Document:

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(MULTICURRENCY--CROSS BORDER)                                        Exhibit 10p

                                     ISDA(R)

                  International Swap Dealers Association, Inc.

                                MASTER AGREEMENT

                          dated as of December 5, 2001

SUNTRUST BANK                     AND                       BROWN & BROWN, INC.
  Party A                                                      Party B

have entered and/or anticipate entering into one or more transactions (each a
"Transaction") that are or will be governed by this Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other confirming
evidence (each a "Confirmation") exchanged between the parties confirming those
Transactions.

Accordingly, the parties agree as follows:--

1.       INTERPRETATION

(a)      DEFINITIONS. The terms defined in Section 14 and in the Schedule will
have the meanings therein specified for the purpose of this Master Agreement.

(b) INCONSISTENCY. In the event of any inconsistency between the provisions of
the Schedule and the other provisions of this Master Agreement, the Schedule
will prevail. In the event of any inconsistency between the provisions of any
Confirmation and this Master Agreement (including the Schedule), such
Confirmation will prevail for the purpose of the relevant Transaction.

(c) SINGLE AGREEMENT. All Transactions are entered into in reliance on the fact
that this Master Agreement and all Confirmations form a single agreement between
the parties (collectively referred to as this "Agreement"), and the parties
would not otherwise enter into any Transactions.

2.       OBLIGATIONS

(a)      GENERAL CONDITIONS.

         (i) Each party will make each payment or delivery specified in each
         Confirmation to be made by it, subject to the other provisions of this
         Agreement.

         (ii) Payments under this Agreement will be made on the due date for
         value on that date in the place of the account specified in the
         relevant Confirmation or otherwise pursuant to this Agreement, in
         freely transferable funds and in the manner customary for payments in
         the required currency. Where settlement is by delivery (that is, other
         than by payment), such delivery will be made for receipt on the due
         date in the manner customary for the relevant obligation unless
         otherwise specified in the relevant Confirmation or elsewhere in this
         Agreement.

         (iii) Each obligation of each party under Section 2(a)(i) is subject to
         (1) the condition precedent that no Event of Default or Potential Event
         of Default with respect to the other party has occurred and is
         continuing, (2) the condition precedent that no Early Termination Date
         in respect of the relevant Transaction has occurred or been effectively
         designated and (3) each other applicable condition precedent specified
         in this Agreement.

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(b) CHANGE OF ACCOUNT. Either party may change its account for receiving a
payment or delivery by giving notice to the other party at least five Local
Business Days prior to the scheduled date for the payment or delivery to which
such change applies unless such other party gives timely notice of a reasonable
objection to such change.

(c)      NETTING. If on any date amounts would otherwise be payable:--

         (i)      in the same currency; and

         (ii)     in respect of the same Transaction,

by each party to the other, then, on such date, each party's obligation to make
payment of any such amount will be automatically satisfied and discharged and,
if the aggregate amount that would otherwise have been payable by one party
exceeds the aggregate amount that would otherwise have been payable by the other
party, replaced by an obligation upon the party by whom the larger aggregate
amount would have been payable to pay to the other party the excess of the
larger aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net amount
will be determined in respect of all amounts payable on the same date in the
same currency in respect of such Transactions, regardless of whether such
amounts are payable in respect of the same Transaction. The election may be made
in the Schedule or a Confirmation by specifying that subparagraph (ii) above
will not apply to the Transactions identified as being subject to the election,
together with the starting date (in which case subparagraph (ii) above will not,
or will cease to, apply to such Transactions from such date). This election may
be made separately for different groups of Transactions and will apply
separately to each pairing of Offices through which the parties make and receive
payments or deliveries.

(d)      DEDUCTION OR WITHHOLDING FOR TAX.

         (i) GROSS-UP. All payments under this Agreement will be made without
         any deduction or withholding for or on account of any Tax unless such
         deduction or withholding is required by any applicable law, as modified
         by the practice of any relevant governmental revenue authority, then in
         effect. If a party is so required to deduct or withhold, then that
         party ("X") will:--

                  (1)      promptly notify the other party ("Y") of such
                  requirement;

                  (2) pay to the relevant authorities the full amount required
                  to be deducted or withheld (including the full amount required
                  to be deducted or withheld from any additional amount paid by
                  X to Y under this Section 2(d)) promptly upon the earlier of
                  determining that such deduction or withholding is required or
                  receiving notice that such amount has been assessed against Y;

                  (3) promptly forward to Y an official receipt (or a certified
                  copy), or other documentation reasonably acceptable to Y,
                  evidencing such payment to such authorities; and

                  (4) if such Tax is an Indemnifiable Tax, pay to Y, in addition
                  to the payment to which Y is otherwise entitled under this
                  Agreement, such additional amount as is necessary to ensure
                  that the net amount actually received by Y (free and clear of
                  Indemnifiable Taxes, whether assessed against X or Y) will
                  equal the full amount Y would have received had no such
                  deduction or withholding been required. However, X will not be
                  required to pay any additional amount to Y to the extent that
                  it would not be required to be paid but for:--

                           (A)      the failure by Y to comply with or perform
                           any agreement contained in Section 4(a)(i),
                           4(a)(iii) or 4(d); or

                           (B) the failure of a representation made by Y
                           pursuant to Section 3(f) to be accurate and true
                           unless such failure would not have occurred but for
                           (I) any action taken by a taxing authority, or
                           brought in a court of competent jurisdiction, on or
                           after the date on which a Transaction is entered into
                           (regardless of whether such action is taken or
                           brought with respect to a party to this Agreement) or
                           (II) a Change in Tax Law.

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         (ii)     LIABILITY. If:--

                  (1) X is required by any applicable law, as modified by the
                  practice of any relevant governmental revenue authority, to
                  make any deduction or withholding in respect of which X would
                  not be required to pay an additional amount to Y under Section
                  2(d)(i)(4);

                  (2)      X does not so deduct or withhold; and

                  (3)      a liability resulting from such Tax is assessed
                  directly against X,

         then, except to the extent Y has satisfied or then satisfies the
         liability resulting from such Tax, Y will promptly pay to X the amount
         of such liability (including any related liability for interest, but
         including any related liability for penalties only if Y has failed to
         comply with or perform any agreement contained in Section 4(a)(i),
         4(a)(iii) or 4(d)).

(e) DEFAULT INTEREST; OTHER AMOUNTS. Prior to the occurrence or effective
designation of an Early Termination Date in respect of the relevant Transaction,
a party that defaults in the performance of any payment obligation will, to the
extent permitted by law and subject to Section 6(c), be required to pay interest
(before as well as after judgment) on the overdue amount to the other party on
demand in the same currency as such overdue amount, for the period from (and
including) the original due date for payment to (but excluding) the date of
actual payment, at the Default Rate. Such interest will be calculated on the
basis of daily compounding and the actual number of days elapsed. If, prior to
the occurrence or effective designation of an Early Termination Date in respect
of the relevant Transaction, a party defaults in the performance of any
obligation required to be settled by delivery, it will compensate the other
party on demand if and to the extent provided for in the relevant Confirmation
or elsewhere in this Agreement.

3.       REPRESENTATIONS

Each party represents to the other party (which representations will be deemed
to be repeated by each party on each date on which a Transaction is entered into
and, in the case of the representations in Section 3(f), at all times until the
termination of this Agreement) that:--

(a)      BASIC REPRESENTATIONS.

         (i)      STATUS. It is duly organized and validly existing under the
         laws of the jurisdiction of its organisation or incorporation and, if
         relevant under such laws, in good standing;

         (ii) POWERS. It has the power to execute this Agreement and any other
         documentation relating to this Agreement to which it is a party, to
         deliver this Agreement and any other documentation relating to this
         Agreement that it is required by this Agreement to deliver and to
         perform its obligations under this Agreement and any obligations it has
         under any Credit Support Document to which it is a party and has taken
         all necessary action to authorise such execution, delivery and
         performance;

         (iii)    NO VIOLATION OR CONFLICT. Such execution, delivery and
         performance do not violate or conflict with any law applicable to it,
         any provision of its constitutional documents, any order or judgment
         of any court or other agency of government applicable to it or any of
         its assets or any contractual restriction binding on or affecting it
         or any of its assets;

         (iv) CONSENTS. All governmental and other consents that are required to
         have been obtained by it with respect to this Agreement or any Credit
         Support Document to which it is a party have been obtained and are in
         full force and effect and all conditions of any such consents have been
         complied with; and

         (v) OBLIGATIONS BINDING. Its obligations under this Agreement and any
         Credit Support Document to which it is a party constitute its legal,
         valid and binding obligations, enforceable in accordance with their
         respective terms (subject to applicable bankruptcy, reorganisation,
         insolvency, moratorium or similar laws affecting creditors' rights
         generally and subject, as to enforceability, to equitable principles of
         general application (regardless of whether enforcement is sought in a
         proceeding in equity or at law)).

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(b) ABSENCE OF CERTAIN EVENTS. No Event of Default or Potential Event of Default
or, to its knowledge, Termination Event with respect to it has occurred and is
continuing and no such event or circumstance would occur as a result of its
entering into or performing its obligations under this Agreement or any Credit
Support Document to which it is a party.

(c) ABSENCE OF LITIGATION. There is not pending or, to its knowledge, threatened
against it or any of its Affiliates any action, suit or proceeding at law or in
equity or before any court, tribunal, governmental body, agency or official or
any arbitrator that is likely to affect the legality, validity or enforceability
against it of this Agreement or any Credit Support Document to which it is a
party or its ability to perform its obligations under this Agreement or such
Credit Support Document.

(d) ACCURACY OF SPECIFIED INFORMATION. All applicable information that is
furnished in writing by or on behalf of it to the other party and is identified
for the purpose of this Section 3(d) in the Schedule is, as of the date of the
information, true, accurate and complete in every material respect.

(e)      PAYER TAX REPRESENTATION. Each representation specified in the
Schedule as being made by it for the purpose of this Section 3(e) is accurate
and true.

(f)      PAYEE TAX REPRESENTATIONS. Each representation specified in the
Schedule as being made by it for the purpose of this Section 3(f) is accurate
and true.

4.       AGREEMENTS

Each party agrees with the other that, so long as either party has or may have
any obligation under this Agreement or under any Credit Support Document to
which it is a party:--

(a)      FURNISH SPECIFIED INFORMATION. It will deliver to the other party or,
in certain cases under subparagraph (iii) below, to such government or taxing
authority as the other party reasonably directs:--

         (i)      any forms, documents or certificates relating to taxation
         specified in the Schedule or any Confirmation;

         (ii)     any other documents specified in the Schedule or any
         Confirmation; and

         (iii) upon reasonable demand by such other party, any form or document
         that may be required or reasonably requested in writing in order to
         allow such other party or its Credit Support Provider to make a payment
         under this Agreement or any applicable Credit Support Document without
         any deduction or withholding for or on account of any Tax or with such
         deduction or withholding at a reduced rate (so long as the completion,
         execution or submission of such form or document would not materially
         prejudice the legal or commercial position of the party in receipt of
         such demand), with any such form or document to be accurate and
         completed in a manner reasonably satisfactory to such other party and
         to be executed and to be delivered with any reasonably required
         certification,

in each case by the date specified in the Schedule or such Confirmation or, if
none is specified, as soon as reasonably practicable.

(b) MAINTAIN AUTHORISATIONS. It will use all reasonable efforts to maintain in
full force and effect all consents of any governmental or other authority that
are required to be obtained by it with respect to this Agreement or any Credit
Support Document to which it is a party and will use all reasonable efforts to
obtain any that may become necessary in the future.

(c) COMPLY WITH LAWS. It will comply in all material respects with all
applicable laws and orders to which it may be subject if failure so to comply
would materially impair its ability to perform its obligations under this
Agreement or any Credit Support Document to which it is a party.

(d)      TAX AGREEMENT. It will give notice of any failure of a representation
made by it under Section 3(f) to be accurate and true promptly upon learning of
such failure.

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(e) PAYMENT OF STAMP TAX. Subject to Section 11, it will pay any Stamp Tax
levied or imposed upon it or in respect of its execution or performance of this
Agreement by a jurisdiction in which it is incorporated, organized, managed and
controlled, or considered to have its seat, or in which a branch or office
through which it is acting for the purpose of this Agreement is located ("Stamp
Tax Jurisdiction") and will indemnify the other party against any Stamp Tax
levied or imposed upon the other party or in respect of the other party's
execution or performance of this Agreement by any such Stamp Tax Jurisdiction
which is not also a Stamp Tax Jurisdiction with respect to the other party.

5.       EVENTS OF DEFAULT AND TERMINATION EVENTS

(a)      EVENTS OF DEFAULT. The occurrence at any time with respect to a party
or, if applicable, any Credit Support Provider of such party or any Specified
Entity of such party of any of the following events constitutes an event of
default (an "Event of Default") with respect to such party:--

         (i) FAILURE TO PAY OR DELIVER. Failure by the party to make, when due,
         any payment under this Agreement or delivery under Section 2(a)(i) or
         2(e) required to be made by it if such failure is not remedied on or
         before the third Local Business Day after notice of such failure is
         given to the party;

         (ii) BREACH OF AGREEMENT. Failure by the party to comply with or
         perform any agreement or obligation (other than an obligation to make
         any payment under this Agreement or delivery under Section 2(a)(i) or
         2(e) or to give notice of a Termination Event or any agreement or
         obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied
         with or performed by the party in accordance with this Agreement if
         such failure is not remedied on or before the thirtieth day after
         notice of such failure is given to the party;

         (iii)    CREDIT SUPPORT DEFAULT.

                  (1) Failure by the party or any Credit Support Provider of
                  such party to comply with or perform any agreement or
                  obligation to be complied with or performed by it in
                  accordance with any Credit Support Document if such failure is
                  continuing after any applicable grace period has elapsed;

                  (2) the expiration or termination of such Credit Support
                  Document or the failing or ceasing of such Credit Support
                  Document to be in full force and effect for the purpose of
                  this Agreement (in either case other than in accordance with
                  its terms) prior to the satisfaction of all obligations of
                  such party under each Transaction to which such Credit Support
                  Document relates without the written consent of the other
                  party; or

                  (3) the party or such Credit Support Provider disaffirms,
                  disclaims, repudiates or rejects, in whole or in part, or
                  challenges the validity of, such Credit Support Document;

         (iv) MISREPRESENTATION. A representation (other than a representation
         under Section 3(e) or (f)) made or repeated or deemed to have been made
         or repeated by the party or any Credit Support Provider of such party
         in this Agreement or any Credit Support Document proves to have been
         incorrect or misleading in any material respect when made or repeated
         or deemed to have been made or repeated;

         (v) DEFAULT UNDER SPECIFIED TRANSACTION. The party, any Credit Support
         Provider of such party or any applicable Specified Entity of such party
         (1) defaults under a Specified Transaction and, after giving effect to
         any applicable notice requirement or grace period, there occurs a
         liquidation of, an acceleration of obligations under, or an early
         termination of, that Specified Transaction, (2) defaults, after giving
         effect to any applicable notice requirement or grace period, in making
         any payment or delivery due on the last payment, delivery or exchange
         date of, or any payment on early termination of, a Specified
         Transaction (or such default continues for at least three Local
         Business Days if there is no applicable notice requirement or grace
         period) or (3) disaffirms, disclaims, repudiates or rejects in whole or
         in part, a Specified Transaction (or such action is taken by any person
         or entity appointed or empowered to operate it or act on its behalf);

         (vi)     CROSS DEFAULT. If "Cross Default" is specified in the
         Schedule as applying to the party, the occurrence or existence of (1)
         a default, event of default or other similar condition or event
         (however

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         described) in respect of such party, any Credit Support Provider of
         such party or any applicable Specified Entity of such party under one
         or more agreements or instruments relating to Specified Indebtedness of
         any of them (individually or collectively) in an aggregate amount of
         not less than the applicable Threshold Amount (as specified in the
         Schedule) which has resulted in such Specified Indebtedness becoming,
         or becoming capable at such time of being declared, due and payable
         under such agreements or instruments, before it would otherwise have
         been due and payable or (2) a default by such party, such Credit
         Support Provider or such Specified Entity (individually or
         collectively) in making one or more payments on the due date thereof in
         an aggregate amount of not less than the applicable Threshold Amount
         under such agreements or instruments (after giving effect to any
         applicable notice requirement or grace period);

         (vii)    BANKRUPTCY. The party, any Credit Support Provider of such
         party or any applicable Specified Entity of such party:--

                  (1) is dissolved (other than pursuant to a consolidation,
                  amalgamation or merger); (2) becomes insolvent or is unable to
                  pay its debts or fails or admits in writing its inability
                  generally to pay its debts as they become due; (3) makes a
                  general assignment, arrangement or composition with or for the
                  benefit of its creditors; (4) institutes or has instituted
                  against it a proceeding seeking a judgment of insolvency or
                  bankruptcy or any other relief under any bankruptcy or
                  insolvency law or other similar law affecting creditors'
                  rights, or a petition is presented for its winding-up or
                  liquidation, and, in the case of any such proceeding or
                  petition instituted or presented against it, such proceeding
                  or petition (A) results in a judgment of insolvency or
                  bankruptcy or the entry of an order for relief or the making
                  of an order for its winding-up or liquidation or (B) is not
                  dismissed, discharged, stayed or restrained in each case
                  within 30 days of the institution or presentation thereof; (5)
                  has a resolution passed for its winding-up, official
                  management or liquidation (other than pursuant to a
                  consolidation, amalgamation or merger); (6) seeks or becomes
                  subject to the appointment of an administrator, provisional
                  liquidator, conservator, receiver, trustee, custodian or other
                  similar official for it or for all or substantially all its
                  assets; (7) has a secured party take possession of all or
                  substantially all its assets or has a distress, execution,
                  attachment, sequestration or other legal process levied,
                  enforced or sued on or against all or substantially all its
                  assets and such secured party maintains possession, or any
                  such process is not dismissed, discharged, stayed or
                  restrained, in each case within 30 days thereafter: (8) causes
                  or is subject to any event with respect to it which, under the
                  applicable laws of any jurisdiction, has an analogous effect
                  to any of the events specified in clauses (1) to (7)
                  (inclusive); or (9) takes any action in furtherance of, or
                  indicating its consent to, approval of, or acquiescence in,
                  any of the foregoing acts; or

         (viii)   MERGER WITHOUT ASSUMPTION. The party or any Credit Support
         Provider of such party consolidates or amalgamates with, or merges with
         or into, or transfers all or substantially all its assets to, another
         entity and, at the time of such consolidation, amalgamation, merger or
         transfer:--

                  (1) the resulting, surviving or transferee entity fails to
                  assume all the obligations of such party or such Credit
                  Support Provider under this Agreement or any Credit Support
                  Document to which it or its predecessor was a party by
                  operation of law or pursuant to an agreement reasonably
                  satisfactory to the other party to this Agreement; or

                  (2) the benefits of any Credit Support Document fail to extend
                  (without the consent of the other party) to the performance by
                  such resulting, surviving or transferee entity of its
                  obligations under this Agreement.

(b) TERMINATION EVENTS. The occurrence at any time with respect to a party or,
if applicable, any Credit Support Provider of such party or any Specified Entity
of such party of any event specified below constitutes an Illegality if the
event is specified in (i) below, a Tax Event if the event is specified in (ii)
below or a Tax Event Upon Merger if the event is specified in (iii) below, and,
if specified to be applicable, a Credit Event Upon Merger

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if the event is specified pursuant to (iv) below or an Additional Termination
Event if the event is specified pursuant to (v) below:--

         (i) ILLEGALITY. Due to the adoption of, or any change in, any
         applicable law after the date on which a Transaction is entered into,
         or due to the promulgation of, or any change in, the interpretation by
         any court, tribunal or regulatory authority with competent jurisdiction
         of any applicable law after such date, it becomes unlawful (other than
         as a result of a breach by the party of Section 4(b)) for such party
         (which will be the Affected Party):--

                  (1) to perform any absolute or contingent obligation to make a
                  payment or delivery or to receive a payment or delivery in
                  respect of such Transaction or to comply with any other
                  material provision of this Agreement relating to such
                  Transaction; or

                  (2) to perform, or for any Credit Support Provider of such
                  party to perform, any contingent or other obligation which the
                  party (or such Credit Support Provider) has under any Credit
                  Support Document relating to such Transaction;

         (ii) TAX EVENT. Due to (x) any action taken by a taxing authority, or
         brought in a court of competent jurisdiction, on or after the date on
         which a Transaction is entered into (regardless of whether such action
         is taken or brought with respect to a party to this Agreement) or (y) a
         Change in Tax Law, the party (which will be the Affected Party) will,
         or there is a substantial likelihood that it will, on the next
         succeeding Scheduled Payment Date (1) be required to pay to the other
         party an additional amount in respect of an Indemnifiable Tax under
         Section 2(d)(i)(4) (except in respect of interest under Section 2(e),
         6(d)(ii) or 6(e)) or (2) receive a payment from which an amount is
         required to be deducted or withheld for or on account of a Tax (except
         in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) and no
         additional amount is required to be paid in respect of such Tax under
         Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or
         (B));

         (iii) TAX EVENT UPON MERGER. The party (the "Burdened Party") on the
         next succeeding Scheduled Payment Date will either (1) be required to
         pay an additional amount in respect of an Indemnifiable Tax under
         Section 2(d)(i)(4) (except in respect of interest under Section 2(e),
         6(d)(ii) or 6(e)) or (2) receive a payment from which an amount has
         been deducted or withheld for or on account of any Indemnifiable Tax in
         respect of which the other party is not required to pay an additional
         amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in
         either case as a result of a party consolidating or amalgamating with,
         or merging with or into, or transferring all or substantially all its
         assets to, another entity (which will be the Affected Party) where such
         action does not constitute an event described in Section 5(a)(viii);

         (iv) CREDIT EVENT UPON MERGER. If "Credit Event Upon Merger" is
         specified in the Schedule as applying to the party, such party ("X"),
         any Credit Support Provider of X or any applicable Specified Entity of
         X consolidates or amalgamates with, or merges with or into, or
         transfers all or substantially all its assets to, another entity and
         such action does not constitute an event described in Section
         5(a)(viii) but the creditworthiness of the resulting, surviving or
         transferee entity is materially weaker than that of X, such Credit
         Support Provider or such Specified Entity, as the case may be,
         immediately prior to such action (and, in such event, X or its
         successor or transferee, as appropriate, will be the Affected Party);
         or

         (v) ADDITIONAL TERMINATION EVENT. If any "Additional Termination Event"
         is specified in the Schedule or any Confirmation as applying, the
         occurrence of such event (and, in such event, the Affected Party or
         Affected Parties shall be as specified for such Additional Termination
         Event in the Schedule or such Confirmation).

(c) EVENT OF DEFAULT AND ILLEGALITY. If an event or circumstance which would
otherwise constitute or give rise to an Event of Default also constitutes an
Illegality, it will be treated as an Illegality and will not constitute an Event
of Default.

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6.       EARLY TERMINATION

(a) RIGHT TO TERMINATE FOLLOWING EVENT OF DEFAULT. If at any time an Event of
Default with respect to a party (the "Defaulting Party") has occurred and is
then continuing, the other party (the "Non-defaulting Party") may, by not more
than 20 days notice to the Defaulting Party specifying the relevant Event of
Default, designate a day not earlier than the day such notice is effective as an
Early Termination Date in respect of all outstanding Transactions. If, however,
"Automatic Early Termination" is specified in the Schedule as applying to a
party, then an Early Termination Date in respect of all outstanding Transactions
will occur immediately upon the occurrence with respect to such party of an
Event of Default specified in Section 5(a)(vii)(l), (3), (5), (6) or, to the
extent analogous thereto, (8), and as of the time immediately preceding the
institution of the relevant proceeding or the presentation of the relevant
petition upon the occurrence with respect to such party of an Event of Default
specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

(b)      RIGHT TO TERMINATE FOLLOWING TERMINATION EVENT.

         (i) NOTICE. If a Termination Event occurs, an Affected Party will,
         promptly upon becoming aware of it, notify the other party, specifying
         the nature of that Termination Event and each Affected Transaction and
         will also give such other information about that Termination Event as
         the other party may reasonably require.

         (ii) TRANSFER TO AVOID TERMINATION EVENT. If either an Illegality under
         Section 5(b)(i)(1) or a Tax Event occurs and there is only one Affected
         Party, or if a Tax Event Upon Merger occurs and the Burdened Party is
         the Affected Party, the Affected Party will, as a condition to its
         right to designate an Early Termination Date under Section 6(b)(iv),
         use all reasonable efforts (which will not require such party to incur
         a loss, excluding immaterial, incidental expenses) to transfer within
         20 days after it gives notice under Section 6(b)(i) all its rights and
         obligations under this Agreement in respect of the Affected
         Transactions to another of its Offices or Affiliates so that such
         Termination Event ceases to exist.

         If the Affected Party is not able to make such a transfer it will give
         notice to the other party to that effect within such 20 day period,
         whereupon the other party may effect such a transfer within 30 days
         after the notice is given under Section 6(b)(i).

         Any such transfer by a party under this Section 6(b)(ii) will be
         subject to and conditional upon the prior written consent of the other
         party, which consent will not be withheld if such other party's
         policies in effect at such time would permit it to enter into
         transactions with the transferee on the terms proposed.

         (iii) TWO AFFECTED PARTIES. If an Illegality under Section 5(b)(i)(1)
         or a Tax Event occurs and there are two Affected Parties, each party
         will use all reasonable efforts to reach agreement within 30 days after
         notice thereof is given under Section 6(b)(i) on action to avoid that
         Termination Event.

         (iv)     RIGHT TO TERMINATE. If:--

                  (1) a transfer under Section 6(b)(ii) or an agreement under
                  Section 6(b)(iii), as the case may be, has not been effected
                  with respect to all Affected Transactions within 30 days after
                  an Affected Party gives notice under Section 6(b)(i); or

                  (2)      an Illegality under Section 5(b)(i)(2), a Credit
                  Event Upon Merger or an Additional Termination Event occurs,
                  or a Tax Event Upon Merger occurs and the Burdened Party is
                  not the Affected Party,

         either party in the case of an Illegality, the Burdened Party in the
         case of a Tax Event Upon Merger, any Affected Party in the case of a
         Tax Event or an Additional Termination Event if there is more than one
         Affected Party, or the party which is not the Affected Party in the
         case of a Credit Event Upon Merger or

                                        8

<PAGE>

         an Additional Termination Event if there is only one Affected Party
         may, by not more than 20 days notice to the other party and provided
         that the relevant Termination Event is then continuing, designate a day
         not earlier than the day such notice is effective as an Early
         Termination Date in respect of all Affected Transactions.

(c)      EFFECT OF DESIGNATION.

         (i) If notice designating an Early Termination Date is given under
         Section 6(a) or (b), the Early Termination Date will occur on the date
         so designated, whether or not the relevant Event of Default or
         Termination Event is then continuing.

         (ii) Upon the occurrence or effective designation of an Early
         Termination Date, no further payments or deliveries under Section
         2(a)(i) or 2(e) in respect of the Terminated Transactions will be
         required to be made, but without prejudice to the other provisions of
         this Agreement. The amount, if any, payable in respect of an Early
         Termination Date shall be determined pursuant to Section 6(e).

(d)      CALCULATIONS.

         (i) STATEMENT. On or as soon as reasonably practicable following the
         occurrence of an Early Termination Date, each party will make the
         calculations on its part, if any, contemplated by Section 6(e) and will
         provide to the other party a statement (1) showing, in reasonable
         detail, such calculations (including all relevant quotations and
         specifying any amount payable under Section 6(e)) and (2) giving
         details of the relevant account to which any amount payable to it is to
         be paid. In the absence of written confirmation from the source of a
         quotation obtained in determining a Market Quotation, the records of
         the party obtaining such quotation will be conclusive evidence of the
         existence and accuracy of such quotation.

         (ii) PAYMENT DATE. An amount calculated as being due in respect of any
         Early Termination Date under Section 6(e) will be payable on the day
         that notice of the amount payable is effective (in the case of an Early
         Termination Date which is designated or occurs as a result of an Event
         of Default) and on the day which is two Local Business Days after the
         day on which notice of the amount payable is effective (in the case of
         an Early Termination Date which is designated as a result of a
         Termination Event). Such amount will be paid together with (to the
         extent permitted under applicable law) interest thereon (before as well
         as after judgment) in the Termination Currency, from (and including)
         the relevant Early Termination Date to (but excluding) the date such
         amount is paid, at the Applicable Rate. Such interest will be
         calculated on the basis of daily compounding and the actual number of
         days elapsed.

(e) PAYMENTS ON EARLY TERMINATION. If an Early Termination Date occurs, the
following provisions shall apply based on the parties' election in the Schedule
of a payment measure, either "Market Quotation" or "Loss", and a payment method,
either the "First Method" or the "Second Method". If the parties fail to
designate a payment measure or payment method in the Schedule, it will be deemed
that "Market Quotation" or the "Second Method", as the case may be, shall apply.
The amount, if any, payable in respect of an Early Termination Date and
determined pursuant to this Section will be subject to any Set-off.

         (i)      EVENTS OF DEFAULT. If the Early Termination Date results from
         an Event of Default:--

                  (1) First Method and Market Quotation. If the First Method and
                  Market Quotation apply, the Defaulting Party will pay to the
                  Non-defaulting Party the excess, if a positive number, of (A)
                  the sum of the Settlement Amount (determined by the
                  Non-defaulting Party) in respect of the Terminated
                  Transactions and the Termination Currency Equivalent of the
                  Unpaid Amounts owing to the Non-defaulting Party over (B) the
                  Termination Currency Equivalent of the Unpaid Amounts owing to
                  the Defaulting Party.

                  (2)      First Method and Loss. If the First Method and Loss
                  apply, the Defaulting Party will pay to the Non-defaulting
                  Party, if a positive number, the Non-defaulting Party's Loss
                  in respect of this Agreement.

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<PAGE>

                  (3) Second Method and Market Quotation. If the Second Method
                  and Market Quotation apply, an amount will be payable equal to
                  (A) the sum of the Settlement Amount (determined by the
                  Non-defaulting Party) in respect of the Terminated
                  Transactions and the Termination Currency Equivalent of the
                  Unpaid Amounts owing to the Non-defaulting Party less (B) the
                  Termination Currency Equivalent of the Unpaid Amounts owing to
                  the Defaulting Party. If that amount is a positive number, the
                  Defaulting Party will pay it to the Non-defaulting Party; if
                  it is a negative number, the Non-defaulting Party will pay the
                  absolute value of that amount to the Defaulting Party.

                  (4) Second Method and Loss. If the Second Method and Loss
                  apply, an amount will be payable equal to the Non-defaulting
                  Party's Loss in respect of this Agreement. If that amount is a
                  positive number, the Defaulting Party will pay it to the
                  Non-defaulting Party; if it is a negative number, the
                  Non-defaulting Party will pay the absolute value of that
                  amount to the Defaulting Party.

         (ii)     TERMINATION EVENTS. If the Early Termination Date results
         from a Termination Event:--

                  (1) One Affected Party. If there is one Affected Party, the
                  amount payable will be determined in accordance with Section
                  6(e)(i)(3), if Market Quotation applies, or Section
                  6(e)(i)(4), if Loss applies, except that, in either case,
                  references to the Defaulting Party and to the Non-defaulting
                  Party will be deemed to be references to the Affected Party
                  and the party which is not the Affected Party, respectively,
                  and, if Loss applies and fewer than all the Transactions are
                  being terminated, Loss shall be calculated in respect of all
                  Terminated Transactions.

                  (2)      Two Affected Parties. If there are two Affected
                  Parties:--

                           (A) if Market Quotation applies, each party will
                           determine a Settlement Amount in respect of the
                           Terminated Transactions, and an amount will be
                           payable equal to (I) the sum of (a) one-half of the
                           difference between the Settlement Amount of the party
                           with the higher Settlement Amount ("X") and the
                           Settlement Amount of the party with the lower
                           Settlement Amount ("Y") and (b) the Termination
                           Currency Equivalent of the Unpaid Amounts owing to X
                           less (II) the Termination Currency Equivalent of the
                           Unpaid Amounts owing to Y; and

                           (B) if Loss applies, each party will determine its
                           Loss in respect of this Agreement (or, if fewer than
                           all the Transactions are being terminated, in respect
                           of all Terminated Transactions) and an amount will be
                           payable equal to one-half of the difference between
                           the Loss of the party with the higher Loss ("X") and
                           the Loss of the party with the lower Loss ("Y").

                  If the amount payable is a positive number, Y will pay it to
                  X; if it is a negative number, X will pay the absolute value
                  of that amount to Y.

         (iii) ADJUSTMENT FOR BANKRUPTCY. In circumstances where an Early
         Termination Date occurs because "Automatic Early Termination" applies
         in respect of a party, the amount determined under this Section 6(e)
         will be subject to such adjustments as are appropriate and permitted by
         law to reflect any payments or deliveries made by one party to the
         other under this Agreement (and retained by such other party) during
         the period from the relevant Early Termination Date to the date for
         payment determined under Section 6(d)(ii).

         (iv) PRE-ESTIMATE. The parties agree that if Market Quotation applies
         an amount recoverable under this Section 6(e) is a reasonable
         pre-estimate of loss and not a penalty. Such amount is payable for the
         loss of bargain and the loss of protection against future risks and
         except as otherwise provided in this Agreement neither party will be
         entitled to recover any additional damages as a consequence of such
         losses.

                                       10

<PAGE>

7.       TRANSFER

Subject to Section 6(b)(ii), neither this Agreement nor any interest or
obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the
other party, except that:--

(a) a party may make such a transfer of this Agreement pursuant to a
consolidation or amalgamation with, or merger with or into, or transfer of all
or substantially all its assets to, another entity (but without prejudice to any
other right or remedy under this Agreement); and

(b) a party may make such a transfer of all or any part of its interest in any
amount payable to it from a Defaulting Party under Section 6(e).

Any purported transfer that is not in compliance with this Section will be void.

8.       CONTRACTUAL CURRENCY

(a) PAYMENT IN THE CONTRACTUAL CURRENCY. Each payment under this Agreement will
be made in the relevant currency specified in this Agreement for that payment
(the "Contractual Currency"). To the extent permitted by applicable law, any
obligation to make payments under this Agreement in the Contractual Currency
will not be discharged or satisfied by any tender in any currency other than the
Contractual Currency, except to the extent such tender results in the actual
receipt by the party to which payment is owed, acting in a reasonable manner and
in good faith in converting the currency so tendered into the Contractual
Currency, of the full amount in the Contractual Currency of all amounts payable
in respect of this Agreement. If for any reason the amount in the Contractual
Currency so received falls short of the amount in the Contractual Currency
payable in respect of this Agreement, the party required to make the payment
will, to the extent permitted by applicable law, immediately pay such additional
amount in the Contractual Currency as may be necessary to compensate for the
shortfall. If for any reason the amount in the Contractual Currency so received
exceeds the amount in the Contractual Currency payable in respect of this
Agreement, the party receiving the payment will refund promptly the amount of
such excess.

(b) JUDGMENTS. To the extent permitted by applicable law, if any judgment or
order expressed in a currency other than the Contractual Currency is rendered
(i) for the payment of any amount owing in respect of this Agreement, (ii) for
the payment of any amount relating to any early termination in respect of this
Agreement or (iii) in respect of a judgment or order of another court for the
payment of any amount described in (i) or (ii) above, the party seeking
recovery, after recovery in full of the aggregate amount to which such party is
entitled pursuant to the judgment or order, will be entitled to receive
immediately from the other party the amount of any shortfall of the Contractual
Currency received by such party as a consequence of sums paid in such other
currency and will refund promptly to the other party any excess of the
Contractual Currency received by such party as a consequence of sums paid in
such other currency if such shortfall or such excess arises or results from any
variation between the rate of exchange at which the Contractual Currency is
converted into the currency of the judgment or order for the purposes of such
judgment or order and the rate of exchange at which such party is able, acting
in a reasonable manner and in good faith in converting the currency received
into the Contractual Currency, to purchase the Contractual Currency with the
amount of the currency of the judgment or order actually received by such party.
The term "rate of exchange" includes, without limitation, any premiums and costs
of exchange payable in connection with the purchase of or conversion into the
Contractual Currency.

(c) SEPARATE INDEMNITIES. To the extent permitted by applicable law, these
indemnities constitute separate and independent obligations from the other
obligations in this Agreement, will be enforceable as separate and independent
causes of action, will apply notwithstanding any indulgence granted by the party
to which any payment is owed and will not be affected by judgment being obtained
or claim or proof being made for any other sums payable in respect of this
Agreement.

(d)      EVIDENCE OF LOSS. For the purpose of this Section 8, it will be
sufficient for a party to demonstrate that it would have suffered a loss had an
actual exchange or purchase been made.

                                       11

<PAGE>

9.       MISCELLANEOUS

(a)      ENTIRE AGREEMENT. This Agreement constitutes the entire agreement and
understanding of the parties with respect to its subject matter and supersedes
all oral communication and prior writings with respect thereto.

(b) AMENDMENTS. No amendment, modification or waiver in respect of this
Agreement will be effective unless in writing (including a writing evidenced by
a facsimile transmission) and executed by each of the parties or confirmed by an
exchange of telexes or electronic messages on an electronic messaging system.

(c)      SURVIVAL OF OBLIGATIONS. Without prejudice to Sections 2(a)(iii) and
6(c)(ii), the obligations of the parties under this Agreement will survive the
termination of any Transaction.

(d)      REMEDIES CUMULATIVE. Except as provided in this Agreement, the rights,
powers, remedies and privileges provided in this Agreement are cumulative and
not exclusive of any rights, powers, remedies and privileges provided by law.

(e)      COUNTERPARTS AND CONFIRMATIONS.

         (i) This Agreement (and each amendment, modification and waiver in
         respect of it) may be executed and delivered in counterparts (including
         by facsimile transmission), each of which will be deemed an original.

         (ii) The parties intend that they are legally bound by the terms of
         each Transaction from the moment they agree to those terms (whether
         orally or otherwise). A Confirmation shall be entered into as soon as
         practicable and may be executed and delivered in counterparts
         (including by facsimile transmission) or be created by an exchange of
         telexes or by an exchange of electronic messages on an electronic
         messaging system, which in each case will be sufficient for all
         purposes to evidence a binding supplement to this Agreement. The
         parties will specify therein or through another effective means that
         any such counterpart, telex or electronic message constitutes a
         Confirmation.

(f) NO WAIVER OF RIGHTS. A failure or delay in exercising any right, power or
privilege in respect of this Agreement will not be presumed to operate as a
waiver, and a single or partial exercise of any right, power or privilege will
not be presumed to preclude any subsequent or further exercise, of that right,
power or privilege or the exercise of any other right, power or privilege.

(g) HEADINGS. The headings used in this Agreement are for convenience of
reference only and are not to affect the construction of or to be taken into
consideration in interpreting this Agreement.

10.      OFFICES; MULTIBRANCH PARTIES

(a) If Section 10(a) is specified in the Schedule as applying, each party that
enters into a Transaction through an Office other than its head or home office
represents to the other party that, notwithstanding the place of booking office
or jurisdiction of incorporation or organisation of such party, the obligations
of such party are the same as if it had entered into the Transaction through its
head or home office. This representation will be deemed to be repeated by such
party on each date on which a Transaction is entered into.

(b) Neither party may change the Office through which it makes and receives
payments or deliveries for the purpose of a Transaction without the prior
written consent of the other party.

(c) If a party is specified as a Multibranch Party in the Schedule, such
Multibranch Party may make and receive payments or deliveries under any
Transaction through any Office listed in the Schedule, and the Office through
which it makes and receives payments or deliveries with respect to a Transaction
will be specified in the relevant Confirmation.

                                       12

<PAGE>

11.      EXPENSES

A Defaulting Party will, on demand, indemnify and hold harmless the other party
for and against all reasonable out-of-pocket expenses, including legal fees and
Stamp Tax, incurred by such other party by reason of the enforcement and
protection of its rights under this Agreement or any Credit Support Document to
which the Defaulting Party is a party or by reason of the early termination of
any Transaction, including, but not limited to, costs of collection.

12.      NOTICES

(a) EFFECTIVENESS. Any notice or other communication in respect of this
Agreement may be given in any manner set forth below (except that a notice or
other communication under Section 5 or 6 may not be given by facsimile
transmission or electronic messaging system) to the address or number or in
accordance with the electronic messaging system details provided (see the
Schedule) and will be deemed effective as indicated:-- (i) if in writing and
delivered in person or by courier, on the date it is delivered;

         (ii)     if sent by telex, on the date the recipient's answerback is
         received;

         (iii) if sent by facsimile transmission, on the date that transmission
         is received by a responsible employee of the recipient in legible form
         (it being agreed that the burden of proving receipt will be on the
         sender and will not be met by a transmission report generated by the
         sender's facsimile machine);

         (iv) if sent by certified or registered mail (airmail, if overseas) or
         the equivalent (return receipt requested), on the date that mail is
         delivered or its delivery is attempted; or

         (v)      if sent by electronic messaging system, on the date that
         electronic message is received,

unless the date of that delivery (or attempted delivery) or that receipt, as
applicable, is not a Local Business Day or that communication is delivered (or
attempted) or received, as applicable, after the close of business on a Local
Business Day, in which case that communication shall be deemed given and
effective on the first following day that is a Local Business Day.

(b)      CHANGE OF ADDRESSES. Either party may by notice to the other change
the address, telex or facsimile number or electronic messaging system details
at which notices or other communications are to be given to it.

13.      GOVERNING LAW AND JURISDICTION

(a)      GOVERNING LAW. This Agreement will be governed by and construed in
accordance with the law specified in the Schedule.

(b)      JURISDICTION. With respect to any suit, action or proceedings relating
to this Agreement ("Proceedings"), each party irrevocably:--

         (i) submits to the jurisdiction of the English courts, if this
         Agreement is expressed to be governed by English law, or to the
         nonexclusive jurisdiction of the courts of the State of New York and
         the United States District Court located in the Borough of Manhattan in
         New York City, if this Agreement is expressed to be governed by the
         laws of the State of New York; and

         (ii) waives any objection which it may have at any time to the laying
         of venue of any Proceedings brought in any such court, waives any claim
         that such Proceedings have been brought in an inconvenient forum and
         further waives the right to object, with respect to such Proceedings,
         that such court does not have any jurisdiction over such party.

                                       13

<PAGE>

Nothing in this Agreement precludes either party from bringing Proceedings in
any other jurisdiction (outside, if this Agreement is expressed to be governed
by English law, the Contracting States, as defined in Section 1(3) of the Civil
Jurisdiction and Judgments Act 1982 or any modification, extension or
re-enactment thereof for the time being in force) nor will the bringing of
Proceedings in any one or more jurisdictions preclude the bringing of
Proceedings in any other jurisdiction.

(c) SERVICE OF PROCESS. Each party irrevocably appoints the Process Agent (if
any) specified opposite its name in the Schedule to receive, for it and on its
behalf, service of process in any Proceedings. If for any reason any party's
Process Agent is unable to act as such, such party will promptly notify the
other party and within 30 days appoint a substitute process agent acceptable to
the other party. The parties irrevocably consent to service of process given in
the manner provided for notices in Section 12. Nothing in this Agreement will
affect the right of either party to serve process in any other manner permitted
by law.

(d) WAIVER OF IMMUNITIES. Each party irrevocably waives, to the fullest extent
permitted by applicable law, with respect to itself and its revenues and assets
(irrespective of their use or intended use), all immunity on the grounds of
sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any
court, (iii) relief by way of injunction, order for specific performance or for
recovery of property, (iv) attachment of its assets (whether before or after
judgment) and (v) execution or enforcement of any judgment to which it or its
revenues or assets might otherwise be entitled in any Proceedings in the courts
of any jurisdiction and irrevocably agrees, to the extent permitted by
applicable law, that it will not claim any such immunity in any Proceedings.

14.      DEFINITIONS

As used in this Agreement:--

"ADDITIONAL TERMINATION EVENT" has the meaning specified in Section 5(b).

"AFFECTED PARTY" has the meaning specified in Section 5(b).

"AFFECTED TRANSACTIONS" means (a) with respect to any Termination Event
consisting of an Illegality, Tax Event or Tax Event Upon Merger, all
Transactions affected by the occurrence of such Termination Event and (b) with
respect to any other Termination Event, all Transactions.

"AFFILIATE" means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, "control" of
any entity or person means ownership of a majority of the voting power of the
entity or person.

"APPLICABLE RATE" means:--

(a)      in respect of obligations payable or deliverable (or which would have
been but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

(b) in respect of an obligation to pay an amount under Section 6(e) of either
party from and after the date (determined in accordance with Section 6(d)(ii))
on which that amount is payable, the Default Rate;

(c)      in respect of all other obligations payable or deliverable (or which
would have been but for Section 2(a)(iii)) by a Non-defaulting Party, the
Non-default Rate; and

(d)      in all other cases, the Termination Rate.

"BURDENED PARTY" has the meaning specified in Section 5(b).

"CHANGE IN TAX LAW" means the enactment, promulgation, execution or ratification
of, or any change in or amendment to, any law (or in the application or official
interpretation of any law) that occurs on or after the date on which the
relevant Transaction is entered into.

                                       14

<PAGE>

"CONSENT" includes a consent, approval, action, authorisation, exemption,
notice, filing, registration or exchange control consent.

"CREDIT EVENT UPON MERGER" has the meaning specified in Section 5(b).

"CREDIT SUPPORT DOCUMENT" means any agreement or instrument that is specified as
such in this Agreement.

"CREDIT SUPPORT PROVIDER" has the meaning specified in the Schedule.

"DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the relevant payee (as certified by it) if it
were to fund or of funding the relevant amount plus 1% per annum.

"DEFAULTING PARTY" has the meaning specified in Section 6(a).

"EARLY TERMINATION DATE" means the date determined in accordance with Section
6(a) or 6(b)(iv).

"EVENT OF DEFAULT" has the meaning specified in Section 5(a) and, if applicable,
in the Schedule.

"ILLEGALITY" has the meaning specified in Section 5(b).

"INDEMNIFIABLE TAX" means any Tax other than a Tax that would not be imposed in
respect of a payment under this Agreement but for a present or former connection
between the jurisdiction of the government or taxation authority imposing such
Tax and the recipient of such payment or a person related to such recipient
(including, without limitation, a connection arising from such recipient or
related person being or having been a citizen or resident of such jurisdiction,
or being or having been organized, present or engaged in a trade or business in
such jurisdiction, or having or having had a permanent establishment or fixed
place of business in such jurisdiction, but excluding a connection arising
solely from such recipient or related person having executed, delivered,
performed its obligations or received a payment under, or enforced, this
Agreement or a Credit Support Document).

"LAW" includes any treaty, law, rule or regulation (as modified, in the case of
tax matters, by the practice of any relevant governmental revenue authority) and
"lawful" and "UNLAWFUL" will be construed accordingly.

"LOCAL BUSINESS DAY" means, subject to the Schedule, a day on which commercial
banks are open for business (including dealings in foreign exchange and foreign
currency deposits) (a) in relation to any obligation under Section 2(a)(i), in
the place(s) specified in the relevant Confirmation or, if not so specified, as
otherwise agreed by the parties in writing or determined pursuant to provisions
contained, or incorporated by reference, in this Agreement, (b) in relation to
any other payment, in the place where the relevant account is located and, if
different, in the principal financial centre, if any, of the currency of such
payment, (c) in relation to any notice or other communication, including notice
contemplated under Section 5(a)(i), in the city specified in the address for
notice provided by the recipient and, in the case of a notice contemplated by
Section 2(b), in the place where the relevant new account is to be located and
(d) in relation to Section 5(a)(v)(2), in the relevant locations for performance
with respect to such Specified Transaction.

"LOSS" means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency
Equivalent of an amount that party reasonably determines in good faith to be its
total losses and costs (or gain, in which case expressed as a negative number)
in connection with this Agreement or that Terminated Transaction or group of
Terminated Transactions, as the case may be, including any loss of bargain, cost
of funding or, at the election of such party but without duplication, loss or
cost incurred as a result of its terminating, liquidating, obtaining or
reestablishing any hedge or related trading position (or any gain resulting from
any of them). Loss includes losses and costs (or gains) in respect of any
payment or delivery required to have been made (assuming satisfaction of each
applicable condition precedent) on or before the relevant Early Termination Date
and not made, except, so as to avoid duplication, if Section 6(e)(i)(1) or (3)
or 6(e)(ii)(2)(A) applies. Loss does not include a party's legal fees and
out-of-pocket expenses referred to under Section 11. A party will determine its
Loss as of the relevant Early Termination Date, or, if that is not reasonably
practicable, as of the earliest date thereafter as is reasonably practicable. A
party may (but need not) determine its Loss by reference to quotations of
relevant rates or prices from one or more leading dealers in the relevant
markets.

                                       15

<PAGE>

"MARKET QUOTATION" means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an amount,
if any, that would be paid to such party (expressed as a negative number) or by
such party (expressed as a positive number) in consideration of an agreement
between such party (taking into account any existing Credit Support Document
with respect to the obligations of such party) and the quoting Reference
Market-maker to enter into a transaction (the "Replacement Transaction") that
would have the effect of preserving for such party the economic equivalent of
any payment or delivery (whether the underlying obligation was absolute or
contingent and assuming the satisfaction of each applicable condition precedent)
by the parties under Section 2(a)(i) in respect of such Terminated Transaction
or group of Terminated Transactions that would, but for the occurrence of the
relevant Early Termination Date, have been required after that date. For this
purpose, Unpaid Amounts in respect of the Terminated Transaction or group of
Terminated Transactions are to be excluded but, without limitation, any payment
or delivery that would, but for the relevant Early Termination Date, have been
required (assuming satisfaction of each applicable condition precedent) after
that Early Termination Date is to be included. The Replacement Transaction would
be subject to such documentation as such party and the Reference Market-maker
may, in good faith, agree. The party making the determination (or its agent)
will request each Reference Market-maker to provide its quotation to the extent
reasonably practicable as of the same day and time (without regard to different
time zones) on or as soon as reasonably practicable after the relevant Early
Termination Date. The day and time as of which those quotations are to be
obtained will be selected in good faith by the party obliged to make a
determination under Section 6(e), and, if each party is so obliged, after
consultation with the other. If more than three quotations are provided, the
Market Quotation will be the arithmetic mean of the quotations, without regard
to the quotations having the highest and lowest values. If exactly three such
quotations are provided, the Market Quotation will be the quotation remaining
after disregarding the highest and lowest quotations. For this purpose, if more
than one quotation has the same highest value or lowest value, then one of such
quotations shall be disregarded. If fewer than three quotations are provided, it
will be deemed that the Market Quotation in respect of such Terminated
Transaction or group of Terminated Transactions cannot be determined.

"NON-DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the Non-defaulting Party (as certified by it) if
it were to fund the relevant amount.

"NON-DEFAULTING PARTY" has the meaning specified in Section 6(a).

"OFFICE" means a branch or office of a party, which may be such party's head or
home office.

"POTENTIAL EVENT OF DEFAULT" means any event which, with the giving of notice or
the lapse of time or both, would constitute an Event of Default.

"REFERENCE MARKET-MAKERS" means four leading dealers in the relevant market
selected by the party determining a Market Quotation in good faith (a) from
among dealers of the highest credit standing which satisfy all the criteria that
such party applies generally at the time in deciding whether to offer or to make
an extension of credit and (b) to the extent practicable, from among such
dealers having an office in the same city.

"RELEVANT JURISDICTION" means, with respect to a party, the jurisdictions (a) in
which the party is incorporated, organized, managed and controlled or considered
to have its seat, (b) where an Office through which the party is acting for
purposes of this Agreement is located, (c) in which the party executes this
Agreement and (d) in relation to any payment, from or through which such payment
is made.

"SCHEDULED PAYMENT DATE" means a date on which a payment or delivery is to be
made under Section 2(a)(i) with respect to a Transaction.

"SET-OFF" means set-off, offset, combination of accounts, right of retention or
withholding or similar right or requirement to which the payer of an amount
under Section 6 is entitled or subject (whether arising under this Agreement,
another contract, applicable law or otherwise) that is exercised by, or imposed
on, such payer.

"SETTLEMENT AMOUNT" means, with respect to a party and any Early Termination
Date, the sum of:--

(a) the Termination Currency Equivalent of the Market Quotations (whether
positive or negative) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation is determined; and

                                       16

<PAGE>

(b) such party's Loss (whether positive or negative and without reference to any
Unpaid Amounts) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation cannot be determined or would not (in
the reasonable belief of the party making the determination) produce a
commercially reasonable result.

"SPECIFIED ENTITY" has the meaning specified in the Schedule.

"SPECIFIED INDEBTEDNESS" means, subject to the Schedule, any obligation (whether
present or future, contingent or otherwise, as principal or surety or otherwise)
in respect of borrowed money.

"SPECIFIED TRANSACTION" means, subject to the Schedule, (a) any transaction
(including an agreement with respect thereto) now existing or hereafter entered
into between one party to this Agreement (or any Credit Support Provider of such
party or any applicable Specified Entity of such party) and the other party to
this Agreement (or any Credit Support Provider of such other party or any
applicable Specified Entity of such other party) which is a rate swap
transaction, basis swap, forward rate transaction, commodity swap, commodity
option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign exchange transaction, cap transaction, floor
transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option or any other similar transaction (including
any option with respect to any of these transactions), (b) any combination of
these transactions and (c) any other transaction identified as a Specified
Transaction in this Agreement or the relevant confirmation.

"STAMP TAX" means any stamp, registration, documentation or similar tax.

"TAX" means any present or future tax, levy, impost, duty, charge, assessment or
fee of any nature (including interest, penalties and additions thereto) that is
imposed by any government or other taxing authority in respect of any payment
under this Agreement other than a stamp, registration, documentation or similar
tax.

"TAX EVENT" has the meaning specified in Section 5(b).

"TAX EVENT UPON MERGER" has the meaning specified in Section 5(b).

"TERMINATED TRANSACTIONS" means with respect to any Early Termination Date (a)
if resulting from a Termination Event, all Affected Transactions and (b) if
resulting from an Event of Default, all Transactions (in either case) in effect
immediately before the effectiveness of the notice designating that Early
Termination Date (or, if "Automatic Early Termination" applies, immediately
before that Early Termination Date).

"TERMINATION CURRENCY" has the meaning specified in the Schedule.

"TERMINATION CURRENCY EQUIVALENT" means, in respect of any amount denominated in
the Termination Currency, such Termination Currency amount and, in respect of
any amount denominated in a currency other than the Termination Currency (the
"Other Currency"), the amount in the Termination Currency determined by the
party making the relevant determination as being required to purchase such
amount of such Other Currency as at the relevant Early Termination Date, or, if
the relevant Market Quotation or Loss (as the case may be), is determined as of
a later date, that later date, with the Termination Currency at the rate equal
to the spot exchange rate of the foreign exchange agent (selected as provided
below) for the purchase of such Other Currency with the Terminated Currency at
or about 11:00 a.m. (in the city in which such foreign exchange agent is
located) on such date as would be customary for the determination of such a rate
for the purchase of such Other Currency for value on the relevant Early
Termination Date or that later date. The foreign exchange agent will, if only
one party is obliged to make a determination under Section 6(e), be selected in
good faith by that party and otherwise will be agreed by the parties.

"TERMINATION EVENT" means an Illegality, a Tax Event or a Tax Event Upon Merger
or, if specified to be applicable, a Credit Event Upon Merger or an Additional
Termination Event.

"TERMINATION RATE" means a rate per annum equal to the arithmetic mean of the
cost (without proof or evidence of any actual cost) to each party (as certified
by such party) if it were to fund or of funding such amounts.

                                       17

<PAGE>

"UNPAID AMOUNTS" owing to any party means, with respect to an Early Termination
Date, the aggregate of (a) in respect of all Terminated Transactions, the
amounts that became payable (or that would have become payable but for Section
2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early
Termination Date and which remain unpaid as at such Early Termination Date and
(b) in respect of each Terminated Transaction, for each obligation under Section
2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be
settled by delivery to such party on or prior to such Early Termination Date and
which has not been so settled as at such Early Termination Date, an amount equal
to the fair market value of that which was (or would have been) required to be
delivered as of the originally scheduled date for delivery, in each case
together with (to the extent permitted under applicable law) interest, in the
currency of such amounts, from (and including) the date such amounts or
obligations were or would have been required to have been paid or performed to
(but excluding) such Early Termination Date, at the Applicable Rate. Such
amounts of interest will be calculated on the basis of daily compounding and the
actual number of days elapsed. The fair market value of any obligation referred
to in clause (b) above shall be reasonably determined by the party obliged to
make the determination under Section 6(e) or, if each party is so obliged, it
shall be the average of the Termination Currency Equivalents of the fair market
values reasonably determined by both parties.

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

SUNTRUST BANK                              BROWN & BROWN, INC.

By:                                        By:
   --------------------------------           ---------------------------------
   Fred D. Woolf                              Name:
   Vice President                             Title:

Date:                                      Date:
     --------------------                       ---------------------

                                       18

<PAGE>

                                 SCHEDULE TO THE
                              ISDA MASTER AGREEMENT
                      DATED AS OF DECEMBER 5, 2001, BETWEEN

                                  SUNTRUST BANK
                                  ("PARTY A")

                                       AND

                              BROWN & BROWN, INC.
                                  ("PARTY B")

                                     Part 1
                                   Definitions

1.       "Affiliate" shall have the meaning assigned to such term in Section 14
         of this Agreement.

2.       "Calculation Agent" shall mean Party A.

3.       "Shareholders' Equity" means with respect to any entity, at any time,
         the sum (as shown in the most recent annual audited financial
         statements of such entity) of (i) its capital stock (including
         preferred stock) outstanding, taken at par value, (ii) its capital
         surplus and (iii) its retained earnings, minus (iv) treasury stock,
         each to be determined in accordance with generally accepted accounting
         principles.

4.       "Specified Entity" shall mean for the purposes of Sections 5(a)(v),
         (vi), and (vii), and Section 5(b)(iv) of this Agreement, in the case of
         Party A, not applicable, and in the case of Party B, any Affiliate of
         Party B.

5.       "Specified Indebtedness" shall have the meaning assigned to such term
         in Section 14 of this Agreement, but shall not include indebtedness in
         respect of deposits received.

6.       "Specified Transaction" shall have the meaning assigned to such term
         in Section 14 of this Agreement.

7.       "Termination Currency" shall mean United States Dollars.

8.       "Threshold Amount" shall mean, for purposes of Section 5(a)(vi) of
         this Agreement, (a) with respect to Party A, an amount equal to three
         percent (3%) of its Shareholders' Equity, determined in accordance
         with generally accepted accounting principles in such party's
         jurisdiction of incorporation or organization, consistently applied,
         as at the end of such party's most recently completed fiscal year, and
         (b) with respect to Party B, an amount equal to $1,000,000 (or the
         equivalent thereof in any other currencies), except that with respect
         to indebtedness under the Loan Agreement, the Threshold Amount shall
         be $0.00.

                                       19

<PAGE>

                                     Part 2
                                 Representations

1.       Tax Representations. None.

2.       The following paragraph is added as Section 3(g) of this Agreement:

         "(g) Eligible Contract Participant. It is an Eligible Contract
         Participant as defined in Section 101(12) of the Commodity Futures
         Modernization Act of 2000."

                                     Part 3
                                   Agreements

1.       Documents to be delivered. For purposes of Section 4(a) of this
         Agreement, each party agrees to deliver the following documents as
         applicable:

         (a)      Certified copies of all documents evidencing necessary
                  corporate authorizations, as well as other authorizations and
                  approvals with respect to the execution, delivery and
                  performance by the party of this Agreement and any Credit
                  Support Document.

                  Party required to deliver:                  Party B

                  Date by which to be delivered:              Upon execution of
                                                                  this Agreement

                  Covered by Section 3(d) Representation:     Yes

        (b)       An incumbency certificate of an authorized officer of the
                  party certifying the names, true signatures and authority of
                  the officers of the party signing this Agreement and any
                  Credit Support Document.

                  Party required to deliver:                  Party B

                  Date by which to be delivered:              Upon execution of
                                                                  this Agreement

                  Covered by Section 3(d) Representation:     Yes

         (c)      Such other document as the other party may reasonably request
                  in connection with each Transaction.

                  Party required to deliver:                  Party B

                  Date by which to be delivered:              Promptly upon
                                                                         request

                  Covered by Section 3(d) Representation:     Yes

         (d)      Such other written information respecting the condition or
                  operations, financial or otherwise, of Party B as Party A may
                  reasonably request from time to time.

                  Party required to deliver:                  Party B

                  Date by which to be delivered:              Promptly upon
                                                                         request

                  Covered by Section 3(d) Representation:     Yes

                                       20

<PAGE>

                                     Part 4
                             Termination Provisions

1.       Cross Default. The "Cross Default" provisions of Section 5(a)(vi) of
         this Agreement shall apply to each of Party A and Party B.

2.       Credit Event Upon Merger. The "Credit Event Upon Merger" provisions of
         Section 5(b)(iv) of this Agreement shall apply to each of Party A and
         Party B.

3.       Automatic Early Termination. The "Automatic Early Termination"
         provision of Section 6(a) of this Agreement shall not apply to either
         Party A or Party B.

4.       Payments on Early Termination. For purposes of Section 6(e) of this
         Agreement, Second Method and Loss shall apply.

5.       Additional Termination Event will not apply. Notwithstanding the
         foregoing, Party A will have the right (but not the obligation) to
         terminate all or a pro rata portion of any Transaction related to the
         Loan Agreement and will be entitled to receive from, or will be
         required to pay to, Party B the fair market value for such
         termination, as determined by Party A in good faith and in accordance
         with market practice and its own customary procedures, upon the
         occurrence of one or more of the following events:

         (a)      If the indebtedness under the Loan Agreement is (for whatever
                  reason, in whatever manner) partially or fully paid or
                  discharged (except with respect to any scheduled
                  amortization);

         (b)      If Party A ceases to be a party to the Loan Agreement;

         (c)      If the lenders party to the Loan Agreement become secured or,
                  if already secured, the lenders obtain additional security
                  thereunder and Party A, in its capacity as a party to this
                  Agreement and any Transaction hereunder, is not entitled to
                  the same rights, privileges, and interest in the collateral
                  and/or guaranty agreements as the lenders are entitled to
                  under the Loan Agreement;

         (d)      If there is a default, an event of default, or other similar
                  condition or event (however described) in relation to Party B
                  under the Loan Agreement (without regard to the existence of
                  any waiver or forbearance agreement with respect thereto); and

         (e)      If the Loan Agreement is amended, restated, supplemented, or
                  otherwise modified and Party A does not consent, in its sole
                  discretion, to such amendment, restatement, supplement, or
                  other modification.

         Party A may exercise such right to terminate, at any time in its sole
         discretion, following the occurrence of any one of such events through
         the Termination Date. A failure or delay in exercising the foregoing
         right to terminate will not be presumed to operate as a waiver, and a
         single or partial exercise of such right will not be presumed to
         preclude any subsequent or further exercise of that right.

                                       21

<PAGE>

                                     Part 5
                                  Miscellaneous

1.       Notices. For purposes of Section 12 of this Agreement:

         (a)      The address for notice or communication to Party A is:

                  SunTrust Capital Markets, Inc.
                  Financial Risk Management, Operations
                  303 Peachtree Street, N.E.
                  23rd Floor, Center Code 3913
                  Atlanta, GA  30308
                  404-575-2696 (phone)
                  404-532-0514 (fax)

        (b)       The address for notice or communication to Party B is:

                  Mr. Cory T. Walker
                  Chief Financial Officer
                  Brown & Brown, Inc.
                  220 S. Ridgewood Ave.
                  Daytona Beach, FL  32114
                  386-239-7250 (phone)
                  386-239-7252 (fax)

2.       Governing Law. Section 13(a) of this Agreement is hereby restated as
         follows:

                  "(a) Governing Law. This Agreement will be governed by and
                  construed in accordance with the laws of the State of New
                  York without reference to choice of law doctrine."

3.       Jurisdiction. Section 13(b)(i) of this Agreement is hereby restated as
         follows:

                  "(i) submits to the nonexclusive jurisdiction of the courts of
                  the State of Georgia and the United States District Court
                  located in Atlanta, Georgia; and"

4.       Process Agent. Process Agent shall not apply to this Agreement.

5.       Offices. The provisions of Section 10(a) of this Agreement shall not
         apply to either party.

6.       Multibranch Party. For purposes of Section 10(c) of this Agreement,
         neither Party A nor Party B is a Multibranch Party.

7.       Credit Support Provider.

         Credit Support Provider means in relation to Party A: Not applicable.
         Credit Support Provider means in relation to Party B: The party, as of
         any particular time and as may be acceptable to Party A, whose
         undertakings or assets under the Credit Support Document secure the
         timely performance of Party B's obligations under this Agreement.

8.       Credit Support Document.

         Credit Support Document means in relation to Party A: Not applicable.
         Credit Support Document means in relation to Party B: Any guaranty,
         letter of credit, credit agreement, security agreement, mortgage, deed
         of trust, pledge agreement, assignment agreement, investment agreement,
         surety bond, or other credit enhancement device, or any combination
         thereof issued as security for the timely performance of Party B's
         obligations under this Agreement, as may be acceptable to Party A,
         including, without limitation, any amendments, supplements,
         restatements, or other modifications, or any substitutions or
         replacements thereto in form and substance satisfactory to Party A.

                                       22

<PAGE>

                                     Part 6
                              Additional Agreements

1.       Recording of Conversations. Each party (i) consents to the monitoring
         or recording, at any time and from time to time, by the other party of
         any and all communications between officers or employees of the
         parties, (ii) waives any further notice of such monitoring or
         recording, and (iii) agrees to notify (and, if required by law, obtain
         the consent of) its officers and employees with respect to such
         monitoring or recording.

2.       Mediation and Arbitration. Notwithstanding anything to the contrary
         contained herein, the parties agree to submit to mediation and, should
         settlement through mediation not occur, to arbitration any and all
         claims, disputes, and controversies between them (and their respective
         employees, officers, directors, affiliates, attorneys, and other
         agents) resulting from or arising out of this Agreement. Such
         mediation and arbitration shall proceed in the jurisdiction where
         Party A is located, shall be governed by the law specified in this
         Agreement, and shall be conducted (a) in accordance with such rules as
         may be agreed upon by the parties or (b) in the event the parties do
         not reach an agreement as to such rules within thirty (30) days after
         a notice of dispute, in accordance with the Commercial Mediation Rules
         and Commercial Arbitration Rules of the American Arbitration
         Association. If, within thirty (30) days after service of a written
         demand for mediation, the mediation does not result in settlement of
         the dispute, then any party may demand arbitration, and the decision
         of the arbitrator(s) shall be binding on the parties. Judgment upon
         the award rendered by the arbitrator(s) may be entered in any court
         having jurisdiction. It is agreed that the arbitrators shall have no
         authority to award treble, exemplary, or punitive damages of any type
         under any circumstances, whether or not such damages may be available
         under state or federal law, or under the Federal Arbitration Act, or
         under the Commercial Arbitration Rules of the American Arbitration
         Association, the parties hereby waiving their right, if any, to
         recover any such damages.

3.       Set Off. Section 6 of the Agreement is amended by adding the following
         new subsection 6(f):

                  "(f) RIGHT OF SET-OFF. Upon the occurrence of an Event of
                  Default with respect to Party B, or an Illegality or Credit
                  Event Upon Merger where Party B is the Affected Party, Party A
                  will have the right (but not the obligation), without prior
                  notice to Party B or any other person, to set-off any
                  obligation of Party A or any of Party A's present or future
                  Affiliates, branches, or offices owing to Party B, against any
                  obligation of Party B owing to Party A or any of Party A's
                  present or future Affiliates, branches, or offices (whether or
                  not such obligations arise under this Agreement, whether or
                  not matured, whether or not contingent, and regardless of the
                  place of payment or booking office of the obligations). In
                  order to enable Party A to exercise its rights of set-off, if
                  an obligation is unascertained, Party A may in good faith
                  estimate that obligation and set-off in respect of the
                  estimate, subject to Party A accounting to Party B when the
                  obligation is ascertained.

                  Nothing in this Section 6(f) shall be effective to create a
                  charge or other security interest. This Section 6(f) shall be
                  without prejudice and in addition to any right of set-off,
                  combination of accounts, lien, or other right to which any
                  party is at any time otherwise entitled (whether by operation
                  of law, contract, or otherwise)."

4.       By signing this Schedule, Party B acknowledges that it has received and
         understands the SunTrust Bank "Terms of Dealing for OTC Risk Management
         Transactions" and the "Risk Disclosure Statement for OTC Risk
         Management Transactions" (each attached hereto and incorporated by
         reference into this Agreement).

                                       23

<PAGE>

Please confirm your agreement to the terms of the foregoing Schedule by signing
below.

SUNTRUST BANK                                    BROWN & BROWN, INC.

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

                                       24

<PAGE>

                           SUNTRUST BANK ("SUNTRUST")
             TERMS OF DEALING FOR OTC RISK MANAGEMENT TRANSACTIONS

In connection with the negotiation, entry into, and performance from time to
time of over-the-counter ("OTC") risk management transactions, please be advised
that:

SunTrust acts as principal only and does not act as advisor, agent, broker, or
fiduciary for or with respect to any counterparty (unless otherwise expressly
agreed in a written engagement letter).

SunTrust expects that its counterparties have the authority and capacity to
enter into and perform their obligations under their OTC risk management
transactions with SunTrust, and SunTrust relies on the express and implied
representations of its counterparties with respect thereto.

SunTrust expects that its counterparties possess adequate knowledge and
experience to assess independently, or with the assistance of their own
advisors, the merits and risks of each OTC risk management transaction that the
counterparty may from time to time enter into, amend, or terminate.

SunTrust endeavors to maintain the confidentiality of all confidential
counterparty information and expects its counterparties to do the same. Unless a
counterparty gives SunTrust written notice to the contrary, each counterparty
authorizes SunTrust and all SunTrust affiliates, including SunTrust Capital
Markets, Inc. (STCM), to share with each other confidential information
concerning a counterparty and/or its accounts for marketing or other purposes
from time to time. Any trade ideas, term sheets, and other similar documents
sent to counterparties by SunTrust are not to be shared with others.

SunTrust may pay fees, commissions, and other amounts to agents, brokers, and/or
other third parties in connection with OTC risk management transactions entered
into with counterparties. SunTrust considers the amount of such fees,
commissions, and other amounts to be confidential and does not disclose the same
to its counterparties.

SunTrust may from time to time receive orders for similar or identical
transactions, and SunTrust makes no representation with respect to execution
priorities.

STCM's Authorized Officers have the authority to bind SunTrust in connection
with OTC risk management transactions. A current list of Authorized Officers may
be obtained from STCM upon request.

OTC risk management obligations of SunTrust are not FDIC insured.

                                       25

<PAGE>

                           SUNTRUST BANK ("SUNTRUST")
         RISK DISCLOSURE STATEMENT FOR OTC RISK MANAGEMENT TRANSACTIONS

Over-the-counter ("OTC") risk management transactions, like other financial
transactions, involve a variety of significant potential risks. OTC risk
management transactions generally include options, forwards, swaps, swaptions,
caps, floors, collars, combination and variations of such instruments, and other
executory contractual arrangements, and may involve interest rates, currencies,
securities, commodities, equities, credit, indices, and other underlying
interests.

Before entering into any OTC risk management transaction, you should carefully
consider whether the transaction is appropriate for you in light of your
experience, objectives, financial and operational resources, and other relevant
circumstances. You should also ensure that you fully understand the nature of
the transaction and contractual relationship into which you are entering and the
nature and extent of your exposure to risk of loss, which may significantly
exceed the amount of any initial payment or investment by you.

The specific risks presented by a particular OTC risk management transaction
necessarily depend upon the character of the specific transaction and your
circumstances. In general, however, all OTC risk management transactions involve
the risk of adverse or unanticipated market developments, risk of illiquidity
and credit risk, and may involve other material risks. Equity risk management
transactions may increase or decrease in value with a change in, among other
things, stock prices and interest rates which could result in unlimited loss. In
addition, you may be subject to internal operational risks in the event that
appropriate internal systems and controls are not in place to monitor the
various risks and funding requirements to which you are subject by virtue of
your activities in the OTC risk management and related markets. OTC risk
management transactions frequently are tailored to permit parties to customize
transactions to accomplish complex financial and risk management objectives.
Such customization can also introduce significant risk factors of a complex
character.

As in any financial transaction, you must understand the requirements (including
investment restrictions), if any, applicable to you that are established by your
regulators or by your Board of Directors or other governing body. You should
also consider the tax and accounting implications of entering into any risk
management or other transaction. To the extent appropriate in light of the
specific transaction and your circumstances, you should consider consulting such
advisers as may be appropriate to assist you in understanding the risks
involved. If you are acting in the capacity of financial adviser or agent, you
must evaluate the foregoing matters in light of the circumstances applicable to
your principal.

In entering into any OTC risk management transaction, you should also take into
consideration that, unless you and SunTrust have established in writing an
express financial advisory or other fiduciary relationship or you and SunTrust
have expressly agreed in writing that you will be relying on SunTrust's
recommendations as the primary basis for making your trading or investment
decisions, SunTrust is acting solely in the capacity of an arm's-length
contractual counterparty and not in the capacity of your financial advisor or
fiduciary. In addition, SunTrust or its affiliates may from time to time have
substantial long or short positions in and may make a market in or otherwise buy
or sell instruments identical or economically related to the OTC risk management
transaction entered into with you or may have an investment banking or other
commercial relationship with the issuer of any security or financial instrument
underlying an OTC risk management transaction entered into with you.

THIS BRIEF STATEMENT DOES NOT DISCLOSE ALL OF THE RISKS AND OTHER SIGNIFICANT
ASPECTS OF ENTERING INTO OTC RISK MANAGEMENT TRANSACTIONS. YOU SHOULD REFRAIN
FROM ENTERING INTO ANY SUCH TRANSACTION UNLESS YOU FULLY UNDERSTAND ALL SUCH
RISK AND HAVE INDEPENDENTLY DETERMINED THAT THE TRANSACTION IS APPROPRIATE FOR
YOU.

                                       26
<PAGE>
-------------------------------------------------------------------------------

[SUNTRUST ROBINSON HUMPHREY LETTERHEAD]

303 Peachtree Street, N.E.
23rd Floor, Center Code 3913
Atlanta, Georgia  30308
Member NASD and SIPC

                                                               December 6, 2001

                   CONFIRMATION OF INTEREST RATE TRANSACTION

THIS LETTER AGREEMENT SHOULD BE REVIEWED, EXECUTED BY AN AUTHORIZED PERSON(S),
               AND RETURNED IMMEDIATELY VIA FAX TO 404-532-0514.
       (PLEASE DIRECT ANY QUESTIONS TO KEN KUYKENDALL AT 404-532-0303.)

Cory T. Walker
Chief Financial Officer
Brown & Brown, Inc.
220 S. Ridgewood Ave.
Daytona Beach, Florida  32114
Ph#:     386-239-7250
Fax#:    386-239-7252

REF:     13932

Dear Mr. Walker:

         The purpose of this letter agreement is to set forth the terms and
conditions of the Rate Transaction entered into between Brown & Brown, Inc.
("Counterparty" or "you") and SunTrust Bank ("SunTrust" or "us") on the Trade
Date specified below (the "Transaction"). SunTrust Capital Markets, Inc. acts
as agent on behalf of SunTrust with respect to this Transaction. This letter
agreement constitutes a "Confirmation" as referred to in the ISDA Master
Agreement to be entered into by the parties hereto (see Section 2(a) below).

         The definitions and provisions contained in the 1991 ISDA Definitions
published by the International Swap and Derivatives Association, Inc. ("ISDA"),
as amended and supplemented by the 1998 Supplement to the 1991 ISDA Definitions
(the "Definitions"), are incorporated by reference into this Confirmation. In
the event of any inconsistency between the Definitions and this Confirmation,
this Confirmation shall govern.

         This Confirmation supplements, forms a part of, and is subject to the
ISDA Master Agreement, as amended and supplemented from time to time (the "Swap
Agreement"), between you and us. All provisions contained or incorporated by
reference in the Swap Agreement shall govern this Confirmation except as
expressly modified below. Prior to the execution and delivery of such Swap
Agreement, this Confirmation alone shall constitute a complete and binding
agreement with respect to the Transaction.

         Each party is hereby advised, and each such party acknowledges, that
the other party has engaged in (or refrained from engaging in) substantial
financial transactions and has taken other material actions in reliance upon
the parties' entry in the Transaction to which this Confirmation relates on the
terms and conditions set forth below.

<PAGE>
                                                                              2

         This Confirmation shall be governed by and construed in accordance
with the laws of the State of New York without reference to choice of law
doctrine.

1.       The terms of the particular Transaction to which this Confirmation
         relates are as follows:

         Type of Transaction:       Swap Transaction

         Notional Amount:           $77,142,857.16 amortizing (see attached
                                    Schedule A)

         Trade Date:                December 5, 2001

         Effective Date:            January 2, 2002

         Termination Date:          December 31, 2007, with adjustment in
                                    accordance with the Modified Following
                                    Business Day Convention

         FIXED AMOUNTS:

         Fixed Rate Payer:          Counterparty

         Fixed Rate Payer
         Payment Dates:             The last day of each March, June,
                                    September, and December, beginning March
                                    31, 2002, through and including the
                                    Termination Date, subject to adjustment in
                                    accordance with the Modified Following
                                    Business Day Convention

         Fixed Rate:                4.53% per annum

         Fixed Rate Day Count
         Fraction:                  Actual/360

         Adjustment to Period
         End Dates:                 Applicable

         FLOATING AMOUNTS:

         Floating Rate Payer:       SunTrust

         Floating Rate Payer
         Payment Dates:             The last day of each March, June,
                                    September, and December, beginning March
                                    31, 2002, through and including the
                                    Termination Date, subject to adjustment in
                                    accordance with the Modified Following
                                    Business Day Convention

         Floating Rate for
         initial Calculation
         Period:                    To be determined

         Floating Rate Day
         Count Fraction:            Actual/360

         Designated Maturity:       3 month

<PAGE>
                                                                              3

         Floating Rate Option:      USD-LIBOR-BBA

         Spread:                    Inapplicable

         Adjustment to Period
         End Dates:                 Applicable

         Reset Dates:               The first day of each Floating Rate Payer
                                    Calculation Period

         Calculation Agent:         SunTrust

         Business Days:             New York

2.       Other Provisions

         (a)      Subject to the terms, conditions and limitations of any other
         agreement between the parties, SunTrust shall have the right, but not
         the obligation, to terminate this Transaction if seventy-five (75)
         days have elapsed since the Trade Date and the Swap Agreement has not
         been executed by you and received by SunTrust. If this right to
         terminate is exercised, SunTrust will be entitled to receive from you
         or will be required to pay to you the fair market value for such
         termination as determined by SunTrust in good faith and in accordance
         with market practice and its own customary procedures.

         (b)      You agree to provide us (i) corporate resolutions, and (ii) a
         certificate of incumbency with respect to the individual(s) executing
         this Confirmation, both documents evidencing your authority to enter
         into this Transaction. This provision shall constitute an additional
         Agreement for the purpose of Section 4 of the Swap Agreement.

         (c)      By signing this Confirmation, you acknowledge that you have
         received and understand the SunTrust Bank "Terms of Dealing for OTC
         Risk Management Transactions" and the "Risk Disclosure Statement for
         OTC Risk Management Transactions" (each attached hereto and
         incorporated by reference into this Confirmation).

         (d)      "Loan Agreement" shall mean each agreement, related by its
         terms to this Transaction, to which you (as borrower) and SunTrust (or
         one of its Affiliates) are or hereafter become parties (and to which
         other lenders may be parties) involving the making of loans,
         extensions of credit or financial accommodations thereunder or
         commitments therefor, as the same exists on the Trade Date and without
         regard to (i) any termination or cancellation thereof, whether by
         reason of payment of all indebtedness incurred thereunder or
         otherwise, or (ii) unless consented to in writing by SunTrust, any
         amendment, modification, addition, waiver or consent thereto or
         thereof.

<PAGE>
                                                                              4

3.       Account Details

         Payment to Counterparty:

         Depository:                [PLEASE ADVISE]
         ABA #
         Favor of:
         Account #

         Payments to SunTrust:

         SunTrust Bank
         ABA # 061000104
         FBO:  Bond Wire Clearing
         Account # 9088-0000-95
         Attn: Financial Risk Management, Operations

4.       Offices

         (a)      The Office of Counterparty for the Transaction is its Daytona
         Beach office; and

         (b)      The Office of SunTrust for the Transaction is its Atlanta
         office.

         By signing below, you also acknowledge and agree that we have
explained to you the risks involved in this Transaction, which risks include
but are not limited to the following:

-        Market Risk: The risk that the Transaction may increase or decrease in
         value with a change in, among other things, interest rates or the
         yield curve; and

-        Liquidity Risk: The risk that the Transaction cannot be closed out or
         disposed of quickly at or near its value.

         You further acknowledge and agree that you understand these risks and
the Transaction as a whole, that you are capable of managing the risks
associated with this Transaction, that the risks involved in this Transaction
are consistent with your financial goals, policies and procedures, and risk
tolerance, and that you have determined that this Transaction is appropriate
for you.

         Please confirm that the foregoing correctly sets forth the terms of
our agreement by signing this copy of this Confirmation and immediately
returning it to SunTrust Capital Markets, Inc. via fax at the number indicated
on Page 1.

Very truly yours,                   Accepted and Confirmed as of the date
                                    first written:

SUNTRUST BANK                       BROWN & BROWN, INC.

By:                                 By:
   ---------------------------         ----------------------------------------
   Fred D. Woolf                       Name:
   Vice President                      Title:

<PAGE>
                                                                              5

                            AMORTIZATION SCHEDULE A*

<TABLE>
<CAPTION>
   PERIOD BEGIN                          PERIOD END                          NOTIONAL AMOUNT
   ------------                          ----------                          ---------------
   <S>                                   <C>                                 <C>
     2-Jan-02                            29-Mar-02                            77,142,857.16
    29-Mar-02                            28-Jun-02                            73,928,571.45
    28-Jun-02                            30-Sep-02                            70,714,285.74
    30-Sep-02                            31-Dec-02                            67,500,000.03
    31-Dec-02                            31-Mar-03                            64,285,714.32
    31-Mar-03                            30-Jun-03                            61,071,428.61
    30-Jun-03                            30-Sep-03                            57,857,142.90
    30-Sep-03                            31-Dec-03                            54,642,857.19
    31-Dec-03                            31-Mar-04                            51,428,571.48
    31-Mar-04                            30-Jun-04                            48,214,285.77
    30-Jun-04                            30-Sep-04                            45,000,000.06
    30-Sep-04                            31-Dec-04                            41,785,714.35
    31-Dec-04                            31-Mar-05                            38,571,428.64
    31-Mar-05                            30-Jun-05                            35,357,142.93
    30-Jun-05                            30-Sep-05                            32,142,857.22
    30-Sep-05                            30-Dec-05                            28,928,571.51
    30-Dec-05                            31-Mar-06                            25,714,285.80
    31-Mar-06                            30-Jun-06                            22,500,000.09
    30-Jun-06                            29-Sep-06                            19,285,714.38
    29-Sep-06                            29-Dec-06                            16,071,428.67
    29-Dec-06                            30-Mar-07                            12,857,142.96
    30-Mar-07                            29-Jun-07                             9,642,857.25
    29-Jun-07                            28-Sep-07                             6,428,571.54
    28-Sep-07                            31-Dec-07                             3,214,285.83
</TABLE>

*AMORTIZATION SCHEDULE A, subject to adjustment for the Period End Dates in
accordance with the Modified Following Business Day Convention.

<PAGE>
                                                                              6

                           SUNTRUST BANK ("SUNTRUST")
             TERMS OF DEALING FOR OTC RISK MANAGEMENT TRANSACTIONS

In connection with the negotiation, entry into, and performance from time to
time of over-the-counter ("OTC") risk management transactions, please be
advised that:

SunTrust acts as principal only and does not act as advisor, agent, broker, or
fiduciary for or with respect to any counterparty (unless otherwise expressly
agreed in a written engagement letter).

SunTrust expects that its counterparties have the authority and capacity to
enter into and perform their obligations under their OTC risk management
transactions with SunTrust, and SunTrust relies on the express and implied
representations of its counterparties with respect thereto.

SunTrust expects that its counterparties possess adequate knowledge and
experience to assess independently, or with the assistance of their own
advisors, the merits and risks of each OTC risk management transaction that the
counterparty may from time to time enter into, amend, or terminate.

SunTrust endeavors to maintain the confidentiality of all confidential
counterparty information and expects its counterparties to do the same. Unless
a counterparty gives SunTrust written notice to the contrary, each counterparty
authorizes SunTrust and all SunTrust affiliates, including SunTrust Capital
Markets, Inc. (STCM), to share with each other confidential information
concerning a counterparty and/or its accounts for marketing or other purposes
from time to time. Any trade ideas, term sheets, and other similar documents
sent to counterparties by SunTrust are not to be shared with others.

SunTrust may pay fees, commissions, and other amounts to agents, brokers,
and/or other third parties in connection with OTC risk management transactions
entered into with counterparties. SunTrust considers the amount of such fees,
commissions, and other amounts to be confidential and does not disclose the
same to its counterparties.

SunTrust may from time to time receive orders for similar or identical
transactions, and SunTrust makes no representation with respect to execution
priorities.

STCM's Authorized Officers have the authority to bind SunTrust in connection
with OTC risk management transactions. A current list of Authorized Officers
may be obtained from STCM upon request.

OTC risk management obligations of SunTrust are not FDIC insured.

<PAGE>
                                                                              7

                           SUNTRUST BANK ("SUNTRUST")
         RISK DISCLOSURE STATEMENT FOR OTC RISK MANAGEMENT TRANSACTIONS

Over-the-counter ("OTC") risk management transactions, like other financial
transactions, involve a variety of significant potential risks. OTC risk
management transactions generally include options, forwards, swaps, swaptions,
caps, floors, collars, combination and variations of such instruments, and
other executory contractual arrangements, and may involve interest rates,
currencies, securities, commodities, equities, credit, indices, and other
underlying interests.

Before entering into any OTC risk management transaction, you should carefully
consider whether the transaction is appropriate for you in light of your
experience, objectives, financial and operational resources, and other relevant
circumstances. You should also ensure that you fully understand the nature of
the transaction and contractual relationship into which you are entering and
the nature and extent of your exposure to risk of loss, which may significantly
exceed the amount of any initial payment or investment by you.

The specific risks presented by a particular OTC risk management transaction
necessarily depend upon the character of the specific transaction and your
circumstances. In general, however, all OTC risk management transactions
involve the risk of adverse or unanticipated market developments, risk of
illiquidity and credit risk, and may involve other material risks. Equity risk
management transactions may increase or decrease in value with a change in,
among other things, stock prices and interest rates which could result in
unlimited loss. In addition, you may be subject to internal operational risks
in the event that appropriate internal systems and controls are not in place to
monitor the various risks and funding requirements to which you are subject by
virtue of your activities in the OTC risk management and related markets. OTC
risk management transactions frequently are tailored to permit parties to
customize transactions to accomplish complex financial and risk management
objectives. Such customization can also introduce significant risk factors of a
complex character.

As in any financial transaction, you must understand the requirements
(including investment restrictions), if any, applicable to you that are
established by your regulators or by your Board of Directors or other governing
body. You should also consider the tax and accounting implications of entering
into any risk management or other transaction. To the extent appropriate in
light of the specific transaction and your circumstances, you should consider
consulting such advisers as may be appropriate to assist you in understanding
the risks involved. If you are acting in the capacity of financial adviser or
agent, you must evaluate the foregoing matters in light of the circumstances
applicable to your principal.

In entering into any OTC risk management transaction, you should also take into
consideration that, unless you and SunTrust have established in writing an
express financial advisory or other fiduciary relationship or you and SunTrust
have expressly agreed in writing that you will be relying on SunTrust's
recommendations as the primary basis for making your trading or investment
decisions, SunTrust is acting solely in the capacity of an arm's-length
contractual counterparty and not in the capacity of your financial advisor or
fiduciary. In addition, SunTrust or its affiliates may from time to time have
substantial long or short positions in and may make a market in or otherwise
buy or sell instruments identical or economically related to the OTC risk
management transaction entered into with you or may have an investment banking
or other commercial relationship with the issuer of any security or financial
instrument underlying an OTC risk management transaction entered into with you.

THIS BRIEF STATEMENT DOES NOT DISCLOSE ALL OF THE RISKS AND OTHER SIGNIFICANT
ASPECTS OF ENTERING INTO OTC RISK MANAGEMENT TRANSACTIONS. YOU SHOULD REFRAIN
FROM ENTERING INTO ANY SUCH TRANSACTION UNLESS YOU FULLY UNDERSTAND ALL SUCH
RISK AND HAVE INDEPENDENTLY DETERMINED THAT THE TRANSACTION IS APPROPRIATE FOR
YOU.<PAGE>
                                                                    EXHIBIT 10q
                            ASSET PURCHASE AGREEMENT

         This ASSET PURCHASE AGREEMENT (this "Agreement"), dated as of October
3, 2001, is made and entered into by and among BROWN & BROWN OF LEHIGH VALLEY,
INC., a Pennsylvania corporation ("Buyer"); APOLLO FINANCIAL CORPORATION, a
Pennsylvania corporation d/b/a AFC Insurance ("Seller"); and WILLIAM H. LEHR, a
resident of the Commonwealth of Pennsylvania, and PATSY A. LEHR, a resident of
the Commonwealth of Pennsylvania (each a "Shareholder" and collectively, the
"Shareholders").

                                   BACKGROUND

         Seller is engaged in the insurance agency business in Bethlehem,
Pennsylvania (the "Business"), and wishes to sell certain of its assets relating
to such Business to Buyer. Buyer desires to acquire such assets upon the terms
and conditions expressed in this Agreement. The Shareholders own all of the
outstanding capital stock of Seller and is entering into this Agreement to
provide certain non-competition, indemnification and other assurances to Buyer
as a material inducement for Buyer to enter into this transaction.

         THEREFORE, in consideration of the respective representations,
warranties, covenants and agreements set forth herein, the sufficiency of which
is hereby acknowledged, the parties agree as follow:

                                    ARTICLE 1
                                 THE ACQUISITION

         Section 1.1       COVENANTS OF SALE AND PURCHASE. At the Closing (as
defined in SECTION 2.1), and upon and subject to the terms and conditions of
this Agreement, the parties mutually covenant and agree as follows:

                  (a)      Seller will sell, convey and assign to Buyer all
right, title and interest of Seller in and to the Acquired Assets (as defined in
SECTION 1.2) free and clear of all liens, pledges, security interests, charges,
restrictions or encumbrances of any nature whatsoever except as set forth in
Schedule 1.1(a); and

                  (b)      Buyer will purchase the Acquired Assets from Seller
in exchange for the consideration described in SECTION 1.4.

         Section 1.2       THE ACQUIRED ASSETS. In this Agreement, the phrase
"Acquired Assets" means all of the assets of Seller described below:

                  (a)      Purchased Book of Business. All of Seller's insurance
agency business, including but not limited to the life, health, bond, and
property and casualty insurance business (both personal and commercial lines)
and renewals and expirations thereof, together with all written or otherwise
recorded documentation, data or information relating to Seller's insurance
agency business, whether compiled by Seller or by other agents or employees of
Seller, including but not limited to: (i) lists of insurance companies and
records pertaining thereto; and

<PAGE>
(ii) customer lists, prospect lists, policy forms, and/or rating information,
expiration dates, information on risk characteristics, information concerning
insurance markets for large or unusual risks, and all other types of written or
otherwise recorded information customarily used by Seller or available to
Seller, including all other records of and pertaining to the accounts and
customers of Seller, past and present, including, but not limited to, the active
insurance customers of Seller, all of whom are listed on Schedule 1.2(a)
(collectively, the "Purchased Book of Business").

                  (b)      General Intangibles. All of the following intangible
personal property used in connection with Seller's insurance agency business or
pertaining to the Acquired Assets:

                           (i)      all of Seller's business records necessary
to enable Buyer to renew the Purchased Book of Business;

                           (ii)     the goodwill of Seller's insurance agency
business, including the name "AFC Insurance" and all derivatives thereof, and
any other fictitious names and trade names that are currently in use by Seller,
and all telephone listings, post office boxes, mailing addresses, and
advertising signs and materials; and

                           (iii)    any assignable non-solicitation agreements
and covenants not to compete made by employees of Seller and all other
assignable covenants not to compete in favor of Seller; provided, however, that
Buyer and Seller agree that due to Shareholders' continuing involvement and
interest in the business after the Closing Date, Seller shall retain such
continuing interest in the enforcement of the assigned non-solicitation
agreements and covenants not to compete as shall be necessary to the joint
enforcement of such provisions referenced in SECTION 4.9.

                  (c)      Miscellaneous Items. All other assets of Seller
relating or pertaining to the Purchased Book of Business, including computer
disks, server, software, databases (whether in the form of computer tapes or
otherwise), related object and source codes, and associated manuals, and any
other records or media of storage or programs for retrieval of information
pertaining to the Purchased Book of Business, and all supplies and materials,
including promotional and advertising materials, brochures, plans, supplier
lists, manuals, handbooks, and related written data and information, including
any customer deposits held for future due dates.

                  (d)      Tangible Property. All items of furniture, fixtures,
computers, office equipment and other tangible property used in Seller's
business. To the extent that any of such items are subject to a lease as set
forth in Schedule 1.2(d), Buyer will assume the lease and acquire all of
Seller's right to acquire such property upon termination of the lease.

                  (e)      Assigned Agreements. All of Seller's rights under the
leases and agreements identified in Schedule 1.2(e) hereof (the "Assigned
Agreements").

         Section 1.3       EXCLUSIONS AND EXCEPTIONS. Seller does not agree to
sell or assign, and Buyer does not agree to purchase or assume, any assets not
described in SECTION 1.2 hereof. Without limiting the foregoing, Buyer shall not
purchase or assume any of the following:

                                       2
<PAGE>

                  (a)      cash in hand or in banks, certificates of deposits or
any interest accrued thereon, accounts receivable, life insurance policies
relating to Shareholders or proceeds thereof, money market certificates, stocks,
bonds, real estate and automobiles;

                  (b)      any contract, lease or other obligation not
specifically assigned to Buyer under this Agreement;

                  (c)      as set forth in more detail in SECTION 4.9, any duty
or liability of any type whatsoever with respect to any employee or to any
pension or profit sharing plan or other employee benefit;

                  (d)      corporate minutes books and stock books;

                  (e)      all non-transferable permits;

                  (f)      claims for refunds of taxes and other governmental
charges to the extent such refunds relate to periods ending prior to the
Effective Date; or

                  (g)      any bonus, incentive, or advance payments received by
Seller in connection with the Assigned Agreements (except with respect to any
contingent commissions as set forth in SECTION 1.5).

         Section 1.4       PURCHASE PRICE. (a) The purchase price for the
Acquired Assets (the "Purchase Price") shall be equal to the sum of (i)
$1,405,542.00, which equals (A) one and one-half (1.5) times (B) the Core
Revenue (as defined herein) received by Seller from the Purchased Book of
Business in the twelve-month period ended September 30, 2001 ("2001 Core
Revenue"), plus (ii) an amount equal to seventy-five one-hundredths (0.75) times
the excess of Operating Profit (as defined herein), if any, received by Buyer
from the Purchased Book of Business in the twelve-month period ending December
31, 2002, over a base amount equal to $234,257.00 (the "Base Amount"), which
Base Amount the parties agree equals twenty-five percent (25%) of 2001 Core
Revenue.

                  (b)      As used herein, the term:

                           (i)      "Core Revenue" means  commission  revenue
net of any commissions paid to any third party producing agent or agency, or to
any third party broker (plus as interest income equal to one percent (1%) of
such actual commission revenue), but shall not include contingent commissions,
override commissions, first year life insurance commissions or any income item
(such as countersignature fees) other than earned commissions and fees earned in
lieu of commissions. Revenues generated from any one account shall not be
included more than once in any twelve-month period in determining Core Revenue
for such period. Core Revenue will be determined in accordance with generally
accepted accounting principles. Specifically, direct bill revenue is recognized
when received (cash basis) and agency bill revenue is recognized on the later of
the effective date of the policy installment or the date the installment is
billed to the customer; and

                                       3
<PAGE>
                           (ii)     "Operating Profit" shall mean the excess of
revenues over expenses, determined in accordance with generally accepted
accounting principles and the usual methods and conventions of accounting used
by Buyer. Among other things, direct bill commission revenue shall be deemed to
be earned on the cash method and agency bill commission income shall be deemed
to be earned on the later of the effective date of the policy or policy billing
date. Expenses shall include all standard corporate charges of Buyer, including
an overhead charge based on net retained revenues (which shall be set at four
percent (4.0%) for purposes of determining the Purchase Price), charges for
insurance coverages, the profit center bonus for the applicable period, and
charges for accounts receivable aged over fifty-nine (59) days pursuant to
Buyer's bad debt policy, but shall not include income taxes or amortization.

                  (c)      Subject to SECTION 1.4(D), the Purchase Price will be
paid to Seller as follows: (i) $1,124,000.00, which equals ninety percent (90%)
of the portion of the Purchase Price set forth in SECTION 1.4(A)(I), shall be
paid to Seller on the Closing Date; and (ii) $140,554.00, representing the
remaining portion of the Purchase Price under SECTION 1.4(A)(I) (the "Holdback
Amount") plus the remaining portion of the Purchase Price under SECTION
1.4(A)(II), will be paid to Seller on or before January 31, 2003. At Seller's
request, Buyer shall provide Seller with complete financial records in order to
permit Seller to confirm the amount of the Purchase Price amount payable under
clause (II) above.

                  (d)      In accordance with ARTICLE 7 hereof, the Holdback
Amount shall be delivered by Buyer at Closing to Fitzpatrick Lentz & Bubba,
P.C., which shall act as escrow agent. The Holdback Amount and the remaining
portion of the Purchase Price under SECTION 1.4(A)(II) shall each be subject to
reduction by Buyer to offset any obligations of Seller and the Shareholders
under the indemnification provisions contained in ARTICLE 6 hereof. Satisfaction
of any indemnity obligations from the deferred portion of the Purchase Price
shall not operate to waive the indemnification obligations of Seller and the
Shareholders contained in ARTICLE 6 for damages incurred by Buyer in excess of
such amounts; provided, however, that the Holdback Amount shall be credited
against the total aggregate liability of Seller and the Shareholders referred to
in SECTION 6.6 hereof.

                  (e)      For federal and state income tax purposes, the
parties agree to allocate the Purchase Price as follows: (i) $75,000.00 of the
Purchase Price shall be allocated to the tangible property described in SECTION
1.2(D); (ii) $10,000.00 shall be allocated to the covenants of Seller,
$10,000.00 shall be allocated to the covenants of Shareholder William H. Lehr,
and $30,000.00 shall be allocated to the covenants of Shareholder Patsy A. Lehr,
contained in SECTION 4.2 hereof, and (iii) the remainder of the Purchase Price
shall be allocated to the Purchased Book of Business and related goodwill. The
parties shall execute corresponding IRS Form 8594s at Closing to confirm the
allocation of the Purchase Price.

         Section 1.5       COMMISSIONS COLLECTED. All commissions on
installments of agency bill policies with an effective date prior to October 1,
2001 (the "Effective Date") and actually billed prior to such date shall be the
property of Seller and those billed or effective on or after the Effective Date
shall be the property of Buyer, regardless of when actually received. All
commissions on direct bill policies actually received by Seller from insurance
carriers before the

                                       4
<PAGE>
Effective Date shall be the property of Seller and those actually received from
insurance carriers on or after the Effective Date shall be the property of
Buyer, regardless of when billed by the insurance carrier. Buyer shall be
entitled to all contingent commissions and/or override commissions received on
or after the Effective Date, regardless of when earned. All additional or return
commissions as a result of audits actually received before the Closing shall be
the property or the responsibility of Seller, whether credit or debit, and
regardless of effective date, and those actually received on or after the
Closing shall be the property or responsibility of Buyer, whether credit or
debit, and regardless of effective date.

         Section 1.6 NO ASSUMED LIABILITIES. Except for the ongoing obligation
to service the Purchased Book of Business or any obligation otherwise expressly
assumed hereunder, Buyer shall not assume or be deemed to have assumed any
liability or obligation of Seller whatsoever.

                                    ARTICLE 2
                         CLOSING, ITEMS TO BE DELIVERED,
                     FURTHER ASSURANCES, AND EFFECTIVE DATE

         Section 2.1       CLOSING. The consummation of the purchase and sale
of assets under this Agreement (the "Closing") will take place at 9 a.m., local
time, on October 3, 2001 (the "Closing Date"), at the offices of Fitzpatrick
Lentz & Bubba, P.C., located at 4001 Schoolhouse Lane, Center Valley,
Pennsylvania, unless another date or place is agreed to in writing by the
parties hereto.

         Section 2.2       CONVEYANCE AND DELIVERY BY SELLER. On the Closing
Date, Seller will surrender and deliver possession of the Acquired Assets to
Buyer and take such steps as may be required to put Buyer in actual possession
and operating control of the Acquired Assets, and in addition shall deliver to
Buyer such bills of sale and assignments and other good and sufficient
instruments and documents of conveyance, in form reasonably satisfactory to
Buyer, as shall be necessary and effective to transfer and assign to, and vest
in, Buyer all of Seller's right, title, and interest in and to the Acquired
Assets free and clear of any lien, charge, pledge, security interest,
restriction or encumbrance of any kind (except as set forth in Schedule 1.1(a).
Without limiting the generality of the foregoing, at the Closing, Seller shall
deliver to Buyer:

                  (a)      a Bill of Sale and Assignment, substantially in the
form of Exhibit 2.2(a), executed by Seller (the "Bill of Sale");

                  (b)      an Assignment and Assumption Agreement, substantially
in the form of Exhibit 2.2(b), with respect to the Assigned Agreements, executed
by Seller (the "Assignment and Assumption Agreement");

                  (c)      duly adopted resolutions of Seller's Board of
Directors satisfactory to Buyer in its reasonable discretion: (i) approving a
plan of asset transfer (the "Plan of Asset Transfer") and proposing same to the
Shareholders for their consideration and adoption, in accordance with Section
1932(b) of the Pennsylvania Business Corporation Law (the "PBCL"); (ii)
terminating Seller's Employee Benefit Plans; and (iii) directing the Seller's
401(k) Plan's Trustee to apply for a determination letter from the Internal
Revenue Service with respect to the termination of the

                                       5
<PAGE>
401(k) Plan and to submit a Notice of Intent to Terminate to all participants
and beneficiaries under 401(k) Plan (the "Seller's Board Resolutions"); and

                  (d)      duly adopted resolutions of the Shareholders,
adopting the Plan of Asset Transfer in accordance with Section 1932(b) of the
PBCL (the "Shareholder Resolutions").

         Section 2.3       DELIVERY BY BUYER.  On the Closing Date, Buyer will
deliver to Seller:

                  (a)      a wire transfer of immediately available funds to one
or more accounts designated in writing by Seller for the amount required to be
delivered at Closing pursuant to SECTION 1.4(B) hereof;

                  (b)      the Assignment and Assumption Agreement, executed by
Buyer;

                  (c)      a Promissory Note, substantially in the form of
Exhibit 2.3(c), with respect to the Holdback Amount, executed by Buyer (the
"Promissory Note"); and

                  (d)      duly adopted resolutions of Buyer's Board of
Directors, satisfactory to Seller in its reasonable discretion, approving the
transactions contemplated herein and Buyer's obligations under this Agreement.

         Section 2.4       MUTUAL PERFORMANCE. At the Closing, the parties shall
also deliver to each other the agreements and other documents referred to in
ARTICLE 4 hereof.

          Section 2.5      FURTHER ASSURANCES. From time to time after the
Closing, at Buyer's request, Seller will execute, acknowledge and deliver to
Buyer such other instruments of conveyance and transfer and will take such other
actions and execute and deliver such other documents, certifications and further
assurances as Buyer may reasonably request in order to vest more effectively in
Buyer, or to put Buyer more fully in possession of, any of the Acquired Assets.
Each of the parties hereto will cooperate with the others and execute and
deliver to the other parties such other instruments and documents and take such
other actions as may be reasonably requested from time to time by any other
party hereto as necessary to carry out, evidence and confirm the intended
purposes of this Agreement.

         Section 2.6       EFFECTIVE DATE. The Effective Date of this Agreement
and all related instruments executed at the Closing shall be October 1, 2001
unless otherwise specified. Notwithstanding the foregoing, Seller shall retain
the risk of loss for errors and omissions committed up until the Closing Date.

                                    ARTICLE 3
                         REPRESENTATIONS AND WARRANTIES

I.       Seller and the Shareholders, jointly and severally when and where
applicable, represent and warrant to Buyer as follows:

                                       6
<PAGE>

         Section 3.1       ORGANIZATION. Seller is a corporation organized and
in good standing under the laws of the Commonwealth of Pennsylvania and its
status is active. Seller has all requisite corporate power and authority and all
necessary governmental approvals to own, lease and operate its properties and to
carry on its business as now being conducted. Seller is duly qualified to do
business and is in good standing as a foreign corporation in each jurisdiction
where the conduct of its insurance agency business requires it to be so
qualified.

         Section 3.2       CAPITALIZATION. The Shareholders own and hold all of
the outstanding shares of capital stock of Seller and there are no outstanding
options or rights to acquire additional shares of capital stock of Seller.

         Section 3.3       AUTHORITY. Seller has the requisite corporate power
and authority to execute and deliver this Agreement and to consummate the
transactions contemplated hereby. The execution, delivery and performance of
this Agreement have been duly authorized by all necessary corporate action on
the part of Seller. This Agreement has been, and the other agreements, documents
and instruments required to be delivered by Seller in accordance with the
provisions hereof (collectively, the "Seller's Documents") will be, duly
executed and delivered by duly authorized officers of Seller on behalf of
Seller, and this Agreement constitutes, and the Seller's Documents when executed
and delivered will constitute, the legal, valid and binding obligations of
Seller, enforceable against Seller in accordance with their terms, subject to
applicable bankruptcy, insolvency, reorganization or similar laws from time to
time in effect relating to or affecting the enforcement of creditors' rights
generally and general equitable principles.

         Section 3.4       CONSENTS AND APPROVALS; NO VIOLATIONS. Neither the
execution, delivery or performance of this Agreement by Seller nor the
consummation by it of the transactions contemplated hereby nor compliance by it
with any of the provisions hereof will (a) conflict with or result in any breach
of any provision of its Articles of Incorporation or Bylaws, (b) require any
filing with, or permit, authorization, consent or approval of, any court,
arbitral tribunal, administrative agency or commission, or other governmental or
other regulatory authority or agency (each a "Governmental Entity"), or (c)
except with respect to any consents which may be required pursuant to the
Assigned Agreements (other than Seller's agreement with Kempes or the addendum
regarding Seller to the agreement between the St. Paul Company and Henry S.
Lehr, Inc., each for which such consent has been obtained prior to Closing)
result in a violation or breach of, or constitute a default under, any of the
terms, conditions or provisions of any agreement or other instrument or
obligation to which Seller is a party or by which Seller or any of its
properties or assets may be bound.

         Section 3.5       NO THIRD PARTY OPTIONS. There are no existing
agreements, options, commitments, or rights with, of or to any person to acquire
any of Seller's securities, assets, properties or rights included in the
Acquired Assets or any interest therein.

         Section 3.6       FINANCIAL STATEMENTS. Seller has delivered to Buyer
true and complete copies of (a) its balance sheet at September 30, 2000 and the
related statement of income for the fiscal year then ended (the "2000 Financial
Statements"), and (b) its balance sheet at August 31, 2001 (the "Balance Sheet
Date") and the related statement of income for the eleven (11) months then ended
(the "Interim Financial Statements"). The 2000 Financial Statements were
prepared

                                       7
<PAGE>
in accordance with generally accepted accounting principles and the Interim
Financial Statements were prepared in accordance with Seller's standard internal
accounting methodology, in each case consistently applied throughout the periods
involved (subject, in the case of the Interim Financial Statements, to normal
recurring audit adjustments). Such balance sheets fairly present the
consolidated financial position, assets, and liabilities (whether accrued,
absolute, contingent or otherwise) of Seller at the dates indicated and such
statements of income fairly present the results of operations for the periods
then ended. Seller's financial books and records are accurate and complete in
all material respects. Except as set forth in Schedule 3.6, Seller has not
guaranteed any premium financing on behalf of its customers.

         Section 3.7       ORDINARY COURSE OF BUSINESS. Since the Balance Sheet
Date, Seller has carried on business in the usual, regular and ordinary course
in substantially the manner heretofore conducted and has taken no unusual
actions in contemplation of this transaction, except with the consent of Buyer.
Since the Balance Sheet Date, there have been no events or changes having an
adverse effect on Seller or the Acquired Assets. All of Seller's accounts
payable, including accounts payable to insurance carriers, are current and
reflected properly on its books and records, and will be paid in accordance with
their terms at their recorded amounts.

         Section 3.8       ASSETS. (a) Except as set forth in Schedule 1.1(a),
Seller owns and holds, free and clear of any lien, charge, pledge, security
interest, restriction, encumbrance or third-party interest of any kind
whatsoever (including insurance company payables), sole and exclusive right,
title and interest in and to the Acquired Assets, including but not limited to
the customer expiration records for those customers listed in Schedule 1.2(a),
together with the exclusive right to use such records and all customer accounts,
copies of insurance policies and contracts in force and all files, invoices and
records pertaining to the customers, their contracts and insurance policies, and
all other information comprising the Purchased Book of Business. Seller has not
received notice that any of the accounts listed in Schedule 1.2(a) has canceled
or non-renewed or intends to cancel or non-renew. Schedule 1.2(a) also shows the
revenue received by Seller from each of its appointed carriers in the
twelve-month period ended September 30, 2001. None of the accounts shown in
Schedule 1.2(a) represents business that has been brokered through a third
party.

                  (b)      The name "AFC Insurance" is the only trade name used
by Seller within the past three (3) years. No party has filed a claim during the
past three (3) years against Seller alleging that it has violated, infringed on
or otherwise improperly used the intellectual property rights of such party, or,
if so, the claim has been settled with no existing liability to Seller and, to
the Knowledge of Seller and the Shareholders (as defined in SECTION 7.3 hereof),
Seller has not violated or infringed any trademark, trade name, service mark,
service name, patent, copyright or trade secret held by others.

                  (c)      Schedule 3.8 lists all material contracts, agreements
and other written or verbal arrangements to which Seller is a party, including,
but not limited to, (i) any employment, non-compete, confidentiality or
non-solicitation agreement to which Seller or either of the Shareholders is a
party, (ii) any agreement relating to the purchase or sale of assets by Seller
within the past five (5) years, (iii) any agreement between Seller and either of
the Shareholders or between Seller and any officer, director or affiliate of
Seller, and (iv) any other contract or agreement not entered into in the
ordinary course of business. Seller has delivered true and

                                       8
<PAGE>
complete copies of each such agreement to Buyer and, in the case of unwritten
agreements, a true and complete summary of such arrangements. The parties to all
such agreements are in compliance with the terms thereof.

                  (d)      To the Knowledge of Seller and the Shareholders,
Seller's computer software included in the Acquired Assets performs in
accordance with the documentation and other written material used in connection
therewith, and is free of defects in programming and operation. Seller has
delivered to Buyer copies of all user and technical documentation related to
such software available to Seller.

         Section 3.9       LITIGATION AND CLAIMS. Except as disclosed in
Schedule 3.9, there is no suit, claim, action, proceeding or investigation
pending or, to the Knowledge of Seller and the Shareholders, threatened against
Seller and, to the Knowledge of Seller and the Shareholders, no circumstances
exist that could reasonably form a basis for such a suit, claim, action,
proceeding or investigation to be initiated or threatened. Seller is not subject
to any outstanding order, writ, injunction or decree which, insofar as can be
reasonably foreseen, individually or in the aggregate, in the future would have
an adverse effect on Seller or the Acquired Assets or would prevent Seller from
consummating the transactions contemplated hereby. No voluntary or involuntary
petition in bankruptcy, receivership, insolvency or reorganization with respect
to Seller, or petition to appoint a receiver or trustee of Seller's property,
has been filed by or against Seller, nor will Seller file such a petition prior
to the Closing Date or for one hundred (100) days thereafter, and if such
petition is filed by others, the same will be promptly discharged. Seller has
not made any assignment for the benefit of creditors or admitted in writing
insolvency or that its property at fair valuation will not be sufficient to pay
its debts, nor will Seller permit any judgment, execution, attachment or levy
against it or its properties to remain outstanding or unsatisfied for more than
ten (10) days. Seller shall not become insolvent as a result of consummating the
transactions contemplated by this Agreement.

         Section 3.10      COMPLIANCE WITH APPLICABLE LAW. To the Knowledge of
Seller and the Shareholders, Seller holds all permits, licenses, variances,
exemptions, orders and approvals of all Governmental Entities necessary for the
lawful conduct of the insurance agency business (collectively, the "Permits"),
and Seller is in compliance with the terms of the Permits. To the Knowledge of
Seller and the Shareholders, the business of Seller is not being conducted in
violation of any law, ordinance or regulation of any Governmental Entity
(including, without limitation, the Gramm-Leach-Bliley Financial Services
Modernization Act of 1999 and any applicable federal or state regulations
promulgated pursuant thereto), except for possible violations that individually
or in the aggregate do not, and, insofar as reasonably can be foreseen, in the
future will not, have an adverse effect on its business. As of the date of this
Agreement, no investigation or review by any Governmental Entity with respect to
Seller is pending or, to the Knowledge of Seller and the Shareholders,
threatened.

         Section 3.11      TAX RETURNS AND AUDITS. Seller has timely filed all
federal, state, local and foreign tax returns, including all amended returns, in
each jurisdiction where Seller is required to do so or has paid or made
provision for the payment of any penalty or interests arising from the late
filing of any such return, has correctly reflected all taxes required to be
shown thereon, and has fully paid or made adequate provision for the payment of
all taxes that have been incurred or are due and payable pursuant to such
returns or pursuant to any assessment with respect to taxes in such
jurisdictions, whether or not in connection with such returns. Seller has not
received any notice that

                                       9
<PAGE>
it is or may become subject to any audits with respect to any federal, state,
local or foreign tax returns required to be filed, and there are no unresolved
audit issues with respect to prior years' tax returns. To the Knowledge of
Seller and the Shareholders, there are no circumstances or pending questions
relating to potential tax liabilities nor claims asserted for taxes or
assessments of Seller that, if adversely determined, could result in a tax
liability that would have a material adverse effect on Seller or the Acquired
Assets for any period. Seller has not executed an extension or waiver of any
statute of limitations on the assessment or collection of any tax due that is
currently in effect. Seller is not holding any unclaimed property that it is
required to surrender to any state taxing authority including, without
limitation, any uncashed checks or unclaimed wages, and Seller has timely filed
all unclaimed property reports required to be filed with such state taxing
authorities. Seller does not purge its records of uncashed checks periodically.

         Section 3.12      NON-SOLICITATION COVENANTS. Except as set forth in
Schedule 3.12, Neither Seller nor either of the Shareholders is a party to any
agreement that restricts Seller's or the Shareholder's ability to compete in the
insurance agency industry or solicit specific insurance accounts.

         Section 3.13      ERRORS AND OMISSIONS; EMPLOYMENT PRACTICES LIABILITY.
Except as set forth in Schedule 3.13, Seller has not incurred any liability or
taken or failed to take any action that may reasonably be expected to result in
(a) a liability for errors or omissions in the conduct of its insurance business
or (b) employment practices liability (EPL), except such liabilities as are
fully covered by insurance. All errors and omissions (E&O) and EPL lawsuits and
claims currently pending or threatened against Seller are set forth in Schedule
3.13. Seller has E&O insurance coverage in force, with minimum liability limits
of $5 million per claim and $6 million aggregate, with a deductible of
$10,000.00 per claim and $30,000.00 aggregate, and the Shareholders will provide
to Buyer a certificate of insurance evidencing such coverage prior to or on the
Closing Date. Seller has EPL insurance coverage in force, with minimum liability
limits of $1 million per claim and $1 million aggregate, with a deductible of
$2,500.00 per claim, and the Shareholders will provide to Buyer a certificate of
insurance evidencing such coverage prior to or on the Closing Date. Seller has
had the same or higher levels of E&O and EPL coverage continuously in effect for
at least the past five (5) years.

         Section 3.14      EMPLOYEE DISHONESTY COVERAGE. Schedule 3.14 sets
forth a complete and correct list of all employee dishonesty bonds or policies,
including the respective limits thereof, held by Seller in the three (3) year
period prior to the Closing Date, and true and complete copies of such bonds or
policies have been delivered to Buyer. Seller has complied with all the
provisions of such bonds or policies and Seller has an employee dishonesty bond
or policy in full force and effect as of the Closing Date.

         Section 3.15      NO MISREPRESENTATIONS. None of the representations
and warranties of Seller and the Shareholders set forth in this Agreement or in
the attached Schedules, notwithstanding any investigation thereof by Buyer,
contains any untrue statement of a material fact, or omits the statement of any
material fact necessary to render the statements made not misleading.

                                       10

<PAGE>

II.      Buyer represents and warrants to Seller and the Shareholders as
follows:

         Section 3.16      ORGANIZATION. Buyer is a corporation organized and in
good standing under the laws of the Commonwealth of Pennsylvania and its status
is active. Buyer has all requisite corporate power and authority and all
necessary governmental approvals to own, lease and operate its properties and to
carry on its business as now being conducted. Buyer is duly qualified to do
business and is in good standing as a foreign corporation in each jurisdiction
where the conduct of its insurance agency business requires it to be so
qualified.

         Section 3.17      AUTHORITY. Buyer has the requisite corporate power
and authority to execute and deliver this Agreement and to consummate the
transactions contemplated hereby. The execution, delivery and performance of
this Agreement have been duly authorized by all necessary corporate action on
the part of Buyer. This Agreement has been, and the other agreements, documents
and instruments required to be delivered by Buyer in accordance with the
provisions hereof (collectively, the "Buyer's Documents") will be, duly executed
and delivered by duly authorized officers of Buyer on behalf of Buyer, and this
Agreement constitutes, and the Buyer's Documents when executed and delivered
will constitute, the legal, valid and binding obligations of Buyer, enforceable
against Buyer in accordance with their terms, subject to applicable bankruptcy,
insolvency, reorganization or similar laws from time to time in effect relating
to or affecting the enforcement of creditors' rights generally and general
equitable principles.

         Section 3.18      CONSENTS AND APPROVALS; NO VIOLATIONS. Neither the
execution, delivery or performance of this Agreement by Buyer nor the
consummation by it of the transactions contemplated hereby nor compliance by it
with any of the provisions hereof will (a) conflict with or result in any breach
of any provision of its Articles of Incorporation or Bylaws, (b) require any
filing with, or permit, authorization, consent or approval of, any court,
arbitral tribunal, administrative agency or commission, or other governmental or
other regulatory authority or agency (each a "Governmental Entity"), or (c)
result in a violation or breach of, or constitute a default under, any of the
terms, conditions or provisions of any agreement or other instrument or
obligation to which Buyer is a party or by which Buyer or any of its properties
or assets may be bound.

         Section 3.19      NO MISREPRESENTATIONS. None of the representations
and warranties of Buyer set forth in this Agreement, notwithstanding any
investigation thereof by Seller or the Shareholders, contains any untrue
statement of a material fact, or omits the statement of any material fact
necessary to render the statements made not misleading.

                                    ARTICLE 4
                              ADDITIONAL AGREEMENTS

         Section 4.1       BROKERS OR FINDERS. Each of the parties represents,
as to itself, its subsidiaries and its affiliates, that no agent, broker,
investment banker, financial advisor, or other firm or person is or will be
entitled to any broker's or finder's fee or any other commission or similar fee
in connection with any of the transactions contemplated by this Agreement except
Berwind Financial, L.P. (any commissions or fees payable to which shall be the
sole responsibility of Seller), and each of the parties agrees to indemnify and
hold the others harmless from and against any and all claims, liabilities, or
obligations with respect to any fees, commissions, or expenses asserted by

                                       11
<PAGE>
any person on the basis of any act or statement alleged to have been made by
such party or its affiliate.

         Section 4.2       NON-COMPETITION COVENANTS. (a) Subject to SECTION
5.1(C), Seller and the Shareholders each agree that it, he or she, as the case
may be shall not, for a period of five (5) years beginning on the Closing Date,
engage in, or be or become the owner of an equity interest in, or otherwise
consult with, be employed by, or participate in the business of, any entity
(other than Buyer) engaged in the insurance agency business within a fifty
(50)-mile radius of Bethlehem, Pennsylvania. Without limiting the foregoing,
Seller and the Shareholders shall not, during such five-year period, (i)
solicit, divert, accept business from, nor service, directly or indirectly, as
insurance solicitor, insurance agent, insurance broker or otherwise, for his or
her account or the account of any other agent, broker, or insurer, either as
owner, shareholder, promoter, employee, consultant, manager or otherwise, any
account that is part of the Purchased Book of Business or any insurance account
then serviced by Buyer, or (ii) hire or directly or indirectly solicit any
employees of Buyer or its affiliates to work for Seller, the Shareholders or any
of their affiliates, or any company that competes with Buyer or its affiliates.
The Shareholders acknowledge that the non-solicitation covenants contained in
any employment agreement he or she may enter into with Buyer will be in addition
to, and will not supersede or be subordinate to, the non-competition and
non-solicitation covenants contained in this SECTION 4.2.

                  (b)      Notwithstanding anything in this Agreement to the
contrary, the covenants set forth in this SECTION 4.2 shall not be held invalid
or unenforceable because of the scope of the territory or actions subject hereto
or restricted hereby, or the period of time within which such covenants are
imperative; but the maximum territory, the actions subject to such covenants,
and the period of time in which such covenants are enforceable, respectively,
are subject to determination by a final judgment of any court which had
jurisdiction over the parties and subject matter.

         Section 4.3       REMEDY FOR BREACH OF COVENANTS. In the event of a
breach of the provisions of SECTION 4.2, Buyer shall be entitled to injunctive
relief as well as any other applicable remedies at law or in equity. Should a
court of competent jurisdiction declare any of the covenants set forth in
SECTION 4.2 unenforceable due to a unreasonable restriction, duration,
geographical area or otherwise, the parties agree that such court shall be
empowered and shall grant Buyer or its affiliates injunctive relief to the
extent reasonably necessary to protect their respective interests. Seller and
the Shareholders acknowledge that the covenants set forth in SECTION 4.2
represent an important element of the value of the Acquired Assets and were a
material inducement for Buyer to enter into this Agreement.

         Section 4.4       SUCCESSOR RIGHTS. The covenants contained in
SECTION 4.2 shall inure to the benefit of any successor in interest of Buyer by
way of merger, consolidation, sale or other succession.

         Section 4.5       ERRORS AND OMISSIONS, EMPLOYMENT PRACTICES LIABILITY,
AND EMPLOYEE DISHONESTY EXTENDING REPORTING ("TAIL") COVERAGE. On or prior to
the Closing Date, the Shareholders shall cause Seller to purchase, at Seller's
expense, a tail coverage extension on each

                                       12
<PAGE>
of Seller's errors and omissions (E&O), employment practices liability (EPL),
and employee dishonesty insurance policy (or employee dishonesty bond, as the
case may be). Such coverages shall extend for a period of at least five (5)
years from the Closing Date, shall have the same coverages and deductibles
currently in effect, and shall otherwise be in form reasonably acceptable to
Buyer. A certificate of insurance evidencing each such coverage shall be
delivered to Buyer at or prior to Closing.

         Section 4.6       EXPENSES. Whether or not the transaction contemplated
by this Agreement is consummated, all costs and expenses incurred in connection
with this Agreement and the transaction contemplated hereby shall be paid by the
party incurring such expenses.

         Section 4.7       CONFIDENTIALITY. The parties each agree to maintain
the terms of this Agreement, including the consideration payable by Buyer, in
strict confidence and shall not disclose such terms to any third party without
the prior written consent of Buyer, unless required to do so by law (including,
without limitation, applicable securities laws). Notwithstanding the foregoing,
Seller and the Shareholders acknowledge and agree that promptly after the
Closing, Buyer shall issue a press release, a copy of which shall have been
provided by Buyer to Seller and the Shareholders within a reasonable amount of
time in advance for their review and reasonable comment, which press release
shall, among other things, set forth Seller's estimated commission revenue for
the twelve-month period prior to Closing.

         Section 4.8       TERMINATION OF EMPLOYEES; REIMBURSEMENT OF BUSINESS
EXPENSES AND SEGREGATION OF REVENUES AFTER EFFECTIVE DATE. (a) Except as
otherwise provided in SECTION 4.8(B) below, Seller shall terminate the
employment of all of Seller's employees, effective as of the Effective Date.
Seller shall be responsible for all payments, unless such payments are the
responsibility of a third party (i.e., insurer), to all of Seller's employees
(whether or not terminated as of the Effective Date) for, and liabilities
associated with, all employee benefits and Employee Benefit Plans including, but
not limited to, vacation, bonuses, and sick leave benefits, accruing prior to
the Effective Date.

                  (b)      With respect to those employees who are employed by
Seller pursuant to a written employment agreement ("Contract Employees"), all of
which agreements are attached hereto collectively as Schedule 4.8(b), Seller
shall not terminate their employment as of the Effective Date. With respect to
such Contract Employees:

                           (i)      Seller and Buyer shall, at least two (2)
days prior to the scheduled Closing Date, jointly meet with each of the Contract
Employees and shall advise him/her that the employment agreements between Seller
and its Contract Employees will be assigned to Buyer as of the Closing Date. The
Notice attached hereto as Schedule 4.8(b)(i) shall be presented to the Contract
Employees by Buyer and Seller at such meetings, and the Contract Employees shall
be requested to sign the standard Brown & Brown employment agreement which shall
be attached to the Notice and is attached hereto as Schedule 4.8(b)(i). The
standard Brown & Brown employment agreement shall replace and supersede the
Contract Employees' current employment agreement with Seller but will provide
that the Contract Employees' commission schedule in effect as of the Closing
Date shall remain in effect through December 31, 2001.

                                       13
<PAGE>

                           (ii)     In the event any of the Contract Employees
refuses to enter into the standard Brown & Brown employment agreement on or
before the close of business on October 19, 2001, such employees shall be
considered to have immediately voluntarily resigned from their employment with
Seller without cause ("Resigning Employees"). Seller shall indemnify and hold
Buyer harmless from and against any Adverse Consequences, as defined in SECTION
6.2(B), that Buyer may suffer or incur arising out of or relating to claims by
the Resigning Employees, or any of them, for severance payments and/or payments
in lieu of notice under their respective employment agreements with Seller.

                  (c)      Buyer shall reimburse Seller for all wage and
employee benefit payments and other normal and customary business expenses made
or incurred by Seller after the Effective Date; provided, however, that on and
after the Closing Date, Seller shall segregate, hold in trust in a separate
account, and promptly pay over to Buyer all commissions and fees that are the
property of Buyer pursuant to SECTION 1.5 hereof. Buyer shall be responsible, as
of the Effective Date, for any wages and employee benefits under Buyer's
existing plans and policies for any employee of Seller, whether or not a
Contract Employee, who accepts an offer of employment with Buyer by entering
into Buyer's standard employment agreement.

         Section 4.9       ENFORCEMENT OF ASSIGNED EMPLOYMENT AGREEMENTS. In the
event that a Resigning Employee whose employment agreement with Seller was
assigned to Buyer under SECTION 1.2 hereof, (i) materially breaches any of the
post-termination covenants under his or her employment agreement with Seller,
Seller and the Shareholders shall cooperate with Buyer in enforcing the terms of
such agreement assigned to Buyer and shall join in any legal or equitable
proceedings (to the extent permitted under applicable law) instituted by Buyer
for such purpose, the legal fees and costs of any such proceedings to be borne
by Seller.

         Section 4.10      CORPORATE NAME. Promptly after the Closing, Seller
agrees to cease all use of the name "Apollo Financial Corporation" or any
derivative thereof and will, no later than five (5) business days after the
Closing Date, file an amendment to its Articles of Incorporation, changing its
corporate name to a new name that bear no resemblance to its current name.

                                    ARTICLE 5
                                   CONDITIONS

         Section 5.1       CONDITIONS TO EACH PARTY'S OBLIGATION. The respective
obligations of each party to effect the transactions contemplated by this
Agreement shall be subject to the satisfaction prior to or on the Closing Date
of the following conditions:

                  (a)      All authorizations, consents, orders, or approvals
of, or declarations or filings with, or expirations of waiting periods imposed
by, any Governmental Entity, the failure to obtain which would have a material
adverse effect on the Business or the Acquired Assets after the Closing, shall
have been filed, occurred, or been obtained;

                  (b)      No temporary restraining order, preliminary or
permanent injunction, or other order issued by any court of competent
jurisdiction or other legal restraint or prohibition preventing the consummation
of the transaction shall be in effect; and

                                       14
<PAGE>

                  (c)      The obligations of the parties to effect the
transactions contemplated by this Agreement are subject to the simultaneous sale
of the assets of Henry S. Lehr, Inc. to Buyer or its affiliates.

         Section 5.2       CONDITIONS TO OBLIGATIONS OF BUYER. The obligation of
Buyer to effect the transactions contemplated by this Agreement is subject to
the satisfaction of the following conditions, unless waived by Buyer:

                  (a)      The representations and warranties of Seller and the
Shareholders set forth in this Agreement shall be true and correct in all
material respects as of the Closing Date;

                  (b)      Seller and the Shareholders shall have performed in
all material respects all obligations required to be performed by them under
this Agreement at or prior to the Closing Date;

                  (c)      Buyer shall be satisfied, in its sole discretion,
with the results of its due diligence investigation of Seller's business and
records;

                  (d)      Seller shall have delivered the Bill of Sale to
Buyer;

                  (e)      Seller shall have delivered the Assignment and
Assumption Agreement to Buyer;

                  (f)      Seller shall have delivered the Shareholder
Employment Agreement to Buyer;

                  (g)      Subject to SECTION 4.9, Seller shall have delivered
the Staff Employment Agreements to Buyer;

                  (h)      Seller shall have delivered to Buyer a copy of
Seller's Board Resolutions;

                  (i)      Seller shall have delivered to Buyer a copy of the
Shareholder Resolutions, along with a copy of the Plan of Asset Transfer adopted
by the Shareholders;

                  (j)      Seller shall have delivered evidence to Buyer,
satisfactory to Buyer in its sole discretion, of a Certificate of Insurance
regarding the errors and omissions tail coverage required under SECTION 4.5
hereof;

                  (k)      All liens, judgments, and other encumbrances on the
Acquired Assets shall have been satisfied and released prior to Closing;

                  (l)      Buyer shall be satisfied in its sole discretion that
Kempes and The St. Paul Company are willing to appoint Buyer as their agent as
of the Closing Date;

                                       15
<PAGE>

                  (m)      The Acquisition Committee and the Board of Directors
of Buyer's parent company, Brown & Brown, Inc., shall have approved this
Agreement and the transactions contemplated herein; and

                  (n)      There shall have been no material adverse change to
the Business, Acquired Assets, or financial condition of Seller since the
Balance Sheet Date.

         Section 5.3       CONDITIONS TO OBLIGATION OF SELLER AND THE
SHAREHOLDERS. The obligation of Seller and the Shareholders to effect the
transactions contemplated by this Agreement are subject to the satisfaction of
the following conditions, unless waived by Seller and the Shareholders:

                  (a)      The representations and warranties of Buyer set forth
in this Agreement shall be true and correct in all material respects as of the
Closing Date;

                  (b)      Buyer shall have performed in all material respects
all obligations required to be performed by it under this Agreement at or prior
to the Closing Date;

                  (c)      Buyer shall have executed and delivered the
Assignment and Assumption Agreement to Seller;

                  (d)      Buyer shall have executed and delivered the
Promissory Note to Seller; and

                  (e)      Buyer shall have delivered to Seller and the
Shareholders certified Resolutions of Buyer's Board of Directors.

                                       16
<PAGE>
                                    ARTICLE 6
                                 INDEMNIFICATION

         Section 6.1       SURVIVAL OF REPRESENTATIONS, WARRANTIES, INDEMNITIES
AND COVENANTS. (a) Subject to SECTION 6.1(B) and unless otherwise set forth in
this Agreement, the representations, warranties and indemnities set forth in
this Agreement shall survive for a period of two (2) years from the Closing
Date. All post-closing covenants shall survive the Closing for the period(s)
specified in this Agreement or, if not specified, for a period of two (2) years
following the Closing Date. If a party has received notice of a potential breach
of a representation, covenant or warranty, or the occurrence of an otherwise
potentially-indemnifiable event under this Agreement within such two-year
period, such party may preserve its right to assert a later claim for damages
arising from such breach or event by delivering notice of same to the other
party within the two-year period.

                  (b)      Notwithstanding anything set forth in SECTION 6.1(A),
all representations, warranties, covenants and indemnities in connection with
SECTION 4.7 or any tax liabilities shall survive in perpetuity, subject to
applicable statutes of limitations.

         Section 6.2       Indemnification Provisions for the Benefit of Buyer.
Subject to Section 6.4:

                  (a)      To the extent that any Resigning Employee (as defined
in SECTION 4.8(B)(I)) diverts in direct contravention of such Resigning
Employee's employment agreement with Seller being assigned to Buyer hereunder,
on or before the one-year anniversary of the Closing Date, any line of coverage
which is part of any account comprising the Purchased Book of Business, Buyer
shall be paid by Seller and the Shareholders (which obligations shall be joint
and several) an amount equal to (i) 1.5 times (ii) the aggregate annualized
policy commissions on such diverted lines of coverage.

                  (b)      Seller and the Shareholders agree, jointly and
severally, to indemnify and hold Buyer and its officers, directors, and
affiliates harmless from and against any Adverse Consequences (as defined below)
that any of such parties may suffer or incur resulting from, arising out of,
relating to, or caused by (i) the breach of any of Seller's or the Shareholders'
representations, warranties, obligations or covenants contained herein, or (ii)
the operation of the Business or ownership of the Acquired Assets by Seller on
or prior to the Closing, including, without limitation, any claims or lawsuits
based on conduct of Seller or the Shareholders occurring before the Closing. For
purposes of this ARTICLE 6, the phrase "Adverse Consequences" means all charges,
complaints, actions, suits, proceedings, hearings, investigations, claims,
demands, judgments, orders, decrees, stipulations, injunctions, damages, dues,
penalties, fines, costs, amounts paid in settlement, liabilities (whether known
or unknown, whether absolute or contingent, whether liquidated or unliquidated,
and whether due or to become due), obligations, taxes, liens, losses, expenses,
and fees, including all attorneys' fees and court costs.

                  (c)      In addition to and without limiting SECTION 6.2(A) or
(B), Seller and the Shareholders agree, from and after the Closing, to jointly
and severally indemnify Buyer from and against the entirety of any Adverse
Consequences Buyer may suffer resulting from, arising out of, relating to, in
the nature of, or caused by:

                                       17
<PAGE>

                           (i)      any liability or obligation of Seller that
is not assumed hereunder (including any liability of Seller that becomes a
liability of Buyer under any bulk transfer law of any jurisdiction, under any
common law doctrine of de facto merger or successor liability, or otherwise by
operation of law); or

                           (ii)     any liability of Seller for the unpaid taxes
of any person or entity (including Seller) under United States Treasury
Regulation ss. 1.1502-6 (or any similar provision of state, local, or foreign
law), as a transferee or successor, by contract, or otherwise.

         Section 6.3       INDEMNIFICATION PROVISIONS FOR THE BENEFIT OF SELLER
AND THE SHAREHOLDERS. Subject to SECTION 6.4, Buyer agrees to indemnify and hold
Seller, the Shareholders and their respective officers, directors, shareholders
and affiliates harmless from and against any Adverse Consequences that any of
such parties may suffer or incur resulting from, arising out of, relating to, or
caused by (a) the breach of any of Buyer's representations, warranties,
obligations or covenants contained herein, or (b) the operation of the Business
or ownership of the Acquired Assets by Buyer after the Closing, including,
without limitation, any claims or lawsuits based on conduct of Buyer occurring
after the Closing.

         Section 6.4       LIMITATION OF LIABILITY. (a) No indemnification by
either party under SECTION 6.2 or 6.3 shall be required to be made:

                           (i)      with respect to any claim for
indemnification by a party ("Indemnitee") as to which the party from whom
indemnification is sought ("Indemnitor") has not received written notice from
Indemnitee in accordance with SECTION 6.1(A);

                           (ii)     with respect to any claim for
indemnification for breaches of representations or warranties under SECTION
6.2(B)(I) or SECTION 6.3(A) if and to the extent the facts underlying such claim
were known to the actual knowledge of Indemnitee prior to the Closing; or

                           (iii)    with respect to (A) any claims under SECTION
6.2(A), the first Nine Thousand Dollars ($9,000.00) of aggregate Adverse
Consequences incurred by Buyer, and (B) with respect to any indemnification
claims pursuant to a provision other than under SECTION 6.2(A), the first Five
Thousand Dollars ($5,000.00) (the "Basket Amount") of aggregate Adverse
Consequences incurred by a party (Seller and the Shareholders being treated as
one party for purposes of this SECTION 6.4), it being the intent of the parties
that each party shall have a "basket" in such amount with respect to aggregate
claims for indemnification.

                  (b)      All amounts payable by Indemnitor shall be computed
net of any recovery actually paid to Indemnitee (less any deductible incurred by
Indemnitee) under any third-party insurance coverage with respect thereto which
offsets the Adverse Consequences that would otherwise be sustained by
Indemnitee.

                  (c)      The total aggregate liability of any party with
respect to its indemnification obligations under this Agreement shall not exceed
Six Hundred Fifty Thousand Dollars ($650,000.00) (the "Maximum Liability
Amount"); provided, however, that the Holdback Amount

                                       18
<PAGE>

shall be credited against the total aggregate liability of Seller and the
Shareholders set forth in this SECTION 6.4(B).

                  (d)      Notwithstanding any of the foregoing provisions, any
Adverse Consequences for which Buyer is entitled to indemnification as a result
of the breach by Seller or the Shareholders of their covenants set forth in
SECTION 4.2 shall not be subject to the Basket Amount or the Maximum Liability
Amount.

                                    ARTICLE 7
                                     ESCROW

         Section 7.1       ESCROW AGREEMENT. Pursuant to SECTION 1.4(C) hereof,
at Closing Purchaser shall by wire transfer deliver to Fitzpatrick Lentz &
Bubba, P.C. (the "Escrow Agent") the Holdback Amount (for purposes of this
ARTICLE 7, the "Escrowed Funds"), to be held and ultimately disbursed by the
Escrow Agent in accordance with this ARTICLE 7.

         Section 7.2       INTEREST. The Escrowed Funds shall be deposited in a
high performance money fund with a current yield of approximately three (3%)
percent per annum. Subject to the remaining terms of this Article, all interest
earned on the Escrowed Funds shall accrue to the benefit of Seller and
Shareholders.

         Section 7.3       INDEMNIFICATION CLAIMS.

                  (a)      If Buyer shall make a claim for indemnification
hereunder. Buyer shall promptly give written notice of such claim to (i) the
Escrow Agent, (ii) Seller, and (iii) Shareholders. Such notice shall describe
the nature of the claim, the amount thereof, the provisions in this Agreement
and related documents on which the claim is based and shall include a brief
summary of the factual basis on which the claim is based. The thirty (30) day
period immediately following the date which Buyer gives notice to the Escrow
Agent, Seller and Shareholders is referred to herein as the "Response Period."

                  (b)      If the Escrow Agent has not received a written
objection to a claim delivered pursuant to SECTION 7.3(A) from the Seller and/or
Shareholders during the Response Period, the claim shall be conclusively
presumed to have been approved by the Seller and/or Shareholders, and the Escrow
Agent shall promptly thereafter make a cash payment to Buyer equal to the amount
of the claim out of the Escrowed Funds

                  (c)      If during the Response Period the Escrow Agent shall
have received from the Seller and/or Shareholders a written objection to the
claim made by Buyer pursuant to SECTION 7.3(A) above, then for a period of
thirty (30 ) days after receipt by the Escrow Agent of such objection, Buyer and
the Seller and/or Shareholders shall endeavor to resolve the difference and to
issue a joint written direction to the Escrow Agent in respect to the claim in
issue (a "Written Direction"). The Escrow Agent shall act in accordance with the
Written Direction, if an when issued. If a Written Direction is not issued prior
to the end of such thirty (30) day period, Buyer or the Seller or Shareholders
may institute litigation in any court of competent jurisdiction to adjudicate
its rights under this Agreement. The Escrow Agent shall transfer to

                                       19
<PAGE>
Buyer funds from the Escrowed Funds in an amount equal to the full amount of any
final and nonappealable order entered in connection with such litigation or the
balance of the applicable Escrowed Funds, whichever is less, not later than five
(5) days after receipt of such order.

                  (d)      The obligations of Escrow Agent shall be limited to
receiving and holding the Escrowed Funds, and to disburse the same in accordance
with this ARTICLE 7. Should there arise any factual question or dispute
concerning the Escrowed Funds and whether the Escrow Agent turn over the same,
or to whom the same shall be paid or disbursed, or in any event, if the Escrow
Agent so decides, the Escrow Agent may, at its discretion, pay over and deliver
the same to the Court of Common Pleas of Northampton County to be held by said
court pending a resolution of the matter. Following such payment and delivery to
the court, the Escrow Agent shall there upon be discharged from all
responsibility and liability involving the said escrow paid to the court and may
represent Seller, Shareholders or Buyer hereunder in any such dispute. The
parties acknowledge that Escrow Agent is attorney for Seller and Shareholders
and that nothing herein shall preclude Escrow Agent from continuing to represent
Seller and the Shareholders in any adversary proceeding upon the payment of the
Escrowed Funds into court.

         Section 7.4       DISTRIBUTIONS AND TERMINATION OF ESCROW. On or before
October, 31, 2002 (the "Release Date"), Escrow Agent shall wire transfer the
balance of the Escrowed Funds plus all interest earned thereon to Seller and/or
Shareholders as directed in writing by the Seller and Shareholders. On the
Release Date, the applicable amount shall be promptly distributed to the Seller
and/or Shareholders, assuming the remaining amount in the Escrow Account is in
excess of the maximum amount which would be payable to Buyer if all then pending
claims applicable to the Escrowed Funds were determined in favor of Buyer (the
"Maximum Claim Amount"). A claim shall be deemed to be "pending" for purposes of
this Section if written notice of a claim for indemnification has been given in
good faith by Buyer and received by the Escrow Agent pursuant to SECTION 7.3(A)
hereof prior to the Release Date. If the remaining amount of the Escrowed Funds
would not be in excess of the Maximum Claim Amount, then Escrow Agent shall only
distribute to Seller and/or Shareholders the Release Date the amount of the
Escrowed Funds in excess of the Maximum Claim Amount. Any monies scheduled to be
released, but instead retained by the Escrow Agent due to pending claims, shall
be promptly distributed either to Buyer or to the Seller and/or Shareholders by
the Escrow Agent upon, and in accordance with, either a Written Direction or
court order as described in SECTION 7.3(C) hereof. Following the Release Date,
as pending claims are satisfied or otherwise disposed of, any part of the
Escrowed Funds held by the Escrow Agent which is in excess of the Maximum Claim
Amount shall be promptly distributed to the Seller and/or Shareholders.

                                    ARTICLE 8
                                  MISCELLANEOUS

         Section 7.1       NOTICES. All notices and other communications
hereunder shall be in writing and shall be deemed given if delivered personally,
telecopied (if confirmed), or mailed by registered or certified mail (return
receipt requested) to the parties at the following addresses or at such other
address for a party as shall be specified by like notice:

                                       20
<PAGE>

                  (a)      If to Buyer, to

                                    Brown & Brown of Lehigh Valley, Inc.
                                    90 South Commerce Way, Suite 100
                                    Bethlehem, Pennsylvania  18017-2267
                                    Telecopy No.: (610) 867-1162
                                    Attn:  Robert Iocco

                           with a copy to

                                    Brown & Brown, Inc.
                                    401 E. Jackson St., Suite 1700
                                    Tampa, Florida  33601
                                    Telecopy No.: (813) 222-4464
                                    Attn:  Laurel Grammig

                  (b)      if to Seller or to the Shareholders, to

                                    William H. Lehr
                                    Patsy A. Lehr
                                    734 Paxinosa Avenue
                                    Easton, PA 18042

                                    Joseph A. Bubba, Esquire
                                    Fitzpatrick Lentz & Bubba, P.C.
                                    4001 Schoolhouse Lane
                                    P.O. Box 219
                                    Center Valley, Pennsylvania  18034-0219
                                    Telecopy No.: (610) 797-6663

         Section 8.2       USE OF TERM "KNOWLEDGE". With respect to the term
"Knowledge" as used herein: (a) an individual will be deemed to have "Knowledge"
of a particular fact or other matter if (i) such individual is actually aware of
such fact or other matter, or (ii) a prudent individual could be expected to
discover or otherwise become of such fact or other matter in the course of
conducting a reasonably comprehensive investigation concerning the existence of
such fact or matter; and (b) a corporation or other business entity will be
deemed to have "Knowledge" of a particular fact or other matter if any
individual who is serving, who has at any time in the twelve (12) months prior
to the Closing Date served, as a director, officer, executor, or trustee (or in
any similar capacity) of such corporation or business entity has, or at any time
had, Knowledge of such fact or other matter.

         Section 8.3       COUNTERPARTS. This Agreement may be executed in two
or more counterparts, each of which shall be considered one and the same
agreement, and shall become effective when one or more counterparts have been
signed by each of the parties and delivered to the other parties, it being
understood that all parties need not sign the same counterpart.

                                       21
<PAGE>
         Section 8.4       ENTIRE AGREEMENT. This Agreement (including the
documents and instruments referred to herein) constitutes the entire agreement
and supersedes all prior agreements and understandings, both written and oral,
among the parties with respect to the subject matter hereof.

         Section 8.5       ASSIGNMENT. Except as contemplated in SECTION 4.4
hereof, neither this Agreement nor any of the rights, interests, or obligations
hereunder shall be assigned by any of the parties hereto (whether by operation
of law or otherwise) without the prior written consent of the other parties.
This Agreement will be binding upon, inure to the benefit of, and be enforceable
by the parties and their respective successors and assigns.

         Section 8.6       SEVERABILITY. If any provision or covenant, or any
part thereof, of this Agreement should be held by any court to be illegal,
invalid or unenforceable, either in whole or in part, such illegality,
invalidity or unenforceability shall not affect the legality, validity or
enforceability of the remaining provisions or covenants, or any part thereof,
all of which shall remain in full force and effect.

         Section 8.7       ATTORNEYS' FEES AND COSTS. The prevailing party in
any proceeding brought to enforce the terms of this Agreement shall be entitled
to an award of reasonable attorneys' fees and costs incurred in investigating
and pursuing such action, both at the trial and appellate levels.

         Section 8.8       GOVERNING LAW. This Agreement shall be governed by
and construed and enforced in accordance with internal Pennsylvania law without
regard to any applicable conflicts of law.

         Section 8.9       WAIVER OF JURY TRIAL. The parties hereby knowingly,
voluntarily and intentionally waive any right either may have to a trial by jury
with respect to any litigation related to or arising out of, under or in
conjunction with this Agreement.

         Section 8.10      AMENDMENT; WAIVER.This Agreement may not be amended,
or any provision waived, except by an instrument in writing signed on behalf of
each of the parties.

                               * * * * * * * * * *

      [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK - SIGNATURE PAGE FOLLOWS]

                                       22
<PAGE>

         IN WITNESS WHEREOF, the parties have signed or caused this Agreement to
be signed by their respective officers thereunto duly authorized as of the date
first written above.

BUYER:

                                   BROWN & BROWN OF LEHIGH VALLEY, INC.

                                   By:
                                      ----------------------------------------

                                   Name:    Thomas E. Riley
                                   Title:   President

                                   SELLER:

                                   APOLLO FINANCIAL CORPORATION

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

                                   SHAREHOLDERS:

                                   --------------------------------------------
                                   William H. Lehr, individually

                                   --------------------------------------------
                                   Patsy A. Lehr, individually

                                   ESCROW AGENT:

                                   FITZPATRICK LENTZ & BUBBA, P.C.

                                   By:
                                      --------------------------------------
                                        Joseph A. Bubba, Esquire, A Director

                                       23
<PAGE>
                             SCHEDULES AND EXHIBITS

Schedule 1.1(a):           Permitted Liens and Encumbrances
Schedule 1.2(a):           Purchased Book of Business
Schedule 1.2(d):           Tangible Property
Schedule 1.2(e):           Assigned Agreements
Schedule 3.6:              Guaranteed Premium Financing
Schedule 3.8:              Material Contracts
Schedule 3.9:              List of Claims and Litigation
Schedule 3.12:             Non-Solicitation Covenants
Schedule 3.13:             E&O and EPL Claims and Litigation
Schedule 3.14:             Employee Dishonesty Coverage
Schedule 4.8(b):           Contract Employees
Schedule 4.8(b)(i):        Notice

Exhibit 2.2(a):            Bill of Sale
Exhibit 2.2(b):            Assignment and Assumption Agreement
Exhibit 2.3(c):            Promissory Note

                                       24

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