Document:

<PAGE>
                                                                   Exhibit 10.35

                           ALLIED CAPITAL CORPORATION
                         1919 PENNSYLVANIA AVENUE, N.W.
                           WASHINGTON, D.C. 20006-2415

                                    AMENDMENT

                                                      Dated as of April 30, 2003

     Re: $115,000,000 8.54% Senior Notes, Series A, due October 15, 2005
                                       and
     $10,000,000 Floating Rate Senior Notes, Series B, due October 15, 2005

To the holders of the Notes named in
Schedule I attached hereto

Ladies and Gentlemen:

     Reference is hereby made to that certain Note Agreement dated as of October
15, 2000 (the "Note Agreement") between Allied Capital Corporation (the
"Company"), and the Purchasers named in Schedule I thereto (the "Purchasers"),
under and pursuant to which the Company issued and sold to the Purchasers 8.54%
Senior Notes, Series A, due October 15, 2005 of the Company in the aggregate
principal amount of $115,000,000 (the "Series A Notes") and Floating Rate Senior
Notes, Series B, due October 15, 2005 of the Company in the aggregate principal
amount of $10,000,000 (the "Series B Notes" and together with the Series A
Notes, the "Notes"). Capitalized terms used but not otherwise defined herein
shall have the meaning ascribed to such terms in the Note Agreement.

     The Company hereby agrees with you as follows:

     1.   Amendment of Section 5.8 (Limitation on Debt; Interest Rate Swaps) of
the Note Agreement.

          (a)  Section 5.8(e) of the Note Agreement is hereby amended in its
     entirety to read as follows:

                    "(e) The Company will not and will not permit any
               Consolidated Subsidiary to enter into any Interest Rate Swap
               except in the ordinary course of business pursuant to
               transactions that are entered into for bona fide purposes of
               managing the Company's interest rate and currency risk and not
               for speculation."

     2.   Amendment of Section 5.9 (Limitation on Liens) of the Note Agreement.
Section 5.9(i) of the Note Agreement is hereby amended by deleting clause (iii)
set forth therein in its entirety and by changing the reference to clause "(iv)"
set forth therein to clause "(iii)."

<PAGE>
     3.   Amendment of Section 8 (Interpretation of Agreement; Definitions) of
the Note Agreement. Section 8 of the Note Agreement is hereby amended as
follows:

          (a)  The definition of "Adequate Rating" is hereby added to the Note
     Agreement as follows:

               "`Adequate Rating' means senior unsecured debt rating of A- or
          higher by Standard & Poors Rating Services or FitchRatings, or a
          rating of A3 or higher by Moody's Investors Service."

          (b)  The definition of "Debt" in Section 8.1 of the Note Agreement is
     hereby amended by (i) adding a new clause "(e)" to read as hereinafter set
     forth, (ii) redesignating existing clause "(e)" as clause "(f)" and
     amending it in its entirety to read as hereinafter set forth, and (iii)
     amending the last paragraph thereof to read as follows:

               "(e) all liabilities under Interest Rate Swaps entered into for
          the purpose of hedging currency risk with respect to Debt; and

               (f)  any Guaranty of such Person with respect to liabilities of a
          type described in any of clauses (a) through (e) hereof.

               Debt of any Person shall include all obligations of such Person
          of the character described in clauses (a) through (f) to the extent
          such Person remains legally liable in respect thereof notwithstanding
          that any such obligation is deemed to be extinguished under GAAP. Any
          amount receivable by the Company or any of its Consolidated
          Subsidiaries under an Interest Rate Swap referred to in clause (e)
          above, as determined in accordance with the definition of Interest
          Rate Swap, shall apply as an offset in the calculation of the total
          amount of Debt only if (i) the counterparty in such Interest Rate Swap
          has an Adequate Rating or (ii) if such counterparty ceases to maintain
          an Adequate Rating, such counterparty has posted collateral for the
          benefit of the Company or the relevant Consolidated Subsidiary to
          secure such receivable, in which case, the amount of such receivable
          that shall apply as an offset in the calculation of the total amount
          of Debt shall be limited to the fair market value of such collateral."

          (c)  The definition of "Interest Rate Swap" in Section 8.1 of the Note
     Agreement is hereby amended by deleting the second sentence of the
     definition in its entirety and replacing it in its entirety by the
     following:

          "For the purposes of this Agreement, the amount of the obligation
          (whether positive or negative) under any Interest Rate Swap shall be
          the amount payable or receivable by the Company or any of its
          Consolidated Subsidiaries determined in respect thereof as of the end
          of the then most recently ended fiscal quarter of such Person based on
          the assumption that

<PAGE>
          such Interest Rate Swap had terminated at the end of such fiscal
          quarter, and in making such determination, if any agreement relating
          to such Interest Rate Swap provides for the netting of amounts payable
          by and to such Person thereunder or if any such agreement provides for
          the simultaneous payment of amounts by and to such Person, then in
          each such case, the amount of such obligation shall be the net amount
          so determined."

          (d)  The definition of "Priority Debt" in Section 8.1 of the Note
     Agreement is hereby amended by deleting the definition in its entirety and
     replacing it with the following:

               "`Priority Debt' means (without duplication) the sum of (i) all
          Debt of the Company and its Consolidated Subsidiaries secured by a
          Lien, (ii) all liabilities of the Company and its Consolidated
          Subsidiaries under Interest Rate Swaps entered into for the purpose of
          hedging interest rate risk with respect to Debt, if and only if such
          liabilities are secured by a Lien, (iii) all unsecured Debt of
          Consolidated Subsidiaries, and (iv) all unsecured liabilities of
          Consolidated Subsidiaries under Interest Rate Swaps entered into for
          the purpose of hedging interest rate risk with respect to Debt
          (excluding in each case, any Debt or liability owing to the Company or
          another Consolidated Subsidiary)."

     4.   Representations and Warranties. The Company represents and warrants
that as of the date hereof and after giving effect hereto:

          (a)  No Default or Event of Default exists under the Note Agreement;

          (b)  The Company has not paid any fees or remuneration to (i) any
     Holder of Notes in connection with the solicitation of this Amendment or
     (ii) any other Holder of Indebtedness of the Company in connection with any
     amendment which relates solely to the subject matter of this Amendment
     pursuant to any agreement under which Indebtedness of the Company is
     outstanding;

          (c)  The execution and delivery of this Amendment by the Company and
     compliance by the Company with all of the provisions of the Note Agreement,
     as amended hereby:

               (i)  is within the corporate powers of the Company; and

               (ii) will not violate any provisions of any law or any order of
          any court or governmental authority or agency and will not conflict
          with or result in any breach of any of the terms, conditions or
          provisions of, or constitute a default under the Charter or By-laws of
          the Company or any indenture or other agreement or instrument to which
          the Company is a party or by which it may be bound or

<PAGE>
          result in the imposition of any liens or encumbrances on any property
          of the Company;

          (d)  The execution and delivery of this Amendment has been duly
     authorized by proper corporate action on the part of the Company (no action
     by the stockholders of the Company being required by law, by the Charter or
     By-laws of the Company or otherwise); this Amendment has been duly executed
     and delivered by the Company; and this Amendment and the Note Agreement, as
     amended by this Amendment, constitute the legal, valid and binding
     obligations, contracts and agreements of the Company enforceable in
     accordance with their terms.

     5.   No Legend Required. References in the Note Agreement or in any Note
shall be deemed to be references to the Note Agreement as amended hereby and as
further amended from time to time.

     6.   Effect of Amendment. Except as expressly amended hereby, the Company
agrees that the Note Agreement, the Notes and all other documents and agreements
executed by the Company in connection with the Note Agreement in favor of the
Holders of Notes are ratified and confirmed and shall remain in full force and
effect.

     7.   Successors and Assigns. This Amendment shall be binding upon and inure
to the benefit of (i) the Company and its successors and assigns and (ii) the
Holders of Notes and their respective successors and assigns, including each
successive Holder or Holders of any Notes.

     8.   Requisite Approval; Expenses. This Amendment shall not be effective
until (a) the Company and the Holders of 51% in aggregate principal amount of
the Notes have executed and delivered this Amendment, and (b) the Company shall
have paid all reasonable fees, expenses and disbursements of Chapman and Cutler
which are reflected in statements of such counsel rendered on or prior to the
date of this Amendment. The Company shall also pay any other reasonable
out-of-pocket expenses incurred by the Holders of Notes in connection with the
consummation of the transaction contemplated by this Amendment.

     9.   Governing Law. This Amendment shall be governed by and construed in
accordance with New York law, including all matters of construction, validity
and performance.

     10.  Counterparts. This Amendment may be executed in any number of
counterparts, each executed counterpart constituting an original but all
together only one agreement.

<PAGE>
     IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the
date first above written.

                                 ALLIED CAPITAL CORPORATION

                                 By: /s/ Kelly A. Anderson
                                     -------------------------------------------
                                     Name: Kelly A. Anderson
                                     Title: Executive Vice President & Treasurer

<PAGE>
Allied Capital Corporation                      Amendment to 2000 Note Agreement

                                ALLSTATE LIFE INSURANCE COMPANY

                                By   /s/ Jerry D. Zinkula
                                     -------------------------------------------
                                     Name: Jerry D. Zinkula

                                By   /s/ Patricia W. Wilson
                                     -------------------------------------------
                                     Name: Patricia W. Wilson
                                     Authorized Signatories

<PAGE>
Allied Capital Corporation                      Amendment to 2000 Note Agreement

                                   GE EDISON LIFE INSURANCE COMPANY

                                   By: GE ASSET MANAGEMENT, ITS INVESTMENT
                                       ADVISOR

                                   By: /s/ John Endres
                                       -----------------------------------------
                                       Name: John Endres
                                       Title: Vice President-Private P1acements

<PAGE>
Allied Capital Corporation                      Amendment to 2000 Note Agreement

                                   THE GUARDIAN LIFE INSURANCE COMPANY OF
                                      AMERICA

                                   By: /s/ Thomas M. Donohue
                                       -----------------------------------------
                                       Name: Thomas M. Donohue
                                       Title: Managing Director

<PAGE>
Allied Capital Corporation                      Amendment to 2000 Note Agreement

Accepted as of the date first written above

                                   JOHN HANCOCK LIFE INSURANCE COMPANY

                                   By: /s/ Anthony J. Della Piana
                                       -----------------------------------------
                                       Name: Anthony J. Della Piana
                                       Its: Managing Director

                                   JOHN HANCOCK VARIABLE LIFE INSURANCE COMPANY

                                   By: /s/ Anthony J. Della Piana
                                       -----------------------------------------
                                       Name: Anthony J. Della Piana
                                       Its: Authorized Signatory

                                   INVESTORS PARTNER LIFE INSURANCE COMPANY

                                   By: /s/ Anthony J. Della Piana
                                       -----------------------------------------
                                       Name: Anthony J. Della Piana
                                       Its: Authorized Signatory

                                   MELLON BANK, N.A., solely in its capacity as
                                   Trustee for the Long-Term Investment Trust
                                   (as directed by John Hancock Life Insurance
                                   Company), and not in its individual capacity

                                   By:
                                       Name:
                                       Its:

<PAGE>
Allied Capital Corporation                      Amendment to 2000 Note Agreement

                                   MINNESOTA LIFE INSURANCE COMPANY

                                   By: Advantus Capital Management, Inc.

                                   By: /s/ John Leiviska
                                       -----------------------------------------
                                       Name: John Leiviska
                                       Its: Vice President

                                   AMERICAN FIDELITY ASSURANCE COMPANY

                                   By: Advantus Capital Management, Inc.

                                   By: /s/ John Leiviska
                                       -----------------------------------------
                                       Name: John Leiviska
                                       Its: Vice President

                                   GREAT WESTERN INSURANCE COMPANY

                                   By: Advantus Capital Management, Inc.

                                   By: /s/ John Leiviska
                                       -----------------------------------------
                                       Name: John Leiviska
                                       Its: Vice President

                                   NATIONAL TRAVELERS LIFE COMPANY

                                   By: Advantus Capital Management, Inc.

                                   By: /s/ John Leiviska
                                       -----------------------------------------
                                       Name: John Leiviska
                                       Its: Vice President

                                   AMERICAN REPUBLIC INSURANCE COMPANY

                                   By: Advantus Capital Management, Inc.

                                   By: /s/ John Leiviska
                                       -----------------------------------------
                                       Name: John Leiviska
                                       Its: Vice President

<PAGE>
Allied Capital Corporation                      Amendment to 2000 Note Agreement

                                   NATIONWIDE LIFE INSURANCE COMPANY

                                   By: /s/ Thomas S. Leggett
                                       -----------------------------------------
                                       Name: Thomas S. Leggett
                                       Its: Associate Vice President
                                            Public Bonds

<PAGE>
Allied Capital Corporation                      Amendment to 2000 Note Agreement

                                   THE OHIO NATIONAL LIFE INSURANCE COMPANY

                                   By: /s/ Jed R. Martin
                                       -----------------------------------------
                                       Name: Jed R. Martin
                                       Its: Investment Vice President,
                                            Private Placements

<PAGE>
Allied Capital Corporation                      Amendment to 2000 Note Agreement

                                   PACIFIC LIFE INSURANCE COMPANY

                                   By: /s/ David C. Patch
                                       -----------------------------------------
                                       Name: David C. Patch
                                       Its: Assistant Vice President

                                   By: /s/ Cathy Schwartz
                                       -----------------------------------------
                                       Name: Cathy Schwartz
                                       Its: Assistant Secretary

<PAGE>
Allied Capital Corporation                      Amendment to 2000 Note Agreement

Accepted as of the date first written above

                                   TEACHERS INSURANCE AND ANNUITY
                                      ASSOCIATION OF AMERICA

                                   By: /s/ John S. Goodreds
                                       -----------------------------------------
                                       Name: John S. Goodreds
                                       Its: Director

                                   TIAA-CREF LIFE INSURANCE COMPANY

                                   By: Teacher Insurance and Annuity Association
                                       of America, as Asset Manager

                                   By: /s/ John S. Goodreds
                                       -----------------------------------------
                                       Name: John S. Goodreds
                                       Its: Director

<PAGE>
Allied Capital Corporation                      Amendment to 2000 Note Agreement

                                   SUN LIFE ASSURANCE COMPANY OF CANADA

                                   By: /s/ John N. Whelihan
                                       -----------------------------------------
                                       Name: John N. Whelihan
                                       Its: Vice President, U.S. Private
                                            Placements - For President

                                   By: /s/ Richard Gordon
                                       -----------------------------------------
                                       Name: Richard Gordon
                                       Its: Vice President, U.S. Public Bonds -
                                            For Secretary

                                   SUN LIFE ASSURANCE COMPANY OF CANADA (U.S.)

                                   By: /s/ John N. Whelihan
                                       -----------------------------------------
                                       Name: John N. Whelihan
                                       Its: Vice President, U.S. Private
                                            Placements - For President

                                   By: /s/ Richard Gordon
                                       -----------------------------------------
                                       Name: Richard Gordon
                                       Its: Vice President, U.S. Public Bonds -
                                            For Secretary

                                   SUN LIFE INSURANCE AND ANNUITY COMPANY OF
                                       NEW YORK

                                   By: /s/ John N. Whelihan
                                       -----------------------------------------
                                       Name: John N. Whelihan
                                       Its: Vice President, U.S. Private
                                            Placements - For President

                                   By: /s/ Richard Gordon
                                       -----------------------------------------
                                       Name: Richard Gordon
                                       Its: Vice President, U.S. Public Bonds -
                                            For Secretary<PAGE>
                                                                   Exhibit 10.36

                                                                   EXECUTED COPY

                           ALLIED CAPITAL CORPORATION
                         1919 PENNSYLVANIA AVENUE, N.W.
                           WASHINGTON, D.C. 20006-2415

                                    AMENDMENT

                                                      Dated as of April 30, 2003

                      Re: $150,000,000 7.16% Senior Notes,
                              Due October 15, 2006

To the holder of the Notes named in
Schedule I attached hereto

Ladies and Gentlemen:

         Reference is hereby made to that certain Note Agreement dated as of
October 15, 2001 (the "Note Agreement") between Allied Capital Corporation (the
"Company"), and the Purchasers named in Schedule I thereto (the "Purchasers"),
under and pursuant to which the Company issued and sold to the Purchasers 7.16%
Senior Notes, due October 15, 2006 of the Company in an aggregrate principal
amount of $150,000,000 (the "Notes"). Capitalized terms used but not otherwise
defined herein shall have the meaning ascribed to such terms in the Note
Agreement.

         The Company hereby agrees with you as follows:

         1.       Amendment of Section 5.8 (Limitation on Debt; Interest Rate
Swaps) of the Note Agreement.

                  (a)      Section 5.8(e) of the Note Agreement is hereby
         amended in its entirety to read as follows:

                           "(e)     The Company will not and will not permit any
                  Consolidated Subsidiary to enter into any Interest Rate Swap
                  except in the ordinary course of business pursuant to
                  transactions that are entered into for bona fide purposes of
                  managing the Company's interest rate and currency risk and not
                  for speculation."

         2.       Amendment of Section 8 (Interpretation of Agreement;
Definitions) of the Note Agreement. Section 8 of the Note Agreement is hereby
amended as follows:

                  (a)      The definition of "Adequate Rating" is hereby added
         to the Note Agreement as follows:

<PAGE>

                           "'Adequate Rating' means senior unsecured debt rating
                  of A- or higher by Standard & Poors Rating Services or Fitch
                  Ratings, or a rating of A3 or higher by Moody's Investors
                  Service."

                  (b)      The definition of "Debt" in Section 8.1 of the Note
         Agreement is hereby amended by (i) adding a new clause "(e)" to read as
         hereinafter set forth, (ii) redesignating existing clause "(e)" as
         clause "(f)" and amending it in its entirety to read as hereinafter set
         forth, and (iii) amending the last paragraph thereof to read as
         follows:

                           "(e)     all liabilities under Interest Rate Swaps
                  entered into for the purpose of hedging currency risk with
                  respect to Debt; and

                            (f)     any Guaranty of such Person with respect to
                  liabilities of a type described in any of clauses (a) through
                  (e) hereof.

                           Debt of any Person shall include all obligations of
                  such Person of the character described in clauses (a) through
                  (f) to the extent such Person remains legally liable in
                  respect thereof notwithstanding that any such obligation is
                  deemed to be extinguished under GAAP. Any amount receivable by
                  the Company or any of its Consolidated Subsidiaries under an
                  Interest Rate Swap referred to in clause (e) above, as
                  determined in accordance with the definition of Interest Rate
                  Swap, shall apply as an offset in the calculation of the total
                  amount of Debt only if (i) the counterparty in such Interest
                  Rate Swap has an Adequate Rating or (ii) if such counterparty
                  ceases to maintain an Adequate Rating, such counterparty has
                  posted collateral for the benefit of the Company or the
                  relevant Consolidated Subsidiary to secure any material
                  amounts owing to the Company or such Consolidated Subsidiary
                  under such Interest Rate Swap."

                  (c)      The definition of "Interest Rate Swap" in Section 8.1
         of the Note Agreement is hereby amended by deleting the second sentence
         of the definition in its entirety and replacing it in its entirety by
         the following:

                  "For the purposes of this Agreement, the amount of the
                  obligation (whether positive or negative) under any Interest
                  Rate Swap shall be the amount payable or receivable by the
                  Company or any of its Consolidated Subsidiaries determined in
                  respect thereof as of the end of the then most recently ended
                  fiscal quarter of such Person based on the assumption that
                  such Interest Rate Swap had terminated at the end of such
                  fiscal quarter, and in making such determination, if any
                  agreement relating to such Interest Rate Swap provides for the
                  netting of amounts payable by and to such Person thereunder or
                  if any such agreement provides for the simultaneous payment of
                  amounts by and to such Person, then in each such case, the
                  amount of such obligation shall be the net amount so
                  determined."
<PAGE>

                  (d)      The definition of "Priority Debt" in Section 8.1 of
         the Note Agreement is hereby amended by deleting the definition in its
         entirety and replacing it with the following:

                           "`Priority Debt' means (without duplication) the sum
                  of (i) all Debt of the Company and its Consolidated
                  Subsidiaries secured by a Lien, (ii) all liabilities of the
                  Company and its Consolidated Subsidiaries under Interest Rate
                  Swaps entered into for the purpose of hedging interest rate
                  risk with respect to Debt, if and only if such liabilities are
                  secured by a Lien, (iii) all unsecured Debt of Consolidated
                  Subsidiaries, and (iv) all unsecured liabilities of
                  Consolidated Subsidiaries under Interest Rate Swaps entered
                  into for the purpose of hedging interest rate risk with
                  respect to Debt (excluding in each case, any Debt or liability
                  owing to the Company or another Consolidated Subsidiary)."

         3.       Representations and Warranties. The Company represents and
warrants that as of the date hereof and after giving effect hereto:

                  (a)      No Default or Event of Default exists under the Note
         Agreement;

                  (b)      The Company has not paid any fees or remuneration to
         (i) any Holder of Notes in connection with the solicitation of this
         Amendment or (ii) any other Holder of Indebtedness of the Company in
         connection with any amendment which relates solely to the subject
         matter of this Amendment pursuant to any agreement under which
         Indebtedness of the Company is outstanding;

                  (c)      The execution and delivery of this Amendment by the
         Company and compliance by the Company with all of the provisions of the
         Note Agreement, as amended hereby:

                           (i)      is within the corporate powers of the
                  Company; and

                           (ii)     will not violate any provisions of any law
                  or any order of any court or governmental authority or agency
                  and will not conflict with or result in any breach of any of
                  the terms, conditions or provisions of, or constitute a
                  default under the Charter or By-laws of the Company or any
                  indenture or other agreement or instrument to which the
                  Company is a party or by which it may be bound or result in
                  the imposition of any liens or encumbrances on any property of
                  the Company;

                  (d)      The execution and delivery of this Amendment has been
         duly authorized by proper corporate action on the part of the Company
         (no action by the stockholders of the Company being required by law, by
         the Charter or By-laws of the Company or otherwise); this Amendment has
         been duly executed and delivered by the Company; and this Amendment and
         the Note Agreement, as amended by this Amendment, constitute the

<PAGE>

         legal, valid and binding obligations, contracts and agreements of the
         Company enforceable in accordance with their terms.

         4.       No Legend Required. References in the Note Agreement or in any
Note shall be deemed to be references to the Note Agreement as amended hereby
and as further amended from time to time.

         5.       Effect of Amendment. Except as expressly amended hereby, the
Company agrees that the Note Agreement, the Notes and all other documents and
agreements executed by the Company in connection with the Note Agreement in
favor of the Holders of Notes are ratified and confirmed and shall remain in
full force and effect.

         6.       Successors and Assigns. This Amendment shall be binding upon
and inure to the benefit of (i) the Company and its successors and assigns and
(ii) the Holders of Notes and their respective successors and assigns, including
each successive Holder or Holders of any Notes.

         7.       Requisite Approval; Expenses. This Amendment shall not be
effective until (a) the Company and the Holders of 51% in aggregate principal
amount of the Notes have executed and delivered this Amendment, and (b) the
Company shall have paid all reasonable fees, expenses and disbursements of
Chapman and Cutler which are reflected in statements of such counsel rendered on
or prior to the date of this Amendment. The Company shall also pay any other
reasonable out-of-pocket expenses incurred by the Holders of Notes in connection
with the consummation of the transaction contemplated by this Amendment.

         8.       Governing Law. This Amendment shall be governed by and
construed in accordance with New York law, including all matters of
construction, validity and performance.

         9.       Counterparts. This Amendment may be executed in any number of
counterparts, each executed counterpart constituting an original but all
together only one agreement.

<PAGE>
         IN WITNESS WHEREOF, the undersigned have executed this Amendment as of
the date first above written.

                                ALLIED CAPITAL CORPORATION

                                By:  /s/ Kelly A. Anderson
                                     -------------------------------------------
                                     Name:  Kelly A. Anderson
                                     Title: Executive Vice President & Treasurer
<PAGE>

Allied Capital Corporation                     Amendment to 2001 Note Agreement

                                THE LINCOLN NATIONAL LIFE INSURANCE
                                   COMPANY

                                By:  Delaware Investment Advisers, a series of
                                     Delaware Management Business Trust, its
                                     Attorney-In-Fact

                                     By /s/ Carl E. Mabry
                                        ----------------------------------------
                                        Name: Carl E. Mabry
                                        Title: Vice President

                                FIRST PENN-PACIFIC LIFE INSURANCE COMPANY

                                By:  Delaware Investment Advisers, a series of
                                     Delaware Management Business Trust, its
                                     Attorney-In-Fact

                                     By /s/ Carl E. Mabry
                                        ----------------------------------------
                                        Name: Carl E. Mabry
                                        Title: Vice President

<PAGE>

Accepted as of the date first written above:

                                     FEDERATED MUTUAL INSURANCE COMPANY

                                     By /s/ Mark A. Hood
                                       -----------------------------------------
                                       Name: Mark A. Hood
<PAGE>

Allied Capital Corporation                 Amendment to 2001 Note Agreement

                                           JOHN HANCOCK LIFE INSURANCE
                                           COMPANY

                                           By: /s/ Anthony J. Della Piana
                                               --------------------------------
                                               Name: Anthony J. Della Piana
                                               Title: Managing Director

                                           JOHN HANCOCK VARIABLE LIFE INSURANCE
                                           COMPANY

                                           By: /s/ Anthony J. Della Piana
                                               --------------------------------
                                               Name: Anthony J. Della Piana
                                               Title: Authorized Signatory

                                           INVESTORS PARTNER LIFE INSURANCE
                                           COMPANY

                                           By: /s/ Anthony J. Della Piana
                                               --------------------------------
                                               Name: Anthony J. Della Piana
                                               Title: Authorized Signatory

<PAGE>

Allied Capital Corporation                     Amendment to 2001 Note Agreement

                                           NATIONAL LIFE AND ANNUITY INSURANCE
                                           COMPANY

                                           By: /s/ Thomas S. Leggett
                                               --------------------------------
                                               Name: Thomas S. Leggett
                                               Title: Associate Vice President
                                                      Public Bonds

                                           NATIONWIDE LIFE INSURANCE COMPANY

                                           By: /s/ Thomas S. Leggett
                                               --------------------------------
                                               Name: Thomas S. Leggett
                                               Title: Associate Vice President
                                                      Public Bonds

                                          SUN LIFE ASSURANCE COMPANY OF CANADA

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

<PAGE>

Allied Capital Corporation                     Amendment to 2001 Note Agreement

                              SUN LIFE INSURANCE AND ANNUITY COMPANY OF NEW YORK

                              By /s/ John N. Whelihan
                                 -----------------------------------------------
                                 Name:  John N. Whelihan
                                 Title: Vice President, U.S. Private
                                        Placements - For President

                              By /s/ Richard Gordon
                                 -----------------------------------------------
                                 Name:  Richard Gordon
                                 Title: Vice President, U.S. Public Bonds - For
                                        Secretary
<PAGE>

Accepted as of the date first written above:

                                     USG ANNUITY & LIFE COMPANY
                                     EQUITABLE LIFE INSURANCE COMPANY OF
                                       IOWA
                                     GOLDEN AMERICAN LIFE INSURANCE
                                       COMPANY
                                     By: ING Investment Management, LLC

                                     By: /s/ Christopher P. Lyons
                                        ----------------------------------------
                                     Name: Christopher P. Lyons
                                     Title: Vice President

<PAGE>

Allied Capital Corporation                     Amendment to 2001 Note Agreement

                                TRUSTMARK LIFE INSURANCE COMPANY

                                By: Advantus Capital Management, Inc.

                                    By: /s/ John Leiviska
                                       -----------------------------------------
                                        Name: JOHN LEVISKA
                                        Title:  VICE PRESIDENT

                                MINNESOTA LIFE INSURANCECOMPANY

                                By: Advantus Capital Management, Inc.

                                    By: /s/ John Leiviska
                                       -----------------------------------------
                                        Name: JOHN LEVISKA
                                        Title: VICE PRESIDENT

<PAGE>

Accepted as of the date first written above:

                                PACIFIC LIFE INSURANCE COMPANY

                                By /s/ David C. Patch
                                   ---------------------------------------------
                                   Name:  David C. Patch
                                   Title: Assistant Vice President

                                By /s/ Cathy Schwartz
                                   ---------------------------------------------
                                   Name:  Cathy Schwartz
                                   Title: Assistant Secretary

<PAGE>

Allied Capital Corporation                     Amendment to 2001 Note Agreement

                                SECURITY FINANCIAL LIFE INSURANCE CO.

                                By   /s/ Kevin W. Hammond
                                     -------------------------------------------
                                     Name:  Kevin W. Hammond
                                     Title: Vice President
                                            Chief Investment Officer
<PAGE>

Allied Capital Corporation                    Amendment to 2001 Note Agreement

                                WOODMEN OF THE WORLD LIFE INSURANCE
                                  SOCIETY

                                By   /s/ Michael J. Shay
                                     -------------------------------------------
                                     Name: Michael J. Shay
                                     Title: Securities Department Manager

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