Document:

<PAGE>

                                                                    Exhibit 10.3
                          SECOND AMENDMENT TO SECOND
                      AMENDED AND RESTATED LOAN AGREEMENT
                      -----------------------------------

                                 (And Waiver)

     THIS DOCUMENT is entered into as of June 30, 2000 (the "Effective Date"),
between MATRIX FINANCIAL SERVICES CORPORATION, an Arizona corporation
("Borrower"), those Lenders signing on the signature page below, and BANK ONE,
TEXAS, N.A., as Administrative Agent for Lenders (in that capacity
"Administrative Agent").

     Borrower, Lenders, and Administrative Agent have entered into the Second
Amended and Restated Loan Agreement (as renewed, extended, amended, or restated,
the "Loan Agreement") dated as of July 30, 1999, providing for loans to
Borrower.  Borrower has requested and, upon the following terms and conditions,
Administrative Agent and Lenders have agreed, to certain amendments described in
Paragraph 2 below and certain waivers described in Paragraph 3 below.

     Accordingly, for adequate and sufficient consideration, Borrower, Lenders,
and Administrative Agent agree as follows:

     1.   TERMS AND REFERENCES.  Unless otherwise stated in this document (A)
          --------------------
terms defined in the Loan Agreement have the same meanings when used in this
document and (B) all references to "Sections," "Schedules," and "Exhibits" are
to the Loan Agreement's sections, schedules, and exhibits.

     2.   AMENDMENTS.
          ----------

     (A)  The following definition in Section 1.1 is amended in its entirety as
follows:

               Warehouse-Stated-Termination Date means September 30, 2000.

     (B)  Section 4.1 is entirely amended as follows:

               4.1  Eligible Collateral.  The eligibility requirements for
          Collateral to be included in the Borrowing Base are listed on Schedule
          4.1.  If at any time any item of Collateral ceases to meet those
          requirements, then that item is automatically excluded from all
          calculations of the applicable Borrowing Base; provided that,
          Administrative Agent, in its sole discretion, may grant temporary
          waivers of strict compliance with (a) the Wet Period, provided that in
          no event may the Wet Period ever exceed 12 calendar days, (b) the
          Shipping Period, provided that in no event may the Shipping Period
          ever exceed 50 calendar days; and (c) the Correction Period, provided
          that in no event may the Correction Period ever exceed 20 calendar
          days; in each case only to the extent that the aggregate fair market
          value of the Collateral associated with the deviation from strict
          compliance with the requirements of Eligible Mortgage Collateral does
          not exceed $500,000.

     (C)  Section 9.6(b) is entirely amended as follows:

               (b) the Servicing Portfolio may never be less than
          $2,700,000,000.

     (D)  Section 11.6 is amended to add the following provision as the last
sentence:

                                                               Second Amendment
                                                               ----------------
<PAGE>

          Administrative Agent may from time to time, in its sole discretion,
          appoint a successor or Affiliate to act as custodial agent, collateral
          agent, bailee, or agent under this Agreement for and on behalf of
          Administrative Agent.

     (E)  Amended Exhibit D-6(C)(9)(d) is amended to reflect the minimum
Servicing Portfolio in the form of the attached Second Amended Exhibit D-6 and
all references to Amended Exhibit D-6 shall be amended to include a reference to
the Second Amended Exhibit D-6.

     3.   WAIVER.  Upon Borrower's request, Lenders waive any Potential Default
          ------
or Default that may exist solely as a result of:

     (A)  The Companies' failure to maintain the minimum Net Worth for the month
ending February 29, 2000, as required by Section 9.1(a); and

     (B)  Borrower's failure to maintain a Servicing Portfolio of at least
$3,000,000,000 for the period from March 31, 2000, through the Effective Date,
as required by Section 9.6.

Except as expressly stated, this paragraph is not a waiver of existing or future
Potential Defaults or Defaults or a waiver of Administrative Agent's or any
Lender's Rights to insist upon compliance by all other relevant parties with
each Loan Document.

     4.   CONDITIONS PRECEDENT.  Notwithstanding any contrary provision, the
          --------------------
foregoing paragraphs in this document are not effective unless and until (A) the
representations and warranties in this document are true and correct and (B)
Administrative Agent receives counterparts of this document executed by
Borrower, Guarantor, and Lenders.

     5.   RATIFICATIONS.  To induce Administrative Agent and Lenders to enter
          -------------
into this document, Borrower (A) ratifies and confirms all provisions of the
Loan Documents as amended by this document, (B) ratifies and confirms that all
guaranties, assurances, and Liens granted, conveyed, or assigned to
Administrative Agent and Lenders under the Loan Documents (as they may have been
renewed, extended, and amended) are not released, reduced, or otherwise
adversely affected by this document and continue to guarantee, assure, and
secure full payment and performance of the present and future Obligation, and
(C) agrees to perform those acts and duly authorize, execute, acknowledge,
deliver, file, and record those additional documents, and certificates as
Administrative Agent or any Lender may request in order to create, perfect,
preserve, and protect those guaranties, assurances, and Liens.

     6.   REPRESENTATIONS.  To induce Administrative Agent and Lenders to enter
          ---------------
into this document, Borrower represents and warrants to Administrative Agent and
Lenders that as of the date of this document (A) Borrower has all requisite
authority and power to execute, deliver, and perform its obligations under this
document, which execution, delivery, and performance have been duly authorized
by all necessary corporate action, require no action by or filing with any
Tribunal, do not violate its corporate charter or bylaws, or (except where not a
Material-Adverse Event) violate any Law applicable to it or any material
agreement to which it or its assets are bound, (B) upon execution and delivery
by all parties to it, this document will constitute Borrower's legal and binding
obligation, enforceable against it in accordance with their respective terms
except as that enforceability may be limited by Debtor Laws and general
principles of equity, (C) all other representations and warranties in the Loan
Documents are true and correct in all material respects except to the extent
that (1) any of them speak to a different specific date or (2) the facts on
which any of them were based have been changed by transactions contemplated or
permitted by the Loan Agreement, and (D) no Material-Adverse Event, Default, or
Potential Default exists.

                                       2                       Second Amendment
                                                               ----------------
<PAGE>

     7.   EXPENSES.  Borrower shall pay all costs, fees, and expenses paid or
          --------
incurred by Administrative Agent incident to this document, including, without
limitation, the reasonable fees and expenses of Administrative Agent's special
counsel in connection with the negotiation, preparation, delivery, and execution
of this document and any related documents.

     8.   MISCELLANEOUS.  All references in the Loan Documents to the "Loan
          -------------
Agreement" refer to the Loan Agreement as amended by this document. This
document is a "Loan Document" referred to in the Loan Agreement; therefore, the
provisions relating to Loan Documents in Sections 1 and 12 are incorporated in
this document by reference. Except as specifically amended and modified in this
document, the Loan Agreement is unchanged and continues in full force and
effect. This document may be executed in any number of counterparts with the
same effect as if all signatories had signed the same document. All counterparts
must be construed together to constitute one and the same instrument. This
document binds and inures to each of the undersigned and their respective
successors and permitted assigns, subject to Section 12.12. THIS DOCUMENT AND
THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND
MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT
ORAL AGREEMENTS BY THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN
THE PARTIES.

                    Remainder of page intentionally blank.
                            Signature page follows.

                                       3                       Second Amendment
                                                               ----------------
<PAGE>

     EXECUTED as of the date first stated in this Second Amendment to Second
Amended and Restated Loan Agreement.

MATRIX FINANCIAL SERVICES              BANK ONE, TEXAS, N.A., as Administrative
CORPORATION, as Borrower               Agent, as a Lender, and as Bank One

By        /s/ George R. Bender         By        /s/ Joey T. Orr
    -------------------------------        -----------------------------------
    George R. Bender, President            Joey T. Orr, Vice President

U.S. BANK NATIONAL ASSOCIATION,        RESIDENTIAL FUNDING CORPORATION,
formerly Colorado National Bank,       as a Lender
as a Lender

By        /s/ Charles Ezell            By        /s/ Mitchell K. Nomura
    -------------------------------        -----------------------------------
    Charles Ezell, Vice President          Mitchell K. Nomura, Director

                                                     Second Amended Exhibit D-6
                                                     --------------------------
<PAGE>

                             CONSENT AND AGREEMENT
                             ---------------------

     To induce Administrative Agent and Lenders to enter into this document, the
undersigned (a) consents and agrees to this document's execution and delivery,
(b) ratifies and confirms that all guaranties, assurances, Liens, and
subordinations granted, conveyed, or assigned to Administrative Agent and
Lenders under the Loan Documents (as they may have been renewed, extended, and
amended) are not released, diminished, impaired, reduced, or otherwise adversely
affected by this document and continue to guarantee, assure, secure, and
subordinate other debt to the full payment and performance of all present and
future Obligation, (c) agrees to perform those acts and duly authorize, execute,
acknowledge, deliver, file, and record those additional guaranties, assignments,
security agreements, deeds of trust, mortgages, and other agreements, documents,
instruments, and certificates as Administrative Agent or any Lender may
reasonably deem necessary or appropriate in order to create, perfect, preserve,
and protect those guaranties, assurances, Liens, and subordinations, (d)
represents and warrants to Administrative Agent and Lenders that (i) the value
of the consideration received and to be received by the undersigned in respect
of those guaranties, assurances, Liens, and subordinations are reasonably worth
at least as much as the related liability and obligation, (ii) that liability
and obligation may reasonably be expected to directly or indirectly benefit the
undersigned, and (iii) the undersigned is -- and after giving effect to those
guaranties, assurances, Liens, subordinations, and the Loan Documents, in light
of all existing facts and circumstances (including, without limitation,
collateral for and other obligors in respect of the Obligation and various
components of it and various rights of subrogation and contribution), the
undersigned will be -- Solvent, and (e) waives notice of acceptance of this
consent and agreement, which consent and agreement binds the undersigned and its
successors and permitted assigns and inures to Administrative Agent, each
Lender, and their successors and permitted assigns.

                                            MATRIX BANCORP, INC., as Guarantor

                                            By        /s/ Guy A. Gibson
                                                -------------------------------
                                                Guy A. Gibson, President

                                                      Second Amended Exhibit D-6
                                                      --------------------------

                                       2<PAGE>

                                                                    Exhibit 10.4
<TABLE>
<CAPTION>
LOAN NO.  LOAN NAME         ACCOUNT NO. NOTE DATE  RATE         NOTE AMOUNT  MATURITY   INITIALS
<S>       <C>               <C>                    <C>          <C>          <C>        <C>
          THOMAS M. PIERCY               04/19/00  PRIME + 1.5  $100,000.00  DEMAND or      TDW
                                                      9% + 1.5               04/19/02
</TABLE>
                          (For Bank Purposes Only-AC)

                                PROMISSORY NOTE
                             MATRIX BANCORP, INC.

1.   DATE AND PARTIES.   The date of this Promissory Note (Note) is April 19,
     2000.  This Note evidences a loan which includes all extensions, renewals,
     modifications and substitutions (Loan). The parties to this Note and Loan
     are:

        BORROWER:
             THOMAS M. PIERCY
               450 SOUTH FRANKLIN
               DENVER, COLORADO 80209
               Social Security # ###-##-####

        BANK:
             MATRIX BANCORP, INC.
               a COLORADO corporation
               1380 LAWRENCE STREET, SUITE 1400 DENVER, COLORADO 80204
               Tax I.D. # 84-1233716

2.   NAMES.   The term "Bank" shall include any person or firm that holds this
     Note. The pronouns "you, your" refer to Borrower, individually and
     together, and "we, us, our" refer to Bank.

3.   PROMISE TO PAY.   For value received, you promise to pay to our order at
     our office at the above address, or such other place as we may designate,
     the sum of $100,000.00 (Principal) plus interest from April 19, 2000, on
     the unpaid principal balance at an annual rate of 1.5 percentage points
     above the Special Prime Rate (which rate is hereafter defined) until this
     Note matures or the obligation is accelerated. The Special Prime Rate is
     defined as WALL STREET JOUNAL PRIME RATE and is quoted by the Wall Street
     Journal, as adjusted and announced or published from time to time. The
     Special Prime Rate, plus 1.5 percentage points, may also be referred to
     hereafter as the "Contract Rate."

     The Contract Rate is the sum of the Special Prime Rate (9%) plus 1.5
     percentage points. The effective Contract Rate today is 10.5%. The Special
     Prime Rate today is not necessarily the lowest rate at which we lend our
     funds. The Special Prime Rate is only an index rate from which interest
     rates actually charged to customers may be measured. The use of the Special
     Prime Rate is for convenience only and does not constitute a commitment by
     us to lend money at a preferred rate of interest. The Special Prime Rate is
     a benchmark for pricing certain types of loans. Depending on the
     circumstances, such as the amount and term of the loan, the
     creditworthiness of the borrower or any guarantor, the presence and nature
     of collateral and other relationships between a borrower and we, loans may
     be priced at, above or below the Special Prime Rate.

     All adjustments to the Contract Rate will be made on each day that the
     Special Prime Rate changes. Any increase to the Special Prime Rate may be
     carried over to a subsequent adjustment date without resulting in a waiver
     or forfeiture of such adjustment, provided an adjustment to the Contract
     Rate is made within one year from the date of such increase. Any change in
     the Contract Rate will take the form of different payment amounts. After
     maturity or acceleration, the unpaid balance shall continue to bear
     interest at the Contract Rate until this Note is paid in full. The Loan and
     this Note are limited to the maximum lawful amount of interest (Maximum
     Lawful Interest) permitted under federal and state laws. If the interest
     accrued and collected exceeds the Maximum Lawful Interest as of the time of
     collection, such excess shall be applied to reduce the principal amount
     outstanding, unless otherwise required by law. If or when no principal
     amount is outstanding, any excess interest shall be refunded to you
     according to the actuarial method. Unless otherwise required by law, all
     fees and charges, accrued, assessed or collected shall be amortized and
     prorated over the full term of the Loan for purposes of determining the
     Maximum Lawful Interest. Interest shall be computed on the basis of the
     actual calendar year and the actual number of days elapsed.

     All unpaid principal and accrued interest are due and payable upon demand.
     Until demand is made, accrued interest is due and payable in 7 quarterly
     payments on the 19th day of each third month, beginning July 19, 2000, or
     the day following if the payment day is a holiday or is a non-business day
     for Bank. Unless paid prior to maturity or demand is made, the last
     scheduled payment plus all unpaid principal, accrued interest, costs and
     expenses are due and payable on April 19, 2002, which is the date of
     maturity. If the Contract Rate changes, any remaining payments may be a
     different amount. All amounts shall be paid in legal U.S. currency. Any
     payment made with a check will constitute payment only when collected.

4.   EFFECT OF PREPAYMENT.   You may prepay this Loan in full, subject to any
     prepayment penalty or minimum charge as agreed to below. However, no
     partial prepayment shall excuse or defer your subsequent payments or
     entitle you to a release of any collateral. Interest will cease to accrue
     on the amounts prepaid on the day actually credited by us.

5.   MINIMUM FINANCE CHARGE.   If you pay this Note in full before the maturity
     date or otherwise, you agree to pay us a minimum finance charge of $35.00
     or the earned finance charge, whichever amount is greater.

6.   LATE CHARGE.   You agree to pay us a late charge equal to 5 % of the unpaid
     installment or $5.00, whichever is greater, but in no event more than
     $150.00, if payment is not made in full on or before 15 days after the
     scheduled due date.

7.   SET-OFF.   You agree that we may exercise our right of set-off to pay any
     or all of the outstanding Principal and accrued interest, costs and
     expenses, attorneys' fees, and advances due and owing on this Note against
     any obligation we may have, now or hereafter, to pay money, securities or
     other property to you. This includes, without limitation:
        A.  any deposit account balance, securities account balance or
            certificate of deposit balance you have with us whether general,
            special, time, savings or checking;
        B.  any money owing to you on an item presented to us or in our
            possession for collection or exchange; and
        C.  any repurchase agreement or any other non-deposit obligation or
            credit in your favor.

     If any such money, securities or other property is also owned by some other
     person who has not agreed to pay this Note (such as another depositor on a
     joint account) our right of set-off will extend to the amount which could
     be withdrawn or paid directly to you on your request, endorsement or
     instruction alone. In addition, where you may obtain payment from us only
     with the endorsement or consent of someone who has not agreed to pay this
     Note, our right of set-off will extend to your interest in the obligation.
     Our right of set-off will not apply to an account or other obligation if it
     clearly appears that your rights in the obligation are solely as a
     fiduciary for another, or to an account, which by its nature and applicable
     law (for example an IRA or other tax-deferred retirement account), must be
     exempt from the claims of creditors. You hereby appoint us as your
     attorney-in-fact and authorize us to redeem or obtain payment on any
     certificate of deposit in which you have an interest in order to exercise
     our right of set-off. Such authorization applies to any certificate of
     deposit even if not matured. You further authorize us to withhold any early
     withdrawal penalty without liability in the event such penalty is
     applicable as a result of our set-off against a certificate of deposit
     prior to its maturity.

     Our right of set-off may be exercised:
        A.  without prior demand or notice;
        B.  without regard to the existence or value of any Collateral securing
            this Note; and
        C.  without regard to the number or creditworthiness of any other
            persons who have agreed to pay this Note.

     We will not be liable for dishonor of a check or other request for payment
     where there are insufficient funds in the account (or other obligation) to
     pay such request because of our exercise of our right of set-off. You agree
     to indemnify and hold us harmless from any person's claims and the costs
     and expenses, including without limitation, attorneys' fees and paralegal
     fees, incurred as a result of such claims or arising as the result of our
     exercise of our right of set-off.

8.   EVENTS OF DEFAULT.   You shall be in default upon the occurrence of any of
     the following events, circumstances or conditions (Events of Default):
        A.  Failure by any party obligated on this Note or any other obligations
            you have with us to make payment when due; or
        B.  A default or breach by you or any co-signer, endorser, surety, or
            guarantor under any of the terms of this Note, any construction loan
            agreement or other loan agreement, any security agreement, mortgage,
            deed to secure debt, deed of trust, trust deed, or any other
            document or instrument evidencing, guarantying, securing or
            otherwise relating to this Note or any other obligations you have
            with us; or
        C.  The making or furnishing of any verbal or written representation,
            statement or warranty to us which is or becomes false or incorrect
            in any material respect by or on behalf of you, or any co-signer,
            endorser, surety or guarantor of this Note or any other obligations
            you have with us; or
        D.  Failure to obtain or maintain the insurance coverages required by
            us, or insurance as is customary and proper for any collateral (as
            herein defined); or
        E.  The death, dissolution or insolvency of, the appointment of a
            receiver by or on behalf of, the assignment for the benefit of
            creditors by or on behalf of, the voluntary or involuntary
            termination of existence by, or the commencement of any proceeding
            under any present or future federal or state insolvency, bankruptcy,
            reorganization, composition or debtor relief law by or against you,
            or any co-signer, endorser, surety or guarantor of this Note or any
            other obligations you have with us; or
        F.  A good faith belief by us at any time that we are insecure with
            respect to you, or any co-signer, endorser, surety or guarantor,
            that the
<PAGE>

            prospect of any payment is impaired or that any collateral (as
            herein defined) is impaired; or
        G.  Failure to pay or provide proof of payment of any tax, assessment,
            rent, insurance premium, escrow or escrow deficiency on or before
            its due date; or
        H.  A transfer of a substantial part of your money or property.

9.   REMEDIES ON DEFAULT.   On or after the occurrence of an Event of Default,
     at our option, all or any part of this Note shall be immediately due and
     payable after we give any notice required by law. When the Event of Default
     is the failure to make a payment required under the Loan within ten days of
     the payment due date, we will, only as required by law, provide you with a
     Notice of Right to Cure. If such notice is required by law, you will have
     20 days after such notice is sent to make the required payment. We may
     exercise all rights and remedies provided by law, equity, this Note, any
     mortgage, deed of trust or similar instrument and any other security, loan,
     guaranty or surety agreements pertaining to this Note and all other
     obligations which you owe us. Bank is entitled to all rights and remedies
     provided at law or equity whether or not expressly stated in this Note. By
     choosing any remedy, Bank does not waive its right to an immediate use of
     any other remedy if the event of default continues or occurs again.

10.  COLLECTION EXPENSES.   On or after an Event of Default, we may recover from
     you all expenses of collection, reasonable expenses in realizing on any
     security interest, and other related fees, charges, and expenses, to the
     extent not prohibited by law. Any such fees and expenses shall be added to
     the Principal of this Note and shall accrue interest at the same rate as
     provided for in this Note.

11.  ATTORNEYS' FEES.   Upon default of this Note and to the extent not
     prohibited by law, we may recover from you reasonable attorneys' fees (not
     exceeding 15 percent of the Loan at default) incurred by us. Any such fees
     and expenses shall be added to the principal amount of this Note, shall
     accrue interest at the same rate as this Note and shall be secured by the
     Collateral you have granted us.

12.  WAIVER AND CONSENT BY YOU AND OTHER SIGNERS.   Regarding this Note, to the
     extent not prohibited by law, you and any other signers:
        A.  waive protest, presentment for payment, demand, notice of
            acceleration, notice of intent to accelerate and notice of dishonor.
        B.  consent to any renewals and extensions for payment on this Note,
            regardless of the number of such renewals or extensions.
        C.  consent to our release of any borrower, endorser, guarantor, surety,
            accommodation maker or any other co-signer.
        D.  consent to the release, substitution or impairment of any
            collateral.
        E.  consent that you are, or any one of you is, authorized to modify the
            terms of this Note or any instrument securing, guarantying or
            relating to this Note.
        F.  consent to our right of set-off as well as any right of set-off of
            any bank participating in the Loan.
        G.  consent to any and all sales, repurchases and participations of this
            Note to any person in any amounts and waive notice of such sales,
            repurchases or participations of this Note.

13.  PAYMENTS APPLIED.   All payments, including but not limited to regular
     payments or prepayments, received by us shall be applied first to costs,
     then to accrued interest and the balance, if any, to Principal unless
     otherwise required by law.

14.  LOAN PURPOSE.   You represent and warrant that you shall only use the
     proceeds of this Note for personal, family or household purposes.

15.  NO CREDIT INSURANCE.   You do not desire, or you understand that you are
     not eligible for, any credit insurance.

16.  FINANCIAL STATEMENTS.   Until this Note is paid in full, you shall furnish
     us, upon our request, your current financial statement, which you certify
     to be true and accurate.

17.  JOINT AND SEVERAL.   You and all other makers, co-signers, sureties and
     guarantors shall be jointly and severally liable under this Note.

18.  GENERAL PROVISIONS.
        A.  TIME IS OF THE ESSENCE.  Time is of the essence in your performance
            of all duties and obligations imposed by this Note.
        B.  NO WAIVER BY US.  Our course of dealing, or our forbearance from, or
            delay in, the exercise of any of our rights, remedies, privileges or
            right to insist upon your strict performance of any provisions
            contained in this Note, or other loan documents, shall not be
            construed as a waiver by us, unless any such waiver is in writing
            and is signed by us.
        C.  AMENDMENT.  The provisions contained in this Note may not be
            amended, except through a written amendment which is signed by you
            and us.
        D.  INTEGRATION CLAUSE.  This written Note and all documents executed
            concurrently herewith, represent the entire understanding between
            the parties as to the Obligations and may not be contradicted by
            evidence of prior, contemporaneous, or subsequent oral agreements of
            the parties.
        E.  FURTHER ASSURANCES.  You agree, upon our request and within the time
            we specify, to provide any information, and to execute, acknowledge,
            deliver and record or file such further instruments or documents as
            we may require to secure this Note or confirm any lien.
        F.  GOVERNING LAW.  This Note shall be governed by the laws of the State
            of COLORADO, provided that such laws are not otherwise preempted by
            federal laws and regulations.
        G.  FORUM AND VENUE.  In the event of litigation pertaining to this
            Note, the exclusive forum, venue and place of jurisdiction shall be
            in the State of COLORADO, unless otherwise designated in writing by
            us or otherwise required by law.
        H.  SUCCESSORS.  This Note shall inure to the benefit of and bind the
            heirs, personal representatives, successors and assigns of the
            patties; provided however, that you may not assign, transfer or
            delegate any of the rights or obligations under this Note.
        I.  NUMBER AND GENDER.  Whenever used, the singular shall include the
            plural, the plural the singular, and the use of any gender shall be
            applicable to all genders.
        J.  DEFINITIONS.  The terms used in this Note, if not defined herein,
            shall have their meanings as defined in the other documents executed
            contemporaneously, or in conjunction, with this Note.
        K.  PARAGRAPH HEADINGS.  The headings at the beginning of any paragraph,
            or any subparagraph, in this Note are for convenience only and shall
            not be dispositive in interpreting or construing this Note.
        L.  IF HELD UNENFORCEABLE.  If any provision of this Note shall be held
            unenforceable or void, then such provision to the extent not
            otherwise limited by law shall be severable from the remaining
            provisions and shall in no way affect the enforceability of the
            remaining provisions nor the validity of this Note.
        M.  CHANGE IN APPLICATION.  You will notify us in writing prior to any
            change in your name, address, or other application information.
        N.  NOTICE.  All notices under this Note must be in writing. Any notice
            given by us to you will be effective upon personal delivery or 24
            hours after mailing by first class United States mail, postage
            prepaid, addressed to you at the address indicated below your name
            on page one of this Note. Any notice given by you to us will be
            effective upon receipt by us at the address indicated below our name
            on page one of this Note. Such addresses may be changed by written
            notice to the other party.

19.  RECEIPT OF COPY.   You acknowledge that you have read and received a copy
of this Note by your signature below.

     BORROWER:

                         /s/
        -------------------------------------

        THOMAS M. PIERCY
        Individually

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