Document:

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                              RENEWAL TERM NOTE
                              -----------------
                                  ("Note")

UNIFIED FINANCIAL SERVICES, INC.
a Delaware corporation
2424 Harrodsburg Road
Lexington, Kentucky 40503

$1,893,750.00

DATE: February 27, 2001

Executed at Lexington, Kentucky

1.   FOR VALUE RECEIVED, UNIFIED FINANCIAL SERVICES, INC. ("Borrower"),
promises to pay to the order of BANK ONE, KENTUCKY, NA, a national banking
association (the "Bank"), the principal sum of One Million Eight Hundred
Ninety Three Thousand Seven Hundred Fifty and 00/100 Dollars ($1,893,750.00)
so much thereof as may be advanced by Bank and outstanding under this Note
pursuant to the Loan Agreement between Borrower and Bank dated as of
December 28, 1999, as amended on June 28, 2000 and on February 27, 2001 (as
amended, the "Loan Agreement") and to pay interest from the date hereof on
such principal amount from time to time outstanding at the per annum rate
equal to the Prime Rate of interest as declared by Bank from time to time
and adjusted daily, all of such payments to be made in lawful money of the
United States of America in immediately available funds, without defalcation.
"Prime Rate" of interest as used herein means a variable rate of interest
announced from time to time by Bank as its prime rate whether or not such
rate is otherwise published, which rate may not be Bank's lowest or best
rate; provided, that in the event this Note is assigned to another holder
which is a commercial bank, Prime Rate shall mean the reference rate of
interest established by such subsequent holder from and after the date of
such assignment, as its prime rate from time to time. The Prime Rate shall
be adjusted each time and at the time the Bank's prime rate changes.

2.   This Note represents a renewal, and not a novation, of that certain
Renewal Term Note dated June 28, 2000, in the original principal sum of
$1,893,750.00. All terms not otherwise defined herein shall have the same
meaning given to them in the Loan Agreement. This Note, the Loan Agreement
and any and all other documents referred to in the Loan Agreement or
instruments securing repayment of this Note or relating thereto, whether
made by Borrower or any other person(s) or entities, are hereinafter
referred to collectively as the "Loan Documents".

3.   Borrower shall repay this Note by paying (i) Ninety Three Thousand
Dollars ($93,000.00) on the date of this Note, which amount shall be applied
to the principal balance outstanding, and (ii) accrued interest monthly
beginning on April 1, 2001, and continuing on the 1st day of each month
thereafter until April 30, 2002 (the "Maturity Date"), plus (iii) principal
payments of One Hundred Thousand Dollars ($100,000.00) every three months
beginning on July 1, 2001, and continuing on the 1st of each third month
thereafter until the Maturity Date, at which time all outstanding principal
and accrued interest shall be due and payable in full. Interest on this Note
shall be computed by applying the ratio of the annual interest rate over a
year of 360 days, multiplied by the outstanding principal balance, multiplied
by the actual number of days the principal balance is outstanding. Under no
circumstances will the interest rate on this Note be more than the maximum
rate allowed by applicable law. Borrower shall make each payment under this
Note not later than 12:00 p.m. (Noon), Lexington, Kentucky, Eastern time, on
the date when due, in lawful money of the United States of America, to Bank
at its Lexington Office, in immediately available funds. Borrower hereby
authorizes Bank to charge against any account of Borrower with Bank containing
unrestricted funds any amount so due. Whenever any payment to be made under
this Note shall be stated to be due on a Saturday, Sunday or a public holiday
or banking holiday, such payment shall be made on

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the next succeeding Domestic Business Day, and such extension of time shall
be in such case be included in the computation of the payment of interest.

4.   The obligations evidenced by this Note and the Loan Agreement are
secured by the Security Agreements as defined in the Loan Agreement.

5.   If any payment required under the Note is not paid within ten (10) days
after such payment is due, then, at the option of Bank, Borrower shall pay a
late charge equal to five percent (5.0%) of the amount of such payment or
$25.00, whichever is greater, up to the maximum amount of $750.00 per late
charge to compensate Bank for administrative expenses and other costs of
delinquent payments. This late charge may be assessed without notice, shall
be immediately due and payable and shall be in addition to all other rights
and remedies available to Bank. Upon the occurrence of any Event of Default
(as defined in Section 7 hereof) and during the continuation thereof, and
after maturity, including maturity upon acceleration, Bank, at its option,
may, if permitted under applicable law, do one or both of the following: (i)
increase the interest rate under this Note to the rate that is three percent
(3.0%) above the rate that would otherwise be payable thereunder, and (ii)
add any unpaid accrued interest to principal and such sum shall bear
interest therefrom until paid at the rate provided in this Note (including
any increased rate). The interest rate under this Note shall not exceed the
maximum rate permitted by applicable law under any circumstances and if such
increased rate of interest exceeds the maximum amount permitted under
applicable law in such circumstances, the amount of the increased interest
rate shall be increased by such lesser maximum amount as legally may be
allowed, and Bank's entitlement to such sum shall be in addition to, and not
in lieu of, all other rights and remedies available to Bank as a result of
such overdue payment. If a law which applies to this Note is interpreted so
that the interest collected or to be collected hereunder exceeds the legal
amount, then the interest rate charged hereunder shall be reduced by the
amount necessary to reduce the interest charged to the maximum legal amount
and this Note and all sums due hereunder shall immediately become due and
payable in full at the election of the holder hereof. It is agreed that all
matured interest installments outstanding shall also bear interest until
paid at the same rate that continues to accrue on the principal outstanding.

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

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

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

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

10.  Borrower and all endorsers, guarantors and all other parties to this
Note hereby:
     a.   consent to the negotiation or assignment of this Note to any other
person at any time;

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     b.   waive presentment and demand, notice of demand, notice of
dishonor, protest and notice of protest and non-payment thereof and all
other notices or demands in connection with the delivery, acceptance,
performance, default, enforcement, endorsement or guarantee hereof;
     c.   waive all exemptions to which they may now or hereafter be
entitled under the laws of this or any other state or of the United States;
     d.   waive any requirement of marshaling of assets and all other legal
or equitable doctrines which might otherwise require the holder hereof to
proceed against any persons or any collateral or any other property or with
respect to any other rights in any particular order and agree that the
holder may elect not to proceed against any collateral securing this Note
and may instead seek to enforce and collect this note through whatever means
may otherwise be available at law or equity; and
     e.   agree that Bank shall have the right, but not the obligation,
without notice to Borrower or any other party, to renew this Note, grant the
Borrower extensions of time for, or changes in the amounts of, payment of
this Note or any other indulgence or forbearance by Bank, and Bank may
release any or all of the security and collateral for this Note, and modify
the terms of any of the Loan Documents or any other document securing or
relating to this Note, and may release any guarantors, endorsers or any
party to this Note, and otherwise deal in any way, at any time, with
Borrower, or any guarantor of this Note or with any other party who may
become primarily or secondarily liable for any of the obligations of
Borrower under this Note, in every instance without the consent of Borrower
or any such other parties and without in any way affecting the continuing
liability of the Borrower or any such other parties hereunder or under any
of the other Loan Documents.

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

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

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

14.  Borrower agrees that the sole proper venue for the determination of
any litigation commenced by either Borrower or Bank on any basis shall be in
a court of competent jurisdiction which is located in Fayette County,
Kentucky, and the parties hereby expressly declare that any other venue
shall be improper and Borrower expressly waives any right to a determination
of any such litigation against Bank by a court in any other venue. Borrower
further agrees that service of process by any judicial officer or by
registered or certified U.S. mail shall establish personal jurisdiction over
Borrower, and Borrower waives any rights under the laws of any state to
object to jurisdiction within the Commonwealth of Kentucky. Borrower
acknowledges that this Note was executed and delivered in the Commonwealth
of Kentucky and shall be governed and construed in accordance with the laws

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thereof. The aforesaid means of obtaining personal jurisdiction and
perfecting service of process are not intended to be exclusive, but are
cumulative and in addition to all other means of obtaining personal
jurisdiction and perfecting service of process now or hereafter provided by
the laws of the Commonwealth of Kentucky or by any other state in an action
brought by Bank in such state.

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

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

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

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

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

     DATED as of the day and year first above written.

                                        UNIFIED FINANCIAL SERVICES, INC., a
                                        Delaware corporation

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

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

Dated as of February 27, 2001

1.     FOR VALUE RECEIVED and in order to induce BANK ONE, KENTUCKY, NA,
a national banking association, and its successors and assigns, 416 West
Jefferson Street, Louisville, Kentucky 40202 (the "Bank"), to enter into
that certain Third Amendment to Loan Agreement of even date and to continue
to extend credit to COMMONWEALTH PREMIUM FINANCE CORPORATION (the
"Borrower"), the undersigned, UNIFIED FINANCIAL SERVICES, INC., (the
"Guarantor") does hereby personally and unconditionally guarantee to the
holder of the Renewal Revolving Credit Note dated as of June 28, 2000, and
made by Borrower payable to the order of Bank in the original principal
amount of $2,500,000.00 (the "Note") the due and punctual payment of all
installments of principal and interest now or in the future due under the
Note, as and when the same shall be due and payable thereunder in accordance
with its terms, and whether the same be declared due by the holder of the
Note prior to its stated maturity date by virtue of default thereunder. The
undersigned further guarantees the prompt performance by Borrower of all
non-monetary undertakings, covenants and agreements to be performed by
Borrower under the Note, and all obligations of Borrower under the Loan
Agreement as amended by the Third Amendment thereto.

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

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

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

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

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

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

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

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

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

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

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

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

12.    This Guaranty shall terminate on April 30, 2002. Provided, however,
the undersigned acknowledges and agrees that such termination shall not
affect its liability with respect to: (a) obligations created or incurred
prior to such date (which specifically includes the Note), or (b) extensions
or renewals of, interest accruing on, or fees, costs or expenses incurred
with respect to such obligations (which specifically includes the Note), on
or after such date.

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

14.    This Guaranty shall remain fully enforceable irrespective of any claim,
defense or counterclaim which Borrower may or could assert as to the Note
including, but not limited to, failure of consideration, breach of warranty,
payment, statute of frauds, statute of limitations, fraud, bankruptcy, and
usury, all of which Guarantor hereby waives along with any standing by
Guarantor

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to assert any said claim, defense or counterclaim. This Guaranty is in
addition to and not in lieu of, nor does it supercede, any prior Guaranties
signed by Guarantor.

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

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

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

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

                                            UNIFIED FINANCIAL SERVICES, INC.

                                            By: /s/ John S. Penn
                                               --------------------------------
                                            Title: President
                                                  -----------------------------

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