agent


                                                     By:________________________________
                                                     Name:______________________________
                                                     Title:_____________________________


</PRE>






<PRE>
                                                          <B> <U>TABLE OF CONTENTS</U></B>

                                                                                                                 Page


ARTICLE I DEFINITIONS.............................................................................................1

ARTICLE II THE LOANS   ..........................................................................................15
   2.1.           Amount of Revolving Credit Loan................................................................15
   2.2.           Use of Proceeds................................................................................15
   2.3.           Revolving Credit Notes.........................................................................15
   2.4.           Separate Commitments of Lenders................................................................15
   2.5.           Advances of Loans..............................................................................15
      2.5.1       Loans Advanced Pursuant to Borrowing Notices...................................................15
         2.5.1 (a) Applicability.................................................................................15
         2.5.1 (b) Borrowing Notices.............................................................................16
         2.5.1 (c) Funding of Loans..............................................................................16
         2.5.1 (d) Prime Rate Loan Limitations...................................................................16
         2.5.1 (e) LIBOR Loan Limitations........................................................................16
         2.5.1 (f) Additional Limitation on LIBOR Interest Periods...............................................16
      2.5.2       Conversion of Loans............................................................................16
         2.5.2 (a) Application of Loans..........................................................................16
         2.5.2 (b) Notices of Conversions........................................................................16
      2.5.3       Absence of Election............................................................................17
      2.5.4       Implied Representations Upon Request for Loan..................................................17
      2.5.5       Advance Not Waiver.............................................................................17
   2.6.           Interest.......................................................................................17
      2.6.1       Prime Rate Loans...............................................................................17
      2.6.2       LIBOR Loans....................................................................................17
      2.6.3       Additional Interest on LIBOR Loans.............................................................17
      2.6.4       Calculation of Interest........................................................................18
      2.6.5       Default Rate...................................................................................18
      2.6.6       Payment of Interest............................................................................18
      2.6.7       Usury Savings Provision........................................................................18
   2.7.           Alternate Rate of Interest if LIBOR Unavailable................................................18
   2.8.           Change in Circumstances........................................................................19
      2.8.1       Imposition of Requirements.....................................................................19
      2.8.2       Other Changes..................................................................................19
      2.8.3       Computation of Amounts.........................................................................19
      2.8.4       No Duty to Contest.............................................................................20
      2.8.5       Replacement Lender.............................................................................20
   2.9.           Change in Legality of LIBOR Loans..............................................................20
   2.10.          Principal Repayment............................................................................21
   2.11.          Prepayment of LIBOR Loans......................................................................21
      2.11.1      Notice of LIBOR Loan Prepayment................................................................21
      2.11.2      Amount of LIBOR Loan Prepayment................................................................21
      2.11.3      LIBOR Loan Prepayment Premium..................................................................21
   2.12.          Prepayment of Prime Rate Loans.................................................................22
   2.13.          Fixed Commitment Fees..........................................................................22
   2.14.          Periodic Facility Fee..........................................................................22
   2.15.          Agent's Fee....................................................................................22
   2.16.          Letters of Credit..............................................................................22
      2.16.1      Procedure for Issuance.........................................................................23
      2.16.2      Participation Among Lenders....................................................................23
      2.16.3      Reimbursement Obligation.......................................................................23
      2.16.4      Means of Reimbursement.........................................................................23
      2.16.5      Payments by Lenders............................................................................24
      2.16.6      Settlement Among Lenders.......................................................................24
      2.16.7      Letter of Credit Fee...........................................................................24
      2.16.8      Letter of Credit Information...................................................................25
      2.16.9      Conditions Relating to Letters of Credit.......................................................25
      2.16.10     Payments Among Lenders.........................................................................25
      2.16.11     Modifications..................................................................................25
      2.16.12     Absolute Obligations of Borrowers..............................................................25
      2.16.13     Indemnification................................................................................27
      2.16.14     Assumption of Risk.............................................................................27
      2.16.15     Reserves.......................................................................................27
   2.17.          Swingline Loans................................................................................28
      2.17.1      Use of Proceeds of Swingline Loans.............................................................28
      2.17.2      Swingline Note.................................................................................28
      2.17.3      Funding of Swingline Loans Advanced Pursuant to Borrowing Notices..............................28
         2.17.3 (a) Applicability................................................................................28
         2.17.3 (b) Borrowing Notices............................................................................28
         2.17.3 (c) Funding of Swingline Loans...................................................................28
      2.17.4      Funding of Swingline Loans Advanced Pursuant to Cash
                  Management Accounts............................................................................29
         2.17.4 (a) Funding and Payment Procedures Controlled by Account Agreements..............................29
         2.17.4 (b) Certain Provisions Controlled by this Agreement..............................................29
         2.17.4 (c) Continuing Warranty Under Account Agreements.................................................29
      2.17.5      Implied Representations Upon Request for Swingline Loan........................................29
      2.17.6      Advance Not Waiver.............................................................................29
      2.17.7      Interest.......................................................................................29
         2.17.7 (a) Rate of Interest.............................................................................29
         2.17.7 (b) Calculation of Interest......................................................................30
         2.17.7 (c) Payment of Interest..........................................................................30
         2.17.7 (d) Default Rate.................................................................................30
         2.17.7 (e) Usury Savings Provision......................................................................30
      2.17.8      Repayment of Principal.........................................................................30
      2.17.9      Procedures Among Lenders Upon Default..........................................................30
   2.18.          Withholding Tax Exemption......................................................................31
   2.19.          Maximum PLICO Liability Amount.................................................................31

ARTICLE III CONDITIONS PRECEDENT.................................................................................32
   3.1.           Initial Advance................................................................................32
   3.2.           Each Loan......................................................................................33

ARTICLE IV REPRESENTATIONS AND WARRANTIES........................................................................33
   4.1.           Corporate Existence and Standing...............................................................33
   4.2.           Authorization and Validity.....................................................................33
   4.3.           No Conflict; Government Consent................................................................33
   4.4.           Financial Statements...........................................................................34
   4.5.           Material Adverse Change........................................................................34
   4.6.           Taxes..........................................................................................34
   4.7.           Litigation and Guaranteed Obligations..........................................................34
   4.8.           List of Significant Subsidiaries...............................................................34
   4.9.           ERISA..........................................................................................35
   4.10.          Accuracy of Information........................................................................35
   4.11.          Regulation U...................................................................................35
   4.12.          Material Agreements............................................................................35
   4.13.          Compliance With Laws...........................................................................35
   4.14.          Investment Company Act.........................................................................35
   4.15.          Public Utility Holding Company Act.............................................................36
   4.16.          Insurance Licenses.............................................................................36
   4.17.          Ownership of Properties........................................................................36

ARTICLE V COVENANTS    36
   5.1.           Financial Reporting............................................................................36
   5.2.           Use of Proceeds................................................................................38
   5.3.           Notice of Default..............................................................................38
   5.4.           Conduct of Business............................................................................38
   5.5.           Taxes..........................................................................................39
   5.6.           Insurance......................................................................................39
   5.7.           Compliance with Laws...........................................................................39
   5.8.           Maintenance of Properties......................................................................39
   5.9.           Inspection.....................................................................................39
   5.10.          Merger, Consolidation and Sale of Assets.......................................................39
   5.11.          Liens..........................................................................................40
   5.12.          Adjusted Consolidated Net Worth................................................................40
   5.13.          Ratio of Adjusted Consolidated Indebtedness to Consolidated Capitalization.....................40
   5.14.          Total Adjusted Capital of PLICO................................................................40
   5.15.          Ratio of Unconsolidated Cash Inflow Available for Interest Expense to Adjusted Consolidated Interest Expense.     40
   5.16.          Affiliates.....................................................................................40
   5.17.          Compliance with ERISA..........................................................................41

ARTICLE VI DEFAULTS    41

ARTICLE VII REMEDIES   43
   7.1.           Default Rate...................................................................................43
   7.2.           Termination of Commitments.....................................................................43
   7.3.           Letters of Credit..............................................................................43
   7.4.           Acceleration...................................................................................43
   7.5.           Setoff.........................................................................................44
   7.6.           Other Remedies.................................................................................44

ARTICLE VIII THE AGENT 44
   8.1.           Appointment of Agent...........................................................................44
   8.2.           Powers of Agent................................................................................44
      8.2.1       Administration of Loans........................................................................44
      8.2.2       Matters Reserved to Required Lenders...........................................................44
      8.2.3       Matters Reserved to all Lenders................................................................44
   8.3.           Duties of Agent................................................................................45
      8.3.1       Specific Duties of Agent: Standard of Care.....................................................45
      8.3.2       Limitations on Agent's Duties..................................................................45
      8.3.3       Agent's Right to Require Instructions in Performance of Duties.................................45
      8.3.4       Agent's Reliance on Others in Performance of Duties............................................45
      8.3.5       Sharing of Information.........................................................................46
   8.4.           Indemnification of Agent.......................................................................46
   8.5.           No Representations by Agent....................................................................46
   8.6.           Independent Investigations by Lenders..........................................................46
   8.7.           Notice of Default..............................................................................47
   8.8.           Funding of Loans Pursuant to Borrowing Notices.................................................47
   8.9.           Agent in its Individual Capacity...............................................................47
   8.10.          Holders........................................................................................47
   8.11.          Successor Agent................................................................................48
   8.12.          Sharing of Payments, etc.......................................................................48
   8.13.          Payments Between Agent and Lenders.............................................................48
   8.14.          Bankruptcy Provisions..........................................................................48
   8.15.          Procedures for Notices and Approvals...........................................................49
   8.16.          Amendments to Article VIII.....................................................................49

ARTICLE IX BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATION......................................................49
   9.1.           Successors and Assigns.........................................................................49
   9.2.           Participations and Assignments.................................................................50

ARTICLE X GENERAL PROVISIONS.....................................................................................51
   10.1.          Notices........................................................................................51
   10.2.          Renewal, Extension, or Rearrangement...........................................................52
   10.3.          Application of Payments........................................................................52
   10.4.          Counterparts...................................................................................52
   10.5.          Negotiated Document............................................................................52
   10.6.          Consent to Jurisdiction: Exclusive Venue.......................................................52
   10.7.          Not Partners: No Third Party Beneficiaries.....................................................52
   10.8.          No Reliance on Lenders' Analysis...............................................................53
   10.9.          No Marshaling of Assets........................................................................53
   10.10.         Business Days..................................................................................53
   10.11.         Standard of Care: Limitation of Damages........................................................53
   10.12.         Incorporation of Schedules.....................................................................53
   10.13.         Indulgence Not Waiver..........................................................................53
   10.14.         Cumulative Remedies............................................................................53
   10.15.         Amendment and Waiver in Writing................................................................53
   10.16.         Entire Agreement...............................................................................54
   10.17.         Severability...................................................................................54
   10.18.         Time of Essence................................................................................54
   10.19.         Applicable Law.................................................................................54
   10.20.         Captions Not Controlling.......................................................................54
   10.21.         Facsimile Signatures...........................................................................54
   10.22.         Termination....................................................................................54
   10.23.         Waiver of Jury Trial...........................................................................55
   10.24.         Agreement Amends and Restates Original Credit Agreement........................................55


</PRE>

<SUP>1</SUP> Same Business Day for Prime Rate Loans, second following Business Day for LIBOR Loans.<BR>
<SUP>2</SUP> LIBOR or Prime Rate Loan.<BR>
<SUP>3</SUP> 1, 2, or 3 months.<BR>
<SUP>4</SUP> $__________is the amount of dividends actually distributed by Subsidiaries to Borrower during this fiscal year.<BR>
<SUP>5</SUP> Specify percentage in no more than 4 decimal points.




<BR><BR><BR><BR>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<A NAME=A001></A>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AMENDED AND RESTATED <BR>

REVOLVING CREDIT NOTE </FONT></H1>
<P><FONT FACE="Times New Roman, Serif" SIZE=2>
$10,000,000.00&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Birmingham, Alabama
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 30, 2004
</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR
VALUE RECEIVED, <B>PROTECTIVE LIFE CORPORATION</B>, a Delaware corporation
(&#147;PLC&#148;) and <B>PROTECTIVE LIFE INSURANCE COMPANY</B>, a Tennessee corporation
(&#147;PLICO&#148;; PLC and PLICO are sometimes together referred to as
&#147;Borrower&#148;), hereby promise to pay, subject to the limitations set forth in
Section 2.19 of the Credit Agreement (as hereinafter defined) with respect to PLICO, to
the order of <B>FIRST COMMERCIAL BANK</B> (&#147;Payee&#148;) the sum of Ten Million and
No/100 Dollars ($10,000,000.00), or as much thereof as may be outstanding from time to
time, together with interest thereon as provided in that certain Amended and Restated
Credit Agreement of even date herewith executed by and among Borrower, Payee and the
several lenders from time to time party thereto and AmSouth Bank, as agent, as it may be
amended or restated from time to time (the &#147;Credit Agreement&#148;). Capitalized
terms not otherwise defined herein shall have the meanings ascribed to those terms in the
Credit Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Note evidences the &#147;Revolving Credit Loans,&#148; as defined in the Credit Agreement.
Reference is made to the Credit Agreement for the terms of payment of principal and
interest hereunder, for a description of the rights of the &#147;Agent&#148; as defined in
the Credit Agreement, to enforce this Note, and for additional provisions regarding
additional payments, prepayment, draws and other terms and conditions applicable to the
indebtedness evidenced by this Note. As provided in the Credit Agreement, all remaining
principal, interest and expenses outstanding hereunder or under the Credit Agreement shall
become finally due on the Termination Date. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
provided in the Credit Agreement, interest hereunder shall be calculated based upon a
360-day year and actual days elapsed. As also provided further in the Credit Agreement,
the interest rate required hereby shall not exceed the maximum rate permissible under
applicable law, and any amounts paid in excess of such rate shall be applied to reduce the
principal amount hereof or shall be refunded to the Borrower, at the option of the holder
of this Note. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of the Credit Agreement, Borrower may borrow, repay and reborrow amounts
hereunder from time to time, provided that Borrower is not in default hereunder or under
the Credit Agreement (unless such default is waived) and provided that all conditions to
Payee&#146;s obligation to fund advances as set forth in the Credit Agreement are
satisfied. Payee shall have no liability for its refusal to advance funds hereunder
following a determination that any condition precedent to the making of an advance has not
been satisfied. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payee&#146;s
records of the amounts advanced hereunder shall be conclusive proof thereof, absent
manifest error. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
amounts due under this Note are payable in lawful money of the United States of America,
at the principal place of business of the Agent in Nashville, Tennessee, or at such other
address as the Agent may direct. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent permitted by applicable law, Borrower shall pay to the holder hereof
(&#147;Holder&#148;) a late charge equal to five percent (5%) of any payment which is past
due for a period of twelve (12) or more days, in order to cover the additional expenses
incident to the handling and processing of delinquent payments. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
occurrence of a Default under the Credit Agreement shall constitute a Default under this
Note. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the occurrence of a Default, the Holder may, at its option and without notice (except as
provided in the Credit Agreement), acting through the Agent as provided in the Credit
Agreement, declare all Obligations to be presently due and payable, and Holder may enforce
any remedies available to Holder under any Credit Document. Holder may waive any default
before or after it occurs and may restore this Note in full effect without impairing the
right to declare it due for a subsequent default, this right being a continuing one. Upon
Default, the remaining unpaid principal balance of the indebtedness evidenced hereby and
all expenses due Holder shall bear interest at the Default Rate, as defined in the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
amounts received for payment of this Note shall be applied in accordance with the Credit
Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower
and all sureties, guarantors, endorsers and other parties to this Note hereby consent to
any and all renewals, waivers, modifications, or extensions of time (of any duration) that
may be granted by Holder with respect to this Note and severally waive demand,
presentment, protest, notice of dishonor, and all other notices that might otherwise be
required by law, except as set forth in the Credit Agreement. All parties hereto waive the
defense of impairment of collateral and all other defenses of suretyship, if applicable. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower
and all sureties, guarantors, endorsers and other parties hereto agree to pay reasonable
attorneys&#146; fees and all court and other costs that Holder may incur in the course of
efforts to collect the debt evidenced hereby, to the extent permitted by the Credit
Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
validity and construction of this Note shall be determined according to the laws of
Alabama applicable to contracts executed and performed within that state and applicable
federal law. If any provision of this Note should for any reason be invalid or
unenforceable, the remaining provisions hereof shall remain in full effect. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Words
used herein indicating gender or number shall be read as context may require. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Note amends and restates in its entirety the Revolving Credit Note dated October 17, 2001,
in the face amount of $10,000,000.00 executed by PLC to the Payee herein (the
&#147;Original Note&#148;). The Original Note shall be marked &#147;Amended and restated
in its entirety by Amended and Restated Revolving Credit Note dated as of July 30, 2004,
in the face amount of $10,000,000.00&quot;, and the Original Note shall be held by the
Agent until all the Obligations have been paid in full and the Payee has no further
obligation to extend any credit to the Borrower. This Note shall not constitute a novation
of the indebtedness evidenced by the Original Note or release, satisfy, discharge,
terminate or otherwise affect or impair in any manner whatsoever (a) the validity or
enforceability of the indebtedness evidenced by the Original Note; (b) the liens, security
interests, assignments and conveyances effected by the Credit Documents, or the priority
thereof; (c) the liability of any maker, endorser, surety, guarantor or other person that
may now or hereafter be liable under or on account of the Original Note, this Note or any
of the other Credit Documents; or (d) any other security instrument now or hereafter held
by the Lenders or the Agent as security for or as evidence of any of the indebtedness
evidenced by the Original Note or this Note. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>PROTECTIVE LIFE CORPORATION</B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR><BR>

  By:__________________________________&nbsp;&nbsp;&nbsp;<BR><BR>
  Title:_________________________________&nbsp;&nbsp;&nbsp;<BR><BR>

Taxpayer Identification
Number: 95-2492236 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default" -->

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>PROTECTIVE LIFE INSURANCE COMPANY</B> <BR><BR>

 By:____________________________________<BR><BR>
 Title:___________________________________<BR><BR>

Taxpayer Identification Number: 63-0169720&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AMENDED AND RESTATED <BR>

REVOLVING CREDIT NOTE </FONT></H1>
<P><FONT FACE="Times New Roman, Serif" SIZE=2>
$55,000,000.00&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Birmingham, Alabama
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 30, 2004
</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR
VALUE RECEIVED, <B>PROTECTIVE LIFE CORPORATION</B>, a Delaware corporation
(&#147;PLC&#148;) and <B>PROTECTIVE LIFE INSURANCE COMPANY</B>, a Tennessee corporation
(&#147;PLICO&#148;; PLC and PLICO are sometimes together referred to as
&#147;Borrower&#148;), hereby promise to pay, subject to the limitations set forth in
Section 2.19 of the Credit Agreement (as hereinafter defined) with respect to PLICO, to
the order of <B>AMSOUTH BANK</B> (&#147;Payee&#148;) the sum of Fifty Five Million and
No/100 Dollars ($55,000,000.00), or as much thereof as may be outstanding from time to
time, together with interest thereon as provided in that certain Amended and Restated
Credit Agreement of even date herewith executed by and among Borrower, Payee and the
several lenders from time to time party thereto and AmSouth Bank, as agent, as it may be
amended or restated from time to time (the &#147;Credit Agreement&#148;). Capitalized
terms not otherwise defined herein shall have the meanings ascribed to those terms in the
Credit Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Note evidences the &#147;Revolving Credit Loans,&#148; as defined in the Credit Agreement.
Reference is made to the Credit Agreement for the terms of payment of principal and
interest hereunder, for a description of the rights of the &#147;Agent&#148; as defined in
the Credit Agreement, to enforce this Note, and for additional provisions regarding
additional payments, prepayment, draws and other terms and conditions applicable to the
indebtedness evidenced by this Note. As provided in the Credit Agreement, all remaining
principal, interest and expenses outstanding hereunder or under the Credit Agreement shall
become finally due on the Termination Date. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
provided in the Credit Agreement, interest hereunder shall be calculated based upon a
360-day year and actual days elapsed. As also provided further in the Credit Agreement,
the interest rate required hereby shall not exceed the maximum rate permissible under
applicable law, and any amounts paid in excess of such rate shall be applied to reduce the
principal amount hereof or shall be refunded to the Borrower, at the option of the holder
of this Note. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of the Credit Agreement, Borrower may borrow, repay and reborrow amounts
hereunder from time to time, provided that Borrower is not in default hereunder or under
the Credit Agreement (unless such default is waived) and provided that all conditions to
Payee&#146;s obligation to fund advances as set forth in the Credit Agreement are
satisfied. Payee shall have no liability for its refusal to advance funds hereunder
following a determination that any condition precedent to the making of an advance has not
been satisfied. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payee&#146;s
records of the amounts advanced hereunder shall be conclusive proof thereof, absent
manifest error. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
amounts due under this Note are payable in lawful money of the United States of America,
at the principal place of business of the Agent in Nashville, Tennessee, or at such other
address as the Agent may direct. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent permitted by applicable law, Borrower shall pay to the holder hereof
(&#147;Holder&#148;) a late charge equal to five percent (5%) of any payment which is past
due for a period of twelve (12) or more days, in order to cover the additional expenses
incident to the handling and processing of delinquent payments. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
occurrence of a Default under the Credit Agreement shall constitute a Default under this
Note. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the occurrence of a Default, the Holder may, at its option and without notice (except as
provided in the Credit Agreement), acting through the Agent as provided in the Credit
Agreement, declare all Obligations to be presently due and payable, and Holder may enforce
any remedies available to Holder under any Credit Document. Holder may waive any default
before or after it occurs and may restore this Note in full effect without impairing the
right to declare it due for a subsequent default, this right being a continuing one. Upon
Default, the remaining unpaid principal balance of the indebtedness evidenced hereby and
all expenses due Holder shall bear interest at the Default Rate, as defined in the Credit
Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
amounts received for payment of this Note shall be applied in accordance with the Credit
Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower
and all sureties, guarantors, endorsers and other parties to this Note hereby consent to
any and all renewals, waivers, modifications, or extensions of time (of any duration) that
may be granted by Holder with respect to this Note and severally waive demand,
presentment, protest, notice of dishonor, and all other notices that might otherwise be
required by law, except as set forth in the Credit Agreement. All parties hereto waive the
defense of impairment of collateral and all other defenses of suretyship, if applicable. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower
and all sureties, guarantors, endorsers and other parties hereto agree to pay reasonable
attorneys&#146; fees and all court and other costs that Holder may incur in the course of
efforts to collect the debt evidenced hereby, to the extent permitted by the Credit
Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
validity and construction of this Note shall be determined according to the laws of
Alabama applicable to contracts executed and performed within that state and applicable
federal law. If any provision of this Note should for any reason be invalid or
unenforceable, the remaining provisions hereof shall remain in full effect. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Words
used herein indicating gender or number shall be read as context may require. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Note amends and restates in its entirety the Revolving Credit Note dated October 17, 2001,
in the face amount of $55,000,000.00 executed by PLC to the Payee herein (the
&#147;Original Note&#148;). The Original Note shall be marked &#147;Amended and restated
in its entirety by Amended and Restated Revolving Credit Note dated as of July 30, 2004,
in the face amount of $55,000,000.00&quot;, and the Original Note shall be held by the
Agent until all the Obligations have been paid in full and the Payee has no further
obligation to extend any credit to the Borrower. This Note shall not constitute a novation
of the indebtedness evidenced by the Original Note or release, satisfy, discharge,
terminate or otherwise affect or impair in any manner whatsoever (a) the validity or
enforceability of the indebtedness evidenced by the Original Note; (b) the liens, security
interests, assignments and conveyances effected by the Credit Documents, or the priority
thereof; (c) the liability of any maker, endorser, surety, guarantor or other person that
may now or hereafter be liable under or on account of the Original Note, this Note or any
of the other Credit Documents; or (d) any other security instrument now or hereafter held
by the Lenders or the Agent as security for or as evidence of any of the indebtedness
evidenced by the Original Note or this Note. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>PROTECTIVE LIFE CORPORATION</B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR><BR>

  By:__________________________________&nbsp;&nbsp;&nbsp;<BR><BR>
  Title:_________________________________&nbsp;&nbsp;&nbsp;<BR><BR>

Taxpayer Identification
Number: 95-2492236 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default" -->

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>PROTECTIVE LIFE INSURANCE COMPANY</B> <BR><BR>

 By:____________________________________<BR><BR>
 Title:___________________________________<BR><BR>

Taxpayer Identification Number: 63-0169720&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AMENDED AND RESTATED <BR>

REVOLVING CREDIT NOTE </FONT></H1>
<P><FONT FACE="Times New Roman, Serif" SIZE=2>
$10,000,000.00&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Birmingham, Alabama
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 30, 2004
</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR
VALUE RECEIVED, <B>PROTECTIVE LIFE CORPORATION</B>, a Delaware corporation
(&#147;PLC&#148;) and <B>PROTECTIVE LIFE INSURANCE COMPANY</B>, a Tennessee corporation
(&#147;PLICO&#148;; PLC and PLICO are sometimes together referred to as
&#147;Borrower&#148;), hereby promise to pay, subject to the limitations set forth in
Section 2.19 of the Credit Agreement (as hereinafter defined) with respect to PLICO, to
the order of <B>COMPASS BANK</B> (&#147;Payee&#148;) the sum of Ten Million and No/100
Dollars ($10,000,000.00), or as much thereof as may be outstanding from time to time,
together with interest thereon as provided in that certain Amended and Restated Credit
Agreement of even date herewith executed by and among Borrower, Payee and the several
lenders from time to time party thereto and AmSouth Bank, as agent, as it may be amended
or restated from time to time (the &#147;Credit Agreement&#148;). Capitalized terms not
otherwise defined herein shall have the meanings ascribed to those terms in the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Note evidences the &#147;Revolving Credit Loans,&#148; as defined in the Credit Agreement.
Reference is made to the Credit Agreement for the terms of payment of principal and
interest hereunder, for a description of the rights of the &#147;Agent&#148; as defined in
the Credit Agreement, to enforce this Note, and for additional provisions regarding
additional payments, prepayment, draws and other terms and conditions applicable to the
indebtedness evidenced by this Note. As provided in the Credit Agreement, all remaining
principal, interest and expenses outstanding hereunder or under the Credit Agreement shall
become finally due on the Termination Date. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
provided in the Credit Agreement, interest hereunder shall be calculated based upon a
360-day year and actual days elapsed. As also provided further in the Credit Agreement,
the interest rate required hereby shall not exceed the maximum rate permissible under
applicable law, and any amounts paid in excess of such rate shall be applied to reduce the
principal amount hereof or shall be refunded to the Borrower, at the option of the holder
of this Note. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of the Credit Agreement, Borrower may borrow, repay and reborrow amounts
hereunder from time to time, provided that Borrower is not in default hereunder or under
the Credit Agreement (unless such default is waived) and provided that all conditions to
Payee&#146;s obligation to fund advances as set forth in the Credit Agreement are
satisfied. Payee shall have no liability for its refusal to advance funds hereunder
following a determination that any condition precedent to the making of an advance has not
been satisfied. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payee&#146;s
records of the amounts advanced hereunder shall be conclusive proof thereof, absent
manifest error. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
amounts due under this Note are payable in lawful money of the United States of America,
at the principal place of business of the Agent in Nashville, Tennessee, or at such other
address as the Agent may direct. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent permitted by applicable law, Borrower shall pay to the holder hereof
(&#147;Holder&#148;) a late charge equal to five percent (5%) of any payment which is past
due for a period of twelve (12) or more days, in order to cover the additional expenses
incident to the handling and processing of delinquent payments. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
occurrence of a Default under the Credit Agreement shall constitute a Default under this
Note. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the occurrence of a Default, the Holder may, at its option and without notice (except as
provided in the Credit Agreement), acting through the Agent as provided in the Credit
Agreement, declare all Obligations to be presently due and payable, and Holder may enforce
any remedies available to Holder under any Credit Document. Holder may waive any default
before or after it occurs and may restore this Note in full effect without impairing the
right to declare it due for a subsequent default, this right being a continuing one. Upon
Default, the remaining unpaid principal balance of the indebtedness evidenced hereby and
all expenses due Holder shall bear interest at the Default Rate, as defined in the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
amounts received for payment of this Note shall be applied in accordance with the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower
and all sureties, guarantors, endorsers and other parties to this Note hereby consent to
any and all renewals, waivers, modifications, or extensions of time (of any duration) that
may be granted by Holder with respect to this Note and severally waive demand,
presentment, protest, notice of dishonor, and all other notices that might otherwise be
required by law, except as set forth in the Credit Agreement. All parties hereto waive the
defense of impairment of collateral and all other defenses of suretyship, if applicable. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower
and all sureties, guarantors, endorsers and other parties hereto agree to pay reasonable
attorneys&#146; fees and all court and other costs that Holder may incur in the course of
efforts to collect the debt evidenced hereby, to the extent permitted by the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
validity and construction of this Note shall be determined according to the laws of
Alabama applicable to contracts executed and performed within that state and applicable
federal law. If any provision of this Note should for any reason be invalid or
unenforceable, the remaining provisions hereof shall remain in full effect. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Words
used herein indicating gender or number shall be read as context may require. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Note amends and restates in its entirety the Revolving Credit Note dated October 17, 2001,
in the face amount of $10,000,000.00 executed by PLC to the Payee herein (the
&#147;Original Note&#148;). The Original Note shall be marked &#147;Amended and restated
in its entirety by Amended and Restated Revolving Credit Note dated as of July 30, 2004,
in the face amount of $10,000,000.00&quot;, and the Original Note shall be held by the
Agent until all the Obligations have been paid in full and the Payee has no further
obligation to extend any credit to the Borrower. This Note shall not constitute a novation
of the indebtedness evidenced by the Original Note or release, satisfy, discharge,
terminate or otherwise affect or impair in any manner whatsoever (a) the validity or
enforceability of the indebtedness evidenced by the Original Note; (b) the liens, security
interests, assignments and conveyances effected by the Credit Documents, or the priority
thereof; (c) the liability of any maker, endorser, surety, guarantor or other person that
may now or hereafter be liable under or on account of the Original Note, this Note or any
of the other Credit Documents; or (d) any other security instrument now or hereafter held
by the Lenders or the Agent as security for or as evidence of any of the indebtedness
evidenced by the Original Note or this Note. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>PROTECTIVE LIFE CORPORATION</B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR><BR>

  By:__________________________________&nbsp;&nbsp;&nbsp;<BR><BR>
  Title:_________________________________&nbsp;&nbsp;&nbsp;<BR><BR>

Taxpayer Identification
Number: 95-2492236 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default" -->

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>PROTECTIVE LIFE INSURANCE COMPANY</B> <BR><BR>

 By:____________________________________<BR><BR>
 Title:___________________________________<BR><BR>

Taxpayer Identification Number: 63-0169720&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AMENDED AND RESTATED <BR>

REVOLVING CREDIT NOTE </FONT></H1>
<P><FONT FACE="Times New Roman, Serif" SIZE=2>
$25,000,000.00&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Birmingham, Alabama
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 30, 2004
</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR
VALUE RECEIVED, <B>PROTECTIVE LIFE CORPORATION</B>, a Delaware corporation
(&#147;PLC&#148;) and <B>PROTECTIVE LIFE INSURANCE COMPANY</B>, a Tennessee corporation
(&#147;PLICO&#148;; PLC and PLICO are sometimes together referred to as
&#147;Borrower&#148;), hereby promise to pay, subject to the limitations set forth in
Section 2.19 of the Credit Agreement (as hereinafter defined) with respect to PLICO, to
the order of <B>REGIONS BANK</B> (&#147;Payee&#148;) the sum of Twenty-Five Million and
No/100 Dollars ($25,000,000.00), or as much thereof as may be outstanding from time to
time, together with interest thereon as provided in that certain Amended and Restated
Credit Agreement of even date herewith executed by and among Borrower, Payee and the
several lenders from time to time party thereto and AmSouth Bank, as agent, as it may be
amended or restated from time to time (the &#147;Credit Agreement&#148;). Capitalized
terms not otherwise defined herein shall have the meanings ascribed to those terms in the
Credit Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Note evidences the &#147;Revolving Credit Loans,&#148; as defined in the Credit Agreement.
Reference is made to the Credit Agreement for the terms of payment of principal and
interest hereunder, for a description of the rights of the &#147;Agent&#148; as defined in
the Credit Agreement, to enforce this Note, and for additional provisions regarding
additional payments, prepayment, draws and other terms and conditions applicable to the
indebtedness evidenced by this Note. As provided in the Credit Agreement, all remaining
principal, interest and expenses outstanding hereunder or under the Credit Agreement shall
become finally due on the Termination Date. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
provided in the Credit Agreement, interest hereunder shall be calculated based upon a
360-day year and actual days elapsed. As also provided further in the Credit Agreement,
the interest rate required hereby shall not exceed the maximum rate permissible under
applicable law, and any amounts paid in excess of such rate shall be applied to reduce the
principal amount hereof or shall be refunded to the Borrower, at the option of the holder
of this Note. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of the Credit Agreement, Borrower may borrow, repay and reborrow amounts
hereunder from time to time, provided that Borrower is not in default hereunder or under
the Credit Agreement (unless such default is waived) and provided that all conditions to
Payee&#146;s obligation to fund advances as set forth in the Credit Agreement are
satisfied. Payee shall have no liability for its refusal to advance funds hereunder
following a determination that any condition precedent to the making of an advance has not
been satisfied. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payee&#146;s
records of the amounts advanced hereunder shall be conclusive proof thereof, absent
manifest error. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
amounts due under this Note are payable in lawful money of the United States of America,
at the principal place of business of the Agent in Nashville, Tennessee, or at such other
address as the Agent may direct. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent permitted by applicable law, Borrower shall pay to the holder hereof
(&#147;Holder&#148;) a late charge equal to five percent (5%) of any payment which is past
due for a period of twelve (12) or more days, in order to cover the additional expenses
incident to the handling and processing of delinquent payments. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
occurrence of a Default under the Credit Agreement shall constitute a Default under this
Note. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the occurrence of a Default, the Holder may, at its option and without notice (except as
provided in the Credit Agreement), acting through the Agent as provided in the Credit
Agreement, declare all Obligations to be presently due and payable, and Holder may enforce
any remedies available to Holder under any Credit Document. Holder may waive any default
before or after it occurs and may restore this Note in full effect without impairing the
right to declare it due for a subsequent default, this right being a continuing one. Upon
Default, the remaining unpaid principal balance of the indebtedness evidenced hereby and
all expenses due Holder shall bear interest at the Default Rate, as defined in the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
amounts received for payment of this Note shall be applied in accordance with the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower
and all sureties, guarantors, endorsers and other parties to this Note hereby consent to
any and all renewals, waivers, modifications, or extensions of time (of any duration) that
may be granted by Holder with respect to this Note and severally waive demand,
presentment, protest, notice of dishonor, and all other notices that might otherwise be
required by law, except as set forth in the Credit Agreement. All parties hereto waive the
defense of impairment of collateral and all other defenses of suretyship, if applicable. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower
and all sureties, guarantors, endorsers and other parties hereto agree to pay reasonable
attorneys&#146; fees and all court and other costs that Holder may incur in the course of
efforts to collect the debt evidenced hereby, to the extent permitted by the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
validity and construction of this Note shall be determined according to the laws of
Alabama applicable to contracts executed and performed within that state and applicable
federal law. If any provision of this Note should for any reason be invalid or
unenforceable, the remaining provisions hereof shall remain in full effect. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Words
used herein indicating gender or number shall be read as context may require. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Note amends and restates in its entirety the Revolving Credit Note dated October 17, 2001,
in the face amount of $20,000,000.00 executed by PLC to the Payee herein (the
&#147;Original Note&#148;). The Original Note shall be marked &#147;Amended and restated
in its entirety by Amended and Restated Revolving Credit Note dated as of July 30, 2004,
in the face amount of $25,000,000.00&quot;, and the Original Note shall be held by the
Agent until all the Obligations have been paid in full and the Payee has no further
obligation to extend any credit to the Borrower. This Note shall not constitute a novation
of the indebtedness evidenced by the Original Note or release, satisfy, discharge,
terminate or otherwise affect or impair in any manner whatsoever (a) the validity or
enforceability of the indebtedness evidenced by the Original Note; (b) the liens, security
interests, assignments and conveyances effected by the Credit Documents, or the priority
thereof; (c) the liability of any maker, endorser, surety, guarantor or other person that
may now or hereafter be liable under or on account of the Original Note, this Note or any
of the other Credit Documents; or (d) any other security instrument now or hereafter held
by the Lenders or the Agent as security for or as evidence of any of the indebtedness
evidenced by the Original Note or this Note. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>PROTECTIVE LIFE CORPORATION</B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR><BR>

  By:__________________________________&nbsp;&nbsp;&nbsp;<BR><BR>
  Title:_________________________________&nbsp;&nbsp;&nbsp;<BR><BR>

Taxpayer Identification
Number: 95-2492236 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default" -->

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>PROTECTIVE LIFE INSURANCE COMPANY</B> <BR><BR>

 By:____________________________________<BR><BR>
 Title:___________________________________<BR><BR>

Taxpayer Identification Number: 63-0169720&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AMENDED AND RESTATED <BR>

REVOLVING CREDIT NOTE </FONT></H1>
<P><FONT FACE="Times New Roman, Serif" SIZE=2>
$20,000,000.00&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Birmingham, Alabama
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 30, 2004
</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR
VALUE RECEIVED, <B>PROTECTIVE LIFE CORPORATION</B>, a Delaware corporation
(&#147;PLC&#148;) and <B>PROTECTIVE LIFE INSURANCE COMPANY</B>, a Tennessee corporation
(&#147;PLICO&#148;; PLC and PLICO are sometimes together referred to as
&#147;Borrower&#148;), hereby promise to pay, subject to the limitations set forth in
Section 2.19 of the Credit Agreement (as hereinafter defined) with respect to PLICO, to
the order of <B>SOUTHTRUST BANK</B> (&#147;Payee&#148;) the sum of Twenty Million and
No/100 Dollars ($20,000,000.00), or as much thereof as may be outstanding from time to
time, together with interest thereon as provided in that certain Amended and Restated
Credit Agreement of even date herewith executed by and among Borrower, Payee and the
several lenders from time to time party thereto and AmSouth Bank, as agent, as it may be
amended or restated from time to time (the &#147;Credit Agreement&#148;). Capitalized
terms not otherwise defined herein shall have the meanings ascribed to those terms in the
Credit Agreement. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Note evidences the &#147;Revolving Credit Loans,&#148; as defined in the Credit Agreement.
Reference is made to the Credit Agreement for the terms of payment of principal and
interest hereunder, for a description of the rights of the &#147;Agent&#148; as defined in
the Credit Agreement, to enforce this Note, and for additional provisions regarding
additional payments, prepayment, draws and other terms and conditions applicable to the
indebtedness evidenced by this Note. As provided in the Credit Agreement, all remaining
principal, interest and expenses outstanding hereunder or under the Credit Agreement shall
become finally due on the Termination Date. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
provided in the Credit Agreement, interest hereunder shall be calculated based upon a
360-day year and actual days elapsed. As also provided further in the Credit Agreement,
the interest rate required hereby shall not exceed the maximum rate permissible under
applicable law, and any amounts paid in excess of such rate shall be applied to reduce the
principal amount hereof or shall be refunded to the Borrower, at the option of the holder
of this Note. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of the Credit Agreement, Borrower may borrow, repay and reborrow amounts
hereunder from time to time, provided that Borrower is not in default hereunder or under
the Credit Agreement (unless such default is waived) and provided that all conditions to
Payee&#146;s obligation to fund advances as set forth in the Credit Agreement are
satisfied. Payee shall have no liability for its refusal to advance funds hereunder
following a determination that any condition precedent to the making of an advance has not
been satisfied. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payee&#146;s
records of the amounts advanced hereunder shall be conclusive proof thereof, absent
manifest error. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
amounts due under this Note are payable in lawful money of the United States of America,
at the principal place of business of the Agent in Nashville, Tennessee, or at such other
address as the Agent may direct. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent permitted by applicable law, Borrower shall pay to the holder hereof
(&#147;Holder&#148;) a late charge equal to five percent (5%) of any payment which is past
due for a period of twelve (12) or more days, in order to cover the additional expenses
incident to the handling and processing of delinquent payments. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
occurrence of a Default under the Credit Agreement shall constitute a Default under this
Note. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the occurrence of a Default, the Holder may, at its option and without notice (except as
provided in the Credit Agreement), acting through the Agent as provided in the Credit
Agreement, declare all Obligations to be presently due and payable, and Holder may enforce
any remedies available to Holder under any Credit Document. Holder may waive any default
before or after it occurs and may restore this Note in full effect without impairing the
right to declare it due for a subsequent default, this right being a continuing one. Upon
Default, the remaining unpaid principal balance of the indebtedness evidenced hereby and
all expenses due Holder shall bear interest at the Default Rate, as defined in the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
amounts received for payment of this Note shall be applied in accordance with the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower
and all sureties, guarantors, endorsers and other parties to this Note hereby consent to
any and all renewals, waivers, modifications, or extensions of time (of any duration) that
may be granted by Holder with respect to this Note and severally waive demand,
presentment, protest, notice of dishonor, and all other notices that might otherwise be
required by law, except as set forth in the Credit Agreement. All parties hereto waive the
defense of impairment of collateral and all other defenses of suretyship, if applicable. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower
and all sureties, guarantors, endorsers and other parties hereto agree to pay reasonable
attorneys&#146; fees and all court and other costs that Holder may incur in the course of
efforts to collect the debt evidenced hereby, to the extent permitted by the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
validity and construction of this Note shall be determined according to the laws of
Alabama applicable to contracts executed and performed within that state and applicable
federal law. If any provision of this Note should for any reason be invalid or
unenforceable, the remaining provisions hereof shall remain in full effect. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Words
used herein indicating gender or number shall be read as context may require. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Note amends and restates in its entirety the Revolving Credit Note dated October 17, 2001,
in the face amount of $25,000,000.00 executed by PLC to the Payee herein (the
&#147;Original Note&#148;). The Original Note shall be marked &#147;Amended and restated
in its entirety by Amended and Restated Revolving Credit Note dated as of July 30, 2004,
in the face amount of $20,000,000.00&quot;, and the Original Note shall be held by the
Agent until all the Obligations have been paid in full and the Payee has no further
obligation to extend any credit to the Borrower. This Note shall not constitute a novation
of the indebtedness evidenced by the Original Note or release, satisfy, discharge,
terminate or otherwise affect or impair in any manner whatsoever (a) the validity or
enforceability of the indebtedness evidenced by the Original Note; (b) the liens, security
interests, assignments and conveyances effected by the Credit Documents, or the priority
thereof; (c) the liability of any maker, endorser, surety, guarantor or other person that
may now or hereafter be liable under or on account of the Original Note, this Note or any
of the other Credit Documents; or (d) any other security instrument now or hereafter held
by the Lenders or the Agent as security for or as evidence of any of the indebtedness
evidenced by the Original Note or this Note. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>PROTECTIVE LIFE CORPORATION</B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR><BR>

  By:__________________________________&nbsp;&nbsp;&nbsp;<BR><BR>
  Title:_________________________________&nbsp;&nbsp;&nbsp;<BR><BR>

Taxpayer Identification
Number: 95-2492236 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default" -->

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>PROTECTIVE LIFE INSURANCE COMPANY</B> <BR><BR>

 By:____________________________________<BR><BR>
 Title:___________________________________<BR><BR>

Taxpayer Identification Number: 63-0169720&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AMENDED AND RESTATED <BR>

REVOLVING CREDIT NOTE </FONT></H1>
<P><FONT FACE="Times New Roman, Serif" SIZE=2>
$20,000,000.00&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Birmingham, Alabama
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 30, 2004
</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR
VALUE RECEIVED, <B>PROTECTIVE LIFE CORPORATION</B>, a Delaware corporation
(&#147;PLC&#148;) and <B>PROTECTIVE LIFE INSURANCE COMPANY</B>, a Tennessee corporation
(&#147;PLICO&#148;; PLC and PLICO are sometimes together referred to as
&#147;Borrower&#148;), hereby promise to pay, subject to the limitations set forth in
Section 2.19 of the Credit Agreement (as hereinafter defined) with respect to PLICO, to
the order of <B>SUNTRUST BANK</B> (&#147;Payee&#148;) the sum of Twenty Million and No/100
Dollars ($20,000,000.00), or as much thereof as may be outstanding from time to time,
together with interest thereon as provided in that certain Amended and Restated Credit
Agreement of even date herewith executed by and among Borrower, Payee and the several
lenders from time to time party thereto and AmSouth Bank, as agent, as it may be amended
or restated from time to time (the &#147;Credit Agreement&#148;). Capitalized terms not
otherwise defined herein shall have the meanings ascribed to those terms in the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Note evidences the &#147;Revolving Credit Loans,&#148; as defined in the Credit Agreement.
Reference is made to the Credit Agreement for the terms of payment of principal and
interest hereunder, for a description of the rights of the &#147;Agent&#148; as defined in
the Credit Agreement, to enforce this Note, and for additional provisions regarding
additional payments, prepayment, draws and other terms and conditions applicable to the
indebtedness evidenced by this Note. As provided in the Credit Agreement, all remaining
principal, interest and expenses outstanding hereunder or under the Credit Agreement shall
become finally due on the Termination Date. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
provided in the Credit Agreement, interest hereunder shall be calculated based upon a
360-day year and actual days elapsed. As also provided further in the Credit Agreement,
the interest rate required hereby shall not exceed the maximum rate permissible under
applicable law, and any amounts paid in excess of such rate shall be applied to reduce the
principal amount hereof or shall be refunded to the Borrower, at the option of the holder
of this Note. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of the Credit Agreement, Borrower may borrow, repay and reborrow amounts
hereunder from time to time, provided that Borrower is not in default hereunder or under
the Credit Agreement (unless such default is waived) and provided that all conditions to
Payee&#146;s obligation to fund advances as set forth in the Credit Agreement are
satisfied. Payee shall have no liability for its refusal to advance funds hereunder
following a determination that any condition precedent to the making of an advance has not
been satisfied. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payee&#146;s
records of the amounts advanced hereunder shall be conclusive proof thereof, absent
manifest error. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
amounts due under this Note are payable in lawful money of the United States of America,
at the principal place of business of the Agent in Nashville, Tennessee, or at such other
address as the Agent may direct. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent permitted by applicable law, Borrower shall pay to the holder hereof
(&#147;Holder&#148;) a late charge equal to five percent (5%) of any payment which is past
due for a period of twelve (12) or more days, in order to cover the additional expenses
incident to the handling and processing of delinquent payments. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
occurrence of a Default under the Credit Agreement shall constitute a Default under this
Note. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the occurrence of a Default, the Holder may, at its option and without notice (except as
provided in the Credit Agreement), acting through the Agent as provided in the Credit
Agreement, declare all Obligations to be presently due and payable, and Holder may enforce
any remedies available to Holder under any Credit Document. Holder may waive any default
before or after it occurs and may restore this Note in full effect without impairing the
right to declare it due for a subsequent default, this right being a continuing one. Upon
Default, the remaining unpaid principal balance of the indebtedness evidenced hereby and
all expenses due Holder shall bear interest at the Default Rate, as defined in the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
amounts received for payment of this Note shall be applied in accordance with the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower
and all sureties, guarantors, endorsers and other parties to this Note hereby consent to
any and all renewals, waivers, modifications, or extensions of time (of any duration) that
may be granted by Holder with respect to this Note and severally waive demand,
presentment, protest, notice of dishonor, and all other notices that might otherwise be
required by law, except as set forth in the Credit Agreement. All parties hereto waive the
defense of impairment of collateral and all other defenses of suretyship, if applicable. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower
and all sureties, guarantors, endorsers and other parties hereto agree to pay reasonable
attorneys&#146; fees and all court and other costs that Holder may incur in the course of
efforts to collect the debt evidenced hereby, to the extent permitted by the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
validity and construction of this Note shall be determined according to the laws of
Alabama applicable to contracts executed and performed within that state and applicable
federal law. If any provision of this Note should for any reason be invalid or
unenforceable, the remaining provisions hereof shall remain in full effect. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Words
used herein indicating gender or number shall be read as context may require. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Note amends and restates in its entirety the Revolving Credit Note dated October 17, 2001,
in the face amount of $30,000,000.00 executed by PLC to the Payee herein (the
&#147;Original Note&#148;). The Original Note shall be marked &#147;Amended and restated
in its entirety by Amended and Restated Revolving Credit Note dated as of July 30, 2004,
in the face amount of $20,000,000.00&quot;, and the Original Note shall be held by the
Agent until all the Obligations have been paid in full and the Payee has no further
obligation to extend any credit to the Borrower. This Note shall not constitute a novation
of the indebtedness evidenced by the Original Note or release, satisfy, discharge,
terminate or otherwise affect or impair in any manner whatsoever (a) the validity or
enforceability of the indebtedness evidenced by the Original Note; (b) the liens, security
interests, assignments and conveyances effected by the Credit Documents, or the priority
thereof; (c) the liability of any maker, endorser, surety, guarantor or other person that
may now or hereafter be liable under or on account of the Original Note, this Note or any
of the other Credit Documents; or (d) any other security instrument now or hereafter held
by the Lenders or the Agent as security for or as evidence of any of the indebtedness
evidenced by the Original Note or this Note. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>PROTECTIVE LIFE CORPORATION</B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR><BR>

  By:__________________________________&nbsp;&nbsp;&nbsp;<BR><BR>
  Title:_________________________________&nbsp;&nbsp;&nbsp;<BR><BR>

Taxpayer Identification
Number: 95-2492236 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default" -->

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>PROTECTIVE LIFE INSURANCE COMPANY</B> <BR><BR>

 By:____________________________________<BR><BR>
 Title:___________________________________<BR><BR>

Taxpayer Identification Number: 63-0169720&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AMENDED AND RESTATED <BR>

REVOLVING CREDIT NOTE </FONT></H1>
<P><FONT FACE="Times New Roman, Serif" SIZE=2>
$10,000,000.00&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Birmingham, Alabama
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 30, 2004
</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR
VALUE RECEIVED, <B>PROTECTIVE LIFE CORPORATION</B>, a Delaware corporation
(&#147;PLC&#148;) and <B>PROTECTIVE LIFE INSURANCE COMPANY</B>, a Tennessee corporation
(&#147;PLICO&#148;; PLC and PLICO are sometimes together referred to as
&#147;Borrower&#148;), hereby promise to pay, subject to the limitations set forth in
Section 2.19 of the Credit Agreement (as hereinafter defined) with respect to PLICO, to
the order of <B>U.S. BANK NATIONAL ASSOCIATION</B> (&#147;Payee&#148;) the sum of Ten
Million and No/100 Dollars ($10,000,000.00), or as much thereof as may be outstanding from
time to time, together with interest thereon as provided in that certain Amended and
Restated Credit Agreement of even date herewith executed by and among Borrower, Payee and
the several lenders from time to time party thereto and AmSouth Bank, as agent, as it may
be amended or restated from time to time (the &#147;Credit Agreement&#148;). Capitalized
terms not otherwise defined herein shall have the meanings ascribed to those terms in the
Credit Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Note evidences the &#147;Revolving Credit Loans,&#148; as defined in the Credit Agreement.
Reference is made to the Credit Agreement for the terms of payment of principal and
interest hereunder, for a description of the rights of the &#147;Agent&#148; as defined in
the Credit Agreement, to enforce this Note, and for additional provisions regarding
additional payments, prepayment, draws and other terms and conditions applicable to the
indebtedness evidenced by this Note. As provided in the Credit Agreement, all remaining
principal, interest and expenses outstanding hereunder or under the Credit Agreement shall
become finally due on the Termination Date. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
provided in the Credit Agreement, interest hereunder shall be calculated based upon a
360-day year and actual days elapsed. As also provided further in the Credit Agreement,
the interest rate required hereby shall not exceed the maximum rate permissible under
applicable law, and any amounts paid in excess of such rate shall be applied to reduce the
principal amount hereof or shall be refunded to the Borrower, at the option of the holder
of this Note. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of the Credit Agreement, Borrower may borrow, repay and reborrow amounts
hereunder from time to time, provided that Borrower is not in default hereunder or under
the Credit Agreement (unless such default is waived) and provided that all conditions to
Payee&#146;s obligation to fund advances as set forth in the Credit Agreement are
satisfied. Payee shall have no liability for its refusal to advance funds hereunder
following a determination that any condition precedent to the making of an advance has not
been satisfied. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payee&#146;s
records of the amounts advanced hereunder shall be conclusive proof thereof, absent
manifest error. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
amounts due under this Note are payable in lawful money of the United States of America,
at the principal place of business of the Agent in Nashville, Tennessee, or at such other
address as the Agent may direct. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent permitted by applicable law, Borrower shall pay to the holder hereof
(&#147;Holder&#148;) a late charge equal to five percent (5%) of any payment which is past
due for a period of twelve (12) or more days, in order to cover the additional expenses
incident to the handling and processing of delinquent payments. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
occurrence of a Default under the Credit Agreement shall constitute a Default under this
Note. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the occurrence of a Default, the Holder may, at its option and without notice (except as
provided in the Credit Agreement), acting through the Agent as provided in the Credit
Agreement, declare all Obligations to be presently due and payable, and Holder may enforce
any remedies available to Holder under any Credit Document. Holder may waive any default
before or after it occurs and may restore this Note in full effect without impairing the
right to declare it due for a subsequent default, this right being a continuing one. Upon
Default, the remaining unpaid principal balance of the indebtedness evidenced hereby and
all expenses due Holder shall bear interest at the Default Rate, as defined in the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
amounts received for payment of this Note shall be applied in accordance with the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower
and all sureties, guarantors, endorsers and other parties to this Note hereby consent to
any and all renewals, waivers, modifications, or extensions of time (of any duration) that
may be granted by Holder with respect to this Note and severally waive demand,
presentment, protest, notice of dishonor, and all other notices that might otherwise be
required by law, except as set forth in the Credit Agreement. All parties hereto waive the
defense of impairment of collateral and all other defenses of suretyship, if applicable. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower
and all sureties, guarantors, endorsers and other parties hereto agree to pay reasonable
attorneys&#146; fees and all court and other costs that Holder may incur in the course of
efforts to collect the debt evidenced hereby, to the extent permitted by the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
validity and construction of this Note shall be determined according to the laws of
Alabama applicable to contracts executed and performed within that state and applicable
federal law. If any provision of this Note should for any reason be invalid or
unenforceable, the remaining provisions hereof shall remain in full effect. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Words
used herein indicating gender or number shall be read as context may require. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Note amends and restates in its entirety the Revolving Credit Note dated October 17, 2001,
in the face amount of $15,000,000.00 executed by PLC to the Payee herein (the
&#147;Original Note&#148;). The Original Note shall be marked &#147;Amended and restated
in its entirety by Amended and Restated Revolving Credit Note dated as of July 30, 2004,
in the face amount of $10,000,000.00&quot;, and the Original Note shall be held by the
Agent until all the Obligations have been paid in full and the Payee has no further
obligation to extend any credit to the Borrower. This Note shall not constitute a novation
of the indebtedness evidenced by the Original Note or release, satisfy, discharge,
terminate or otherwise affect or impair in any manner whatsoever (a) the validity or
enforceability of the indebtedness evidenced by the Original Note; (b) the liens, security
interests, assignments and conveyances effected by the Credit Documents, or the priority
thereof; (c) the liability of any maker, endorser, surety, guarantor or other person that
may now or hereafter be liable under or on account of the Original Note, this Note or any
of the other Credit Documents; or (d) any other security instrument now or hereafter held
by the Lenders or the Agent as security for or as evidence of any of the indebtedness
evidenced by the Original Note or this Note. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>PROTECTIVE LIFE CORPORATION</B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR><BR>

  By:__________________________________&nbsp;&nbsp;&nbsp;<BR><BR>
  Title:_________________________________&nbsp;&nbsp;&nbsp;<BR><BR>

Taxpayer Identification
Number: 95-2492236 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default" -->

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>PROTECTIVE LIFE INSURANCE COMPANY</B> <BR><BR>

 By:____________________________________<BR><BR>
 Title:___________________________________<BR><BR>

Taxpayer Identification Number: 63-0169720&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AMENDED AND RESTATED <BR>

REVOLVING CREDIT NOTE </FONT></H1>
<P><FONT FACE="Times New Roman, Serif" SIZE=2>
$30,000,000.00&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Birmingham, Alabama
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 30, 2004
</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR
VALUE RECEIVED, <B>PROTECTIVE LIFE CORPORATION</B>, a Delaware corporation
(&#147;PLC&#148;) and <B>PROTECTIVE LIFE INSURANCE COMPANY</B>, a Tennessee corporation
(&#147;PLICO&#148;; PLC and PLICO are sometimes together referred to as
&#147;Borrower&#148;), hereby promise to pay, subject to the limitations set forth in
Section 2.19 of the Credit Agreement (as hereinafter defined) with respect to PLICO, to
the order of <B>WACHOVIA BANK, N.A.</B> (&#147;Payee&#148;) the sum of Thirty Million and
No/100 Dollars ($30,000,000.00), or as much thereof as may be outstanding from time to
time, together with interest thereon as provided in that certain Amended and Restated
Credit Agreement of even date herewith executed by and among Borrower, Payee and the
several lenders from time to time party thereto and AmSouth Bank, as agent, as it may be
amended or restated from time to time (the &#147;Credit Agreement&#148;). Capitalized
terms not otherwise defined herein shall have the meanings ascribed to those terms in the
Credit Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Note evidences the &#147;Revolving Credit Loans,&#148; as defined in the Credit Agreement.
Reference is made to the Credit Agreement for the terms of payment of principal and
interest hereunder, for a description of the rights of the &#147;Agent&#148; as defined in
the Credit Agreement, to enforce this Note, and for additional provisions regarding
additional payments, prepayment, draws and other terms and conditions applicable to the
indebtedness evidenced by this Note. As provided in the Credit Agreement, all remaining
principal, interest and expenses outstanding hereunder or under the Credit Agreement shall
become finally due on the Termination Date. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
provided in the Credit Agreement, interest hereunder shall be calculated based upon a
360-day year and actual days elapsed. As also provided further in the Credit Agreement,
the interest rate required hereby shall not exceed the maximum rate permissible under
applicable law, and any amounts paid in excess of such rate shall be applied to reduce the
principal amount hereof or shall be refunded to the Borrower, at the option of the holder
of this Note. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of the Credit Agreement, Borrower may borrow, repay and reborrow amounts
hereunder from time to time, provided that Borrower is not in default hereunder or under
the Credit Agreement (unless such default is waived) and provided that all conditions to
Payee&#146;s obligation to fund advances as set forth in the Credit Agreement are
satisfied. Payee shall have no liability for its refusal to advance funds hereunder
following a determination that any condition precedent to the making of an advance has not
been satisfied. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payee&#146;s
records of the amounts advanced hereunder shall be conclusive proof thereof, absent
manifest error. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
amounts due under this Note are payable in lawful money of the United States of America,
at the principal place of business of the Agent in Nashville, Tennessee, or at such other
address as the Agent may direct. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent permitted by applicable law, Borrower shall pay to the holder hereof
(&#147;Holder&#148;) a late charge equal to five percent (5%) of any payment which is past
due for a period of twelve (12) or more days, in order to cover the additional expenses
incident to the handling and processing of delinquent payments. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
occurrence of a Default under the Credit Agreement shall constitute a Default under this
Note. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the occurrence of a Default, the Holder may, at its option and without notice (except as
provided in the Credit Agreement), acting through the Agent as provided in the Credit
Agreement, declare all Obligations to be presently due and payable, and Holder may enforce
any remedies available to Holder under any Credit Document. Holder may waive any default
before or after it occurs and may restore this Note in full effect without impairing the
right to declare it due for a subsequent default, this right being a continuing one. Upon
Default, the remaining unpaid principal balance of the indebtedness evidenced hereby and
all expenses due Holder shall bear interest at the Default Rate, as defined in the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
amounts received for payment of this Note shall be applied in accordance with the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower
and all sureties, guarantors, endorsers and other parties to this Note hereby consent to
any and all renewals, waivers, modifications, or extensions of time (of any duration) that
may be granted by Holder with respect to this Note and severally waive demand,
presentment, protest, notice of dishonor, and all other notices that might otherwise be
required by law, except as set forth in the Credit Agreement. All parties hereto waive the
defense of impairment of collateral and all other defenses of suretyship, if applicable. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower
and all sureties, guarantors, endorsers and other parties hereto agree to pay reasonable
attorneys&#146; fees and all court and other costs that Holder may incur in the course of
efforts to collect the debt evidenced hereby, to the extent permitted by the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
validity and construction of this Note shall be determined according to the laws of
Alabama applicable to contracts executed and performed within that state and applicable
federal law. If any provision of this Note should for any reason be invalid or
unenforceable, the remaining provisions hereof shall remain in full effect. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Words
used herein indicating gender or number shall be read as context may require. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Note amends and restates in its entirety the Revolving Credit Note dated October 17, 2001,
in the face amount of $20,000,000.00 executed by PLC to the Payee herein (the
&#147;Original Note&#148;). The Original Note shall be marked &#147;Amended and restated
in its entirety by Amended and Restated Revolving Credit Note dated as of July 30, 2004,
in the face amount of $30,000,000.00&quot;, and the Original Note shall be held by the
Agent until all the Obligations have been paid in full and the Payee has no further
obligation to extend any credit to the Borrower. This Note shall not constitute a novation
of the indebtedness evidenced by the Original Note or release, satisfy, discharge,
terminate or otherwise affect or impair in any manner whatsoever (a) the validity or
enforceability of the indebtedness evidenced by the Original Note; (b) the liens, security
interests, assignments and conveyances effected by the Credit Documents, or the priority
thereof; (c) the liability of any maker, endorser, surety, guarantor or other person that
may now or hereafter be liable under or on account of the Original Note, this Note or any
of the other Credit Documents; or (d) any other security instrument now or hereafter held
by the Lenders or the Agent as security for or as evidence of any of the indebtedness
evidenced by the Original Note or this Note. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>PROTECTIVE LIFE CORPORATION</B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR><BR>

  By:__________________________________&nbsp;&nbsp;&nbsp;<BR><BR>
  Title:_________________________________&nbsp;&nbsp;&nbsp;<BR><BR>

Taxpayer Identification
Number: 95-2492236 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default" -->

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>PROTECTIVE LIFE INSURANCE COMPANY</B> <BR><BR>

 By:____________________________________<BR><BR>
 Title:___________________________________<BR><BR>

Taxpayer Identification Number: 63-0169720&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->

<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AMENDED AND RESTATED <BR>

SWINGLINE NOTE </FONT></H1>
<P><FONT FACE="Times New Roman, Serif" SIZE=2>
$10,000,000.00&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Birmingham, Alabama
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 30, 2004
</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR
VALUE RECEIVED, <B>PROTECTIVE LIFE CORPORATION</B>, a Delaware corporation
(&#147;PLC&#148;) and <B>PROTECTIVE LIFE INSURANCE COMPANY</B>, a Tennessee corporation
(&#147;PLICO&#148;; PLC and PLICO are sometimes together referred to as
&#147;Borrower&#148;), hereby promise to pay, subject to the limitations set forth in
Section 2.19 of the Credit Agreement (as hereinafter defined) with respect to PLICO, to
the order of <B>AMSOUTH BANK</B>, an Alabama banking corporation (&#147;Payee&#148;), the
sum of Ten Million and No/100 Dollars ($10,000,000.00), or as much thereof as may be
outstanding from time to time, together with interest thereon as provided in that certain
Amended and Restated Credit Agreement of even date herewith executed by and among
Borrower, Payee and the other several lenders from time to time party thereto and AmSouth
Bank, as agent, as it may be amended or restated from time to time (the &#147;Credit
Agreement&#148;). Capitalized terms not otherwise defined herein shall have the meanings
ascribed to those terms in the Credit Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Note evidences the &#147;Swingline Loan,&#148; as defined in the Credit Agreement.
Reference is made to the Credit Agreement for the terms of payment of principal and
interest hereunder, for a description of the rights of the &#147;Agent&#148; as defined in
the Credit Agreement, to enforce this Note, and for additional provisions regarding
additional payments, prepayment, draws and other terms and conditions applicable to the
indebtedness evidenced by this Note. As provided in the Credit Agreement, (i) all
remaining principal, interest and expenses outstanding hereunder or under the Credit
Agreement shall become finally due on the Termination Date, (ii) the sum of the
outstanding principal balance hereunder and under the Revolving Credit Loan may not exceed
$200,000,000 in the aggregate at any time, and (iii) the obligations hereunder are to be
allocated to Lenders Pro Rata upon an Event of Default. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
provided in the Credit Agreement, interest hereunder shall be calculated based upon a
360-day year and actual days elapsed. As also provided further in the Credit Agreement,
the interest rate required hereby shall not exceed the maximum rate permissible under
applicable law, and any amounts paid in excess of such rate shall be applied to reduce the
principal amount hereof or shall be refunded to the Borrower, at the option of the holder
of this Note. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of the Credit Agreement, Borrower may borrow, repay and reborrow amounts
hereunder from time to time, provided that Borrower is not in default hereunder or under
the Credit Agreement (unless such default is waived) and provided that all conditions to
Payee&#146;s obligation to fund advances as set forth in the Credit Agreement are
satisfied. Payee shall have no liability for its refusal to advance funds hereunder
following a determination that any condition precedent to the making of an advance has not
been satisfied. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payee&#146;s
records of the amounts advanced hereunder shall be conclusive proof thereof, absent
manifest error. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
amounts due under this Note are payable in lawful money of the United States of America,
at the principal place of business of the Agent in Nashville, Tennessee, or at such other
address as the Agent may direct. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent permitted by applicable law, Borrower shall pay to the holder hereof
(&#147;Holder&#148;) a late charge equal to five percent (5%) of any payment which is past
due for a period of twelve (12) or more days, in order to cover the additional expenses
incident to the handling and processing of delinquent payments. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
occurrence of a Default under the Credit Agreement shall constitute a Default under this
Note. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the occurrence of a Default, the Holder may, at its option and without notice (except as
provided in the Credit Agreement), acting through the Agent as provided in the Credit
Agreement, declare all Obligations to be presently due and payable, and Holder may enforce
any remedies available to Holder under any Credit Document. Holder may waive any default
before or after it occurs and may restore this Note in full effect without impairing the
right to declare it due for a subsequent default, this right being a continuing one. Upon
Default, the remaining unpaid principal balance of the indebtedness evidenced hereby and
all expenses due Holder shall bear interest at the Default Rate, as defined in the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
amounts received for payment of this Note shall be applied in accordance with the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower
and all sureties, guarantors, endorsers and other parties to this Note hereby consent to
any and all renewals, waivers, modifications, or extensions of time (of any duration) that
may be granted by Holder with respect to this Note and severally waive demand,
presentment, protest, notice of dishonor, and all other notices that might otherwise be
required by law, except as set forth in the Credit Agreement. All parties hereto waive the
defense of impairment of collateral and all other defenses of suretyship, if applicable. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower
and all sureties, guarantors, endorsers and other parties hereto agree to pay reasonable
attorneys&#146; fees and all court and other costs that Holder may incur in the course of
efforts to collect the debt evidenced hereby, to the extent permitted by the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
validity and construction of this Note shall be determined according to the laws of
Alabama applicable to contracts executed and performed within that state and applicable
federal law. If any provision of this Note should for any reason be invalid or
unenforceable, the remaining provisions hereof shall remain in full effect. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Words
used herein indicating gender or number shall be read as context may require. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Note amends and restates in its entirety the Swingline Note dated October 17, 2001, in the
face amount of $10,000,000.00 executed by PLC to the Payee herein (the &#147;Original
Note&#148;). The Original Note shall be marked &#147;Amended and restated in its entirety
by Amended and Restated Swingline Note dated as of July 30, 2004, in the face amount of
$10,000,000.00&quot;, and the Original Note shall be held by the Agent until all the
Obligations have been paid in full and the Payee has no further obligation to extend any
credit to the Borrower. This Note shall not constitute a novation of the indebtedness
evidenced by the Original Note or release, satisfy, discharge, terminate or otherwise
affect or impair in any manner whatsoever (a) the validity or enforceability of the
indebtedness evidenced by the Original Note; (b) the liens, security interests,
assignments and conveyances effected by the Credit Documents, or the priority thereof; (c)
the liability of any maker, endorser, surety, guarantor or other person that may now or
hereafter be liable under or on account of the Original Note, this Note or any of the
other Credit Documents; or (d) any other security instrument now or hereafter held by the
Lenders or the Agent as security for or as evidence of any of the indebtedness evidenced
by the Original Note or this Note. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>PROTECTIVE LIFE CORPORATION</B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR><BR>

  By:__________________________________&nbsp;&nbsp;&nbsp;<BR><BR>
  Title:_________________________________&nbsp;&nbsp;&nbsp;<BR><BR>

Taxpayer Identification
Number: 95-2492236 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>PROTECTIVE LIFE INSURANCE COMPANY</B> <BR><BR>

 By:____________________________________<BR><BR>
 Title:___________________________________<BR><BR>

Taxpayer Identification Number: 63-0169720&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>

REVOLVING CREDIT NOTE </FONT></H1>
<P><FONT FACE="Times New Roman, Serif" SIZE=2>
$20,000,000.00&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Birmingham, Alabama
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 30, 2004
</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOR
VALUE RECEIVED, <B>PROTECTIVE LIFE CORPORATION</B>, a Delaware corporation
(&#147;PLC&#148;) and <B>PROTECTIVE LIFE INSURANCE COMPANY</B>, a Tennessee corporation
(&#147;PLICO&#148;; PLC and PLICO are sometimes together referred to as
&#147;Borrower&#148;), hereby promise to pay, subject to the limitations set forth in
Section 2.19 of the Credit Agreement (as hereinafter defined) with respect to PLICO, to
the order of <B>MERRILL LYNCH BANK USA</B> (&#147;Payee&#148;) the sum of Twenty Million
and No/100 Dollars ($20,000,000.00), or as much thereof as may be outstanding from time to
time, together with interest thereon as provided in that certain Amended and Restated
Credit Agreement of even date herewith executed by and among Borrower, Payee and the
several lenders from time to time party thereto and AmSouth Bank, as agent, as it may be
amended or restated from time to time (the &#147;Credit Agreement&#148;). Capitalized
terms not otherwise defined herein shall have the meanings ascribed to those terms in the
Credit Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Note evidences the &#147;Revolving Credit Loans,&#148; as defined in the Credit Agreement.
Reference is made to the Credit Agreement for the terms of payment of principal and
interest hereunder, for a description of the rights of the &#147;Agent&#148; as defined in
the Credit Agreement, to enforce this Note, and for additional provisions regarding
additional payments, prepayment, draws and other terms and conditions applicable to the
indebtedness evidenced by this Note. As provided in the Credit Agreement, all remaining
principal, interest and expenses outstanding hereunder or under the Credit Agreement shall
become finally due on the Termination Date. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
provided in the Credit Agreement, interest hereunder shall be calculated based upon a
360-day year and actual days elapsed. As also provided further in the Credit Agreement,
the interest rate required hereby shall not exceed the maximum rate permissible under
applicable law, and any amounts paid in excess of such rate shall be applied to reduce the
principal amount hereof or shall be refunded to the Borrower, at the option of the holder
of this Note. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of the Credit Agreement, Borrower may borrow, repay and reborrow amounts
hereunder from time to time, provided that Borrower is not in default hereunder or under
the Credit Agreement (unless such default is waived) and provided that all conditions to
Payee&#146;s obligation to fund advances as set forth in the Credit Agreement are
satisfied. Payee shall have no liability for its refusal to advance funds hereunder
following a determination that any condition precedent to the making of an advance has not
been satisfied. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payee&#146;s
records of the amounts advanced hereunder shall be conclusive proof thereof, absent
manifest error. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
amounts due under this Note are payable in lawful money of the United States of America,
at the principal place of business of the Agent in Nashville, Tennessee, or at such other
address as the Agent may direct. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent permitted by applicable law, Borrower shall pay to the holder hereof
(&#147;Holder&#148;) a late charge equal to five percent (5%) of any payment which is past
due for a period of twelve (12) or more days, in order to cover the additional expenses
incident to the handling and processing of delinquent payments. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
occurrence of a Default under the Credit Agreement shall constitute a Default under this
Note. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the occurrence of a Default, the Holder may, at its option and without notice (except as
provided in the Credit Agreement), acting through the Agent as provided in the Credit
Agreement, declare all Obligations to be presently due and payable, and Holder may enforce
any remedies available to Holder under any Credit Document. Holder may waive any default
before or after it occurs and may restore this Note in full effect without impairing the
right to declare it due for a subsequent default, this right being a continuing one. Upon
Default, the remaining unpaid principal balance of the indebtedness evidenced hereby and
all expenses due Holder shall bear interest at the Default Rate, as defined in the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
amounts received for payment of this Note shall be applied in accordance with the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower
and all sureties, guarantors, endorsers and other parties to this Note hereby consent to
any and all renewals, waivers, modifications, or extensions of time (of any duration) that
may be granted by Holder with respect to this Note and severally waive demand,
presentment, protest, notice of dishonor, and all other notices that might otherwise be
required by law, except as set forth in the Credit Agreement. All parties hereto waive the
defense of impairment of collateral and all other defenses of suretyship, if applicable. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower
and all sureties, guarantors, endorsers and other parties hereto agree to pay reasonable
attorneys&#146; fees and all court and other costs that Holder may incur in the course of
efforts to collect the debt evidenced hereby, to the extent permitted by the Credit
Agreement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
validity and construction of this Note shall be determined according to the laws of
Alabama applicable to contracts executed and performed within that state and applicable
federal law. If any provision of this Note should for any reason be invalid or
unenforceable, the remaining provisions hereof shall remain in full effect. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Words
used herein indicating gender or number shall be read as context may require. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>PROTECTIVE LIFE CORPORATION</B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR><BR>

  By:__________________________________&nbsp;&nbsp;&nbsp;<BR><BR>
  Title:_________________________________&nbsp;&nbsp;&nbsp;<BR><BR>

Taxpayer Identification
Number: 95-2492236 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default" -->

<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>PROTECTIVE LIFE INSURANCE COMPANY</B> <BR><BR>

 By:____________________________________<BR><BR>
 Title:___________________________________<BR><BR>

Taxpayer Identification Number: 63-0169720&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<BR><BR><BR>

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