Document:

<PAGE>
                                                                   Exhibit 10.33

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

                                    AMENDMENT

                                                      Dated as of April 30, 2003

         Re:   $112,000,000 7.39% Senior Notes, Series A, due May 1, 2004
                                       and
            $25,000,000 7.49% Senior Notes, Series B, due May 1, 2006

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 May
1, 1999 (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 7.39%
Senior Notes, Series A, due May 1, 2004 of the Company in the aggregate
principal amount of $112,000,000 (the "Series A Notes") and 7.49% Senior Notes,
Series B, due May 1, 2006 of the Company in the aggregate principal amount of
$25,000,000 (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 Investers
                  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

<PAGE>

                  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."

                  (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

<PAGE>

                  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 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 benefits 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 66 2/3% 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 transactions contemplated by this Agreement.

         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 May 1999 Note Agreement

                                SUNAMERICA LIFE INSURANCE COMPANY

                                By:  AIG GLOBAL INVESTMENT CORP.,
                                     INVESTMENT ADVISER

                                By   /s/ Gerald F. Herman
                                     -------------------------------
                                     Name:  Gerald F. Herman
                                     Title: Vice President
                                     Date: April 24, 2003

<PAGE>

Allied Capital Corporation                 Amendment to May 1999 Note Agreement

                                CONNECTICUT GENERAL LIFE INSURANCE
                                  COMPANY

                                By:  CIGNA Investments, Inc.

                                     By   /s/ Debra J. Height
                                        ---------------------------------------
                                        Name:  DEBRA J. HEIGHT
                                        Title: MANAGING DIRECTOR

                                LIFE INSURANCE COMPANY OF NORTH AMERICA

                                By:  CIGNA Investments, Inc.

                                     By   /s/ Debra J. Height
                                        ---------------------------------------
                                        Name:  DEBRA J. HEIGHT
                                        Title: MANAGING DIRECTOR
<PAGE>

Allied Capital Corporation                Amendment to May 1999 Note Agreement

                                GENERAL ELECTRIC CAPITAL ASSURANCE
                                  COMPANY

                                By:  GE ASSET MANAGEMENT, ITS INVESTMENT
                                     ADVISER

                                By   /s/ John Endres
                                     ----------------------------------------
                                     Name:  John Endres
                                     Title: Vice President-Private Placements
<PAGE>

Allied Capital Corporation                 Amendment to May 1999 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 1998 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

                                JOHN HANCOCK REASSURANCE
                                COMPANY Ltd.

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

<PAGE>
Allied Capital Corporation                  Amendment to May 1999 Note Agreement

                                NATIONWIDE LIFE INSURANCE COMPANY

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

                                NATIONWIDE INDEMNITY COMPANY

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

<PAGE>
Allied Capital Corporation                  Amendment to May 1999 Note Agreement

                                THE OHIO NATIONAL LIFE INSURANCE
                                   CORPORATION

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

<PAGE>
Allied Capital Corporation                  Amendment to May 1999 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
                                     Title: Director<PAGE>
                                                                   Exhibit 10.34

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

                                    AMENDMENT

                                                      Dated as of April 30, 2003

           Re: $102,000,000 8.51% Senior Notes, due November 15, 2004

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
November 15, 1999 (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 8.51%
Senior Notes due November 15, 2004 of the Company in the aggregate principal
amount of $102,000,000 (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 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 & Poor's 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 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

<PAGE>

          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."

          (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 66 2/3% 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 effective 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 November 1999 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 November 1999 Note Agreement

                                       CONNECTICUT GENERAL INSURANCE
                                         CORPORATION

                                       By: CIGNA Investments, Inc.

                                       By: /s/ Debra J. Height
                                          -------------------------------------
                                          Name: Debra J. Height
                                          Title: Managing Director

                                       LIFE INSURANCE COMPANY OF NORTH AMERICA

                                       By: CIGNA Investments, Inc.

                                       By: /s/ Debra J. Height
                                          -------------------------------------
                                          Name: Debra J. Height
                                          Title: Managing Director
<PAGE>

Allied Capital Corporation             Amendment to November 1999 Note Agreement

                                       GEFA SPECIAL PURPOSE SIX, LLC

                                       BY: GE ASSET MANAGEMENT, ITS PORTFOLIO
                                           ADVISOR

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

<PAGE>

Allied Capital Corporation             Amendment to November 1999 Note Agreement

                                       FEDERAL HOME LIFE INSURANCE COMPANY

                                       BY: GE ASSET MANAGEMENT, ITS INVESTMENT
                                           ADVISOR

                                       By: /s/ John Endres
                                          -------------------------------------
                                          Name: John Endres
                                          Title: Vice President-Private
                                                 Placements
<PAGE>

Allied Capital Corporation             Amendment to November 1999 Note Agreement

                                       FEDERAL HOME LIFE INSURANCE COMPANY

                                       BY: GE ASSET MANAGEMENT, ITS INVESTMENT
                                           ADVISOR

                                       By: /s/ John Endres
                                          -------------------------------------
                                          Name: John Endres
                                           Title: Vice President-Private
                                                  Placements
<PAGE>

Allied Capital Corporation             Amendment to November 1999 Note Agreement

                                       GEFA SPECIAL PURPOSE SIX, LLC

                                       BY: GE ASSET MANAGEMENT, ITS PORTFOLIO
                                           MANAGER

                                       By: /s/ John Endres
                                          -------------------------------------
                                          Name: John Endres
                                          Title: Vice President-Private
                                                 Placements
<PAGE>

Allied Capital Corporation             Amendment to November 1999 Note Agreement

                                       THE GUARDIAN LIFE INSURANCE COMPANY OF
                                         AMERICA

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

                                       THE GUARDIAN INSURANCE & ANNUITY
                                          COMPANY, INC.

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

<PAGE>

Allied Capital Corporation             Amendment to November 1999 Note Agreement

Accepted as of the date first written above:

                                       MINNESOTA LIFE INSURANCE COMPANY

                                       By: Advantus Capital Management, Inc.

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

                                       FARM BUREAU LIFE INSURANCE COMPANY OF
                                         MICHIGAN

                                       By: Advantus Capital Management, Inc.

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

                                       MTL INSURANCE COMPANY

                                       By: Advantus Capital Management, Inc.

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

<PAGE>

Allied Capital Corporation             Amendment to November 1999 Note Agreement

                                       NATIONWIDE LIFE INSURANCE COMPANY

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

Allied Capital Corporation             Amendment to November 1999 Note Agreement

                                       KEYPORT LIFE INSURANCE COMPANY

                                       By: /s/ John N. Whelihan
                                          -------------------------------------
                                          Name: John N. Whelihan
                                          Title: Vice President

                                       By: /s/ Richard Gordon
                                          -------------------------------------
                                          Name: Richard Gordon
                                          Title: Vice President

<PAGE>

Allied Capital Corporation             Amendment to November 1999 Note
Agreement

                                       MERRILL LYNCH INTERNATIONAL

                                       By: John Hancock Life Insurance Company,
                                           as Manager under that certain Bond
                                           Purchase and Asset Management
                                           Agreement dated as of June 22, 1999

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

                                       JOHN HANCOCK LIFE INSURANCE
                                       COMPANY

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

                                       MELLON BANK, N.A., solely in its capacity
                                       as Trustee for the Bell Atlantic Master
                                       Trust (as directed by John Hancock Life
                                       Insurance Company), and not in its
                                       individual capacity

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

                                       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

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00052-of-00352.parquet"}]]