Document:

Exhibit 10.8.32

                       FIRST STAGE AMENDMENT AND AGREEMENT

                               Re: 1997 D&O Loans

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

                              W I T N E S S E T H:

          WHEREAS, Conseco, the Banks and the Administrative Agent are parties
to that certain Agreement, dated as of September 22, 2000, relating to the 1997
Director and Officer Loan Credit Agreement (the "September 22, 2000 Agreement");

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

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

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

          WHEREAS, Conseco, pursuant to a Guaranty, dated as of November 22,
2000 (the "Conseco Guaranty") has guaranteed the obligations of the borrowers
under the Credit Agreement, dated as of November 22, 2000, among the persons
listed on the signature pages thereto as Borrowers, the Banks, and the
Administrative Agent, relating to the refinancing of certain loans under that
certain Amended and Restated Credit Agreement, dated as of August 26, 1997 (the
"Credit Agreement");

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

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

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

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

<PAGE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

          Section 2. AMENDMENTS TO SEPTEMBER 22, 2000 AGREEMENT.

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

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

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

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

                                       2
<PAGE>

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

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

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

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

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

          Section 4. AMENDMENTS TO CONSECO GUARANTY.

                                       3
<PAGE>

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

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

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

                    "SECTION 3.4. Margin Regulations.

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

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

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

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

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

                    (f) There is no agreement or other arrangement between any
               Borrower and Guarantor or any third party acting on behalf of

                                       4
<PAGE>

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

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

               "SECTION 4.3. Limitation on Additional Purpose Credit.
               Notwithstanding any other provision of this Guaranty, the Credit
               Agreement or the Revolving Credit Agreement to the contrary,
               Guarantor will not, and will not permit any of its Wholly-Owned
               Subsidiaries and/or Significant Subsidiaries to incur or assume
               any Indebtedness which constitutes "purpose credit" secured
               "directly or indirectly" (as defined in Regulation U) by Margin
               Stock unless Guarantor complies with the provisions of Regulation
               U."

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

          Section 6. CONSENT.

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

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

          Section 7. FEES.

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

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

                                       5

<PAGE>

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

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

          Section 8. CONDITIONS PRECEDENT. This Agreement shall become effective
on such date (the "Effective Date") when each of the conditions precedent set
forth in this Section 8 shall have been satisfied, and notice thereof shall have
been given by the Administrative Agent to Conseco and the Banks.

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

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

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

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

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

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

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

                                       6
<PAGE>

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

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

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

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

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

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

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

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

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

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

                    (f) The Banks, with the approval of Conseco, shall have
               hired Ernst & Young LLP as a financial advisor to review the

                                       7
<PAGE>

               financial condition and performance of Conseco and its
               Subsidiaries, and the Administrative Agent shall be satisfied as
               to the duration and scope of such review; and

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

          Section 9. MISCELLANEOUS.

          9.1 Severability. Any provision of this Agreement which is prohibited
or unenforceable in any jurisdiction shall, as to such provision and such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions of this Agreement
or affecting the validity or enforceability of such provision in any other
jurisdiction.

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

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

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

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

                               [signatures follow]

                                       8
<PAGE>

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

                                         CONSECO, INC.

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

                                         CIHC, INCORPORATED

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

                                         CDOC, INC.

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

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

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

<PAGE>

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

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

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

                                         FIRST UNION NATIONAL BANK

                                         By:/s/Thomas L. Stitchberry
                                            ------------------------------------
                                         Name: Thomas L. Stitchberry
                                         Title: Senior Vice President

                                         FLEET NATIONAL BANK

                                         By:/s/Donald R. Nicholson
                                         ---------------------------------------
                                         Name: Donald R. Nicholson
                                         Title: Senior Vice President

                                         SUN TRUST BANK

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

<PAGE>

                                         GENERAL ELECTRIC CAPITAL CORPORATION

                                         By:/s/W. Jerome McDermott
                                            ------------------------------------
                                         Name: W. Jerome McDermott
                                        Title: Duly Authorized Signatory

<PAGE>
                                   Schedule I

                               Material Litigation

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

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

<PAGE>
                                    Exhibit A

                               Appendix Amendment

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

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

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

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

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

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

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

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

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

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

<PAGE>

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

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

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

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

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

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

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

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

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

                                      A-2
<PAGE>

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

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

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

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

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

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

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

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

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

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

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

                                      A-3
<PAGE>

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

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

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

               "(a) [Intentionally Omitted.]"

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

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

                                      A-4
<PAGE>

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

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

               "(c) [Intentionally Omitted]."

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

               "(a) [Intentionally Omitted]."

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

               "(b) [Intentionally Omitted]."

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

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

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

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

                                      A-5
<PAGE>

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

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

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

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

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

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

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

                                      A-6
<PAGE>

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

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

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

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

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

                           December 31, 2001                           1.20 to 1.0
                           March 31, 2002                              1.25 to 1.0
                           June 30, 2002                               1.25 to 1.0
                           September 30, 2002                          1.10 to 1.0
                           December 31, 2002                           1.10 to 1.0
                           March 31, 2003                              1.30 to 1.0
                           June 30, 2003                               1.75 to 1.0
                           September 30, 2003                          1.90 to 1.0
                           December 31, 2003                           2.15 to 1.0
                           March 31, 2004                              2.25 to 1.0
                           June 30, 2004                               2.50 to 1.0
                           September 30, 2004                          2.50 to 1.0
                           December 31, 2004 and thereafter            2.50 to 1.0"

</TABLE>

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

                                      A-7
<PAGE>
<TABLE>
<CAPTION>

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

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

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

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

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

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

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

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

                                      A-8

<PAGE>

                         Consolidated Adjusted Earnings

                              Excluded Transactions

Conseco, Inc.
Analysis of Special Charges
Four Quarters Ended December 31,
2001
<TABLE>
<CAPTION>

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

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

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

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

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

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

</TABLE>

                                      A-9

<PAGE>

                                    Exhibit B

                              Form of Reaffirmation

March ___, 2002

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

Attention: ________________

          Re:  First Stage Amendment and Agreement, dated March 20, 2002 (the
               "Agreement"), among Conseco, Inc. ("Conseco"), CDOC, Inc.,
               ("CDOC"), CIHC, Incorporated ("CIHC"), the financial institutions
               party thereto (collectively, the "Banks"), and Bank of America,
               N.A., as Administrative Agent (the "Administrative Agent")

Ladies and Gentlemen:

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

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

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

               (a) any defense any borrower has, may have, or may otherwise
          assert with respect to his, her, or its liability for any loans or
          otherwise with respect to any other obligation any such borrower may
          have under the Credit Agreement (relating to refinancing of certain
          loans under that certain Credit Agreement, dated as of August 26,
          1997), as amended, dated as of November 22, 2000, among the persons
          listed on the signature pages thereto, as Borrowers, the Banks and the
          Administrative Agent (the "Credit Agreement"), or any Loan Document
          relating thereto, including, without limitation, any defense asserted
          or that might be asserted by any such borrower as arising from:

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

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

<PAGE>

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

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

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

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

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

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

                               [signatures follow]

                                      B-2
<PAGE>

                                Very truly yours,

                                CONSECO, INC.

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

                                CIHC, INCORPORATED

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

                                CDOC, INC.

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

                                      B-3
<PAGE>

                                   Schedule I

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

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

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

                                      B-4Exhibit 10.8.33

                        CASH COLLATERAL PLEDGE AGREEMENT

                                      among

                                   CDOC, INC.,

                              JPMORGAN CHASE BANK,
                               as Collateral Agent

                                       and

                              JPMORGAN CHASE BANK,
                               as Depositary Bank

                           Dated as of March 20, 2002

<PAGE>

                                Table of Contents
<TABLE>
<CAPTION>

                                                                                                             Page

<S>      <C>                                                                                                        <C>

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

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

         1.2      Other Definitional Provisions..................................................................3

SECTION 2.            ESTABLISHMENT OF CASH COLLATERAL ACCOUNT;..................................................3

DEFINITION OF "COLLATERAL".......................................................................................3

         2.1      Cash Collateral Account........................................................................3

         2.2      Definition of Collateral.......................................................................3

         2.3      The Account....................................................................................4

SECTION 3.            GRANT OF SECURITY INTEREST BY GRANTOR......................................................4

         3.1      Grant..........................................................................................4

         3.2      Intercreditor Relationship Regarding Collateral................................................4

         3.3      Continuing Security Interest...................................................................4

SECTION 4.            WITHDRAWALS BY  GRANTOR....................................................................4

SECTION 5.            INVESTMENTS................................................................................4

         5.1      Investments; Losses............................................................................4

         5.2      No Obligation to Make or Track Investments Based on Collateral Allocation......................5

SECTION 6.            COMPENSATION/EXPENSES/INDEMNITY............................................................5

         6.1      Compensation/Expenses..........................................................................5

         6.2      Indemnity......................................................................................5

         6.3      Survival.......................................................................................5

SECTION 7.            REMEDIAL PROVISIONS........................................................................5

SECTION 8.            REPRESENTATIONS AND WARRANTIES OF GRANTOR..................................................6

         8.1      Title; No Other Liens..........................................................................6

         8.2      Perfected First Priority Liens.................................................................6

SECTION 9.            COVENANTS..................................................................................6

         9.1      Maintenance of Perfected Security Interest; Further Documentation..............................6

SECTION 10.           AUTHORITY OF COLLATERAL AGENT..............................................................7

         10.1     General Authority of the Collateral Agent......................................................7

         10.2     Execution of Financing Statements..............................................................7

         10.3     Further Assurances.............................................................................7
</TABLE>

                                       i
<PAGE>
                               TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                                                             Page
<S>      <C>                                                                                                     <C>

         10.4     Exculpatory Provisions.........................................................................8

         10.5     Delegation of Duties...........................................................................8

         10.6     Reliance by Collateral Agent...................................................................8

         10.7     Moneys to be Held in Trust.....................................................................9

         10.8     Resignation and Removal of the Collateral Agent................................................9

         10.9     Status of Successor Collateral Agent..........................................................10

         10.10    Merger of the Collateral Agent................................................................10

SECTION 11.           ABSOLUTE OBLIGATIONS......................................................................10

         11.1     Absolute, etc.................................................................................11

         11.2     Reinstatement, etc............................................................................11

         11.3     Waiver, etc...................................................................................12

         11.4     Waiver of Subrogation; Subordination..........................................................12

SECTION 12.           MISCELLANEOUS.............................................................................12

         12.1     Amendments....................................................................................12

         12.2     Notices.......................................................................................12

         12.3     No Waiver by Course of Conduct; Cumulative Remedies...........................................12

         12.4     Successors and Assigns........................................................................13

         12.5     Counterparts..................................................................................13

         12.6     Severability..................................................................................13

         12.7     Section Headings..............................................................................13

         12.8     Integration...................................................................................13

         12.9     Depository Bank's Location....................................................................13

         12.10    GOVERNING LAW.................................................................................13

</TABLE>

Schedule I - Notice Addresses

                                       ii

<PAGE>

                        CASH COLLATERAL PLEDGE AGREEMENT

        CASH COLLATERAL PLEDGE AGREEMENT, dated as of March__, 2002, among CDOC,
INC., a Delaware corporation (the "Grantor"), JP MORGAN CHASE BANK, ("Chase"),
as Collateral Agent (in such capacity, the "Collateral Agent") for the Secured
Parties (as defined below) and JP MORGAN CHASE BANK, as Depositary Bank (in such
capacity, the "Depositary Bank").

                              W I T N E S S E T H:

        WHEREAS, pursuant to that certain Credit Agreement, dated as of November
22, 2000, (as amended, supplemented or otherwise modified from time to time, the
"Credit Agreement") among certain borrowers (the "Borrowers"), the other
financial institutions parties thereto (the "Banks"), and JP Morgan Chase Bank
(formerly known as The Chase Manhattan Bank), as Administrative Agent (in such
capacity, the "Administrative Agent"), the Administrative Agent and the Banks
made loans to the Borrowers to refinance loans under that certain Termination
and Replacement Agreement, dated as of May 30, 2000;

        WHEREAS, the obligations of the Borrowers under the Credit Agreement and
the Loan Documents, as defined therein, are guaranteed by Conseco, Inc. (the
"Guarantor") pursuant to a Guaranty dated November 22, 2000 (the "Guaranty");

        WHEREAS, the Guarantor has agreed pursuant to a Consent and Agreement
dated March 20, 2002 to deliver this Agreement to the Guarantor;

        WHEREAS, the Grantor has derived substantial direct and indirect
benefits from the Credit Agreement;

        NOW, THEREFORE, in consideration of the premises and to induce the Banks
to enter into the Amendment, the Grantor, the Collateral Agent and the
Depositary Bank hereby agree as follows:

        SECTION 1. DEFINED TERMS

               1.1 Definitions. (a) Unless otherwise defined herein, terms
        defined in the Credit Agreement and used herein shall have the meanings
        given to them in the Credit Agreement.

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

               "Account Agreement" shall have the meaning set forth in Section
        2.1.

               "Administrative Agent" shall have the meaning set forth in the
        first Recital.

               "Agreement" shall mean this Cash Collateral Pledge Agreement, as
        the same may be amended, supplemented or otherwise modified from time to
        time.

               "Banks" shall have the meaning set forth in the first recital.

                                       1
<PAGE>

               "Borrowers" shall have the meaning set forth in the first
        Recital.

               "Cash Collateral Account" shall have the meaning set forth in
        Section 2.1 hereof.

               "Cash Equivalents": (i) marketable direct obligations issued by,
        or unconditionally guaranteed by, the United States Government or issued
        by any agency thereof and backed by the full faith and credit of the
        United States, in each case maturing within one year from the date of
        acquisition; (ii) commercial paper of a bank or other financial
        institution rated at least AA- by Standard & Poor's Ratings Services
        ("S&P") or P-1 by Moody's Investors Service, Inc. ("Moody's"), or
        carrying an equivalent rating by a nationally recognized rating agency,
        if both of the two named rating agencies cease publishing ratings of
        commercial paper issuers generally, and maturing within six months from
        the date of acquisition; and (iii) securities with maturities of one
        year or less from the date of acquisition issued by a foreign or
        domestic bank or other financial institution and rated at least AA- by
        S&P or P-1 by Moody's.

               "Chase" shall have the meaning as set forth in the preamble.

               "Collateral" shall have the meaning as set forth in Section 2.2.

               "Collateral Agent" shall have the meaning set forth in the
        Preamble.

               "Collateral Agent Fees" shall have the meaning set forth in
        Section 6.1.

               "Credit Agreement" shall have the meaning set forth in the first
        Recital.

               "Depositary Bank" shall have the meaning set forth in the
        Preamble.

               "Grantor" shall have the meaning set forth in the preamble.

               "Guarantor" shall have the meaning set forth in the second
        Recital.

               "Guaranty" shall have the meaning set forth in the second
        Recital.

               "Loans" shall have the meaning specified in the Credit Agreement.

               "Obligations" shall mean all obligations and liabilities of
        whatever nature or type of Conseco that may arise under or in connection
        with the Guaranty, or any other agreement to which Conseco is a party
        relating in any manner to the Loans, in each case whether on account of
        guarantee obligations, fees, indemnities, costs, expenses or otherwise
        (including, without limitation, all reasonable fees and disbursements of
        counsel to the Collateral Agent, the Administrative Agent that are
        required to be paid pursuant to the terms of this Agreement or any other
        agreement).

               "Proceeds" shall mean all "proceeds" as such term is defined in
        Section 9-306(1) of the UCC and, in any event, shall include, without
        limitation, all dividends or other income from the Investment Property,
        collections thereon or distributions or payments with respect thereto.

                                       2
<PAGE>

               "Securities Act" shall mean the Securities Act of 1933, as
        amended.

               "Secured Obligations" shall mean the collective reference to (a)
        the Obligations, and (b) the Collateral Agent Fees.

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

               "Subrogation Rights" shall have the meaning set forth in Section
        11.4.

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

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

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

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

        SECTION 2. ESTABLISHMENT OF CASH COLLATERAL ACCOUNT;

                           DEFINITION OF "COLLATERAL"

               2.1 Cash Collateral Account. The Grantor has agreed to enter into
        an account agreement (the "Account Agreement") with the Depositary Bank
        and Grantor may in the future deposit cash collateral in immediately
        available funds into an investment account maintained by Chase pursuant
        to the Account Agreement (hereinafter the "Cash Collateral Account") in
        the name of the Collateral Agent. The Cash Collateral Account shall be
        subject to the exclusive dominion and control of the Collateral Agent.
        The Grantor, the Depository Bank and the Collateral Agent agree that the
        Cash Collateral Account is a securities account under Article 8 of the
        UCC and all assets held in the account shall be treated as financial
        assets under Article 8 of the UCC. Depositary Bank agrees that it shall
        at all times be a "securities intermediary" within the meaning of
        Section 8-102 of the UCC.

               2.2 Definition of Collateral. The "Collateral" shall be all
        funds, items, instruments, investments, securities, and other things of
        value at any time deposited with or held by (whether for collection,
        provisionally or otherwise), the Depositary Bank (solely in its capacity
        as Depositary Bank), the Collateral Agent (solely in its capacity as
        Collateral Agent), or any agent, bailee or custodian therefor, in each
        case, for deposit in the Cash Collateral Account, all Cash Equivalents
        referred to in Section 5 hereof, and all Proceeds of any and all of the

                                       3
<PAGE>

        foregoing, including, without limitation, any of the foregoing from time
        to time paid to, deposited in, credited to or held in the Cash
        Collateral Account.

               2.3 The Account. The parties hereby agree and represent that (a)
        the Cash Collateral Account will be established in the name of
        Collateral Agent as recited above, (b) the Cash Collateral Account does
        not hold any financial assets which are registered in the name of
        Grantor, payable to its order or specially endorsed to it, which have
        not been endorsed to the Collateral Agent or in blank, (c) the security
        entitlements arising out of the financial assets carried in the Cash
        Collateral Account and any free credit balance are valid and legally
        binding obligations of the Depository Bank, and (d) except for the
        claims and interests of Grantor and the Collateral Agent in the Cash
        Collateral Account, the Collateral Agent does not know of any claim to
        or interest in the Cash Collateral Account or in any financial asset
        carried therein.

        SECTION 3. GRANT OF SECURITY INTEREST BY GRANTOR

               3.1 Grant. Grantor hereby assigns and transfers to the Collateral
        Agent, and hereby grants to the Collateral Agent, for the benefit of the
        Secured Parties, a security interest in, the Collateral and in the Cash
        Collateral Account, as collateral security for the Secured Obligations,
        including for the prompt and complete payment and performance when due
        (whether at the stated maturity, by acceleration or otherwise, but in
        all instances subject to the provisions of the Credit Agreement) of the
        Secured Obligations.

               3.2 Intercreditor Relationship Regarding Collateral. The
        Collateral shall be held for the ratable benefit of the Secured Parties.

               3.3 Continuing Security Interest. This Pledge Agreement shall
        create a continuing security interest in the Collateral and shall: (a)
        remain in full force and effect until the payment in full of all Secured
        Obligations, (b) be binding upon Grantor and its successors,
        transferees, and assigns, and (c) inure, together with the rights and
        benefits of the Collateral Agent hereunder, to the benefit of each of
        the Secured Parties.

        SECTION 4. WITHDRAWALS BY GRANTOR

        Pending payment in full of the Secured Obligations, the Grantor shall
not have any right to withdraw or otherwise have access to any Cash Collateral
deposited in the Collateral Account except to the extent that the Grantor
delivers to the Collateral Agent a certificate in a form reasonably satisfactory
to the Collateral Agent: (i) stating the amount of the withdrawal, and (ii)
authorizing the application of such Cash Collateral to the Loans or the Guaranty
as specifically described in said certificate.

        SECTION 5. INVESTMENTS

               5.1 Investments; Losses. The Cash Collateral Account shall be
        invested pursuant to the Account Agreement, but only in investments of
        Cash Equivalents in which the Collateral Agent has a perfected security
        interest as Grantor may from time to time direct. All investments shall
        be made in the name of the Collateral Agent. All income from such

                                       4
<PAGE>

        investments shall be retained in the Cash Collateral Account, and be
        maintained and applied in the same manner as other balances. All such
        investments shall be at risk of Grantor and the Collateral Agent shall
        not be liable to any person or entity with respect to any loss with
        respect to such investments in the absence of its gross negligence or
        willful misconduct. All income from investments in the Cash Collateral
        Account shall be taxable to Grantor, and the Collateral Agent shall
        prepare and distribute to Grantor, as required, Form 1099 or other
        appropriate federal and state income tax forms with respect to such
        income. Grantor shall pay when due all such taxes on such income.

               5.2 No Obligation to Make or Track Investments Based on
        Collateral Allocation. Consistent with the foregoing, the Collateral
        Agent shall have no obligation to make, track, or otherwise account for
        investment gains or losses with respect to the Collateral based upon the
        intercreditor relationship and agreement set forth in Section 3.2
        hereof.

        SECTION 6. COMPENSATION/EXPENSES/INDEMNITY

               6.1 Compensation/Expenses. The Grantor hereby agrees to pay to
        the Depositary Bank's and the Collateral Agent's usual and customary
        fees, charges and all other related expenses with regard to the Cash
        Collateral Account and all services performed in connection therewith,
        and, in addition, the Grantor agrees to pay on demand all reasonable
        costs and expenses (including without limitation reasonable legal fees
        and expenses) incurred in connection with the administration, work-out
        or enforcement of this Agreement or any Collateral (collectively,
        "Collateral Agent's Fees").

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

               (b) The Grantor agrees to pay, and to save the Collateral Agent
        and the other Secured Parties harmless from, any and all liabilities,
        obligations, losses, damages, penalties, actions, judgments, suits,
        costs, expenses or disbursements of any kind or nature whatsoever with
        respect to the execution, delivery, enforcement, performance and
        administration of this Agreement except with respect to the gross
        negligence or wilful misconduct of the Collateral Agent or any such
        Secured Party.

               6.3 Survival. The obligations of the Grantor under this Section 6
        shall survive termination of this Agreement.

        SECTION 7. REMEDIAL PROVISIONS

        If any Event of Default shall have occurred and is continuing, the
Collateral Agent may, and upon instruction of the Administrative Agent shall,
from time to time (i) if the Collateral Agent concludes in its sole and absolute
discretion that such action is warranted, apply any of the moneys in the Cash
Collateral Account to the payment of due and unpaid Collateral Agent Fees, (ii)
distribute any part or all of the remaining Cash Collateral to the Agent for

                                       5
<PAGE>

application against the Secured Obligations, and (iii) after payment in full,
including interest and expenses, of the Secured Obligations, distribution of any
surplus to the Grantor. In addition to the foregoing, the Collateral Agent shall
have and expressly reserves the ability to exercise any and all rights and
remedies of a secured party under the UCC and other applicable law upon the
occurrence of an Event of Default. In connection with the foregoing, the
Collateral Agent may liquidate any investment included in the Collateral prior
to the maturity thereof and shall not be liable for any losses incurred in
connection with such liquidation.

        SECTION 8. REPRESENTATIONS AND WARRANTIES OF GRANTOR

        Grantor hereby represents and warrants to the Collateral Agent that:

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

               8.2 Perfected First Priority Liens. The security interests
        granted pursuant to this Agreement (a) upon deposit of any Collateral in
        the Cash Collateral Account, will constitute valid perfected security
        interests in all of the Collateral (subject to applicable bankruptcy and
        insolvency laws) in favor of the Collateral Agent, for the benefit of
        the Secured Parties, as Collateral security for the Secured Obligations,
        enforceable in accordance with the terms hereof against all creditors of
        the Grantor and any Persons purporting to purchase any Collateral from
        the Grantor and (b) are prior to all other Liens on the Collateral in
        existence on the date hereof.

        SECTION 9. COVENANTS

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

        9.1 Maintenance of Perfected Security Interest; Further Documentation.

               (a) The Grantor shall maintain the security interest created by
        this Agreement as a perfected security interest having the priority
        described in Section 8.2 and shall defend such security interest against
        the claims and demands of all Persons whomsoever.

               (b) At any time and from time to time, upon the written request
        of the Collateral Agent, and at the sole expense of the Grantor, the
        Grantor will promptly and duly execute and deliver, and have recorded,
        such further instrument and documents and take such further actions as
        the Collateral Agent may reasonably request for the purpose of obtaining
        or preserving the full benefits of this Agreement and of the rights and
        powers herein granted, including, without limitation, filing and
        financing or continuation statements under the UCC (or other similar
        laws) in effect in any jurisdiction with respect to the security
        interests created.

                                       6
<PAGE>

        SECTION 10. AUTHORITY OF COLLATERAL AGENT

               10.1 General Authority of the Collateral Agent. (a) The Grantor
        herein irrevocably constitutes and appoints the Collateral Agent and any
        officer or agent thereof, with full power of substitution, during the
        continuance of an Event of Default, as its true and lawful
        attorney-in-fact with full power and authority in its or his own name,
        from time to time in the Collateral Agent's discretion to take any and
        all appropriate action and to execute any and all documents and
        instruments which may be necessary or desirable to carry out the terms
        of this Agreement and accomplish the purposes hereof and thereof. All
        powers, authorizations and agencies contained in this Agreement are
        coupled with an interest and are irrevocable until this Agreement is
        terminated and the security interests created hereby are released.

               (b) By acceptance of the benefits of this Agreement each Secured
        Party shall be deemed irrevocably (i) to consent to the appointment of
        the Collateral Agent as its agent hereunder, (ii) to confirm that the
        Collateral Agent shall have the authority to act as the exclusive agent
        of such Secured Party for enforcement of any provisions of this
        Agreement against any Grantor or the exercise of remedies hereunder or
        thereunder, (iii) to agree that such Secured Party shall not take any
        action to enforce any provisions of this Agreement against the Grantor
        or to exercise any remedy hereunder or thereunder and (iv) to agree to
        be bound by the terms of this Agreement.

               (c) Other than as provided to the contrary herein, the Collateral
        Agent will follow any written instructions provided by the Agent,
        although if it should reasonably conclude that any requested action
        would subject it to unacceptable risk of liability it may request a
        sufficient indemnity from the Banks before being required to proceed
        with such instructions.

               10.2 Execution of Financing Statements. Pursuant to the UCC and
        any other applicable law, the Grantor authorizes the Collateral Agent to
        file or record financing statements and other filings or recording
        documents or instruments with respect to the Collateral in such form and
        in such offices as the Collateral Agent determines appropriate to
        perfect the security interests of the Collateral Agent under this
        Agreement. A photographic or other reproduction of this Agreement shall
        be sufficient as a financing statement or other filing or recording
        document or instrument for filing or recording in any jurisdiction.

               10.3 Further Assurances. At any time and from time to time, upon
        the written request of the Administrative Agent or the Collateral Agent,
        and at the expense of Conseco, the Grantor will promptly execute and
        deliver any and all such further instruments and documents and take such
        further action as is necessary or reasonably requested further to
        perfect, or to protect the perfection of, the liens and security
        interests granted hereunder including, without limitation, the filing of
        any financing or continuation statements under the UCC in effect in any
        jurisdiction. In addition to the foregoing, at any time and from time to
        time, upon the written request of the Collateral Agent, and at the

                                       7
<PAGE>

        expense of the Grantor, the Grantor will promptly execute and deliver
        any and all such further instruments and documents and take such further
        action as the Collateral Agent determines is necessary or reasonably
        requested to obtain the full benefits of this Agreement and of the
        rights and powers herein. Notwithstanding the foregoing, in no event
        shall the Collateral Agent have any obligation to monitor the perfection
        or continuation of perfection or the sufficiency or validity of any
        security interest in or related to the Collateral.

               10.4 Exculpatory Provisions. (a) The Collateral Agent shall not
        be responsible in any manner whatsoever for the correctness of any
        recitals, statements, representations or warranties herein, all of which
        are made solely by the Grantor. The Collateral Agent makes no
        representations as to the value or condition of the Collateral or any
        part thereof, or as to the title of the Grantor thereto or as to the
        security afforded by this Agreement or as to the validity, execution
        (except its execution), enforceability, legality or sufficiency of this
        Agreement, or the Secured Obligations, and the Collateral Agent shall
        incur no liability or responsibility in respect of any such matters.

               (b) The Collateral Agent shall not be required to ascertain or
        inquire as to the performance by the Grantor of any of the covenants or
        agreements contained herein.

               (c) The Collateral Agent shall have the same rights with respect
        to any Secured Obligation held by it as any other Secured Party and may
        exercise such rights as though it were not the Collateral Agent
        hereunder, and may accept deposits from, lend money to, and generally
        engage in any kind of banking or trust business with, the Grantor or
        Conseco or any of Conseco's other affiliates as if it were not the
        Collateral Agent.

               (d) The Collateral Agent shall not be liable for any action taken
        or omitted to be taken in accordance with the Agreement except for its
        own gross negligence or willful misconduct.

               10.5 Delegation of Duties. The Collateral Agent may execute any
        of the powers hereof and perform any duty hereunder either directly or
        by or through agents or attorneys-in-fact. The Collateral Agent shall be
        entitled to advice of counsel concerning all matters pertaining to such
        powers and duties. The Collateral Agent shall not be responsible for the
        negligence or misconduct of any agents or attorneys-in-fact selected by
        it without gross negligence or willful misconduct.

               10.6 Reliance by Collateral Agent. (a) Whenever in the
        administration of this Agreement the Collateral Agent shall deem it
        necessary or desirable that a factual matter be proved or established in
        connection with the Collateral Agent taking, suffering or omitting any
        action hereunder or thereunder, such matter (unless other evidence in
        respect thereof is herein specifically prescribed) may be deemed to be
        conclusively proved or established by a certificate of a Responsible
        Officer of the Grantor delivered to the Collateral Agent, and such
        certificate shall be full warrant to the Collateral Agent for any action
        taken, suffered or omitted in reliance thereon, subject, however, to the
        provisions of Section 10.4(d).

               (b) The Collateral Agent may consult with counsel, and any
        opinion of counsel shall be full and complete authorization and

                                       8
<PAGE>

        protection in respect of any action taken or suffered by it hereunder.
        The Collateral Agent shall have the right at any time to seek
        instructions concerning the administration of this Agreement from any
        court of competent jurisdiction.

               (c) The Collateral Agent may rely, and shall be fully protected
        in acting, upon any resolution, statement, certificate, instrument,
        opinion, report, notice, request, consent, order, bond or other paper or
        document which it has no reason to believe to be other than genuine and
        to have been signed or presented by the proper party or parties or, in
        the case of cables, telecopies and telexes, to have been sent by the
        proper party or parties. In the absence of its own gross negligence or
        willful misconduct, the Collateral Agent may conclusively rely, as to
        the truth of the statements and the correctness of the opinions
        expressed therein, upon any certificates or opinions furnished to the
        Collateral Agent and conforming to the requirements of this Agreement.

               (d) The Collateral Agent shall not be under any obligation to
        exercise any of the rights or powers vested in the Collateral Agent by
        this Agreement unless the Collateral Agent shall have been provided
        adequate security and indemnity against the costs, expenses and
        liabilities which may be incurred by the Collateral Agent, including
        such reasonable advances as may be requested by the Collateral Agent.

               (e) Any opinion of counsel may be based, insofar as it relates to
        factual matters, upon a certificate of a Responsible Officer of the
        Grantor or representations made by a Responsible Officer of the Grantor
        in a writing filed with the Collateral Agent.

               10.7 Moneys to be Held in Trust. All moneys received by the
        Collateral Agent under or pursuant to any provision of this Agreement
        shall be held in trust for the purposes for which they were paid or are
        held.

               10.8 Resignation and Removal of the Collateral Agent. (a) The
        Collateral Agent may at any time, by giving written notice to the
        Grantor, the Administrative Agent and each of the Banks, resign and be
        discharged of the responsibilities hereby created, such resignation to
        become effective upon (i) the appointment of a successor Collateral
        Agent, (ii) the acceptance of such appointment by such successor
        Collateral Agent and (iii) the approval of such successor Collateral
        Agent evidenced by one or more instruments signed by the Administrative
        Agent and Grantor. If no successor Collateral Agent shall be appointed
        and shall have accepted such appointment within 90 days after the
        Collateral Agent gives the aforesaid notice of resignation, the
        Collateral Agent, the Grantor, the Administrative Agent, or any other
        Secured Party may apply to any court of competent jurisdiction to
        appoint a successor Collateral Agent to act until such time, if any, as
        a successor Collateral Agent shall have been appointed as provided in
        this Section 10.8. Any successor so appointed by such court shall
        immediately and without further act be superseded by any successor
        Collateral Agent appointed by the Administrative Agent as provided

                                       9
<PAGE>

        herein. The Administrative Agent may, at any time upon giving 30 days'
        prior written notice thereof to the Collateral Agent, remove the
        Collateral Agent and appoint a successor Collateral Agent, such removal
        to be effective upon the acceptance of such appointment by the
        successor. The Collateral Agent shall be entitled to Collateral Agent
        Fees to the extent incurred or arising, or relating to events occurring,
        before such resignation or removal.

               (b) If at any time the Collateral Agent shall resign or be
        removed or otherwise become incapable of acting, or if at any time a
        vacancy shall occur in the office of the Collateral Agent for any other
        cause, a successor Collateral Agent may be appointed by the
        Administrative Agent and the Grantor (acting in concert). The powers,
        duties, authority and title of the predecessor Collateral Agent shall be
        terminated and cancelled without procuring the resignation of such
        predecessor and without any other formality (except as be required by
        applicable law) than appointment and designation of a successor in
        writing duly acknowledged and delivered to the predecessor and the
        Grantor. Such appointment and designation shall be full evidence of the
        right and authority to make the same and of all the facts therein
        recited, and this Agreement shall vest in such successor, without any
        further act, deed or conveyance, all the estates, properties, rights,
        powers, duties, authority and title of its predecessor; but such
        predecessor shall, nevertheless, on the written request of the
        Administrative Agent, the Grantor, or the successor, execute and deliver
        an instrument transferring to such successor all the estates,
        properties, rights, powers, duties, authority and title of such
        predecessor hereunder and shall deliver all Collateral held by it or its
        agents to such successor. Should any deed, conveyance or other
        instrument in writing from the Grantor be required by any successor
        Collateral Agent for more fully and certain vesting in such successor
        the estates, properties, rights, powers, duties, authority and title
        vested or intended to be vested in the predecessor Collateral Agent, any
        and all such deeds, conveyances and other instruments in writing shall,
        on request of such successor, be executed, acknowledged and delivered by
        the Grantor. If the Grantor shall not have executed and delivered any
        such deed, conveyance or other instrument within 10 days after it
        receives a written request from the successor Collateral Agent to do so,
        or if an Event of Default shall have occurred and be continuing, the
        predecessor Collateral Agent may execute the same on behalf of the
        Grantor. The Grantor hereby appoints any predecessor Collateral Agent as
        its agent and attorney to act of it as provided in the next preceding
        sentence.

               10.9 Status of Successor Collateral Agent. Every successor
        Collateral Agent appointed pursuant to Section 10.8 shall be a bank or
        trust company in good standing and having power to act as Collateral
        Agent hereunder, incorporated under the laws of the United States of
        America or any State thereof or the District of Columbia and having its
        principal office within the 48 contiguous States and shall also have
        capital, surplus and undivided profits of not less than $500,000,000, if
        there be such an institution with such capital, surplus and undivided
        profits willing, qualified and able to accept the powers and duties
        hereunder upon reasonable or customary terms.

               10.10 Merger of the Collateral Agent. Any corporation into which
        the Collateral Agent may be merged, or with which it may be
        consolidated, or any corporation resulting from any merger or
        consolidation to which the Collateral Agent shall be a party, shall be
        the Collateral Agent under this Agreement without the execution or
        filing of any paper or any further act on the part of the parties
        hereto.

        SECTION 11. ABSOLUTE OBLIGATIONS

                                       10
<PAGE>

               11.1 Absolute, etc. This Agreement shall in all respects be a
        continuing, absolute, unconditional and irrevocable obligation, and
        shall remain in full force and effect until all Secured Obligations have
        been paid in full and all obligations of the Grantor hereunder shall
        have been paid in full. The liability of the Grantor under this
        Agreement shall be absolute, unconditional and irrevocable irrespective
        of:

               (a) any lack of validity, legality or enforceability of the
        Credit Agreement or any other document delivered in connection therewith
        (the "Loan Documents");

               (b) the failure of the Administrative Agent or any Bank:

               (i) to assert any claim or demand or to enforce any right or
remedy against any Borrower or any other Person under the provisions of the
Credit Agreement, any other Loan Document or otherwise; or

               (ii) to exercise any right or remedy against any other guarantor
of, or collateral securing, any Secured Obligations;

               (c) any change in the time, manner or place of payment of, or in
        any other term of, all or any of the Secured Obligations, or any other
        extension, compromise or renewal of any Secured Obligations;

               (d) any reduction, limitation, impairment or termination of the
        Secured Obligations for any reason, including any claim of waiver,
        release, surrender, alteration or compromise, and shall not be subject
        to (and the Grantor hereby waives any right to or claim of) any defense
        or setoff, counterclaim, recoupment or termination whatsoever by reason
        of the invalidity, illegality, nongenuineness, irregularity, compromise,
        unenforceability of, or any other event or occurrence affecting, the
        Secured Obligations;

               (e) any amendment to, rescission, waiver, or other modification
        of, or any consent to any departure from, any of the terms of the Credit
        Agreement or any other Loan Document;

               (f) any addition, exchange, release, surrender or non-perfection
        of any collateral, or any amendment to or waiver or release or addition
        of, or consent to any departure from, any other guaranty held by the
        Agent or any Bank or any other holder of the Secured Obligations; or

               (g) any other circumstance which might otherwise constitute a
        defense available to, or a legal or equitable discharge of, a Borrower,
        any surety or any guarantor.

               11.2 Reinstatement, etc. The Grantor agrees that this Agreement
        shall continue to be effective or be reinstated, as the case may be, if
        at any time any payment (in whole or in part) of any of the Secured
        Obligations is rescinded or must otherwise be restored by the
        Administrative Agent or any Bank or any other holder of any Secured
        Obligations, upon the insolvency, bankruptcy or reorganization of any
        Borrower, all as though such payment had not been made.

                                       11
<PAGE>

               11.3 Waiver, etc. The Grantor hereby waives promptness,
        diligence, notice of acceptance and any other notice with respect to any
        of the Secured Obligations, and this Agreement and any requirement that
        the Collateral Agent, the Administrative Agent or any Bank or any other
        holder of Secured Obligations protect, secure, perfect or insure any
        security interest or lien, or any property subject thereto, or exhaust
        any right or take any action against any Borrower or any other Person
        (including any other guarantor) or entity or any collateral securing the
        Secured Obligations.

               11.4 Waiver of Subrogation; Subordination. The Grantor hereby
        irrevocably waives with respect to any Borrower, until the prior
        indefeasible payment in full in cash of all Secured Obligations, any
        claim or other rights which it may now or hereafter acquire against any
        Borrower that arises from the existence, payment, performance or
        enforcement of the Grantor's obligations hereunder, including any right
        of subrogation, reimbursement, exoneration, or indemnification, any
        right to participate in any claim or remedy of the Banks and the
        Administrative Agent against any Borrower or any collateral which the
        Collateral Agent now has or hereafter acquires, whether or not such
        claim, remedy or right (all such claims, remedies and rights being
        collectively called "Subrogation Rights") arises in equity, or under
        contract, statute or common law, including the right to take or receive
        from any Borrower, directly or indirectly, in cash or other property or
        by set-off or in any manner, payment or security on account of such
        claim or other rights. If any amount shall be paid to the Grantor in
        violation of the preceding sentence and the Secured Obligations shall
        not have been paid in cash, in full, such amount shall be deemed to have
        been paid to the Grantor for the benefit of, and held in trust for, the
        Banks and the Administrative Agent, and shall forthwith be paid to the
        Banks and Administrative Agent to be credited and applied upon the
        Secured Obligations, whether matured or unmatured. The Grantor
        acknowledges that it will receive direct and indirect benefits from the
        Amendment and that the waiver set forth in this Section 11.4 is
        knowingly made in contemplation of such benefits.

        SECTION 12. MISCELLANEOUS

               12.1 Amendments. None of the terms or provisions of this
        Agreement may be waived, amended, supplemented or otherwise modified
        except in a writing signed by the parties hereto.

               12.2 Notices. All notices, requests and demands to or upon the
        Collateral Agent or the Grantor hereunder shall be effected in the
        manner provided for in the Credit Agreement; provided that any such
        notice, request or demand to or upon the Grantor shall be addressed to
        the Grantor at its notice address set forth on Schedule I and that any
        such notice, request or demand to or upon the Collateral Agent shall be
        addressed to the Collateral Agent at its notice address set forth in
        Schedule I.

               12.3 No Waiver by Course of Conduct; Cumulative Remedies. Neither
        the Collateral Agent nor any other Secured Party shall by any act
        (except by a written instrument), delay, indulgence, omission or
        otherwise be deemed to have waived any right or remedy hereunder or to
        have acquiesced in any Event of Default. No failure to exercise, nor any

                                       12
<PAGE>

        delay in exercising, on the part of the Collateral Agent or any other
        Secured Party, any right, power or privilege hereunder shall operate as
        a waiver thereof. No single or partial exercise of any right, power or
        privilege hereunder shall preclude any other or further exercise thereof
        or the exercise of any other right, power or privilege. A waiver by the
        Collateral Agent or any other Secured Party of any right or remedy
        hereunder on any one occasion shall not be construed as a bar to any
        right or remedy which the Collateral Agent or such Secured Party would
        otherwise have on any future occasion. The rights and remedies herein
        provided are cumulative, may be exercised singly or concurrently and are
        not exclusive of any other rights or remedies provided by law.

               12.4 Successors and Assigns. This Agreement shall be binding upon
        the successors and assigns of the Grantor and shall inure to the benefit
        of the Collateral Agent and the other Secured Parties and their
        successors and assigns; provided that the Grantor may not assign,
        transfer or delegate any of its rights or obligations under this
        Agreement without the prior written consent of the Collateral Agent.

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

               12.6 Severability. Any provision of this Agreement which is
        prohibited or unenforceable in any jurisdiction shall, as to such
        jurisdiction, be ineffective to the extent of such prohibition or
        unenforceability without invalidating the remaining provisions hereof,
        and any such prohibition or unenforceability in any jurisdiction shall
        not invalidate or render unenforceable such provision in any other
        jurisdiction.

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

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

               12.9 Depository Bank's Location. New York shall be deemed to be
        the Depository Bank's location for the purposes of this Agreement and
        the perfection and priority of the Collateral Agent's security interest
        in the Cash Collateral Account.

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

                                       13
<PAGE>

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

                                       CDOC, INC.

                                       By: /s/
                                          -------------------------------------
                                          Name:
                                          Title:

                                       JPMORGAN CHASE BANK, as Depositary Bank

                                       By: /s/
                                          -------------------------------------
                                          Name:
                                          Title:

                                       JPMORGAN CHASE BANK, as Collateral Agent

                                       By: /s/
                                          -------------------------------------
                                          Name:
                                          Title:

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