Document:

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                  GUARANTY OF PAYMENT AND PERFORMANCE
                  -----------------------------------
                              ("Guaranty")

                     Dated as of December 28, 1999

     1.  FOR VALUE RECEIVED and in order to induce BANK ONE, KENTUCKY,
NA, a national banking association, and its successors and assigns, 416
West Jefferson Street, Louisville, Kentucky 40202 (the "Bank"), to enter
into that certain Loan Agreement of even date and to continue to extend
credit to COMMONWEALTH PREMIUM FINANCE CORPORATION (the "Borrower"), the
undersigned, UNIFIED FINANCIAL SERVICES, INC. (the "Guarantor") does
hereby personally and unconditionally guarantee to the holder of the
Renewal Revolving Credit Note dated as of December 28, 1999, and made by
Borrower payable to the order of Bank in the original principal amount
of $2,500,000.00 (the "Note") the due and punctual payment of all
installments of principal and interest now or in the future due under
the Note, as and when the same shall be due and payable thereunder in
accordance with its terms, and whether the same be declared due by the
holder of the Note prior to its stated maturity date by virtue of
default thereunder.  The undersigned further guarantees the prompt
performance by Borrower of all non-monetary undertakings, covenants and
agreements to be performed by Borrower under the Note.

     2.  Guarantor consents and agrees that the whole or any part of
the security now or hereafter held for the Note may be exchanged,
compromised, surrendered or released from time to time; that the time or
place of payment of the Note or of any security therefor may be
exchanged or extended, in whole or in part, to a time certain or
otherwise, and the Note may be renewed or accelerated, in whole or in
part; that Borrower may be extended further loans and be granted
indulgences generally; that any of the provisions of the Note, or of any
instrument securing or pertaining to the security for the same, may be
modified or waived (either expressly or through tacit acquiescence);
that any party liable for the payment of the Note may be granted
indulgences or released; that neither the death, insolvency, bankruptcy,
dissolution, nor disability of Borrower or of Guarantor shall affect the
obligations hereunder of Guarantor; that no claim need be asserted
against the personal representatives, guardian, trustee in bankruptcy or
receiver of any deceased, incompetent, bankrupt or insolvent Borrower or
guarantor; that any deposit balance to the credit of Borrower, Guarantor
or any other party liable for payment of the Note or liable upon any
security therefor may be released from time to time in whole or in part,
at, before or after the stated, extended or accelerated maturity date of
the Note; and that the undersigned Guarantor shall remain bound
hereunder, notwithstanding any such exchange, compromise, surrender,
extension, renewal, acceleration, modification, waiver, indulgence,
release or other action, all of which may be affected without notice to
or further assent or agreement by Guarantor.

     3.  Guarantor expressly waives:

         (a)  Notice of acceptance of this Guaranty;
         (b)  Presentment and demand for payment of the Note;
         (c)  Protest and notice of protest, dishonor or
              default to Guarantor or to any other party with
              respect to the Note or any security for the Note;
         (d)  Demand for payment under this Guaranty;

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         (e)  Notice of disposition of any security for the
              Note; and
         (f)  All rights of indemnity, exoneration,
              reimbursement, contribution and/or subrogation
              of Guarantor against Borrower.

     4.  This is a guaranty of payment as to monetary obligations and
not of collection.  The liability of Guarantor under this Guaranty shall
be direct and immediate and not conditional or contingent upon the
pursuit of any remedies against Borrower or any other guarantor or other
person nor against the security or liens available to the holder for the
payment of the Note.  Guarantor waives any claim to marshaling of assets
and waives any right to require that an action be brought against
Borrower or any other person prior to action against Guarantor hereunder
and waives any right to require that resort be had to any security for
the Note or to any balance of any deposit account or credit on the books
of the holder of the Note in favor of Borrower or any other party prior
to action by the holder of the Note against Guarantor hereunder.  If the
Note is partially paid through the election of the holder thereof to
pursue any of the remedies mentioned in this literary paragraph or if
the Note is otherwise partially paid, Guarantor shall remain personally
liable for the entire unpaid principal balance of, and all accrued
interest on, the Note.

     5.  The Note shall constitute the primary independent and
continuing obligation of Guarantor, who shall be liable for payment of
the debt evidenced by the Note, notwithstanding the partial or total
invalidity of the Note.

     6.  The obligations of Guarantor under this Guaranty shall not be
subject to any counterclaim, set off, deduction or defense based upon
any claim Guarantor may have against Borrower or Bank, and the
obligations of Guarantor under this Guaranty shall remain in full force
and effect, without regard to, and shall not be released, discharged or
in any way modified or affected by, any circumstance or condition
(whether or not Guarantor shall have any knowledge or notice thereof)
including, but not limited to, any bankruptcy, insolvency,
reorganization, arrangement, readjustment, composition, liquidation or
similar proceeding with respect to Borrower or its properties or its
creditors, or any action taken by any trustee or receiver or by any
court in any such proceeding.

     7.  In the event of any default by Borrower under the Note,
Guarantor shall pay to Bank, to the extent allowable by law, such
further amount as shall be sufficient to fully reimburse Bank for all of
its costs and expenses of enforcing its rights and remedies under the
Note including, without limitation, Bank's reasonable attorneys' fees
and court costs, and all of same shall be evidenced by the Note and this
Guaranty.

     8.  This Guaranty shall be construed in accordance with and
governed by the laws of the Commonwealth of Kentucky, without reference
to its principles of conflicts of laws.

     9.  GUARANTOR HEREBY VOLUNTARILY, KNOWINGLY, IRREVOCABLY AND
UNCONDITIONALLY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING
ANY DISPUTE (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) BETWEEN OR
AMONG THEM ARISING OUT OF OR IN ANY WAY

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RELATED TO THIS GUARANTY, ANY OTHER LOAN DOCUMENT OR ANY RELATIONSHIP
BETWEEN BANK AND BORROWER.  THIS PROVISION IS A MATERIAL INDUCEMENT TO
BANK TO PROVIDE THE FINANCING DESCRIBED HEREIN OR IN THE OTHER LOAN
DOCUMENTS.

     10.  Guarantor agrees that the sole proper venue for the
determination of any litigation commenced by either Guarantor or Bank on
any basis shall be in a court of competent jurisdiction which is located
in Fayette County, Kentucky, and the parties hereby expressly declare
that any other venue shall be improper and Guarantor expressly waives
any right to a determination of any such litigation against Guarantor by
a court in any other venue.  Guarantor further agrees that service of
process by any judicial officer or by registered or certified U.S. mail
shall establish personal jurisdiction over Guarantor, and Guarantor
waives any rights under the laws of any state to object to jurisdiction
within the Commonwealth of Kentucky.  The aforesaid means of obtaining
personal jurisdiction and perfecting service of process are not intended
to be exclusive, but are cumulative and in addition to all other means
of obtaining personal jurisdiction and perfecting service of process now
or hereafter provided by the laws of the Commonwealth of Kentucky or by
any other state in an action brought by Bank in such state. Provided,
however, nothing herein shall in any way be deemed to limit the ability
of Bank to serve any writs, process or summons in any other manner
permitted by applicable law or to obtain jurisdiction over Guarantor in
such other jurisdictions and in such manner as may be permitted by
applicable law.

     11.  The undersigned does hereby agree and acknowledge that the
maximum aggregate liability of Guarantor shall be the sum of Two Million
Five Hundred Thousand and 00/100 Dollars ($2,500,000.00), plus interest
accruing on said amount, plus fees, charges and costs of collecting the
guaranteed indebtedness (including reasonable attorneys' fees).

     12.  This Guaranty shall terminate on June 30, 2000.  Provided,
however, the undersigned acknowledges and agrees that such termination
shall not affect its liability with respect to:  (a) obligations created
or incurred prior to such date (which specifically includes the Note),
or (b) extensions or renewals of, interest accruing on, or fees, costs
or expenses incurred with respect to such obligations (which
specifically includes the Note), on or after such date.

     13.  If any payment made on the Note shall be required to be
repaid or refunded by Bank as a result of any bankruptcy or insolvency
of Borrower or of Guarantor or by virtue of any claim of preference,
invalidity, unenforceability or right of rescission, Guarantor hereby
acknowledges and agrees that Guarantor shall remain liable for the
amount of such payment refunded, to the extent provided herein, as if
such payment had never been made by Borrower or by Guarantor to Bank.

     14.  This Guaranty shall remain fully enforceable irrespective of
any claim, defense or counterclaim which Borrower may or could assert as
to the Note including, but not limited to, failure of consideration,
breach of warranty, payment, statute of frauds, statute of limitations,
fraud, bankruptcy, and usury, all of which Guarantor hereby waives along
with any standing by Guarantor to assert any said claim, defense or
counterclaim.  This Guaranty is in addition to and not in lieu of, nor
does it supercede, any prior Guaranties signed by Guarantor.

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     15.  Guarantor has, to its satisfaction, independently
investigated: (a) Borrower's credit history; (b) Borrower's payment
history with Bank; (c) Borrower's past, current and projected financial
condition; and (d) the sufficiency of any collateral supporting
Borrower's obligations under the Note.  Guarantor represents and
warrants that it has relied exclusively on his own independent
investigation of Borrower for its decision to guarantee the Note.
Guarantor agrees that it has sufficient knowledge of Borrower to make an
informed decision about this Guaranty, and that Bank has no duty or
obligation to disclose any information in its possession or control
about Borrower to Guarantor.

     16.  In the event that any one or more of the provisions contained
herein shall for any reason be held to be invalid, illegal, or
unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect any other provision hereof and this
Guaranty shall be construed as if such invalid, illegal or unenforceable
provision had never been contained herein.

     17.  The provisions of this Guaranty shall be binding upon
Guarantor and its, successors, and assigns and shall inure to the
benefit of the holder of the Note, and its successors, endorsees and
assigns.

     IN WITNESS WHEREOF, Guarantor has executed this Guaranty to be
effective as of the date and year first above written.

                              UNIFIED FINANCIAL SERVICES, INC.

                              BY: /s/ John S. Penn
                                 --------------------------------------

                              TITLE: Executive Vice President
                                    -----------------------------------

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                     RENEWAL REVOLVING CREDIT NOTE
                     -----------------------------
                                ("Note")

COMMONWEALTH PREMIUM FINANCE CORPORATION
a Kentucky corporation
220 Lexington Green Circle, Suite 600
Lexington, Kentucky 40503

$2,500,000.00

DATE: December 28, 1999

Executed at Lexington, Kentucky

     1.  FOR VALUE RECEIVED, COMMONWEALTH PREMIUM FINANCE CORPORATION
("Borrower"), promises to pay to the order of BANK ONE, KENTUCKY, NA, a
national banking association (the "Bank"), the principal sum of TWO
MILLION FIVE HUNDRED THOUSAND AND 00/100 DOLLARS ($2,500,000.00) or so
much thereof as may be advanced by Bank and outstanding from time to
time under this Note pursuant to the Loan Agreement between Borrower and
Bank dated as of December 28, 1999 (the "Loan Agreement") and to pay
interest from the date hereof on such principal amount from time to time
outstanding at the per annum rate equal to the Prime Rate of interest as
declared by Bank from time to time and adjusted daily, all of such
payments to be made in lawful money of the United States of America in
immediately available funds, without defalcation. "Prime Rate" of
interest as used herein means a variable rate of interest announced from
time to time by Bank as its prime rate whether or not such rate is
otherwise published, which rate may not be Bank's lowest or best rate;
provided, that in the event this Note is assigned to another holder
which is a commercial bank, Prime Rate shall mean the reference rate of
interest established by such subsequent holder from and after the date
of such assignment, as its prime rate from time to time. The Prime Rate
shall be adjusted each time and at the time the Bank's prime rate
changes.

     2.  This Note represents a renewal, and not a novation, of that
certain Renewal Revolving Credit Note dated June 20, 1999.  All terms
not otherwise defined herein shall have the same meaning given to them
in the Loan Agreement. Advances under this Note shall only be made in
accordance with the terms and conditions set forth in the Loan Agreement
and provided that no Event of Default as defined herein or in the Loan
Agreement has occurred or then exists. This Note, the Loan Agreement and
any and all other documents referred to in the Loan Agreement or
instruments securing repayment of this Note or relating thereto, whether
made by Borrower or any other person(s) or entities, are hereinafter
referred to collectively as the "Loan Documents".

     3.  This Note evidences indebtedness of Borrower to Bank which
indebtedness may increase or decrease from time to time and the total
amount advanced pursuant hereto may exceed the face amount hereof;
provided, however, the aggregate principal amount outstanding hereunder
shall not exceed the face amount of this Note at any time.  It is
further contemplated that, by reason

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of payments hereon, there may be times when no indebtedness is owing
hereunder, but notwithstanding such occurrences, this Note shall remain
valid and shall continue to be in full force and effect as to Advances
made subsequent to each such occurrence.

     4.  Borrower shall repay this Note by paying all accrued interest
monthly beginning on January 28, 2000, and continuing on the 28th day of
each month until June 30, 2000 (the "Maturity Date") at which time all
outstanding principal and accrued interest shall be due and payable in
full. Interest on this Note shall be computed by applying the ratio of
the annual interest rate over a year of 360 days, multiplied by the
outstanding principal balance, multiplied by the actual number of days
the principal balance is outstanding.  Under no circumstances will the
interest rate on this Note be more than the maximum rate allowed by
applicable law.  Borrower shall make each payment under this Note not
later than 12:00 p.m. (Noon), Lexington, Kentucky, Eastern time, on the
date when due, in lawful money of the United States of America, to Bank
at its Lexington Office, in immediately available funds. Borrower hereby
authorizes Bank to charge against any account of Borrower with Bank
containing unrestricted funds any amount so due. Whenever any payment to
be made under this Note shall be stated to be due on a Saturday, Sunday
or a public holiday or banking holiday, such payment shall be made on
the next succeeding Domestic Business Day, and such extension of time
shall be in such case be included in the computation of the payment of
interest.

     5.  The obligations evidenced by this Note or the Loan Agreement
are secured by the Security Agreement dated of even date from Borrower,
and a Stock Pledge and Security Agreement (as defined in the Loan
Agreement) dated of even date from UNIFIED FINANCIAL SERVICES, INC.,
which secures its Guaranty dated of even date, in favor of Bank.

     6.  If any payment required under the Note is not paid within ten
(10) days after such payment is due, then, at the option of Bank,
Borrower shall pay a late charge equal to five percent (5.0%) of the
amount of such payment or $25.00, whichever is greater, up to the
maximum amount of $750.00 per late charge to compensate Bank for
administrative expenses and other costs of delinquent payments.  This
late charge may be assessed without notice, shall be immediately due and
payable and shall be in addition to all other rights and remedies
available to Bank. Upon the occurrence of any Event of Default and
during the continuation thereof, and after maturity, including maturity
upon acceleration, Bank, at its option, may, if permitted under
applicable law, do one or both of the following: (i) increase the
interest rate under this Note to the rate that is three percent (3.0%)
above the rate that would otherwise be payable thereunder, and (ii) add
any unpaid accrued interest to principal and such sum shall bear
interest therefrom until paid at the rate provided in this Note
(including any increased rate).  The interest rate under this Note shall
not exceed the maximum rate permitted by applicable law under any
circumstances and if such increased rate of interest exceeds the maximum
amount permitted under applicable law in such circumstances, the amount
of the increased interest rate shall be increased by such lesser maximum
amount as legally may be allowed, and Bank's entitlement to such sum
shall be in addition to, and not in lieu of, all other rights and
remedies available to Bank as a result of such overdue payment. If a law
which applies to this Note is interpreted so that the interest collected
or to be collected hereunder exceeds the legal amount, then the interest
rate charged hereunder shall be reduced by the amount necessary to
reduce

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the interest charged to the maximum legal amount and this Note and all
sums due hereunder shall immediately become due and payable in full at
the election of the holder hereof. It is agreed that all matured
interest installments outstanding shall also bear interest until paid at
the same rate that continues to accrue on the principal outstanding.

     7.  Bank and Borrower agree to binding arbitration as provided in
Section 9.20 of the Loan Agreement.

     8.  The occurrence of any Event of Default specified in the Loan
Agreement or in any of the other Loan Documents or in any other
agreement now or hereafter arising between Borrower and Bank shall
constitute an Event of Default hereunder.

     9.  The occurrence of any Event of Default shall entitle the
holder hereof to declare the entire principal balance of this Note,
together with all accrued interest, and all other liabilities,
indebtedness and obligations of Borrower to Bank, whether now existing
or hereafter created, to be immediately due and payable, and to take any
and all action allowed the holder by law or equity, under the terms of
this Note and under the terms of any other agreements between Borrower
and Bank.

     10.  All rights and remedies of Bank under this Note, any document
securing or relating thereto, and under any other applicable law or at
equity, are and shall be cumulative to the greatest extent permitted by
law. The delay or failure of Bank or the holder hereof to insist upon
strict performance of any of the terms of this Note, or to exercise any
rights herein confirmed shall not be construed as a waiver or
relinquishment to any extent of Bank's or the holder's right to assert
or rely upon such terms or rights at any subsequent time or in any other
instance.

     11.  Borrower and all endorsers, guarantors and all other parties
to this Note hereby:

          (a)  consent to the negotiation or assignment of this Note
               to any other person at any time;

          (b)  waive presentment and demand, notice of demand, notice
               of dishonor, protest and notice of protest and non-
               payment thereof and all other notices or demands in
               connection with the delivery, acceptance, performance,
               default, enforcement, endorsement or guarantee hereof;

          (c)  waive all exemptions to which they may now or
               hereafter be entitled under the laws of this or any
               other state or of the United States;

          (d)  waive any requirement of marshaling of assets and all
               other legal or equitable doctrines which might
               otherwise require the holder hereof to proceed against
               any persons or any collateral or any other property or
               with respect to any other rights in any particular
               order and agree that the holder may elect not to
               proceed against any collateral securing this note and
               may instead seek to

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               enforce and collect this note through whatever means
               may otherwise be available at law or equity; and

          (e)  agree that Bank shall have the right, but not the
               obligation, without notice to Borrower or any other
               party, to renew this Note, grant the Borrower
               extensions of time for, or changes in the amounts of,
               payment of this Note or any other indulgence or
               forbearance by Bank, and Bank may release any or all
               of the security and collateral for this Note, and
               modify the terms of any of the Loan Documents or any
               other document securing or relating to this Note, and
               may release any guarantors, endorsers or any party to
               this Note, and otherwise deal in any way, at any time,
               with Borrower, or any guarantor of this Note or with
               any other party who may become primarily or
               secondarily liable for any of the obligations of
               Borrower under this Note, in every instance without
               the consent of Borrower or any such other parties and
               without in any way affecting the continuing liability
               of the Borrower or any such other parties hereunder or
               under any of the other Loan Documents.

     12.  Upon any Event of Default, Bank shall have the right to set
off, without notice to Borrower, and Borrower hereby grants Bank a
security interest in, any and all deposits, credits, accounts,
securities, certificates of deposit, cash, instruments, documents,
general intangibles and any other property or other sums of Borrower at
any time or times held by Bank or credited by or due from Bank to
Borrower, except those held by Bank in a restricted or fiduciary
capacity, and all products and proceeds thereof, as additional security
for all sums due hereunder and all other liabilities of Borrower to
Bank, whether now existing or hereafter arising or acquired and whether
absolute or contingent.

     13.  Borrower agrees that it will pay to Bank or the holder hereof
all costs and expenses including, without limitation, reasonable
attorneys' fees, incurred by Bank in connection with the preparation of
this Note and all related documentation, the enforcement thereof, and
the collection or attempted collection of the sums due hereunder or in
securing or attempting to secure or protecting and defending or
attempting to protect and defend holder's interest in any property
securing this Note.

     14.  BORROWER AND BANK HEREBY VOLUNTARILY, KNOWINGLY, IRREVOCABLY
AND UNCONDITIONALLY WAIVE ANY RIGHT TO HAVE A JURY PARTICIPATE IN
RESOLVING ANY DISPUTE (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE)
BETWEEN OR AMONG THEM ARISING OUT OF OR IN ANY WAY RELATED TO THIS NOTE,
ANY OTHER LOAN DOCUMENT OR ANY RELATIONSHIP BETWEEN BANK AND BORROWER.
THIS PROVISION IS A MATERIAL INDUCEMENT TO BANK TO PROVIDE THE FINANCING
DESCRIBED HEREIN OR IN THE OTHER LOAN DOCUMENTS.

     15.  Borrower agrees that the sole proper venue for the
determination of any litigation commenced by either Borrower or Bank on
any basis shall be in a court of competent jurisdiction

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which is located in Fayette County, Kentucky, and the parties hereby
expressly declare that any other venue shall be improper and Borrower
expressly waives any right to a determination of any such litigation
against Bank by a court in any other venue.  Borrower further agrees
that service of process by any judicial officer or by registered or
certified U.S. mail shall establish personal jurisdiction over Borrower,
and Borrower waives any rights under the laws of any state to object to
jurisdiction within the Commonwealth of Kentucky.  Borrower acknowledges
that this Note was executed and delivered in the Commonwealth of
Kentucky and shall be governed and construed in accordance with the laws
thereof.  The aforesaid means of obtaining personal jurisdiction and
perfecting service of process are not intended to be exclusive, but are
cumulative and in addition to all other means of obtaining personal
jurisdiction and perfecting service of process now or hereafter provided
by the laws of the Commonwealth of Kentucky or by any other state in an
action brought by Bank in such state.

     16.  The substantive laws of the Commonwealth of Kentucky (without
regard to provisions governing conflicts of laws) shall govern the
construction of this Note and the rights and remedies of the parties
hereto.

     17.  Time is of the essence in the payment and performance of all
of Borrower's obligations under this Note and all documents securing
this Note or relating hereto.

     18.  This Note cannot be modified, altered or amended except by an
agreement in writing duly signed and acknowledged by authorized
representatives of Bank and Borrower.

     19.  If any one or more of the provisions of this Note, or the
applicability of any such provision to a specific situation, shall be
held invalid or unenforceable, such provision shall be modified to the
minimum extent necessary to make it or its application valid and
enforceable, and the validity and enforceability of all other provisions
of this Note and all other applications of any such provision shall not
be affected thereby.  In the event such provision(s) cannot be modified
to make it or them enforceable, the invalidity or unenforceability of
any such provision(s) of this Note shall not impair the validity or
enforceability of any other provision of this Note.

     20.  This Note shall bind the heirs, successors and assigns of
Borrower and shall inure to the benefit of Bank and its successors and
assigns. Borrower shall not assign or allow the assumption of its rights
and obligations hereunder without Bank's prior written consent.

     DATED as of the day and year first above written.

                              COMMONWEALTH PREMIUM FINANCE
                              CORPORATION, a Kentucky corporation

                              BY: /s/ John R. Owens
                                 ---------------------------------------

                              TITLE: Vice President
                                    ------------------------------------

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