Document:

<PAGE>
                                                                   EXHIBIT 10.50

              AGREEMENT BY AND AMONG THE CLASS, THE ESTATE PARTIES,
             THE GRAHAM DEFENDANTS, THE COLE FAMILY, AND THE TAYLOR
             DEFENDANTS ESTABLISHING THE SETTLEMENT EFFECTIVE DATE

         WHEREAS, certain class action lawsuits filed in Texas and Illinois
arising out of the sale and voting of the securities of Reliance Acceptance
Group, Inc. were transferred to the United States District Court for the
District of Delaware for coordinated pretrial proceedings by order of the
Judicial Panel on Multidistrict Litigation and are now pending before the
Delaware District Court under the caption In re Reliance Securities Litigation,
MDL Docket No. 1304, Civil Action No. 99-858-RRM;

         WHEREAS, the Settling Parties have executed the Stipulation of
Settlement, dated as of October 10, 2001 (the "Class Settlement Stipulation"),
which agreement shall not be final and effective until the occurrence of certain
conditions set forth in Section IV.4 thereof;

         WHEREAS, the Settling Parties have executed the First Addendum to the
Class Settlement Stipulation dated as of January 1, 2002 ("First Addendum") and
the Second Addendum to the Class Settlement Stipulation dated as of March 1,
2002 ("Second Addendum") amending certain provisions of the Class Settlement
Stipulation;

         WHEREAS, on or about February 8, 2002, the Court entered a Final
Judgment and Order of Dismissal with Prejudice with respect to the Class
Settlement Stipulation (the "Final Judgment") wherein the parties hereto (among
others) were fully, finally and forever released from certain defined claims as
of the "Settlement Effective Date and subject to the satisfaction of the
condition subsequent in Section IV.4.8" of the Class Settlement Stipulation;

         WHEREAS, the parties hereto wish to accelerate the payment to the
Estate Representative under the Taylor Settlement Agreement of the consideration
to be paid thereunder and to have the settlement consideration paid in cash; and

         WHEREAS, all defined terms not otherwise defined herein shall have the
same meanings as set forth in the Class Settlement Stipulation, the First
Addendum and the Second Addendum;
<PAGE>

         NOW, THEREFORE, the parties hereto (as set forth below) hereby agree as
follows:

         1. This agreement (the "Effectiveness Agreement") is dated as of May
24, 2002. The parties to this Effectiveness Agreement (the "Stipulating
Parties") are the Class, the Estate Parties, the Cole Family, and the Taylor
Defendants, as those terms are defined in the Class Settlement Stipulation;
provided, however, that the following persons shall not be deemed to be Related
Persons (as defined in the Class Settlement Stipulation) to any of the
Stipulating Parties: Howard B. Silverman, James D. Dolph, William S. Race, Ross
J. Mangano, Solway F. Firestone, Thomas Barlow, Dean L. Griffith, Sandler
O'Neill & Partners, L.P. and ABN-AMRO, Incorporated.

         2. On or before June 5, 2002, the Estate Parties and the other
Stipulating Parties shall comply with the requirements of Section IV.2.16 of the
Class Settlement Stipulation.

         3. On or before June 5, 2002, the Class (by and through Class Co-Lead
Counsel), for itself and on behalf of the Persons designated as lead plaintiffs
in the Delaware Class Litigation, and the other Stipulating Parties shall comply
with the requirements of Section IV.2.17 of the Class Settlement Stipulation.

         4. On or before June 30, 2002, the Cole Family either (i) shall have
dismissed the Cole Family Chancery Action in its entirety with prejudice and
without costs or (ii) shall have dismissed the Taylor Defendants from said
action with prejudice and without costs. In the event the Cole Family shall have
elected subclause (ii) hereof, the Cole Family members agree that any damages
recovered by them against any other tortfeasor, as a result of any injury or
damages found to have been also caused by the Taylor Defendants or any of their
Related Persons shall be reduced in accordance with the provisions of 10 Del. C.
Chapter 63 to the extent of the pro rata share of the Cole Family's damages
attributable to the Taylor Defendants or their Related Persons to any of the
foregoing; provided, however, that any reduction pursuant to 10 Del. C. Section
6304(a) of the Cole Family's Claims against Persons that are not released from
the Cole Family Chancery Action shall be limited to the value of the
consideration actually received by the Cole Family members through this
Settlement Stipulation. The foregoing is intended to comply with 10 Del. C. ss.
6304 so as to

                                       2
<PAGE>
preclude any liability of the Taylor Defendants (or any of their Related
Persons) to other joint tortfeasors, if any, for contribution and to define and
limit any reduction of the Cole Family's Claims against any party to the Cole
Family Chancery Action that is not released from said action.

         5. If the "IPO" (as defined in that certain "Fourth Amendment to the
Amended and Restated Stipulation of Settlement" (hereinafter, the "Fourth
Amendment") a copy of which is attached hereto as EXHIBIT A and incorporated
herein by reference) shall have closed and the orders contemplated by paragraphs
2 through 4 hereof shall have become Final, then at the precise moment that the
"Settlement Proceeds" (as defined in the Fourth Amendment) shall be deposited in
a bank account designated by the Estate Representative, then (i) all of the
conditions set forth in Sections IV.4.1 and IV.4.8 of the Class Settlement
Stipulation shall be deemed to have been fully, completely, and unequivocally
satisfied with respect to and among the Stipulating Parties alone and (ii) as
among these Stipulating Parties alone, the Settlement Effective Date under the
Class Settlement Stipulation shall be deemed to have occurred. Nothing herein is
intended by the Stipulating Parties to affect the rights, duties, conditions or
obligations applicable to any party to the Class Settlement Stipulation who is
not also a party to this Effectiveness Agreement.

         6. The Estate Representative agrees that, as soon as practicable (but
no more than ten business days) following the later of (i) the date the IPO
shall have closed, (ii) the date the Settlement Proceeds shall have been
deposited with the Estate Representative, and (iii) the date that notice shall
have been delivered to counsel for the Estate Representative by attorneys for
the Lead Plaintiffs and the Cole Family that the Allocation Agreement is
effective and enforceable by its terms, it shall make distributions under the
Allocation Agreement of the Settlement Proceeds in such manner as is required by
the Allocation Agreement (which shall remain in full force and effect), the
Final order of the Court approving the Allocation Agreement, and the Final order
of the Court granting Lead Plaintiffs' motion to approve and implement the
proposed allocation among Class 5 constituents.

                                       3
<PAGE>

         7. The Stipulating Parties agree, that except as otherwise specifically
set forth herein and in the Fourth Amendment, it is their intent that the terms
of the Class Settlement Stipulation, the First Addendum, the Second Addendum,
and/or the Other Agreements (described in Section IV.8.10 of the Class
Settlement Stipulation) shall be unchanged and shall remain in full force and
effect.

         8. To eliminate the potential for liability of the Estate Parties, the
Cole Family, and the Taylor Defendants, and/or any of their Related Persons, for
liability under any theory of contribution, the Lead Plaintiffs (for themselves
and on behalf of the Class) shall execute on any judgment against any Person
that in any way relates (whether directly or indirectly) to any of the Released
Claims only to the extent of such Person's proportionate share of responsibility
in respect thereof.

         9. This Effectiveness Agreement may be amended or modified only by a
written instrument signed by or on behalf of all the Stipulating Parties;
provided, however, that if a Stipulating Party unreasonably refuses to execute
an amendment or modification deemed by another Stipulating Party to be (i)
necessary to implement the terms and conditions of this Effectiveness Agreement
consistent with the intent of the Stipulating Parties as reflected herein or
(ii) of immaterial effect to the Stipulating Party refusing to execute such
amendment or modification, then Section IV.8.17 of the Class Settlement
Stipulation shall apply.

         10. This Effectiveness Agreement may be executed in one or more
counterparts. All executed counterparts and each of them shall be deemed to be
one and the same instrument. Counsel for the parties hereto shall exchange among
themselves signed counterparts of this Effectiveness Agreement. Signatures
delivered by facsimile transmission shall be effective upon receipt and have the
same weight and effect as an executed original.

         11. All counsel and any other Person executing this Effectiveness
Agreement represent and warrant that they have the full authority to take
appropriate action required or permitted to be taken hereunder to effectuate its
terms (including, without limitation, execution of this Effectiveness
Agreement).

                                       4
<PAGE>
         12. The parties hereto agree that they shall take such additional
actions and/or execute such additional documents, statements, releases,
instruments or assurances as may be reasonably necessary to effectuate the terms
of this Effectiveness Agreement provided that such additional actions,
documents, statements, releases, instruments or assurances are generally
consistent with the material terms and conditions set forth herein.

         IN WITNESS WHEREOF, the following Stipulating Parties have caused this
Effectiveness Agreement to be executed by their duly authorized attorneys as of
the date specified in paragraph 1 hereof.

                            [EXECUTION PAGES FOLLOW]

                                       5
<PAGE>
COUNSEL FOR LEAD PLAINTIFFS AND THE CLASS

DAVID B. KAHN & ASSOCIATES, LTD.

By:      /s/ Mark E. King
         -------------------------
         Mark E. King

David B. Kahn
Mark E. King
Elissa C. Chase
One Northfield Plaza, Suite 100
Northfield, Illinois 60093
Telephone: (847) 501-5083
Facsimile: (847) 501-5086

Class Co-Lead Counsel

MILBERG WEISS BERSHAD HYNES & LERACH LLP

By:      /s/ Keith F. Park
         -------------------------
         Keith F. Park

William S. Lerach
Helen J. Hodges
Keith F. Park
401 B Street, Suite 1700
San Diego, California 92101-4297
Telephone: (619) 231-1058
Facsimile: (619) 231-7423

Class Co-Lead Counsel

                                       6
<PAGE>
COUNSEL FOR THE ESTATE PARTIES

ROBERT F. COLEMAN & ASSOCIATES

By:      /s/ Robert F. Coleman
         -------------------------
         Robert F. Coleman

Robert F. Coleman
Steven R. Jakubowski
Sean B. Crotty
Cassandra A. Crotty
77 West Wacker Drive, Suite 4800
Chicago, Illinois 60601
Telephone: (312) 444-1000
Facsimile: (312) 444-1028

Counsel for the Estate Parties

COUNSEL FOR THE TAYLOR DEFENDANTS

MCDERMOTT WILL & EMERY

By:      /s/ Steven P. Handler
         -------------------------
         Steven P. Handler

Steven P. Handler
Steven H. Hoeft
David S. Rosenbloom
MCDERMOTT, WILL & EMERY
227 West Monroe Street
Chicago, Illinois 60606
Tel: (312) 372-2000
Fax: (312) 984-7700

Counsel for the Taylor Defendants

                                       7
<PAGE>
LAW OFFICE OF JONAH ORLOFSKY

By:      /s/ Jonah Orlofsky
         ------------------------
         Jonah Orlofsky

LAW OFFICE OF JONAH ORLOFSKY
122 South Michigan Avenue
Suite 1850
Chicago, Illinois 60603
Tel: (312) 566-0455
Fax: (312) 427-1850

Counsel for Certain of the Taylor Defendants in the Alstrin Litigation

COUNSEL FOR THE COLE FAMILY

WILDMAN HARROLD ALLEN & DIXON

By:      /s/ Thomas I. Matyas
         -------------------------
         Thomas I. Matyas

Thomas I. Matyas
Richard M. Hoffman
WILDMAN HARROLD ALLEN & DIXON
225 West Wacker Drive
Suite 3000
Chicago, Illinois 60606
Tel: (312) 201-2000
Fax: (312) 201-2555

Counsel for the Cole Family in the Graham Litigation and the Bankruptcy Cases

                                       8
<PAGE>
ANDREWS & KURTH L.L.P.

By:      /s/ Dean W. Ferguson
         ___________________________
         Dean W. Ferguson

Dean W. Ferguson
ANDREWS & KURTH, L.L.P.
1717 Main Street
Suite 3700
Dallas, Texas 75201
Tel: (214) 659-4400
Fax: (214) 659-4401

Counsel for the Cole Family in the Delaware Chancery Action and the Alstrin
Litigation

                                       9<PAGE>
                                                                   EXHIBIT 10.51

                      ELEVENTH AMENDMENT TO LOAN AGREEMENT

     THIS ELEVENTH AMENDMENT TO LOAN AGREEMENT dated as of April 30, 2002 (this
"Amendment") is between TAYLOR CAPITAL GROUP, INC., a Delaware corporation (the
"Borrower") and LASALLE BANK NATIONAL ASSOCIATION (formerly known as LaSalle
National Bank), a national banking association (the "Bank").

                                   WITNESSETH:

     WHEREAS, the Borrower and the Bank entered into a Loan Agreement dated as
of February 12, 1997, as amended by a First Amendment dated February 27, 1997, a
Second Amendment dated November 1, 1997, a Third Amendment dated as of May 1,
1998, a Fourth Amendment dated June 1, 1998, a Fifth Amendment dated as of
August 1, 1998, a Sixth Amendment dated as of September 1, 1998, a Seventh
Amendment dated as of September 1, 1999, a Eighth Amendment dated as of
September 1, 2000, a Ninth Amendment dated as of September 1, 2001 and a Tenth
Amendment dated as of April 30, 2002 (as so amended, the "Agreement"); and

     WHEREAS, the Borrower and the Bank have agreed to amend the Agreement as
more fully described herein.

     NOW THEREFORE, in consideration of the premises and other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the
parties hereto agree as follows:

1.   DEFINITIONS. All capitalized terms uses herein without definition shall
have the respective meanings set forth in the Agreement.

2.   AMENDMENTS TO THE AGREEMENT.

          2.1  Amendment to Section 1.1. The definition of "Interest Period" set
forth in Section 1.1 of the Agreement is hereby deleted and in lieu thereof is
inserted the following;

                    "Interest Period" means with respect to the LIBOR Loans, the
               period used for the computation of interest commencing on the
               date the relevant LIBOR Loan is effected by conversion or
               continued and concluding on the date three (3) months thereafter,
               at Borrower's option, with any subsequent Interest Period
               commencing on the last day of the immediately preceding Interest
               Period and concluding three (3) months thereafter; provided,
               however, that no Interest Period for any LIBOR Loan made under
               the Commitment may extend beyond the Revolving Credit Maturity
               Date or the Term Loan Maturity Date, as the case may be. Each
               Interest Period for a LIBOR Loan which would otherwise end on a
               day which is not a Business Day shall end on the next succeeding
               Business (unless such next succeeding Business Day is the first
               day of a calendar

<PAGE>

               month, in which case such Interest Period shall end on the next
               preceding Business Day).

          2.2  Amendment to Section 1.1. The following sentence is added to the
definition of "LIBOR":

               Notwithstanding anything to the contrary herein contained, at no
               time shall the rate of interest hereunder be less than three and
               one-half percent (3.5%) per annum.

          2.3  Amendment to Section 1.1. The definition of "Prime Rate" or "Base
Rate" set forth in Section 1.1 of the Agreement is hereby deleted and in lieu
thereof is inserted the following:

                    "Prime Rate" or "Base Rate" means the greater of (i) three
               and one-half percent (3.5%) per annum or (ii) the rate of
               interest (expressed as a percentage per annum) most recently
               announce or published publicly from time to time by Bank as its
               prime or base rate charged by Bank on commercial loans at any one
               time. The rate of interest under subsection (i) or (ii) shall
               change automatically and immediately as and when the prime or
               base rate shall change, without notice to Borrower, and any
               notice to which it may be entitled is hereby waived, and any such
               change in Bank's prime or base rate shall not affect any of the
               terms and conditions of this Agreement, all of which shall remain
               in full force and effect.

          2.4  The definition of "Revolving Credit Maturity Date" set forth in
Section 1.1 of the Agreement is hereby amended by deleting therefrom the date
"April 30, 2002" and substituting therefor the date "April 30, 2003".

          2.5  Amendment to Section 1.1. The definition of the term "Revolving
Note" appearing in Section 1.1 of the Loan Agreement is hereby amended and
restated in its entirety to read as follows:

                    "Revolving Note" means that certain Substitute Revolving
               Note dated as of April 30, 2002 in the original aggregate maximum
               principal amount of Twelve Million Dollars ($12,000,000), as the
               same may be amended, modified or supplemented from time to time,
               and together with any renewals thereof or exchanges or
               substitutes therefor.

          2.6  Amendment to Section 1.1. The definition of "Term Loan Maturity
Date" set forth in Section 1.1 of the Agreement is hereby amended by deleting
therefrom the date "April 30, 2002" and substituting therefor the date "April
30, 2003".

          2.7  Amendment to Section 1.1. The definition of the term "Term Note"
appearing in Section 1.1 of the Loan Agreement is hereby amended and restated in
its entirety to read as follows:

               "Term Note" means that certain Substitute Term Note dated as of
               April 30, 2002 in the original aggregate maximum principal amount
               of Twenty

<PAGE>

               Three Million Dollars ($23,000,000), as the same may be amended,
               modified or supplemented from time to time, and together with any
               renewals thereof or exchanges or substitutes therefor.

          2.8  Amendment to Section 3.1. The date set forth in Section 3.1 of
the Agreement is hereby amended by deleting therefrom the date "April 30, 2002"
and substituting therefor the date "April 30, 2003".

          2.9  Replacement of Exhibit 3.1. Exhibit 3.1 attached hereto as made a
part of the Agreement is hereby deleted in its entirety and Exhibit 3.1 attached
hereto is hereby substituted therefor.

          2.10 Replacement of Exhibit 3.2. Exhibit 3.2 attached hereto as made
a part of the Agreement is hereby deleted in its entirety and Exhibit 3.2
attached hereto is hereby substituted therefor.

          2.11 Amendment to Section 4.1(a). Section 4.1(a) of the Agreement is
hereby deleted and in lieu thereof is inserted the following:

                    Borrower hereby promises to pay interest on the unpaid
               principal amount of each Revolving Loan that is a Base Rate Loan
               at a rate per annum equal to the Base Rate from time to time in
               effect for the period commencing on the date of such Loan until
               such Base Rate Loan is (A) converted to a LIBOR Loan pursuant to
               Paragraph 4.3 hereof, or (B) paid in full. Borrower hereby
               promises to pay interest on the unpaid principal amount of the
               Term Loan that is a Base Rate Loan at a rate per annum equal to
               the Base Rate from time to time in effect for the period
               commencing on the date of such Loan until such Base Rate Loan is
               (i) converted to a LIBOR Loan pursuant to Paragraph 4.3 hereof or
               (ii) paid in full. Accrued interest on the outstanding principal
               amount of Loans shall be payable (i) quarterly in arrears on the
               last Business Day of each quarter commencing July 31, 2002, in
               the case of a Base Rate Loan or a LIBOR Loan, (ii) on the last
               day of the Interest Period therefore in the case of a LIBOR Loan,
               (iii) upon the conversion of any Loan into a LIBOR Loan (such
               amount of accrued interest them coming due to be calculated based
               on the principal amount of the Loan so converted) and (iv) upon
               the Revolving Credit Termination Date (in the case of the
               Revolving Loan) and the Term Loan Maturity Date (in the case of
               the Term Loan). After the Revolving Credit Termination Date (in
               the case of the Revolving Loan) and the Term Loan Maturity Date
               (in the case of the Term Loan) or Conversion Date covered in (ii)
               above, as applicable, accrued interest on such Loans shall be
               payable on demand.

          2.12 New Section 4.1(e). There is hereby added to the Agreement the
following Section 4.1(e):

                    Notwithstanding anything to the contrary contained in the
               Agreement, there shall be only one (1) Interest Period in effect
               at any one

<PAGE>

               time. In the event Borrower desires to borrow additional funds
               during which a LIBOR Loan is owing to Bank, Borrower may request
               additional LIBOR Loans, but such request shall be at the same
               interest rate already in effect for the then existing LIBOR Loan
               and any such requested advances shall be paid at the end of the
               applicable Interest Period. Additional advances made under the
               provision may be for Interest Periods other than three months.

3.   WARRANTIES. To induce the Bank to enter into this Amendment, the Borrower
warrants that:

          3.1  Authorization. The Borrower is duly authorized to execute and
deliver this Amendment and is and will continue to be duly authorized to borrow
monies under the Agreement, as amended hereby, and to perform its obligations
under the Agreement, as amended hereby.

          3.2  No Conflicts. The execution and delivery of this Amendment and
the performance by the Borrower of its obligations under the Agreement, as
amended hereby, do not and will not conflict with any provision of law or of the
charter or by-laws of the Borrower or of any agreement binding upon the
Borrower.

          3.3  Validity and Binding Effect. The Agreement, as amended hereby, is
a legal, valid and binding obligation of the Borrower, enforceable against the
Borrower in accordance with its terms, except as enforceability may be limited
by bankruptcy, insolvency or other similar laws of general application affecting
the enforcement of creditors' rights or by general principles of equity limiting
the availability of equitable remedies.

          3.4  No Default. As of the date hereof, no Event of Default under
Section 8 of the Agreement, as amended by this Amendment, or event or condition
which, with the giving of notice or the passage of time, shall constitute an
Event of Default, has occurred or is continuing.

          3.5  Warranties. As of the date hereof, the representations and
warranties in Section 7 of the Agreement are true and correct as though made on
such date, except for such changes as are specifically permitted under the
Agreement.

4.   GENERAL.

          4.1  Law. This Amendment shall be construed in accordance with and
governed by the laws of the State of Illinois.

          4.2  Successors. This Amendment shall be binding upon the Borrower and
the Bank and their respective successors and assigns, and shall inure to the
benefit of the Borrower and the Bank and their respective successors and
assigns.

          4.3  Confirmation of the Agreement. Except as amended hereby, the
Agreement shall remain in full force and effect and is hereby ratified and
confirmed in all respects.

<PAGE>

5.   EFFECTIVENESS. This Amendment shall become effective upon receipt by the
Bank of the following documents, duly executed by the parties thereto:

               (a)  This Amendment;

               (b)  Substitute Revolving Note in the form of Exhibit 3.1
          attached hereto duly executed by the Borrower;

               (c)  Substitute Term Note in the form of Exhibit 3.2 attached
          hereto duly executed by the Borrower;

               (d)  Such other documents as the Bank reasonably may request.

     IN WITNESS WHEREOF, the parties have executed this Amendment as of the date
first above written.

LASALLE BANK NATIONAL                     TAYLOR CAPITAL GROUP, INC.
ASSOCIATION

By: /s/ Jeffery J. Bowden                By: /s/ Christopher Alstrin
   -----------------------------------      -----------------------------------

Its: Senior Vice President                Its: CFO
    ----------------------------------        ----------------------------------

<PAGE>

                            SUBSTITUTE REVOLVING NOTE

$12,000,000                                           Dated as of April 30, 2002

                                                             Due: April 30, 2003

     FOR VALUE RECEIVED, TAYLOR CAPITAL GROUP, INC., a Delaware corporation (the
"Maker") promises to pay to the order of LASALLE BANK NATIONAL ASSOCIATION
(formerly known as LaSalle National Bank), a national banking association (the
"Bank") the lesser of the principal sum of TWELVE MILLION DOLLARS ($12,000,000)
or the aggregate unpaid principal amount of Revolving Loans outstanding under
the Loan Agreement hereinafter referred to at the maturity or maturities and in
the amount or amounts as stated on the records of the Bank, together with
interest (computed on the basis of a year consisting of 360 days for actual days
elapsed) on any and all such principal amounts outstanding hereunder from time
to time from the date hereof until maturity. Interest shall be payable at the
rate of interest and the times set forth in the Loan Agreement dated as of
February 12, 1997 between the Maker and the Bank (as amended, supplemented or
modified from time to time, the "Loan Agreement"), in no event shall any
principal amount have a maturity later than April 30, 2003.

     Principal and interest shall be paid to the Bank at its office at 135 South
LaSalle Street, Chicago, Illinois 60603, or at such other place as the holder of
this Note may designate in writing to the Maker. This Note may be prepaid in
whole or in part as provided for in the Loan Agreement.

     This Note evidences indebtedness incurred under the Loan Agreement to which
reference is hereby made for a statement of the terms and conditions under which
the due date of this Note or any payment hereon may be accelerated. The holder
of this Note is entitled to all of the benefits and security provided for in the
Loan Agreement.

     Demand, presentment, protest and notice on non-payment are hereby waived by
the Maker.

     This Note, in part, is a replacement and substitute for, but not a
repayment of, that certain $12,000,000 Substituting Revolving Note dated as of
September 1, 2001 of the Maker payable to the order of the Bank and does not and
shall not be deemed to constitute a novation therefor.

                                        TAYLOR CAPITAL GROUP, INC.

                                        By: /s/ Christopher Alstrin
                                           --------------------------
                                        Its:   CFO
                                            -------------------------

<PAGE>

                              SUBSTITUTE TERM NOTE

$23,000,000                                                    Chicago, Illinois
                                                                  April 30, 2002

     FOR VALUE RECEIVED, the undersigned, TAYLOR CAPITAL GROUP, INC., a Delaware
corporation (herein, together with its successors and assigns, called the
"Borrower"), promises to pay to the order of LASALLE BANK NATIONAL ASSOCIATION,
a national banking association (herein, together with its successors and
assigns, called the "Bank"), the principal sum of TWENTY-THREE MILLION DOLLARS
($23,000,000), plus interest as described below. The entire principal balance
outstanding hereunder, if not sooner paid, shall be due and payable April 30,
2003, pursuant to that certain Loan Agreement dated February 12, 1997 between
the Borrower and the Bank (as the same has been and may hereafter be amended,
modified or supplemented from time to time, called the "Loan Agreement"). No
principal installments are required to be paid prior to April 30, 2003.

     The Borrower further promises to pay to the order of the Bank interest on
the aggregate unpaid principal amount hereof from time to tune outstanding from
the date hereof until paid in full at such rates and at such times as shall be
determined in accordance with the provisions of the Loan Agreement. Accrued
interest shall be payable on the dates specified in the Loan Agreement.

     Payments of both principal and interest are to be made in the lawful money
of the United States of America in immediately available funds at the Bank's
principal office at 135 South LaSalle Street, Chicago, Illinois 60603, or at
such other place as may be designated by the Bank to the Borrower in writing.

     This Note is the Substitute Term Note referred to in, evidences
indebtedness incurred under, and is subject to the terms and provisions of, the
Loan Agreement. The Loan Agreement, to which reference is hereby made, sets
forth said terms and provisions, including those under which this Note may or
must be paid prior to its due date or may have its due date accelerated. Terms
used but not otherwise defined herein are used herein as defined in the Loan
Agreement.

     In addition to, and not in limitation of, the foregoing and the provisions
of the Loan Agreement hereinabove referred to, the Borrower further agrees,
subject only to any limitation imposed by applicable law, to pay all expenses,
including attorneys' fees and expenses, incurred by the holder of this Note in
seeking to collect any amounts payable hereunder which are not paid when due,
whether by acceleration or otherwise.

     All parties hereto, whether as makers, endorsers or otherwise, severally
waive presentment, demand, protest and notice of dishonor in connection with
this Note.

     This Note is binding upon the undersigned and its successors and assigns,
and shall inure to the benefit of the Bank and its successors and assigns. This
Note is made under and governed by the laws of the State of Illinois without
regard to conflict of laws principles.

<PAGE>

     This Note, in part, is a replacement and substitute for, but not a
repayment of, that certain $23,000,000 Substitute Term Note dated as of February
12, 2002 of the Maker payable to the order of the Bank and does not and shall
not be deemed to constitute a novation therefor.

                                        TAYLOR CAPITAL GROUP, INC., a Delaware
                                        corporation

                                        By: /s/ Christopher Alstrin
                                           -------------------------------
                                        Title:        CFO
                                              ----------------------------

Borrower's Address:

350 East Dundee Road
Wheeling, Illinois 60090-5766

                                       2

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