Document:

Exhibit 10.8.34

                       FIRST STAGE AMENDMENT AND AGREEMENT

                               Re: 1998 D&O Loans

          THIS FIRST STAGE AMENDMENT AND AGREEMENT, dated as of March 20, 2002
(this "Agreement"), among Conseco, Inc. ("Conseco"), CDOC, Inc. ("CDOC"), CIHC,
Incorporated ("CIHC"), Bank of America, N.A., as administrative agent (in such
capacity, the "Administrative Agent"), as Collateral Agent (in such capacity,
the "Collateral Agent") and as Depositary Bank (in such capacity, the
"Depositary Bank"), the various financial institutions parties hereto (each a
"Bank" and collectively, the "Banks").

                              W I T N E S S E T H:

          WHEREAS, Conseco, the Banks and the Administrative Agent are parties
to that certain Agreement, dated as of September 22, 2000, relating to the 1998
Director and Officer Loan Credit Agreement (the "September 22, 2000 Agreement");

          WHEREAS, Conseco has requested that the Administrative Agent and the
Banks amend the September 22, 2000 Agreement as more fully described herein;

          WHEREAS, CDOC, the Collateral Agent and the Depositary Bank are
parties to that certain Amended and Restated Cash Collateral Pledge Agreement,
dated as of November 22, 2000 (the "Cash Collateral Agreement");

          WHEREAS, CDOC has requested that the Administrative Agent and the
Banks amend the Cash Collateral Agreement as more fully described herein;

          WHEREAS, Conseco, pursuant to a Guaranty, dated as of November 22,
2000 (the "Conseco Guaranty") has guaranteed the obligations of the borrowers
under the Credit Agreement, dated as of November 22, 2000, among the persons
listed on the signature pages thereto as Borrowers, the Banks, and the
Administrative Agent, relating to the refinancing of certain loans under that
certain Credit Agreement, dated as of August 21, 1998, (the "Credit Agreement");

          WHEREAS, Conseco has requested that the Administrative Agent and the
Banks amend the Conseco Guaranty as more fully described herein;

          WHEREAS, CIHC, pursuant to a Guaranty and Subordination Agreement,
dated as of November 22, 2000 (the "CIHC Guaranty"), has, among other things,
guaranteed the obligations Conseco under the Conseco Guaranty;

          WHEREAS, CIHC has requested that the Administrative Agent and the
Banks amend the CIHC Guaranty as more fully described herein;

          WHEREAS, Articles II, III and IV to the Appendix to that certain
Five-Year Credit Agreement, dated as of September 25, 1998, as amended (the
"Five-Year Credit Agreement"), were incorporated by reference into the September
22, 2000 Agreement and Articles II, III and IV were incorporated by reference
into the Conseco Guaranty;

<PAGE>

          WHEREAS, the parties to the Five-Year Credit Agreement now wish to
amend the Appendix and the parties hereto wish to consent to the amendment of
the Appendix; and

          WHEREAS, Conseco will agree to pay certain fees as more fully
described below;

          NOW, THEREFORE, in consideration of the mutual promises herein
contained and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

          Section 1. DEFINITIONS. Capitalized terms used and not otherwise
defined in this Agreement shall have the meanings assigned thereto in the Credit
Agreement. As used herein, the following terms shall have the following
meanings:

          "A.M. Best A- Status" shall have the meaning set forth in Section 1.01
          of the Appendix.

          "Agreement Fee" shall have the meaning set forth in Section 7.1(a)
          hereof.

          "Appendix" shall have the meaning set forth in Section 6.1 hereof.

          "Appendix Amendment" shall have the meaning set forth in Section 6.1
          hereof.

          "D&O Facilities" shall have the meaning set forth in Section 1.01 of
          the Appendix.

          "Effective Date" shall have the meaning set forth in Section 8 hereof.

          "Exchange Offer" shall have the meaning set forth in Section 1.01 of
          the Appendix.

          "Fees" shall have the meaning set forth in Section 7.1 hereof.

          "Specified D&O Facilities" shall have the meaning set forth in Section
          1.01 of the Appendix.

          "Trust Preferred Securities" shall have the meaning set forth in
          Section 1.01 of the Appendix.

          Section 2. AMENDMENTS TO SEPTEMBER 22, 2000 AGREEMENT.

          2.1 Section 1.1 of the September 22, 2000 Agreement is hereby amended
as follows:

               (a) The definition of "CDOC" is hereby added to Section 1.1 of
          the September 22, 2000 Agreement in its proper alphabetical order and
          reads as follows:

               "CDOC" shall mean CDOC, Inc., a Delaware corporation.

               (b) The definition of "Required Banks" is hereby added to Section
          1.1 of the September 22, 2000 Agreement in its proper alphabetical
          order and reads as follows:

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<PAGE>

               "Required Banks" shall have (a) with respect to the Loans, the
               meaning assigned thereto in the Loan Documents and (b) with
               respect to the New Loans, the meaning assigned thereto in the New
               Loan Documents.

               (c) The definition of "Regulation U" is hereby added to Section
          1.1 of the September 22, 2000 Agreement in its proper alphabetical
          order and reads as follows:

               "Regulation U" shall have the meaning set forth in the Existing
               Guaranty.

          2.2 Section 3 of the September 22, 2000 Agreement is hereby amended
by:

               (a) deleting "No Default Acknowledgment" appearing therein and
          substituting in lieu thereof "No Default Acknowledgments";

               (b) inserting "(a)" immediately prior to the first sentence of
          such section; and

               (c) inserting a new clause (b) to read as follows:

               "(b) The Administrative Agent and the Banks hereby acknowledge
               that the Guarantor will not be in default of Section 3.4 or
               Section 4.3 of the Existing Guaranty (and CIHC will not be in
               default of the CIHC Guaranty) if the Guarantor, in furtherance of
               its rights set forth in Section 5(e) of this Agreement in respect
               of the Existing Loans, takes possession of any Borrower's "margin
               stock" (as defined in Regulation U) so long as Guarantor complies
               with the provisions of Regulation U in connection therewith."

          2.3 The following sentence is hereby added to the end of Section 5(a)
of the September 22, 2000 Agreement to read as follows: "For purposes of this
Section 5(a), in making any calculation to determine Cash Collateral Deposits
required to be made or held, such required amounts will be reduced by the amount
of any application of cash collateral under Section 5(e) hereof."

          2.4 Section 5(e) is hereby added to the September 22, 2000 Agreement
to read as follows:

               "(e) The Guarantor may, at its option, direct the Administrative
               Agent to apply the cash collateral provided by CDOC in respect of
               the Specified D&O Facilities as follows: (i) to the payment of
               the Specified D&O Facilities (or to all the D&O Facilities, as

                                       3
<PAGE>

               applicable under Article II of the Appendix), pro rata as to the
               Specified D&O Facilities (or to all the D&O Facilities, as
               applicable under Article II of the Appendix), but such allocation
               thereof need not be pro rata as to the underlying borrowers; (ii)
               to the payment under the Existing Guaranty or the New Conseco
               Guaranty of the Specified D&O Facilities (or to all the D&O
               Facilities, as applicable under Article II of the Appendix), pro
               rata as to the Specified D&O Facilities (or to all the D&O
               Facilities, as applicable under Article II of the Appendix), but
               such allocation thereof need not be pro rata as to the underlying
               borrowers or (iii) to the Guarantor's purchase of Borrowers'
               loans, subject to intercreditor rights satisfactory to the
               Required Banks and the Guarantor, provided that the Guarantor may
               only purchase an individual Borrower's loans if the Guarantor
               simultaneously purchases all loans under the D&O Facilities of
               such Borrower. To the extent the Guarantor purchases an
               individual Borrower's loans pursuant to clause (iii) of the
               preceding sentence, each Bank hereby consents to the
               Administrative Agent (in its sole discretion) entering into an
               amendment of the Credit Agreement with such Borrower subsequent
               to the Effective Date which (x) amends the definition of
               "Eligible Assignee" in the New Loan Documents to include the
               Guarantor and (y) provides for any other amendments of any other
               provisions of the New Loan Documents necessary to provide that
               the purchase of such Borrower's loans may be non-pro-rata as to
               the assigning Bank and the other underlying Borrowers."

          2.5 Section 5(f) is hereby added to the September 22, 2000 Agreement
to read as follows:

               "(c) If for any reason the Guarantor believes that any payment
               made by it pursuant to Section 5(e) of this Agreement in respect
               of the Existing Loans would not be subject to subrogation rights
               under Section 2.6 of the Existing Guaranty, the Guarantor and the
               Required Banks in their sole discretion, may agree to an
               alternative procedure to preserve substantially equivalent
               economic rights to the Guarantor and substantially equivalent
               economic results for the Banks. Without limiting the foregoing,
               if the Guarantor is paying all of the Existing Loans of a
               particular Borrower, the Banks will assign their rights in
               respect of said Existing Loans to the Guarantor, subject to
               intercreditor rights satisfactory to the Required Banks and the
               Guarantor."

          Section 3. AMENDMENTS TO CASH COLLATERAL AGREEMENT. The following
sentence shall be added at the end of Section 4.5 of the Cash Collateral
Agreement: "The Grantor shall have the right to make withdrawals to the extent
such withdrawals are simultaneously applied as set forth in Section 5(e) of the
Agreements Re: Specified D&O Facilities."

          Section 4. AMENDMENTS TO CONSECO GUARANTY.

          4.1 Section 2.6 of the Conseco Guaranty is hereby amended by the
addition of the following at the end of such section:

               "If for any reason the Guarantor believes that any payment made
               by it of the Guaranteed Obligations would not be subject to
               subrogation rights under this Section 2.6, the Guarantor and the
               Required Banks in their sole discretion, may agree to an
               alternative procedure to preserve substantially equivalent rights
               to the Guarantor and substantially equivalent economic results
               for the Banks. Without limiting the foregoing, if the Guarantor
               is paying all the Guaranteed Obligations of a participant
               Borrower, the Banks will assign their rights in respect of said
               Guaranteed Obligations to the Guarantor, subject to intercreditor
               rights satisfactory to the Required Banks and the Guarantor."

                                       4
<PAGE>

          4.2 Section 3.4 of the Conseco Guaranty is hereby amended and restated
in its entirety to read as follows:

               "SECTION 3.4. Margin Regulations.

               (a) None of the transactions contemplated hereunder or in
               connection herewith will in any way violate, contravene or
               conflict with any of the provisions of Regulation U;

               (b) None of the obligations of any Borrower to Guarantor is or
               will be directly or indirectly secured by "margin stock" (as
               defined in Regulation U) unless the Guarantor complies with the
               provisions of Regulation U in connection therewith;

               (c) Neither Guarantor nor any third party acting on behalf of
               Guarantor has taken or will take possession of any Borrower's
               "margin stock" to secure, directly or indirectly, any of the
               Guaranteed Obligations of such Borrower or the obligations of
               Guarantor under this Guaranty unless Guarantor complies with the
               provisions of Regulation U in connection therewith;

               (d) Guarantor does not and will not have any right to prohibit
               any Borrower from selling, pledging, encumbering or otherwise
               disposing of any margin stock owned by such Borrower so long as
               this Guaranty is in effect or any of the Guaranteed Obligations
               of such Borrower or the obligations of Guarantor under this
               Guaranty remain outstanding unless Guarantor complies with the
               provisions of Regulation U in connection therewith;

               (e) None of the Borrowers have granted or will grant Guarantor or
               any third party acting on behalf of Guarantor the right to
               accelerate repayment of any of the Guaranteed Obligations of such
               Borrower if any of the margin stock owned by such Borrower is
               sold by such Borrower or otherwise unless Guarantor complies with
               the provisions of Regulation U in connection therewith; and

               (f) There is no agreement or other arrangement between any
               Borrower and Guarantor or any third party acting on behalf of
               Guarantor (and no such agreement or arrangement shall be entered
               into so long as this Guaranty is in effect or any of the
               Guaranteed Obligations of such Borrower or the obligations of
               Guarantor under this Guaranty remain outstanding) under which the
               margin stock of such Borrower would be made more readily
               available as security to Guarantor than to other creditors of
               such Borrower unless Guarantor complies with the provisions of
               Regulation U in connection therewith."

          4.3 Section 4.3 of the Conseco Guaranty is hereby amended and restated
in its entirety to read as follows:

               "SECTION 4.3. Limitation on Additional Purpose Credit.
               Notwithstanding any other provision of this Guaranty, the Credit
               Agreement or the Revolving Credit Agreement to the contrary,

                                       5
<PAGE>

               Guarantor will not, and will not permit any of its Wholly-Owned
               Subsidiaries and/or Significant Subsidiaries to incur or assume
               any Indebtedness which constitutes "purpose credit" secured
               "directly or indirectly" (as defined in Regulation U) by Margin
               Stock unless Guarantor complies with the provisions of Regulation
               U."

          Section 5. AMENDMENT TO CIHC GUARANTY. Section 5.14 of the CIHC
Guaranty is hereby deleted.

          Section 6. CONSENT.

          6.1 The parties hereto consent to the amendment of the Appendix as
attached hereto as Exhibit A (the "Appendix Amendment"). The parties hereto
further agree that all references in the September 22, 2000 Agreement and the
Conseco Guaranty to the Appendix shall mean the Appendix as so amended by the
Appendix Amendment (the "Appendix").

          6.2 Conseco may, at its option, make payments or purchases under the
Specified D&O Facilities (or to all the D&O Facilities, as applicable under
Article II of the Appendix or the related Conseco guaranty), pro rata as to the
Specified D&O Facilities (or to all the D&O Facilities, as applicable under
Article II of the Appendix), but such allocation thereof need not be pro rata as
to the underlying borrowers.

          Section 7. FEES.

          7.1 Conseco hereby agrees that, upon the effectiveness of this
Agreement pursuant to the provisions of Section 8 hereof, Conseco shall be
obligated to pay, and shall pay, to the Administrative Agent, for the pro rata
benefit of the Banks, the following fees (the "Fees"):

               (a) On the Effective Date, an agreement fee (the "Agreement Fee")
               in immediately available funds equal 0.50% of the principal
               amount of the Loans outstanding on such date, net of a
               proportionate share (which share shall equal the share of the
               Loans payable to such Bank divided by the outstanding Loans under
               all the Specified D&O Facilities) of the cash collateral then on
               deposit securing Conseco's obligations relating to the Credit
               Agreement; provided that the Agreement Fee shall only be payable
               to those Banks that execute and deliver this Agreement by March
               20, 2002; and

               (b) From and after the Effective Date and until all Loans are
               paid in full, a continuing per annum fee equal to 0.75% of all
               Loans then outstanding, payable quarterly in arrears, quarterly
               on the last Business Day of each calendar quarter, with payment
               commencing on March 31, 2002.

          7.2 Conseco's obligation to pay each of the Fees shall be irrevocable,
unconditional, and absolute and, consistent therewith, shall not terminate in
the event that this Agreement shall otherwise be terminated pursuant to its
provisions. Such fees shall be in addition to any fees provided for under the
September 22, 2000 Agreement or the Credit Agreement.

          Section 8. CONDITIONS PRECEDENT. This Agreement shall become effective
on such date (the "Effective Date") when each of the conditions precedent set

                                       6
<PAGE>

forth in this Section 8 shall have been satisfied, and notice thereof shall have
been given by the Administrative Agent to Conseco and the Banks.

          8.1 Receipt of Documents. The Administrative Agent shall have received
all of the following documents duly executed, dated the date hereof or such
other date as shall be acceptable to the Administrative Agent, and in form and
substance satisfactory to the Administrative Agent:

               (a) This Agreement, duly executed by Conseco, CDOC, CIHC, the
               Administrative Agent and the Required Banks;

               (b) A certificate of the Secretary or Assistant Secretary of
               Conseco (i) certifying the names and true signatures of the
               officers of Conseco authorized to execute, deliver and
               performance, as applicable, this Agreement, and all other
               documents to be delivered by it hereunder and (ii) attaching
               copies of the resolutions of the board of directors of Conseco
               authorizing the transactions contemplated hereby;

               (c) A certificate of the Secretary or Assistant Secretary of CIHC
               (i) certifying the names and true signatures of the officers of
               CIHC authorized to execute, deliver and perform, as applicable,
               all documents to be delivered by it hereunder and (ii) attaching
               copies of the resolutions of the board of directors of CIHC
               authorizing the transactions contemplated hereby;

               (d) A certificate of the Secretary or Assistant Secretary of CDOC
               (i) certifying the names and true signatures of the officers of
               CDOC authorized to execute, deliver and perform, as applicable,
               all documents to be delivered by it hereunder and (ii) attaching
               copies of the resolutions of the board of directors of CDOC
               authorizing the transactions contemplated hereby;

               (e) The Reaffirmation of (i) the Conseco Guaranty, (ii) the CIHC
               Guaranty and (iii) the Amended and Restated Cash Collateral
               Agreement, in the form of Exhibit B attached hereto;

               (f) The opinion of David K. Herzog, counsel of Conseco and CIHC,
               substantially in the form of Exhibit C, and addressing such other
               legal matters as the Administrative Agent may reasonably require;

               (g) The opinion of Weil, Gotshal & Manges LLP, outside counsel to
               Conseco and CIHC, substantially in the form of Exhibit D, and
               addressing such other legal matters as the Administrative Agent
               may reasonably require;

               (h) Duly authorized, executed and delivered copies of (i) the
               First Stage Amendment and Agreement Re: 1997 D&O Loans, dated as
               of March 20, 2002, (ii) the First Stage Amendment and Agreement
               Re: Non-Refinanced 1998 D&O Loans, dated as of March 20, 2002,
               and (iii) the First Stage Amendment and Agreement Re: 1999 D&O
               Loans, dated as of March 20, 2002, substantially in the form
               hereof;

                                       7
<PAGE>

               (i) A duly authorized, executed and delivered copy of Third
               Amendment to Five-Year Credit Agreement, dated as of March 20,
               2002, among Conseco, the various financial institutions party
               thereto, and Bank of America, N.A. as agent thereunder; and

               (j) Receipt by the Administrative Agent of a letter to the Banks
               evidencing Conseco's understanding if scheduled payments are not
               made on or before the date that such scheduled payments become
               due and payable in respect of all Trust Preferred Securities, a
               downgrade from A.M. Best A- Status would occur.

          8.2 Additional Conditions. The effectiveness of this Agreement and the
consent of the Banks are subject to the following further conditions precedent:

               (a) With respect to Conseco, no Default exists and no Event of
               Default will exist after giving effect to this Agreement;

               (b) The representations and warranties of Conseco contained in
               Article III of the Conseco Guaranty, are true and correct in all
               material respects with the same effect as though made on the
               Effective Date, except, to the extent that any such
               representations and warranties relate expressly to an earlier
               date, such representations and warranties shall have been true
               and correct in all material respects as of such earlier date;

               (c) No Material Litigation exists other than the litigation
               described in Schedule I attached hereto; ----------

               (d) No Material Adverse Change has occurred with respect to
               Conseco or CIHC since September 30, 2001 (except for changes in
               or adverse effects upon, the business, properties, condition
               (financial or otherwise) of Conseco and CIHC as disclosed in
               press releases, public filings or otherwise in writing to the
               Administrative Agent);

               (e) Conseco shall have paid all accrued and unpaid fees, costs,
               expenses and other disbursements to date, including attorneys'
               fees and costs, including those to be incurred in connection,
               negotiation, and execution of this Agreement. Conseco shall
               remain liable and shall promptly reimburse the Administrative
               Agent for such future fees, costs expenses and other
               disbursements as provided for in the existing Loan Documents;

               (f) The Banks, with the approval of Conseco, shall have hired
               Ernst & Young LLP as a financial advisor to review the financial
               condition and performance of Conseco and its Subsidiaries, and
               the Administrative Agent shall be satisfied as to the duration
               and scope of such review; and

               (g) The Exchange Offer and the disclosures made in connection
               therewith (including, without limitation, pursuant to the related
               offering memorandum) shall be on terms and conditions
               satisfactory to the Administrative Agent.

          Section 9. MISCELLANEOUS.

          9.1 Severability. Any provision of this Agreement which is prohibited
or unenforceable in any jurisdiction shall, as to such provision and such

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<PAGE>

jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions of this Agreement
or affecting the validity or enforceability of such provision in any other
jurisdiction.

          9.2 Headings. The various headings of this Agreement are inserted for
convenience only and shall not affect the meaning or interpretation of this
Agreement or any provisions hereof.

          9.3 Execution in Counterparts. This Agreement may be executed by the
parties hereto in several counterparts, each of which shall be deemed to be an
original and all of which shall constitute together but one and the same
agreement.

          9.4 Governing Law. THIS AGREEMENT SHALL BE DEEMED TO BE A CONTRACT
MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF ILLINOIS.

          9.5 Successors and Assigns. This Agreement shall be binding upon and
shall inure to the benefit of the parties hereto and their respective successors
and assigns.

                               [signatures follow]

                                       9
<PAGE>

          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be executed by their respective officers thereunto duly authorized as of the day
and year first above written.

                                       CONSECO, INC.

                                       By:/s/James S. Adams
                                          --------------------------------------
                                       Name:  James S. Adams
                                       Title: Senior Vice President,
                                              Chief Accounting Officer and
                                              Treasurer

                                       CIHC, INCORPORATED

                                       By:/s/William T. Devanney, Jr.
                                          --------------------------------------
                                       Name:  William T. Devanney, Jr.
                                       Title: Senior Vice President,
                                              Corporate Taxes

                                       CDOC, INC.

                                       By:/s/William T. Devanney, Jr.
                                          --------------------------------------
                                       Name:  William T. Devanney, Jr.
                                       Title: Senior Vice President,
                                              Corporate Taxes

                                       BANK OF AMERICA, N.A., as Administrative
                                       Agent, as a Bank, as Collateral Agent
                                       and as Depositary Bank

                                       By:/s/Bridget Garavalia
                                          --------------------------------------
                                       Name:  Bridget Garavalia
                                       Title: Managing Director

<PAGE>

                                       JPMORGAN CHASE BANK

                                       By:/s/Helen L. Newcomb
                                          --------------------------------------
                                       Name:  Helen L. Newcomb
                                       Title: Vice President

                                       DEUTSCHE BANK AG, New York and/or
                                       Cayman Island Branches

                                       By:/s/Robert M. Wood, Jr.
                                          --------------------------------------
                                       Name:  Robert M. Wood, Jr.
                                       Title: Director

                                       By:/s/Mark B. Cohen
                                          --------------------------------------
                                       Name:  Mark B. Cohen
                                       Title: Managing Director

                                       THE BANK OF NEW YORK

                                       By:/s/Stephen C. Brennan
                                          --------------------------------------
                                       Name:  Stephen C. Brennan
                                       Title: Vice President

<PAGE>

                                   Schedule I

                               Material Litigation

          Litigation described in Form 10-Q of Conseco, Inc. for the quarterly
period ended September 30, 2001.

          Donald J. Trump v. Conseco, Inc., et al.

<PAGE>
                                    Exhibit A

                               Appendix Amendment

          AMENDMENT, dated as of March 20, 2002 (this "Amendment"), to the
Conseco, Inc. Appendix, dated as of September 22, 2000 (the "Appendix").

          1. Definitions. Unless otherwise defined herein, terms defined in the
Appendix and used herein shall have the meanings given to them in the Appendix.

          Amendment to Section 1.01. Section 1.01 is hereby amended as follows:

               (i) (a) by deleting in its entirety the definition of "Cash on
          Hand Target".

               (b) by amending the definition of "Conseco Adjusted Earnings" as
          follows:

               (i) by deleting the term "non-cash" each time it appears in
          clauses (f) and (g) thereof;

               (ii) by deleting the phrase "(provided that the after tax amounts
          described in clauses (f) and (g) shall not exceed in the aggregate
          $500,000,000 for any Calculation Period ending on or before September
          30, 2001, and $50,000,000 for any Calculation Period ending
          thereafter)" where it appears after clause (g) thereof and inserting
          in lieu thereof the following:

               "(provided that the after tax amounts described in clauses (f)
               and (g) shall not exceed (i) more than $500,000,000 in the
               aggregate accrued or incurred during Fiscal Year 2002 (provided
               that no more than $50,000,000 (accrued or incurred during Fiscal
               Year 2002) of such expenses, losses or other charges in the
               aggregate may be in cash), and (ii) more than $50,000,000 in the
               aggregate accrued or incurred for any Fiscal Year thereafter)";
               and

               (iii) by inserting the following sentence at the end thereof:

               "Notwithstanding the foregoing, Conseco Adjusted Earnings shall
               exclude any income or gain, or expense, loss or charge, (x)
               associated with Conseco's ownership of AT&T Wireless Stock, (y)
               resulting from any impairment of the D&O Facilities or (z) set
               forth on Annex II attached hereto, provided that the amounts set
               forth for the fiscal periods on such Annex may be excluded in the
               applicable Calculation Period prior to the date of the Amendment
               as well as any Calculation Period after the date of the Amendment
               that includes such fiscal period(s)."

<PAGE>

               (c) by amending the definition of "Conseco Finance Tangible Net
          Worth" by deleting the text of clause (b) where it occurs in the
          definition thereof and inserting in lieu thereof the following:

               "(b) any charges specified in clause (f) or (g) of the definition
               of Conseco Adjusted Earnings; provided that such charges shall
               not be permitted to exceed $150,000,000 on an after tax basis in
               the aggregate and no more than $15,000,000 of such $150,000,000
               of charges on an after-tax basis may be in cash"

               (d) by amending the definition of "Interest Coverage Ratio" by
          inserting the following sentence at the end thereof:

               "For purposes of determining the Interest Coverage Ratio, the
               term "Conseco Available Cash Flow" shall exclude the amount of
               (i) Net Proceeds received by Conseco in connection with any
               Disposition of any right or interest of Conseco or any of its
               Subsidiaries in the General Motors Building less (ii) the
               statutory carrying value of Conseco and its Subsidiaries in
               respect of the General Motors Building (the amount of clause (i)
               less the amount of clause (ii), the "GM Gain"); provided, that in
               connection with determining the Interest Coverage Ratio for
               purposes of compliance with any conditions precedent to an
               extension of the maturity date of the $1.5 Billion Facility or
               any of the D&O Facilities, only the first $250,000,000 of any
               such GM Gain may be included in such determination."

               (e) by amending the definition of "Relevant CIHC Guaranty" by
          deleting the second sentence thereof.

               (f) by deleting in its entirety the definition of "$144 Million
          D&O Credit Agreement" and inserting in lieu thereof the following:

               "$144 Million D&O Credit Agreement" means the Credit Agreement,
               dated as of November 22, 2000, as amended, supplemented or
               otherwise modified or refinanced, among the individual borrowers
               parties thereto, the banks parties thereto and JPMorgan Chase
               Bank as administrative agent (relating to all of the
               then-existing loans under the $144 Million D&O Facility).

               (g) by deleting in its entirety the definition of "$181 Million
          D&O Credit Agreement" and inserting in lieu thereof the following:

               "$181 Million D&O Credit Agreement" means collectively (i) the
               Credit Agreement, dated as of August 21, 1998, among the
               individual borrowers parties thereto, the banks parties thereto
               and Bank of America, N.A., as administrative agent, as amended,
               supplemented or otherwise modified or refinanced, and (ii) the
               Credit Agreement, dated as of November 22, 2000, as amended,
               supplemented or otherwise modified or refinanced, (relating to
               certain but not all of the then-existing loans under the $181
               Million D&O Facility) pursuant to which Bank of America, N.A. is
               the administrative agent.

                                      A-2
<PAGE>

               (h) by deleting in its entirety the definition of "$245 Million
          D&O Credit Agreement" and inserting in lieu thereof the following:

               "$245 Million D&O Credit Agreement" means the Credit Agreement,
               dated as of November 22, 2000, as amended, supplemented or
               otherwise modified or refinanced, among the individual borrowers
               parties thereto, the banks parties thereto and Bank of America,
               N.A., as administrative agent (relating to all of the
               then-existing loans under the $245 Million D&O Facility).

               (i) by adding thereto the following new definitions in the
          appropriate alphabetical order:

          "Amendment" means this Amendment, dated as of March 20, 2002, in
respect of the Appendix.

          "Amendment Effective Date" means the "Effective Date" as defined in
the Amendment.

          "AT&T Wireless Stock" means 10,319,050 shares of AT&T Wireless
Services, Inc. common stock par value $.01 per share.

          "Exchange Offer" means the exchange offer pursuant to the Offering
Memorandum dated as of March 18, 2002, pursuant to which Conseco offered to
exchange Specified Existing Public Debt for New Exchange Offer Public Debt in
accordance with the terms of such Offering Memorandum, any exchange offer in
connection with the registration of the New Exchange Offer Public Debt with the
Securities and Exchange Commission and any exchange offer on terms substantially
similar to the foregoing exchange offers.

          "General Motors Building" means the building located at 767 5th
Avenue, New York, NY 10153.

          "New Exchange Offer Public Debt" means the senior notes issued
pursuant to an Exchange Offer in exchange for Specified Existing Public Debt or
other New Exchange Offer Public Debt.

          "Specified Existing Public Debt" means collectively Conseco's 8.5%
Senior Notes due October 15, 2002, 6.4% Senior Notes due February 10, 2003,
8.75% Senior Notes due February 9, 2004, 6.8% Senior Notes due June 15, 2005, 9%
Senior Notes due October 15, 2006 and 10.75% Senior Notes due June 15, 2008.

          "Trigger Date" means (i) in the case of the sale of Sufficient Assets,
the Reduction Date and (ii) in the case of any other Approved Strategic
Alternative, the date such Approved Strategic Alternative is approved by the
Required Banks.

                                      A-3
<PAGE>

          2. Amendment to Section 1.03. Section 1.03 of the Appendix is hereby
amended by inserting at the end thereof a new Section 1.03(c):

               "(c) For purposes of calculating any financial covenants or
               related definitions hereunder, any charges taken to writeoff
               goodwill to the extent required by the Financial Accounting
               Standards Board of the American Institute of Certified Public
               Accountants Statement No. 142 shall be excluded."

               (a) Amendment to Section 2.01. (a) Section 2.01(a) of the
          Appendix is hereby amended by deleting such Section in its entirety
          and substituting in lieu thereof the following:

               "(a) [Intentionally Omitted.]"

               (b) Section 2.01(b) of the Appendix is hereby amended by deleting
          such Section 2.01(b) in its entirety and substituting in lieu thereof
          the following:

               "(b) On the Amendment Effective Date and thereafter, within three
               Business Days after Conseco or any of its Subsidiaries receives
               any Available Net Proceeds, such Available Net Proceeds shall be
               applied as follows: first, the first $352,000,000 shall be
               retained by Conseco; second, the next $313,000,000 shall be
               applied pro rata to the $1.5 Billion Facility and the Specified
               D&O Facilties (in the manner contemplated by Section 2.02(c));
               third, following the application of $313,000,000 pursuant to
               clause second above and thereafter until the earlier of (i)
               December 31, 2003 and (ii) the application of an additional $250
               million pursuant to this clause, 50% per transaction of any
               Available Net Proceeds shall be retained by Conseco and 50% per
               transaction of any Available Net Proceeds shall be applied pro
               rata to the $1.5 Billion Facility and the Specified D&O
               Facilities (in the manner contemplated by Section 2.02(c));
               fourth, after the earlier of (i) December 31, 2003 and (ii) the
               application of an additional $250 million pursuant to clause
               third above, 25% per transaction of any Available Net Proceeds
               shall be retained by Conseco and 75% per transaction of any
               Available Net Proceeds shall be applied pro rata to the $1.5
               Billion Facility and the Specified D&O Facilities (in the manner
               contemplated by Section 2.02(c)); and fifth, after March 31,
               2004, 50% per transaction of any Available Net Proceeds shall be
               retained by Conseco and 50% per transaction of any Available Net
               Proceeds shall be applied pro rata to the $1.5 Billion Facility
               and the Specified D&O Facilities (in the manner contemplated by
               Section 2.02(c)); provided that in the event that the Relevant
               Banks under the D&O Facilities agree to grant Conseco an option
               to extend the date by which Conseco is required to pay, purchase
               or cash collateralize in full the D&O Facilities or the related
               Conseco Guaranty from December 31, 2003 until March 31, 2005, the
               application of Available Net Proceeds pursuant to this Section
               2.01(b) to the $1.5 Billion Facility and the D&O Facilities shall
               be as follows: (i) in clause second above, after $50,000,000 of
               Available Net Proceeds have been applied to the Specified D&O
               Facilities, the remainder shall be applied pro rata to the $1.5
               Billion Facility and the D&O Facilities (in the manner
               contemplated by Section 2.02(c)); and (ii) in clauses third,
               fourth and fifth above, the references to the Specified D&O
               Facilities shall be deemed to be references to the D&O

                                      A-4
<PAGE>

               Facilities. Any Available Net Cash Proceeds referred to in this
               paragraph as being available for retention by Conseco (A) must,
               if received by a Subsidiary, be distributed to Conseco for such
               purpose if such distribution is not prohibited by law, rule or
               regulation or the Lehman Agreement and (B) may be used by Conseco
               for any purpose permitted by this Appendix.

               (c) Section 2.01(c) is hereby amended by deleting such Section in
          its entirety and substituting in lieu thereof the following:

               "(c) [Intentionally Omitted]."

               (d) Amendment to Section 2.02. (a) Section 2.02(a) is hereby
          amended by deleting such Section in its entirety and substituting in
          lieu thereof the following:

               "(a) [Intentionally Omitted]."

               (e) Section 2.02(b) is hereby amended by deleting such Section in
          its entirety and substituting in lieu thereof the following:

               "(b) [Intentionally Omitted]."

               (f) Section 2.02(c) is hereby amended by deleting such Section in
          its entirety and substituting in lieu thereof the following:

               "(c) Any application of Available Net Proceeds allocated to the
               $1.5 Billion Facility and the Specified D&O Facilities or the D&O
               Facilities, as applicable, pursuant to Section 2.01(b) (and any
               application of Net Proceeds pursuant to clause (a)(ii) of the
               definition of "Exempt Waterfall Amounts") shall be allocated
               ratably to each such Facility based on the aggregate Exposure
               then outstanding under such Facilities, and ratably to the
               Exposure of each Bank under each such Facility. The Available Net
               Proceeds so allocated to each Specified D&O Facility and D&O
               Facility, as applicable, at the discretion of Conseco, shall be
               either (i) deposited in a cash collateral account pursuant to the
               applicable Cash Collateral Agreement or (ii) applied to purchase
               or repay "Loans" made to the individual borrowers pursuant to the
               applicable Specified D&O Facility or D&O Facility, as applicable
               or (iii) applied to pay the related Conseco Guaranty."

               (g) Amendment to Article III. Article III of the Appendix is
          hereby amended by adding at the end thereof the following new Sections
          3.12 and 3.13:

          "3.12. Hiring of Ernst & Young. Conseco hereby agrees to (i) the
hiring by the Banks of Ernst & Young LLP as a financial advisor to review the
financial condition and performance of Conseco and its Subsidiaries, the
duration and scope of such review to be at the direction and under the control
of Conseco and the Agents (and Conseco agrees to use reasonable best efforts to
facilitate such review) and (ii) paying all fees, costs and expenses incurred
from time to time in connection with such review promptly upon receipt of an
invoice for such services.

                                      A-5
<PAGE>

          3.13. A.M. Best Rating Reduction Remedy. If on any date (the
"Reduction Date") the rating from A.M. Best Company is reduced to less than B+
on Bankers Life and Casualty Company, Conseco Annuity Assurance Company, Conseco
Health Insurance Company, Conseco Life Insurance Company or Conseco Senior
Health Insurance Company, Conseco shall be obligated to retain an investment
banker of national recognition (the "Investment Banker") reasonably satisfactory
to the Agents to explore strategic alternatives ("Strategic Alternatives") to
repaying in full in cash all Obligations under the $1.5 Billion Facility and
each of the D&O Facilities (or, in the case of the D&O Facilities, cash
collateralize such Facilities), which Strategic Alternatives shall include
either (i) the sale of one or more of its Subsidiaries ("Sufficient Assets") the
value of which will be sufficient to repay in full in cash all such Obligations,
(ii) such other Strategic Alternative(s) approved by the Required Banks or (iii)
both the sale of Sufficient Assets and one or more other Strategic Alternatives
approved by the Required Banks (clauses (i), (ii) or (iii), individually, an
"Approved Strategic Alternative"). At any time, the Required Banks may amend,
supplement or otherwise modify the requirements of this Section 3.13, including
amending the terms and/or conditions of an Approved Strategic Alternative,
releasing Conseco from its obligations to proceed with the sale of Sufficient
Assets or otherwise. Conseco and its Subsidiaries shall diligently pursue and
take material steps toward achieving each Approved Strategic Alternative,
including, to the extent applicable, the preparation and distribution of
offering materials with respect to each Approved Strategic Alternative,
facilitating advisors of Conseco in making contact with potential purchasers or
other relevant parties in their due diligence processes, using reasonable best
efforts to prepare, negotiate and execute transaction documents with respect
thereto and consummate such transactions.

          Conseco shall provide the Agents with bi-weekly written reports (in
form and scope acceptable to the Agents), describing the status of its progress
in pursuing, and actions it has taken and is planning on taking toward achieving
each Approved Strategic Alternative. Without limiting the generality of
Conseco's obligations set forth above, Conseco shall have:

          (A) Engaged the Investment Banker to explore Strategic Alternatives no
later than 30 days after the Reduction Date;

          (B) Distributed offering materials, and provided copies thereof to the
Agents, with respect to any Approved Strategic Alternative, no later than 90
days after the Trigger Date;

          (C) Used reasonable best efforts to receive written expressions of
interest, and provided copies thereof to the Agents, with respect to each
Approved Strategic Alternative, no later than 120 days after the Trigger Date;

          (D) Used reasonable best efforts to sign the appropriate transaction
documents with respect to any Approved Strategic Alternative no later than 180
days after the Trigger Date, unless the Required Banks have agreed to extend
such date; and

          (E) Used reasonable best efforts to consummate any Approved Strategic
Alternative no later than 270 days after the Trigger Date, unless the Required
Banks have agreed to extend such date."

                                      A-6
<PAGE>

          (h) Amendment to Section 4.01. Section 4.01 of the Appendix is hereby
amended by (i) deleting from Section 4.01(l) the word "and" where it appears at
the end of such Section 4.01, (ii) replacing in Section 4.01(m) the "." where it
appears at the end of such Section with a "; and" and (iii) adding at the end
thereof the following new subsection 4.01(n):

               "(n) subordinated Contingent Obligations of CIHC in respect of
               the New Exchange Offer Public Debt (the "Subordinated CIHC
               Guaranty"), provided that (i) such Subordinated CIHC Guaranty
               shall contain terms and conditions and shall be subordinated to
               any and all Obligations under the $1.5 Billion Facility and each
               of the D&O Facilities, in each case on terms and conditions
               satisfactory to the Agents and (ii) the Exchange Offer and the
               disclosures made in connection therewith (including, without
               limitation, pursuant to the Offering Memorandum) shall be on
               terms and conditions satisfactory to the Agents.

          3. Amendment to Section 4.08. Section 4.08(c) of the Appendix is
hereby amended by replacing the number "$100,000,000" where it appears in
Sections 4.08(c)(i) and 4.08(c)(ii) thereof with the number "$50,000,000".

          4. Amendment to Section 4.14. Section 4.14 of the Appendix is hereby
amended by deleting the table contained therein in its entirety and inserting in
lieu thereof the following table:

<TABLE>
<CAPTION>

                           "Fiscal Quarter
                           Ending                                      Ratio
                           ------                                      -----
<S>                        <C>                                         <C>
                           December 31, 2001                           1.20 to 1.0
                           March 31, 2002                              1.25 to 1.0
                           June 30, 2002                               1.25 to 1.0
                           September 30, 2002                          1.10 to 1.0
                           December 31, 2002                           1.10 to 1.0
                           March 31, 2003                              1.30 to 1.0
                           June 30, 2003                               1.75 to 1.0
                           September 30, 2003                          1.90 to 1.0
                           December 31, 2003                           2.15 to 1.0
                           March 31, 2004                              2.25 to 1.0
                           June 30, 2004                               2.50 to 1.0
                           September 30, 2004                          2.50 to 1.0
                           December 31, 2004 and thereafter            2.50 to 1.0"
</TABLE>

          5. Amendment to Section 4.15. Section 4.15 of the Appendix is hereby
amended by (i) deleting the parenthetical contained therein and (ii) deleting
the table contained therein in its entirety and inserting in lieu thereof the
following table:

                                      A-7
<PAGE>

<TABLE>
<CAPTION>

                           "Fiscal Quarter
                           Ending                                      Amount
                           ------                                      ------
<S>                        <C>                                         <C>

                           December 31, 2001                           $1,600,000,000
                           March 31, 2002                              $1,200,000,000
                           June 30, 2002                               $1,200,000,000
                           September 30, 2002                          $1,200,000,000
                           December 31, 2002                           $1,300,000,000
                           March 31, 2003                              $1,300,000,000
                           June 30, 2003                               $1,350,000,000
                           September 30, 2003                          $1,400,000,000
                           December 31, 2003                           $1,400,000,000
                           March 31, 2004                              $1,500,000,000
                           June 30, 2004                               $1,500,000,000
                           September 30, 2004                          $1,700,000,000
                           December 31, 2004 and thereafter            $1,700,000,000"

</TABLE>

          6. Amendment to Section 4.16. Section 4.16 of the Appendix is hereby
amended by deleting such Section in its entirety and inserting in lieu thereof
the following:

          "4.16. Conseco Finance Tangible Net Worth. Conseco shall not permit
Conseco Finance Tangible Net Worth as at the end of any Fiscal Quarter set forth
below to be less than the relevant amount set forth below:
<TABLE>
<CAPTION>

                           Fiscal Quarter
                           Ending                             Amount
                           ------                             ------
<S>                        <C>                                <C>

                           December 31, 2001                  $1,200,000,000
                           March 31, 2002                     $1,200,000,000
                           June 30, 2002                      $1,200,000,000
                           September 30, 2002                 $1,200,000,000
                           December 31, 2002                  $1,200,000,000
                           March 31, 2003                     $1,200,000,000
                           June 30, 2003                      $1,200,000,000
                           September 30, 2003                 $1,200,000,000
                           December 31, 2003                  $1,300,000,000
                           March 31, 2004                     $1,300,000,000
                           June 30, 2004                      $1,300,000,000
                           September 30, 2004                 $1,300,000,000
                           December 31, 2004                  $1,300,000,000
                           March 31, 2005 and thereafter      $1,600,000,000"
</TABLE>

          7. Amendment to Section 4.17. Section 4.17 is hereby amended by
replacing the percentage "200%" where it appears therein with the percentage
"250%".

          8. Amendment to Section 5.01. Section 5.01(c) is hereby amended by
deleting the reference therein to "3.03(a), 4.01" and substituting in lieu
thereof a reference to "3.03(a), 3.12(i), 3.13(A), (B) or (E), 4.01".

                                      A-8

<PAGE>
                                                                        ANNEX II
                         Consolidated Adjusted Earnings

                              Excluded Transactions

Conseco, Inc.
Analysis of Special Charges
Four Quarters Ended December 31,
2001

<TABLE>
<CAPTION>

                                          1Q01           2Q01            3Q01            4Q01            2001
                                    --------------------------------------------------------------------------------
<S>                                     <C>             <C>            <C>             <C>             <C>

Employment-Related                        (600,000)     4,968,600      4,745,126       2,350,000       11,463,726
Exit Costs/Restructuring                20,709,158      1,047,338        791,676       3,441,534       25,989,706
Advisory Fees                               86,275      2,044,264      1,512,020         144,034        3,786,593
Legal Fees                               4,382,435      3,100,000            -        26,748,986       34,231,421
Loss on Disposition of Asset             8,624,576      2,400,000            -               -         11,024,576
Outsourcing                                    -        2,454,000      4,372,000       3,798,000       10,624,000
Miscellaneous                              401,045        178,636        124,516      (2,539,550)      (1,835,353)
Amort. of deferred sales                       -              -        3,176,576             -          3,176,576
Valuation Adjustments                    6,000,000            -              -        (2,500,000)       3,500,000
                                    --------------------------------------------------------------------------------
                                        39,603,490     16,192,838     14,721,914      31,443,004      101,961,246

Less Cash Special Charges                   46,475     (6,467,182)    (5,852,042)            -        (12,272,749)
Cap on Special Charge Basket                   -              -              -       (12,115,401)     (12,115,401)
                                    --------------------------------------------------------------------------------

Sub-total - Accrued Special Charges     39,649,965      9,725,656      8,869,872      19,327,603       77,573,096

Income Taxes on Accrued Special
Charges                                (14,300,000)    (3,403,980)    (3,104,455)     (6,764,661)     (27,573,096)
                                    --------------------------------------------------------------------------------

Total Conseco, Inc. and
Subsidiaries Special Charges After
Tax                                     25,349,965      6,321,676      5,765,417      12,562,942       50,000,000
                                    ================================================================================

</TABLE>

                                      A-9

<PAGE>

                                    Exhibit B

                              Form of Reaffirmation

March ___, 2002

Bank of America, N.A., as Administrative Agent
231 South LaSalle Street
Chicago, Illinois 60697

Attention: ________________

          Re:  First Stage Amendment and Agreement, dated March ___, 2002 (the
               "Agreement"), among Conseco, Inc. ("Conseco"), CDOC, Inc.
               ("CDOC"), CIHC, Incorporated ("CIHC"), the financial institutions
               party thereto (collectively, the "Banks"), and Bank of America,
               N.A., as Administrative Agent (the "Administrative Agent")

Ladies and Gentlemen:

          Reference is made to the Agreement. Capitalized terms used herein,
unless otherwise defined herein, shall have the meaning assigned thereto in the
Agreement.

          This letter is intended to constitute the reaffirmation (this
"Reaffirmation") of specified documents referenced in the Agreement, and, as
such, is being delivered to satisfy the condition of Section 8.1(e) of the
Agreement, which requires a reaffirmation of the agreements listed on Schedule I
hereto (the "Reaffirmed Agreements") as a condition to the effectiveness of the
Agreement. This letter is for the benefit of the Administrative Agent and the
Banks.

          Each of the parties hereto hereby reaffirm the Reaffirmed Agreements
to which it is a party in each and every respect, including, without limitation,
the validity of any and all of its obligations under each of the Reaffirmed
Agreements including, without limitation, regardless of:

               (a) any defense any borrower has, may have, or may otherwise
          assert with respect to his, her, or its liability for any loans or
          otherwise with respect to any other obligation any such borrower may
          have under the Credit Agreement (relating to refinancing of certain
          loans under that certain Credit Agreement, dated as of August 21,
          1998), as amended, dated as of November 22, 2000, among the persons
          listed on the signature pages thereto, as Borrowers, the Banks and the
          Administrative Agent (the "Credit Agreement"), or any Loan Document
          relating thereto, including, without limitation, any defense asserted
          or that might be asserted by any such borrower as arising from:

                    (i) the execution, delivery and performance or
               non-performance by any party under of the September 22, 2000
               Agreement,

                    (ii) the execution, delivery, and performance or
               non-performance by any party under the Credit Agreement,

<PAGE>

                    (iii) the execution, delivery or non-performance by any
               party under any other Loan Document and/or

                    (iv) any aspect of the Plan, and/or

               (b) any past, present, or future exercise or non-exercise by the
          Administrative Agent of any right, power and/or remedy against any
          borrower under the Credit Agreement (and/ or his, her, or its
          property), any Cash Collateral Deposits (as such term is defined in
          the September 22, 2000 Agreement), or CIHC (and/or its property).

          Furthermore, each of the parties hereto hereby (a) confirms that it
has requested the Administrative Agent and the Banks to enter into the Agreement
and (b) acknowledges that the Administrative Agent and the Banks would not enter
into the Agreement in the absence of its reaffirmation of the Reaffirmed
Agreements and that the Administrative Agent and the Banks are thus relying upon
such reaffirmation.

          Each of the undersigned represents and warrants that he or she has
been properly authorized to execute and deliver this Reaffirmation on behalf of
Conseco, CIHC or CDOC, as applicable.

          Finally, each of the undersigned acknowledge that each of the
Administrative Agent, the Banks, and their respective successors and assigns
shall be entitled to rely upon this Reaffirmation and that this Reaffirmation is
governed by Illinois law.

                               [signatures follow]

                                      B-2
<PAGE>

                                       Very truly yours,

                                       CONSECO, INC.

                                       By:
                                          --------------------------------------
                                       Name:
                                       Title:

                                       CIHC, INCORPORATED

                                       By:
                                          --------------------------------------
                                       Name:
                                       Title:

                                       CDOC, INC.

                                       By:
                                          --------------------------------------
                                       Name:
                                       Title:

                                      B-3
<PAGE>

                                   Schedule I

          1. Guaranty, dated November 22, 2000, between Conseco, Inc. as
Guarantor and Bank of America, National Association as Administrative Agent

          2. Guaranty and Subordination Agreement, dated as of November 22,
2000, made by CIHC, Incorporated, as Guarantor and Subordinated Borrower,
Conseco Inc. as Obligor and Subordinated Lender, in favor of Bank of America,
National Association as Administrative Agent

          3. Amended and Restated Cash Collateral Pledge Agreement, dated as of
November 22, 2000, among CDOC, Inc, Bank of America , National Association as
Collateral Agent and Bank of America, National Association as Depositary Bank

                                      B-4Exhibit 10.8.35

                    AMENDED AND RESTATED COLLATERAL AGREEMENT

                                     made by

                                  CONSECO, INC.

                                       and

                               CIHC, INCORPORATED

                                   in favor of

                              JPMORGAN CHASE BANK,

                               as Collateral Agent

                           Dated as of March 20, 2002

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                               Page
<S>      <C>                                                                                                      <C>

SECTION 1. DEFINED TERMS..........................................................................................1

         SECTION 1.1   Definitions................................................................................1

         SECTION 1.2   Other Definitional Provisions..............................................................5

SECTION 2. GRANT OF SECURITY INTEREST.............................................................................5

SECTION 3. REPRESENTATIONS AND WARRANTIES.........................................................................5

         SECTION 3.1   Title; No Other Liens......................................................................5

         SECTION 3.2   Perfected First Priority Liens.............................................................6

         SECTION 3.3   Investment Property........................................................................6

SECTION 4. COVENANTS..............................................................................................6

         SECTION 4.1   Delivery of Instruments and Certificated Securities........................................6

         SECTION 4.2   Payment of Obligations.....................................................................6

         SECTION 4.3   Maintenance of Perfected Security Interest; Further Documentation..........................7

         SECTION 4.4   Investment Property........................................................................7

SECTION 5. REMEDIAL PROVISIONS....................................................................................8

         SECTION 5.1   Investment Property........................................................................8

         SECTION 5.2   Proceeds to be Turned Over To Collateral Agent.............................................9

         SECTION 5.3   Application of Proceeds...................................................................10

         SECTION 5.4   Code and Other Remedies...................................................................10

         SECTION 5.5   Registration Rights.......................................................................11

         SECTION 5.6   Waiver; Deficiency........................................................................12

SECTION 6. THE COLLATERAL AGENT..................................................................................12

         SECTION 6.1   Collateral Agent's Appointment as Attorney-in-Fact, etc...................................12

         SECTION 6.2   Duty of Collateral Agent..................................................................13

                                       i
<PAGE>

         SECTION 6.3   Execution of Financing Statements.........................................................14

         SECTION 6.4   Authority of Collateral Agent.............................................................14

SECTION 7. MISCELLANEOUS.........................................................................................14

         SECTION 7.1   Amendments................................................................................14

         SECTION 7.2   Notices...................................................................................14

         SECTION 7.3   No Waiver by Course of Conduct; Cumulative Remedies.......................................14

         SECTION 7.4   Enforcement Expenses; Indemnification.....................................................15

         SECTION 7.5   Successors and Assigns....................................................................15

         SECTION 7.6   Counterparts..............................................................................15

         SECTION 7.7   Severability..............................................................................15

         SECTION 7.8   Section Headings..........................................................................16

         SECTION 7.9   Integration...............................................................................16

         SECTION 7.10  GOVERNING LAW.............................................................................16

         SECTION 7.11  Acknowledgments...........................................................................16

         SECTION 7.12  Releases..................................................................................16

</TABLE>

                                       ii

<PAGE>

SCHEDULES
Schedule 1        Notice Addresses
Schedule 2        Investment Property
Schedule 3        Perfection Matters

                                      iii
<PAGE>

                    AMENDED AND RESTATED COLLATERAL AGREEMENT

          AMENDED AND RESTATED COLLATERAL AGREEMENT, dated as of March 20, 2002,
made by each of the signatories hereto (together with any other entity that may
become a party hereto as provided herein, the "Grantors"), in favor of JPMORGAN
CHASE BANK (formerly The Chase Manhattan Bank), as collateral agent (in such
capacity, the "Collateral Agent") for the Secured Parties (as defined below).

                              W I T N E S S E T H:

          WHEREAS, the Grantors are party to that certain Collateral Agreement
(as amended, supplemented or otherwise modified from time to time, the "Existing
Collateral Agreement"), dated as of May 30, 2000, in favor of The Chase
Manhattan Bank (now known as JPMorgan Chase Bank), as collateral agent;

          WHEREAS, pursuant to the Credit Agreement (as amended, supplemented or
otherwise modified from time to time, the "Credit Agreement"), dated as of
November 22, 2000, among the individual borrowers thereunder (the "Borrowers"),
the banks and other financial institutions from time to time party thereto (the
"Lenders") and The Chase Manhattan Bank (now known as JPMorgan Chase Bank), as
administrative agent (in such capacity, the "Administrative Agent"), the Lenders
agreed to refinance outstanding loans to the Borrowers in respect of the $144
Million D&O Facility;

          WHEREAS, pursuant to the First Stage Amendment and Agreement Re: 1999
D&O Loans (the "1999 Amendment and Agreement"), dated as of the date hereof, the
Lenders have agreed to consent to amend the Appendix;

          WHEREAS, as a condition precedent to the obligation of the Lenders to
enter into the 1999 Amendment and Agreement, the Grantors and the Collateral
Agent have agreed to amend and restate the Existing Collateral Agreement on the
terms and conditions herein set forth;

          NOW, THEREFORE, in consideration of the mutual premises contained
herein and for other good and valuable consideration and to satisfy the
requirement referred to in the preceding paragraph, each Grantor hereby agrees
with the Collateral Agent, for the ratable benefit of the Secured Parties, as
follows:

                                   SECTION 1.

                                  DEFINED TERMS

          SECTION 1.1 Definitions. (a) Unless otherwise defined herein, terms
defined in the Credit Agreement and used herein shall have the meanings given to
them in the Credit Agreement, and the following terms are used herein as defined
in the New York UCC: Certificated Security and Instruments.

<PAGE>

          (b) The following terms shall have the following meanings:

          "Agreement": this Amended and Restated Collateral Agreement, as the
same may be amended, supplemented or otherwise modified from time to time.

          "Capital Stock": any and all shares, interests, participations or
other equivalent (however designated) of capital stock of a corporation, any and
all equivalent ownership interests in a Person (other than a corporation) and
any and all warrants, rights or options to purchase any of the foregoing.

          "CCM Stock": as defined in Section 4.4(b).

          "CFC Pledged Note": the pledged note, dated as of September 22, 2000,
made by Conseco Finance Corp. to CIHC, Incorporated in the stated principal
amount of $1,460,799,080.

          "CFC Preferred Stock": the 9% Cumulative Redeemable Preferred Stock
issued by Conseco Finance Corp. to Conseco.

          "CIHC": CIHC, Incorporated, a Delaware corporation, and a direct
wholly owned Subsidiary of Conseco.

          "Collateral": as defined in Section 2.

          "Collateral Account": any collateral account established by the
Collateral Agent as provided in Section 5.2.

          "Default": any event or circumstance which, with the giving of notice,
the lapse of time, or both, would (if not cured or otherwise remedied during
such time) constitute a "Termination Event" as defined in the Guaranty.

          "Event of Default": a "Termination Event" as defined in the Guaranty.

          "Excluded Payments": shall mean (i) any redemption or other payment
that reduces the outstanding stated value of the CFC Preferred Stock below
$500,000,000 and (ii) any principal or other payment that reduces the
outstanding principal amount of the CFC Pledged Note below the lesser of (A)
$249,533,411 and (B) sum of (I) the amount of the Secured Obligations (net of
any cash collateral pledged to secure the Secured Obligations pursuant to the
Amended and Restated Cash Collateral Pledge Agreement, dated as of November 22,
2000, as amended or the Cash Collateral Pledge Agreement, dated as of March 20,
2002) plus (II) $50,000,000.

          "Grantor Obligations": with respect to any Grantor, all obligations
and liabilities of such Grantor which may arise under or in connection with the
Guaranty, this Agreement, the CIHC Guaranty or any other Loan Document to which
such Grantor is a party, in each case whether on account of guarantee
obligations, fees, indemnities, costs, expenses or otherwise (including, without
limitation, all fees and disbursements of counsel to the Collateral Agent, the
Administrative Agent or the Lenders that are required to be paid by such Grantor
pursuant to the terms of the Credit Agreement or any other Loan Document).

                                       2
<PAGE>

          "Guaranty" shall mean the Guaranty, dated as of November 22, 2000,
between Conseco, Inc., as Guarantor, and The Chase Manhattan Bank (now know as
JPMorgan Chase Bank), as Administrative Agent, as amended, supplemented or
otherwise modified from time to time.

          "Holder Representative": (i) in respect of the Grantor Obligations,
the Administrative Agent, (ii) in respect of the 1993 Indenture Obligations, the
1993 Indenture Trustee and (iii) in respect of the 1994 Indenture Obligations,
the 1994 Indenture Trustee.

          "Holders": collectively, (i) the holders of the 1993 Indenture
Obligations (including, when the context permits, the 1993 Indenture Trustee
acting on behalf of such holders) and (ii) the holders of the 1994 Indenture
Obligations (including, when the context permits, the 1994 Indenture Trustee
acting on behalf of such holders).

          "Indentures": the collective reference to the 1993 Indenture and the
1994 Indenture.

          "Investment Property": the collective reference to all Pledged
Obligations and all Pledged Stock.

          "Issuers": the collective reference to each issuer of any Investment
Property.

          "New York UCC": the Uniform Commercial Code as from time to time in
effect in the State of New York.

          "Pledged Obligations": all pledged notes listed on Schedule 2, and
Indebtedness owing by CIHC or Conseco Finance to any Grantor together with any
interest, fees and other amounts owing by CIHC or Conseco Finance to such
Grantor in respect thereof.

          "Pledged Stock": the shares of Capital Stock listed on Schedule 2,
together with any other shares, stock certificates, options or rights of any
nature whatsoever in respect of the Capital Stock of CIHC, Conseco Finance or
Conseco Capital Management, Inc. that may be issued or granted to, or directly
held by, any Grantor while this Agreement is in effect.

          "Proceeds": all "proceeds" as such term is defined in Section 9-102 of
the New York UCC and, in any event, shall include, without limitation, all
dividends or other income from the Investment Property, collections thereon or
distributions or payments with respect thereto.

          "Public Debt Securities": collectively, (i) the 1993 Indenture
Securities and (ii) the 1994 Indenture Securities.

                                       3
<PAGE>

          "Public Debt Trustees": collectively, (i) the 1993 Indenture Trustee
and (ii) the 1994 Indenture Trustee.

          "Secured Obligations": the collective reference to (a) the Grantor
Obligations of each Grantor, (b) the 1993 Indenture
Obligations, (c) the 1994 Indenture Obligations and (d) the Collateral Agent
Fees (as defined in the Collateral Sharing Agreement).

          "Secured Parties": the collective reference to (a) the Lenders, (b)
the Administrative Agent and (c) the Collateral Agent.

          "Securities Act": the Securities Act of 1933, as amended.

          "Shared Collateral" shall mean the collective reference to (i)
"Collateral" under and as defined in this Agreement and (ii) unless otherwise
expressly provided therein, all other collateral under any other Shared
Collateral Security Document.

          "Shared Collateral Security Documents" shall mean (i) this Agreement
and (ii) any other security document entered into by any Grantor in favor of the
Collateral Agent that expressly provides that all or any portion of the
collateral thereunder shall constitute "Shared Collateral" for the purposes of
this Agreement.

          "1993 Indenture Obligations": the unpaid principal of, and premium, if
any, and interest on, the 1993 Indenture Securities (including, without
limitation, interest accruing at the then applicable rate provided in the
instruments governing the 1993 Indenture Securities after the maturity of the
1993 Indenture Securities and interest accruing at the then applicable rate
provided in such instruments after the filing of any petition in bankruptcy, or
the commencement of any insolvency, reorganization or like proceeding, whether
or not a claim for post-filing or post-petition interest is allowed in such
proceeding).

          "1993 Indenture Securities": the securities issued pursuant to the
1993 Indenture.

          "1993 Indenture Trustee": Shawmut Bank Connecticut, National
Association, in its capacity as trustee under the 1993 Indenture, and any
successor trustee appointed under the 1993 Indenture.

          "1994 Indenture Obligations": the unpaid principal of, and premium, if
any, and interest on, the 1994 Indenture Securities (including, without
limitation, interest accruing at the then applicable rate provided in the
instruments governing the 1994 Indenture Securities after the maturity of the
1994 Indenture Securities and interest accruing at the then applicable rate
provided in such instruments after the filing of any petition in bankruptcy, or
the commencement of any insolvency, reorganization or like proceeding, whether
or not a claim for post-filing or post-petition interest is allowed in such
proceeding).

          "1994 Indenture Securities": the securities issued pursuant to the
1994 Indenture.

                                       4
<PAGE>

          "1994 Indenture Trustee": The Bank of New York (who assumed the
responsibilities of LTCB Trust Company as of June 1, 1999), in its capacity as
trustee under the 1994 Indenture, and any successor trustee appointed under the
Indenture.

          SECTION 1.2 Other Definitional Provisions. (a) The words "hereof,"
"herein", "hereto" and "hereunder" and words of similar import when used in this
Agreement shall refer to this Agreement as a whole and not to any particular
provision of this Agreement, and Section and Schedule references are to this
Agreement unless otherwise specified.

          (b) The meanings given to terms defined herein shall be equally
applicable to both the singular and plural forms of such terms.

          (c) Where the context requires, terms relating to the Collateral or
any part thereof, when used in relation to a Grantor, shall refer to such
Grantor's Collateral or the relevant part thereof.

                     SECTION 2. GRANT OF SECURITY INTEREST

          Each Grantor hereby assigns and transfers to the Collateral Agent, and
hereby grants to the Collateral Agent, for the ratable benefit of the Secured
Parties, a security interest in, all of the following property now owned or at
any time hereafter acquired by such Grantor or in which such Grantor now has or
at any time in the future may acquire any right, title or interest
(collectively, the "Collateral"), as collateral security for the prompt and
complete payment and performance when due (whether at the stated maturity, by
acceleration or otherwise) of the Secured Obligations:

          (a) all Investment Property;

          (b) all books and records pertaining to the Collateral referred to in
clauses (a) and (c) of this paragraph; and

          (c) to the extent not otherwise included, all Proceeds and products of
any and all of the foregoing and all collateral security and guarantees given by
any Person with respect to any of the foregoing.

                                   SECTION 3.
                         REPRESENTATIONS AND WARRANTIES

          Each Grantor hereby represents and warrants to the Collateral Agent
that:

          SECTION 3.1 Title; No Other Liens. Except for the security interest
granted to the Collateral Agent for the ratable benefit of the Secured Parties
pursuant to this Agreement, such Grantor owns each item of the Collateral free
and clear of any and all Liens or claims of others. No financing statement or
other public notice with respect to all or any part of the Collateral is on file
or of record in any public office, except such as have been filed in favor of
the Collateral Agent, for the ratable benefit of the Secured Parties, pursuant
to this Agreement.

                                       5

<PAGE>

          SECTION 3.2 Perfected First Priority Liens. The security interests
granted pursuant to this Agreement (a) upon completion of the filings and other
actions specified on Schedule 3 (which, in the case of all filings and other
documents referred to on said Schedule, have been delivered to the Collateral
Agent in completed and duly executed form) will constitute valid perfected
security interests in all of the Collateral in favor of the Collateral Agent,
for the ratable benefit of the Secured Parties, as collateral security for the
Secured Obligations, enforceable in accordance with the terms hereof against all
creditors of such Grantor and any Persons purporting to purchase any Collateral
from such Grantor and (b) are prior to all other Liens on the Collateral in
existence on the date hereof.

          SECTION 3.3 Investment Property. (a) The shares of Pledged Stock
pledged by such Grantor hereunder constitute all the issued and outstanding
shares of all classes of the Capital Stock of each Issuer owned by the Grantor.

          (b) All the shares of the Pledged Stock have been duly and validly
issued and are fully paid and nonassessable.

          (c) Each of the Pledged Obligations constitutes the legal, valid and
binding obligation of the obligor with respect thereto, enforceable in
accordance with its terms, subject to the effects of bankruptcy, insolvency,
fraudulent conveyance, reorganization, moratorium and other similar laws
relating to or affecting creditors' rights generally, general equitable
principles (whether considered in a proceeding in equity or at law) and an
implied covenant of good faith and fair dealing.

          (d) Such Grantor is the record and beneficial owner of, and has good
and marketable title to, the Investment Property pledged by it hereunder, free
of any and all Liens or options in favor of, or claims of, any other Person,
except the security interest created by this Agreement.

                                   SECTION 4.
                                   COVENANTS

          Each Grantor covenants and agrees with the Collateral Agent that, from
and after the date of this Agreement until the Grantor Obligations shall have
been paid in full:

          SECTION 4.1 Delivery of Instruments and Certificated Securities. If
any amount payable under or in connection with any of the Collateral shall be or
become evidenced by any Instrument or Certificated Security, such Instrument or
Certificated Security shall be immediately delivered to the Collateral Agent,
duly indorsed in a manner satisfactory to the Collateral Agent, to be held as
Collateral pursuant to this Agreement.

          SECTION 4.2 Payment of Obligations. Such Grantor will pay and
discharge or otherwise satisfy at or before maturity or before they become
delinquent, as the case may be, all taxes, assessments and governmental charges
or levies imposed upon the Collateral or in respect of income or profits
therefrom, as well as all claims of any kind (including, without limitation,
claims for labor, materials and supplies) against or with respect to the
Collateral, except that no such charge need be paid if the amount or validity
thereof is currently being contested in good faith by appropriate proceedings,
reserves in conformity with GAAP with respect thereto have been provided on the
books of such Grantor and such proceedings could not reasonably be expected to
result in a Material Adverse Effect.

                                       6
<PAGE>

          SECTION 4.3 Maintenance of Perfected Security Interest; Further
Documentation. (a) Such Grantor shall maintain the security interest created by
this Agreement as a perfected security interest having the priority described in
Section 3.2 and shall defend such security interest against the claims and
demands of all Persons whomsoever.

          (b) At any time and from time to time, upon the written request of the
Collateral Agent, and at the sole expense of such Grantor, such Grantor will
promptly and duly execute and deliver, and have recorded, such further
instruments and documents and take such further actions as the Collateral Agent
may reasonably request for the purpose of obtaining or preserving the full
benefits of this Agreement and of the rights and powers herein granted,
including, without limitation, (i) filing any financing or continuation
statements under the Uniform Commercial Code (or other similar laws) in effect
in any jurisdiction with respect to the security interests created hereby and
(ii) in the case of Investment Property and any other relevant Collateral,
taking any actions necessary to enable the Collateral Agent to obtain "control"
(within the meaning of the applicable Uniform Commercial Code) with respect
thereto.

          SECTION 4.4 Investment Property. (a) If such Grantor shall become
entitled to receive or shall receive any stock certificate (including, without
limitation, any certificate representing a stock dividend (but excluding any
pay-in-kind dividend on the CFC Preferred Stock so long as no Default or Event
of Default is in existence) or a distribution in connection with any
reclassification, increase or reduction of capital or any certificate issued in
connection with any reorganization), option or rights in respect of the Capital
Stock of any Issuer, whether in addition to, in substitution of, as a conversion
of, or in exchange for, any shares of the Pledged Stock, or otherwise in respect
thereof, such Grantor shall accept the same as the agent of the Collateral Agent
and the other Secured Parties, hold the same in trust for the Collateral Agent
and the other Secured Parties and deliver the same forthwith to the Collateral
Agent in the exact form received, duly indorsed by such Grantor to the
Collateral Agent, if required, together with an undated stock power covering
such certificate duly executed in blank by such Grantor and with, if the
Collateral Agent so requests, signature guaranteed, to be held by the Collateral
Agent, subject to the terms hereof, as additional collateral security for the
Secured Obligations. Any sums paid upon or in respect of the Investment Property
upon the liquidation or dissolution of any Issuer (except to the extent set
forth in Section 4.4(b) in respect of the CCM Stock) shall be paid over to the
Collateral Agent to be held by it hereunder as additional collateral security
for the Secured Obligations, and in case any distribution of capital shall be
made on or in respect of the Investment Property or any property shall be
distributed upon or with respect to the Investment Property pursuant to the
recapitalization or reclassification of the capital of any Issuer or pursuant to
the reorganization thereof, the property so distributed shall, unless otherwise
subject to a perfected security interest in favor of the Collateral Agent, be
delivered to the Collateral Agent to be held by it hereunder as additional
collateral security for the Secured Obligations. If any sums of money or
property so paid or distributed in respect of the Investment Property shall be
received by such Grantor, such Grantor shall, until such money or property is
paid or delivered to the Collateral Agent, hold such money or property in trust
for the Collateral Agent and the other Secured Parties, segregated from other
funds of such Grantor, as additional collateral security for the Secured
Obligations.

                                       7
<PAGE>

          (b) Without the prior written consent of the Collateral Agent, such
Grantor will not (i) vote to enable, or take any other action to permit, any
Issuer to issue any stock or other equity securities of any nature or to issue
any other securities convertible into or granting the right to purchase or
exchange for any stock or other equity securities of any nature of any Issuer,
excluding any issuance (A) for fair value as determined by the Board of
Directors of such Grantor and (B) pursuant to the warrant issued on May 11, 2000
to Lehman Brothers Holdings Inc. in respect of up to 5% of the common stock of
Conseco Finance, (ii) sell, assign, transfer, exchange, or otherwise dispose of,
or grant any option or waive any rights with respect to, the Investment Property
thereof (except (x) pursuant to the warrant issued on May 11, 2000 to Lehman
Brothers Holdings Inc. in respect of up to 5% of the common stock of Conseco
Finance, (y) the common stock issued by Conseco Capital Management, Inc. (the
"CCM Stock") held by Conseco, Inc. described on Schedule 2 hereto so long as no
Default or Event of Default is in existence or would result therefrom and (z) to
the extent permitted by Section 5.1(a)(i)), (iii) create, incur or permit to
exist any Lien or option in favor of, or any claim of any Person with respect
to, any of the Investment Property or Proceeds thereof, or any interest therein,
except for the security interests created by this Agreement or any security
interest securing additional indebtedness of Conseco or any of its Subsidiaries
sharing equally and ratably in the Shared Collateral at the request of Conseco
and consented to by the Collateral Agent in accordance with Section 6.3 of the
Collateral Sharing Agreement or (iv) enter into any agreement or undertaking
restricting the right or ability of such Grantor or the Collateral Agent to
sell, assign or transfer any of the Investment Property or Proceeds thereof.

          (c) In the case of each Grantor which is an Issuer, such Issuer agrees
that (i) it will be bound by the terms of this Agreement relating to the
Investment Property issued by it and will comply with such terms insofar as such
terms are applicable to it, (ii) it will notify the Collateral Agent promptly in
writing of the occurrence of any of the events described in Section 4.4(a) with
respect to the Investment Property issued by it and (iii) the terms of Sections
5.1(c) and 5.5 shall apply to it, mutatis mutandis, with respect to all actions
that may be required of it pursuant to Section 5.1(c) or 5.5 with respect to the
Investment Property issued by it.

          (d) Such Grantor shall not make any Excluded Payment.

                                   SECTION 5.
                               REMEDIAL PROVISIONS

          SECTION 5.1 Investment Property. (a) Unless an Event of Default shall
have occurred and be continuing and the Collateral Agent shall have given notice
to the Grantor of the Collateral Agent's intent to exercise its corresponding
rights pursuant to Section 5.1(b), each Grantor shall be permitted to (i)
receive all cash and pay-in-kind dividends and redemption payments paid in
respect of the Pledged Stock and all payments of principal and interest made in
respect of the Pledged Obligations, in each case paid in the normal course of
business of the relevant Issuer, to the extent permitted by the Loan Documents;
provided that at no time shall any Grantor permit to be paid or receive any
Excluded Payment, and (ii) to exercise all voting and corporate rights with
respect to the Investment Property; provided, however, that no vote shall be
cast or corporate right exercised or other action taken which would be
inconsistent with or result in any violation of any provision of this Agreement
or any other Loan Document.

                                       8
<PAGE>

          (b) If an Event of Default shall occur and be continuing and the
Collateral Agent shall give notice of its intent to exercise such rights to the
relevant Grantor or Grantors, (i) the Collateral Agent shall have the right to
receive any and all cash dividends, payments or other Proceeds paid in respect
of the Investment Property and make application thereof to the Secured
Obligations in the order specified in the Collateral Sharing Agreement, and (ii)
any or all of the Investment Property shall be registered in the name of the
Collateral Agent or its nominee, and the Collateral Agent or its nominee may
thereafter exercise (x) (if, in addition, all of the Liabilities shall be due
and payable) all voting, corporate and other rights pertaining to such
Investment Property at any meeting of shareholders of the relevant Issuer or
Issuers or otherwise and (y) any and all rights of conversion, exchange and
subscription and any other rights, privileges or options pertaining to such
Investment Property as if it were the absolute owner thereof (including, without
limitation, the right to exchange at its discretion any and all of the
Investment Property upon the merger, consolidation, reorganization,
recapitalization or other fundamental change in the corporate structure of any
Issuer, or upon the exercise by any Grantor or the Collateral Agent of any
right, privilege or option pertaining to such Investment Property, and in
connection therewith, the right to deposit and deliver any and all of the
Investment Property with any committee, depositary, transfer agent, registrar or
other designated agency upon such terms and conditions as the Collateral Agent
may determine), all without liability except to account for property actually
received by it, but the Collateral Agent shall have no duty to any Grantor to
exercise any such right, privilege or option and shall not be responsible for
any failure to do so or delay in so doing.

          (c) Each Grantor hereby authorizes and instructs each Issuer of any
Investment Property pledged by such Grantor hereunder to (i) comply with any
instruction received by it from the Collateral Agent in writing that (x) states
that an Event of Default has occurred and is continuing and (y) is otherwise in
accordance with the terms of this Agreement, without any other or further
instructions from such Grantor, and each Grantor agrees that each Issuer shall
be fully protected in so complying, and (ii) unless otherwise expressly
permitted hereby, pay any dividends or other payments with respect to the
Investment Property directly to the Collateral Agent.

          (d) Notwithstanding the foregoing, neither Collateral Agent nor its
nominee may exercise any voting, corporate or other rights of control pertaining
to such Investment Property at any meeting of shareholders of the relevant
Issuer or Issuers (or any of their respective Subsidiaries or affiliates) or
otherwise (i) unless and until it has received any and all material consents or
approvals required for such exercise from any regulatory or governmental agency
(including, but not limited to, insurance, banking and gaming commissions or
agencies) having jurisdiction with respect to the Grantor or the Issuer (or any
of their respective Subsidiaries or affiliates) or (ii) if to do so would
violate any material statute, law, rule or regulation governing the ownership,
change of ownership, control, or change of control of such Grantor or Issuer (or
any of their respective Subsidiaries or affiliates).

          SECTION 5.2 Proceeds to be Turned Over To Collateral Agent. If an
Event of Default shall occur and be continuing or, in the case of any Excluded
Payments, whether or not an Event of Default shall have occurred and be
continuing, all Proceeds shall be held by such Grantor or any of its
Subsidiaries in trust for the Collateral Agent and the other Secured Parties,
segregated from other funds of a Grantor or Subsidiary, and shall, forthwith

                                       9
<PAGE>

upon receipt by such Grantor or Subsidiary, be turned over to the Collateral
Agent in the exact form received by such Grantor or Subsidiary (duly indorsed by
such Grantor or Subsidiary to the Collateral Agent, if required). All Proceeds
received by the Collateral Agent hereunder shall be held by the Collateral Agent
in a Collateral Account maintained under its sole dominion and control. All
Proceeds while held by the Collateral Agent in a Collateral Account (or by such
Grantor or Subsidiary in trust for the Collateral Agent and the other Secured
Parties) shall continue to be held as collateral security for all the Secured
Obligations and shall not constitute payment thereof until applied as provided
in Section 5.3.

          SECTION 5.3 Application of Proceeds. At such intervals as may be
agreed upon by Conseco and the Collateral Agent, the Collateral Agent may, or,
if an Event of Default shall have occurred and be continuing, the Collateral
Agent shall, promptly apply all or any part of Proceeds held in any Collateral
Account in payment of the Secured Obligations in the order specified in the
Collateral Sharing Agreement.

          SECTION 5.4 Code and Other Remedies. If an Event of Default shall
occur and be continuing, the Collateral Agent, on behalf of the Secured Parties,
may exercise, in addition to all other rights and remedies granted to them in
this Agreement and in any other instrument or agreement securing, evidencing or
relating to the Secured Obligations, all rights and remedies of a secured party
under the New York UCC or any other applicable law. Without limiting the
generality of the foregoing, the Collateral Agent, without demand of performance
or other demand, presentment, protest, advertisement or notice of any kind
(except any notice required by law referred to below) to or upon any Grantor or
any other Person (all and each of which demands, defenses, advertisements and
notices are hereby waived), may in such circumstances forthwith collect,
receive, appropriate and realize upon the Collateral, or any part thereof,
and/or may forthwith sell, lease, assign, give option or options to purchase, or
otherwise dispose of and deliver the Collateral or any part thereof (or contract
to do any of the foregoing), in one or more parcels at public or private sale or
sales, at any exchange, broker's board or office of the Collateral Agent or any
other Secured Party or elsewhere upon such terms and conditions as it may deem
advisable and at such prices as it may deem best, for cash or on credit or for
future delivery without assumption of any credit risk. The Collateral Agent or
any other Secured Party shall have the right upon any such public sale or sales,
and, to the extent permitted by law, upon any such private sale or sales, to
purchase the whole or any part of the Collateral so sold, free of any right or
equity of redemption in any Grantor, which right or equity is hereby waived and
released. Each Grantor further agrees, at the Collateral Agent's request, to
assemble the Collateral and make it available to the Collateral Agent at places
which the Collateral Agent shall reasonably select, whether at such Grantor's
premises or elsewhere. The Collateral Agent shall apply the net proceeds of any
action taken by it pursuant to this Section 5.4, after deducting all reasonable
costs and expenses of every kind incurred in connection therewith or incidental
to the care or safekeeping of any of the Collateral or in any way relating to
the Collateral or the rights of the Collateral Agent and the other Secured
Parties hereunder, including, without limitation, reasonable attorneys' fees and
disbursements, to the payment in whole or in part of the Secured Obligations, in
the order specified in the Collateral Sharing Agreement, and only after such
application and after the payment by the Collateral Agent of any other amount
required by any provision of law, including, without limitation, Section
9-615(a)(3) of the New York UCC, need the Collateral Agent account for the

                                       10
<PAGE>

surplus, if any, to any Grantor. To the extent permitted by applicable law, each
Grantor waives all claims, damages and demands it may acquire against the
Collateral Agent or any other Secured Party arising out of the exercise by them
of any rights hereunder. A notice of a proposed sale or other disposition of a
substantial portion of the Collateral shall be required, and such notice shall
be deemed reasonable and proper if given at least 20 days before such sale or
other disposition.

          SECTION 5.5 Registration Rights. (a) If the Collateral Agent shall
determine to exercise its right to sell any or all of the Pledged Stock pursuant
to Section 5.4, and if in the opinion of the Collateral Agent it is necessary or
advisable to have the Pledged Stock, or that portion thereof to be sold,
registered under the provisions of the Securities Act, the relevant Grantor will
cause the Issuer thereof to (i) execute and deliver, and cause the directors and
officers of such Issuer to execute and deliver, all such instruments and
documents, and do or cause to be done all such other acts as may be, in the
opinion of the Collateral Agent, necessary or advisable to register the Pledged
Stock, or that portion thereof to be sold, under the provisions of the
Securities Act, (ii) use its best efforts to cause the registration statement
relating thereto to become effective and to remain effective for a period of one
year from the date of the first public offering of the Pledged Stock, or that
portion thereof to be sold, and (iii) make all amendments thereto and/or to the
related prospectus which, in the opinion of the Collateral Agent, are necessary
or advisable, all in conformity with the requirements of the Securities Act and
the rules and regulations of the Securities and Exchange Commission applicable
thereto. Each Grantor agrees to cause such Issuer to comply with the provisions
of the securities or "Blue Sky" laws of any and all jurisdictions which the
Collateral Agent shall designate and to make available to its security holders,
as soon as practicable, an earnings statement (which need not be audited) which
will satisfy the provisions of Section 11(a) of the Securities Act.

          (b) Each Grantor recognizes that the Collateral Agent may be unable to
effect a public sale of any or all the Pledged Stock, by reason of certain
prohibitions contained in the Securities Act and applicable state securities
laws or otherwise, and may be compelled to resort to one or more private sales
thereof to a restricted group of purchasers which will be obliged to agree,
among other things, to acquire such securities for their own account for
investment and not with a view to the distribution or resale thereof. Each
Grantor acknowledges and agrees that any such private sale may result in prices
and other terms less favorable than if such sale were a public sale and,
notwithstanding such circumstances, agrees that any such private sale shall be
deemed to have been made in a commercially reasonable manner. The Collateral
Agent shall be under no obligation to delay a sale of any of the Pledged Stock
for the period of time necessary to permit the Issuer thereof to register such
securities for public sale under the Securities Act, or under applicable state
securities laws, even if such Issuer would agree to do so.

          (c) Each Grantor agrees to use its best efforts to do or cause to be
done all such other acts as may be necessary to make such sale or sales of all
or any portion of the Pledged Stock pursuant to this Section 5.5 valid and
binding and in compliance with any and all other applicable laws, rules or
regulations. Each Grantor further agrees that a breach of any of the covenants
contained in this Section 5.5 will cause irreparable injury to the Collateral
Agent and the other Secured Parties, that the Collateral Agent and the other
Secured Parties have no adequate remedy at law in respect of such breach and, as
a consequence, that each and every covenant contained in this Section 5.5 shall
be specifically enforceable against such Grantor, and such Grantor hereby waives
and agrees not to assert any defenses against an action for specific performance
of such covenants. In exercising its rights hereunder, the Collateral Agent will

                                       11
<PAGE>

make a good faith effort to share access to the books and records that
constitute Collateral with the applicable Grantor to the extent necessary to
enable the Grantor to continue to conduct its business.

          SECTION 5.6 Waiver; Deficiency. Each Grantor shall remain liable for
any deficiency if the proceeds of any sale or other disposition of the
Collateral are insufficient to pay the Secured Obligations and the fees and
disbursements of any attorneys employed by the Collateral Agent or any other
Secured Party to collect such deficiency.

                                   SECTION 6.
                              THE COLLATERAL AGENT

          SECTION 6.1 Collateral Agent's Appointment as Attorney-in-Fact, etc.
(a) Each Grantor hereby irrevocably constitutes and appoints the Collateral
Agent and any officer or agent thereof, with full power of substitution, as its
true and lawful attorney-in-fact with full irrevocable power and authority in
the place and stead of such Grantor and in the name of such Grantor or in its
own name, for the purpose of carrying out the terms of this Agreement, to take
any and all appropriate action and to execute any and all documents and
instruments which may be necessary or desirable to accomplish the purposes of
this Agreement, and, without limiting the generality of the foregoing, each
Grantor hereby gives the Collateral Agent the power and right, on behalf of such
Grantor, without notice to or assent by such Grantor, to do any or all of the
following:

          (i)  in the name of such Grantor or its own name, or otherwise, take
               possession of and indorse and collect any checks, drafts, notes,
               acceptances or other instruments for the payment of moneys due
               with respect to any Collateral and file any claim or take any
               other action or proceeding in any court of law or equity or
               otherwise deemed appropriate by the Collateral Agent for the
               purpose of collecting any and all such moneys due with respect to
               any Collateral whenever payable;

          (ii) pay or discharge taxes and Liens levied or placed on or
               threatened against the Collateral, effect any repairs or any
               insurance called for by the terms of this Agreement and pay all
               or any part of the premiums therefor and the costs thereof;

         (iii) execute, in connection with any sale provided for in Section 5.4
               or 5.5, any indorsements, assignments or other instruments of
               conveyance or transfer with respect to the Collateral; and

          (iv) (1) direct any party liable for any payment under any of the
               Collateral to make payment of any and all moneys due or to become
               due thereunder directly to the Collateral Agent or as the
               Collateral Agent shall direct; (2) ask or demand for, collect,
               and receive payment of and receipt for, any and all moneys,
               claims and other amounts due or to become due at any time in
               respect of or arising out of any Collateral; (3) commence and
               prosecute any suits, actions or proceedings at law or in equity
               in any court of competent jurisdiction to collect the Collateral

                                       12
<PAGE>

               or any portion thereof and to enforce any other right in respect
               of any Collateral; (4) defend any suit, action or proceeding
               brought against such Grantor with respect to any Collateral; (5)
               settle, compromise or adjust any such suit, action or proceeding
               and, in connection therewith, give such discharges or releases as
               the Collateral Agent may deem appropriate; and (6) generally,
               sell, transfer, pledge and make any agreement with respect to or
               otherwise deal with any of the Collateral as fully and completely
               as though the Collateral Agent were the absolute owner thereof
               for all purposes, and do, at the Collateral Agent's option and
               such Grantor's expense, at any time, or from time to time, all
               acts and things which the Collateral Agent deems necessary to
               protect, preserve or realize upon the Collateral and the
               Collateral Agent's and the other Secured Parties' security
               interests therein and to effect the intent of this Agreement, all
               as fully and effectively as such Grantor might do.

          Anything in this Section 6.1(a) to the contrary notwithstanding, the
Collateral Agent agrees that it will not exercise any rights under the power of
attorney provided for in this Section 6.1(a) unless an Event of Default shall
have occurred and be continuing.

          (b) If any Grantor fails to perform or comply with any of its
agreements contained herein, the Collateral Agent, at its option, but without
any obligation so to do, may perform or comply, or otherwise cause performance
or compliance, with such agreement.

          (c) The expenses of the Collateral Agent incurred in connection with
actions undertaken as provided in this Section 6.1, together with interest
thereon at a rate per annum equal to the rate per annum at which interest would
then be payable on past due Base Rate Loans under the Credit Agreement, from the
date of payment by the Collateral Agent to the date reimbursed by the relevant
Grantor, shall be payable by such Grantor to the Collateral Agent on demand.

          (d) Each Grantor hereby ratifies all that said attorneys shall
lawfully do or cause to be done by virtue hereof. All powers, authorizations and
agencies contained in this Agreement are coupled with an interest and are
irrevocable until this Agreement is terminated and the security interests
created hereby are released.

          SECTION 6.2 Duty of Collateral Agent. The Collateral Agent's sole duty
with respect to the custody, safekeeping and physical preservation of the
Collateral in its possession, under Section 9-207 of the New York UCC or
otherwise, shall be to deal with it in the same manner as the Collateral Agent
deals with similar property for its own account. Neither the Collateral Agent,
any other Secured Party nor any of their respective officers, directors,
employees or agents shall be liable for failure to demand, collect or realize
upon any of the Collateral or for any delay in doing so or shall be under any
obligation to sell or otherwise dispose of any Collateral upon the request of
any Grantor or any other Person or to take any other action whatsoever with
regard to the Collateral or any part thereof. The powers conferred on the
Collateral Agent and the other Secured Parties hereunder are solely to protect
the Collateral Agent's and the other Secured Parties' interests in the
Collateral and shall not impose any duty upon the Collateral Agent or any other
Secured Party to exercise any such powers. The Collateral Agent and the other
Secured Parties shall be accountable only for amounts that they actually receive

                                       13
<PAGE>

as a result of the exercise of such powers, and neither they nor any of their
officers, directors, employees or agents shall be responsible to any Grantor for
any act or failure to act hereunder, except for their own gross negligence or
willful misconduct. The Collateral Agent will act in good faith towards each of
the Holder Representatives in carrying out its duties and responsibilities under
this Agreement and any Shared Collateral Security Document, including executing
and delivering any documents reasonably requested to be so executed and
delivered pursuant to either Indenture.

          SECTION 6.3 Execution of Financing Statements. Pursuant to Section
9-402 of the New York UCC and any other applicable law, each Grantor authorizes
the Collateral Agent to file or record financing statements and other filing or
recording documents or instruments with respect to the Collateral without the
signature of such Grantor in such form and in such offices as the Collateral
Agent determines appropriate to perfect the security interests of the Collateral
Agent under this Agreement. A photographic or other reproduction of this
Agreement shall be sufficient as a financing statement or other filing or
recording document or instrument for filing or recording in any jurisdiction.

          SECTION 6.4 Authority of Collateral Agent. Each Grantor and each
Secured Party by accepting the benefits of this Agreement acknowledges that the
rights and responsibilities of the Collateral Agent under this Agreement with
respect to any action taken by the Collateral Agent or the exercise or
non-exercise by the Collateral Agent of any option, voting right, request,
judgment or other right or remedy provided for herein or resulting or arising
out of this Agreement shall, as between the Collateral Agent and the other
Secured Parties, be governed by the Credit Agreement, the Collateral Sharing
Agreement and such other agreements with respect thereto as may exist from time
to time among them, but, as between the Collateral Agent and the Grantors, the
Collateral Agent shall be conclusively presumed to be acting as agent for the
Secured Parties with full and valid authority so to act or refrain from acting,
and no Grantor or Secured Party shall be under any obligation, or entitlement,
to make any inquiry respecting such authority.

                                   SECTION 7.
                                  MISCELLANEOUS

          SECTION 7.1 Amendments. None of the terms or provisions of this
Agreement may be waived, amended, supplemented or otherwise modified except in
accordance with Section 6.3 of the Collateral Sharing Agreement.

          SECTION 7.2 Notices. All notices, requests and demands to or upon the
Collateral Agent or any Grantor hereunder shall be effected in the manner
provided for in Section 6.1 of the Collateral Sharing Agreement; provided that
any such notice, request or demand to or upon any Grantor shall be addressed to
such Grantor at its notice address set forth on Schedule 1 and that any such
notice, request or demand to or upon the Collateral Agent shall be addressed to
the Collateral Agent at its notice address set forth in the Collateral Sharing
Agreement.

          SECTION 7.3 No Waiver by Course of Conduct; Cumulative Remedies.
Neither the Collateral Agent nor any other Secured Party shall by any act

                                       14
<PAGE>

(except by a written instrument pursuant to Section 7.1), delay, indulgence,
omission or otherwise be deemed to have waived any right or remedy hereunder or
to have acquiesced in any Default or Event of Default. No failure to exercise,
nor any delay in exercising, on the part of the Collateral Agent or any other
Secured Party, any right, power or privilege hereunder shall operate as a waiver
thereof. No single or partial exercise of any right, power or privilege
hereunder shall preclude any other or further exercise thereof or the exercise
of any other right, power or privilege. A waiver by the Collateral Agent or any
other Secured Party of any right or remedy hereunder on any one occasion shall
not be construed as a bar to any right or remedy which the Collateral Agent or
such Secured Party would otherwise have on any future occasion. The rights and
remedies herein provided are cumulative, may be exercised singly or concurrently
and are not exclusive of any other rights or remedies provided by law.

          SECTION 7.4 Enforcement Expenses; Indemnification. (a) Each Grantor
agrees to pay or reimburse the Collateral Agent for all its costs and expenses
incurred in enforcing or preserving any rights under this Agreement and the
other Loan Documents to which such Grantor is a party, including, without
limitation, the fees and disbursements of counsel (including the allocated fees
and expenses of in-house counsel) to the Collateral Agent.

          (b) Each Grantor agrees to pay, and to save the Collateral Agent and
the other Secured Parties harmless from, any and all liabilities with respect
to, or resulting from any delay in paying, any and all stamp, excise, sales or
other taxes which may be payable or determined to be payable with respect to any
of the Collateral or in connection with any of the transactions contemplated by
this Agreement.

          (c) Each Grantor agrees to pay, and to save the Collateral Agent and
the other Secured Parties harmless from, any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind or nature whatsoever with respect to the execution,
delivery, enforcement, performance and administration of this Agreement to the
extent provided in Sections 7.1 and 7.2 of the Guaranty.

          (d) The agreements in this Section 7.4 shall survive repayment of the
Secured Obligations and all other amounts payable under the Credit Agreement and
the other Loan Documents.

          SECTION 7.5 Successors and Assigns. This Agreement shall be binding
upon the successors and assigns of each Grantor and shall inure to the benefit
of the Collateral Agent and the other Secured Parties and their successors and
assigns; provided that no Grantor may assign, transfer or delegate any of its
rights or obligations under this Agreement without the prior written consent of
the Collateral Agent.

          SECTION 7.6 Counterparts. This Agreement may be executed by one or
more of the parties to this Agreement on any number of separate counterparts
(including by telecopy), and all of said counterparts taken together shall be
deemed to constitute one and the same instrument.

          SECTION 7.7 Severability. Any provision of this Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,

                                       15
<PAGE>

be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

          SECTION 7.8 Section Headings. The Section headings used in this
Agreement are for convenience of reference only and are not to affect the
construction hereof or be taken into consideration in the interpretation hereof.

          SECTION 7.9 Integration. This Agreement and the other Loan Documents
represent the agreement of the Grantors, the Collateral Agent and the other
Secured Parties with respect to the subject matter hereof and thereof, and there
are no promises, undertakings, representations or warranties by the Collateral
Agent or any other Secured Party relative to subject matter hereof and thereof
not expressly set forth or referred to herein or in the other Loan Documents.

          SECTION 7.10 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

          SECTION 7.11 Acknowledgments. Each Grantor hereby acknowledges that:

          (a) it has been advised by counsel in the negotiation, execution and
delivery of this Agreement and the other Loan Documents to which it is party;

          (b) neither the Collateral Agent nor any other Secured Party has any
fiduciary relationship with or duty to any Grantor arising out of or in
connection with this Agreement or any of the other Loan Documents, and the
relationship between the Grantors, on the one hand, and the Collateral Agent and
the other Secured Parties, on the other hand, in connection herewith or
therewith is solely that of debtor and creditor; and

          (c) no joint venture is created hereby or by the other Loan Documents
or otherwise exists by virtue of the transactions contemplated hereby or thereby
among the Secured Parties or among the Grantors and the Secured Parties.

          SECTION 7.12 Releases. (a) At such time as (i) Conseco has delivered
to the Collateral Agent a written request to do so and a Grantor or a designee
shall have paid or purchased all of the Loans and all Liabilities owed to the
Lenders (excluding a Grantor or its designee) have been paid or purchased in
full in cash or (ii) the Grantor Obligations and any fees and other amounts owed
to the Collateral Agent shall have been paid in full in cash (so long as at such
time (A) the payment of any of the other Secured Obligations has not been
accelerated and (B) a payment default in respect of the principal or interest of
such Secured Obligations shall not have occurred and be continuing), and the
Administrative Agent on behalf of the Lenders has so instructed the Collateral
Agent in writing, the Collateral shall be released from the Liens created
hereby, and this Agreement and all obligations (other than those expressly
stated to survive such termination) of the Collateral Agent and each Grantor
hereunder shall terminate, all without delivery of any instrument or performance
of any act by any party, and all rights to the Collateral shall revert to the
Grantors. At the request and sole expense of any Grantor following any such
termination, the Collateral Agent shall deliver to such Grantor any Collateral

                                       16
<PAGE>

held by the Collateral Agent hereunder, and execute and deliver to such Grantor
such documents as such Grantor shall reasonably request to evidence such
termination. In addition, the Collateral Agent shall release the Collateral upon
directions from the Administrative Agent as provided in Section 6.9 of the
Collateral Sharing Agreement.

          (b) If the CCM Stock shall be sold, transferred or otherwise disposed
of by any Grantor in a transaction permitted hereby, then the Collateral Agent,
at the request and sole expense of such Grantor, shall execute and deliver to
such Grantor all releases or other documents reasonably necessary or desirable
for the release of the Liens created hereby on such Collateral.

          (c) The Collateral Agent will, at any time, upon the written
instruction of the Administrative Agent, at the sole expense of the relevant
Grantor, execute and deliver to the relevant Grantor all releases or other
documents reasonably necessary or desirable for the release of the Liens created
hereby on the Collateral specified by the Administrative Agent in such
instruction.

          (d) By acceptance of the benefits hereof, each Secured Party
acknowledges and consents to the provisions of this Section 7.12, agrees that
the Collateral Agent shall incur no liability whatsoever to any Secured Party
for any release effected by the Collateral Agent in accordance with this Section
7.12 and agrees that the Administrative Agent shall incur no liability
whatsoever to any Secured Party for any release directed or consented to by it,
other than as otherwise expressly agreed to in writing.

                                       17

<PAGE>

          IN WITNESS WHEREOF, each of the undersigned has caused this Amended
and Restated Collateral Agreement to be duly executed and delivered as of the
date first above written.

                                      CONSECO, INC.

                                      By:  /s/James S. Adams
                                          --------------------------------------
                                      Name:   James S. Adams
                                      Title:  Senior Vice President, Chief
                                              Accounting Officer and Treasurer

STATE OF INDIANA           )
                           ) ss:
COUNTY OF HAMILTON         )

          On the 20th day of March in the year 2002, before me, the undersigned,
personally appeared James S. Adams, personally known to me or proved to me on
the basis of satisfactory evidence to be the individual whose name is subscribed
to the within instrument and acknowledged to me that he/she executed the same in
his/her capacity, and that by his/her signature on the instrument, the
individual, or the person upon behalf of which the individual acted, executed
the instrument.

                                      /s/Marilyn Mortensen
                                      ------------------------------------
                                      Notary Public
My Commission Expires:

MARILYN MORTENSEN, NOTARY PUBLIC
RESIDENT OF:  HAMILTON COUNTY
MY COMMISSION EXPIRES 10/29/09

<PAGE>

                                   CIHC, INCORPORATED

                                   By:  /s/William T. Devanney, Jr.
                                       -------------------------------------
                                   Name:  William T. Devanney, Jr.
                                   Title: Senior Vice President, Corporate Taxes

STATE OF INDIANA           )
                           ) ss:
COUNTY OF HAMILTON         )

          On the 20th day of March in the year 2002, before me, the undersigned,
personally appeared William T. Devanney, personally known to me or proved to me
on the basis of satisfactory evidence to be the individual whose name is
subscribed to the within instrument and acknowledged to me that he/she executed
the same in his/her capacity, and that by his/her signature on the instrument,
the individual, or the person upon behalf of which the individual acted,
executed the instrument.

                                       /s/Marilyn Mortensen
                                       ----------------------------------
                                       Notary Public
My Commission Expires:

MARILYN MORTENSEN, NOTARY PUBLIC
RESIDENT OF:  HAMILTON COUNTY
MY COMMISSION EXPIRES 10/29/09

<PAGE>

                                                                      Schedule 1
                          NOTICE ADDRESSES OF GRANTORS

Conseco, Inc.
11825 North Pennsylvania Street
Carmel, Indiana  46032

CIHC, Incorporated
1201 Orange Street
Wilmington, Delaware  19801

<PAGE>

                                                                      Schedule 2
DESCRIPTION OF INVESTMENT PROPERTY

Pledged Stock:
<TABLE>
<CAPTION>
                                                                       Stock                          Percent of
                                                                       Certificate     Number of      Outstanding
Issuer                         Holder             Class of Stock       Number          Shares         Shares
------                         ------             --------------       -----------     ---------      -----------
<S>                            <C>                <C>                     <C>            <C>              <C>

CIHC, Incorporated             Conseco, Inc.      Common                    2              1,000           99.9%

                                                  1994 Series             002             963.61             .9%
                                                  Preferred               007            125.269             .1%

                                                  $2.32 Redeemable        P-2            940,000             78%
                                                  Cumulative
                                                  Preferred

Conseco Finance                CIHC,              Common                  005                1.5            1.5%
Corp                           Incorporated                               006              101.5           98.5%

Conseco Capital                Conseco, Inc.      Common                    2                100            100%
Management, Inc.

Conseco Finance Corp.          Conseco, Inc.      9%                        1A               750            100%
                                                  Redeemable
                                                  Cumulative
                                                  Preferred
                                                  (Stated Value -
                                                  $1,000,000 per
                                                  share)
</TABLE>

<PAGE>

Pledged Obligations:
<TABLE>
<CAPTION>

                                                     Stated Principal      Approximate
                                                     Amount of             Amount
Payor                            Payee               Note                  Outstanding          Date of Note
------------------------         -------------       ----------------      --------------       -------------
<S>                              <C>                 <C>                   <C>                  <C>

CIHC, Incorporated (as           Conseco, Inc.         $400,000,000        $365,000,000          Nov. 27, 1996
successor to Bankers Life
Holding Corporation)

CIHC, Incorporated (as           Conseco, Inc.          $79,798,865.71      $79,798,865.71       Jan. 1, 1998
successor to American Life
Holding Company)

CIHC, Incorporated (as           Conseco, Inc.          $36,000,000         $36,000,000          May 26, 2000
successor to American Life
Holding Company)

CIHC, Incorporated               Conseco, Inc.       $4,000,000,000        $260,887,947          May 26, 2000

Conseco Finance Corp.            CIHC,               $1,460,799,080        $249,533,411          Sep. 22, 2000
                                 Incorporated.

</TABLE>

<PAGE>

                                                                      Schedule 3
                            FILINGS AND OTHER ACTIONS
                     REQUIRED TO PERFECT SECURITY INTERESTS

          Actions with respect to Pledged Stock and Pledged Obligations

          By (i) delivery of any certificates in respect of the Pledged Stock
and Pledged Obligations together with undated stock powers, in respect of the
Pledged Stock, and, note powers, in respect of the Pledged Obligations, in each
case, undated and executed in blank and (ii) possession by the Administrative
Agent of the same.

UCC filings:

Conseco, Inc.
Secretary of State, Indiana

CIHC, Incorporated
Secretary of State, Delaware

<PAGE>

                           ACKNOWLEDGMENT AND CONSENT

          The undersigned hereby acknowledges receipt of a copy of the Amended
and Restated Collateral Agreement dated as of March [__], 2002 (the
"Agreement"), made by the Grantors parties thereto for the benefit of JPMorgan
Chase Bank, as Collateral Agent. The undersigned agrees for the benefit of the
Collateral Agent and the other Secured Parties as follows:

          (a) The undersigned will be bound by the terms of the Agreement and
will comply with such terms insofar as such terms are applicable to the
undersigned.

          (b) The undersigned will notify the Collateral Agent promptly in
writing of the occurrence of any of the events described in Section 4.4(a) of
the Agreement.

          (c) The terms of Section 5.1(c) and 5.5 of the Agreement shall apply
to it, mutatis mutandis, with respect to all actions that may be required of it
pursuant to Section 5.1(c) or 5.5 of the Agreement.

                                        [NAME OF ISSUER]

                                        By:_________________________________
                                           Name:

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