Document:

AMENDED AND RESTATED
                                 PROMISSORY NOTE

                                                                   May 11, 2000

$2,660,799,080

         FOR VALUE RECEIVED, the undersigned, Conseco Finance Corp., a Delaware
Corporation (the "Borrower"), hereby promises to pay to the order of Conseco,
Inc., an Indiana corporation (the "Lender"), at 11825 North Pennsylvania Street,
Carmel, Indiana 46032, (i) the principal amount of Two Billion Six Hundred Sixty
Million Seven Hundred Ninety Nine Thousand Eighty Dollars ($2,660,799,080), or,
if less, the aggregate unpaid principal amount of each loan or advance made by
the Lender to the Borrower hereunder, in lawful money of the United States of
America in immediately available funds and (ii) interest from April 1, 2000 on
the principal amount hereof from time to time outstanding, in like funds, at a
rate per annum equal to 150 basis points in excess of the London interbank
offered rate for a three-month period, as published in "The Wall Street Journal"
(the "Interest Rate").

         The unpaid principal balance of this Note shall be due and payable one
year from the date hereof. Accrued and unpaid interest on the principal balance
of this Note shall be due and payable monthly in arrears on the 1st day of each
month with respect to interest accrued in the prior month, with the first
interest payment due June 1, 2000. The Borrower promises to pay monthly interest
on any overdue principal and, to the extent permitted by law, overdue interest
from their due dates at a rate equal to the Interest Rate plus 2.0%. This Note
may be prepaid in whole or in part at any time without premium or penalty
provided that such prepayment does not conflict with any other agreement to
which the Borrower is a party.

         This Note amends and restates that certain Amended and Restated
Promissory Note dated January 1, 2000 by Conseco Finance Corp. payable to
Conseco, Inc. in the original principal amount of Five Billion Dollars
($5,000,000) (the "Old Note"), and the Old Note is hereby terminated and
rendered null and void for all purposes.

         The Borrower and any and all sureties, guarantors and endorsers of this
Note and all other parties not or hereafter liable hereon, severally waive
grace, presentment for payment, protest, notice of any kind (including notice of
dishonor, notice of protest, notice of intention to accelerate and notice of
acceleration) and diligence in collecting and bringing suit against any party
hereto, and agree to all extensions and partial payments, with or without
notice, before or after maturity. The nonexercise by the holder of any of its
rights hereunder in any particular instance shall not constitute a waiver
thereof in that or any subsequent instance.

         This Note shall be construed in accordance with and governed by the
laws of the State of Indiana and any applicable laws of the United States of
America. The provisions of this Note shall be binding on and inure to the
benefit of the successors and assigns of the Borrower and the Lender, including
any subsequent holders of this Note.

<PAGE>

         In the event this Note is not paid when due at maturity, the Borrower
agrees to pay, in addition to the principal of and interest on this Note, all
costs of collection, including reasonable attorney's fees.

         IN WITNESS WHEREOF, the Borrower has caused this Note to be executed by
its duly authorized officer as of the date first above written.

                                       CONSECO FINANCE CORP.

                                       By: /s/ Thomas J. Kilian
                                           --------------------------------
                                           Name:  Thomas J. Kilian
                                           Title: PresidentEXHIBIT 4.3.1

                   PACIFIC LIFE AND ACCIDENT INSURANCE COMPANY

                               AMENDED AND REVISED
                             SURPLUS DEBENTURE NO. 7

$107,538,345.00                                                    June 13, 2000

FOR VALUE RECEIVED,  Pacific Life and Accident  Insurance  Company, a Texas life
insurance   corporation   ("Pacific"),   subject  to  the   terms,   conditions,
restrictions,  and limitations contained herein, promises to pay to the order of
Southwestern Financial Corporation, a Delaware Corporation ("Southwestern"),  or
to any subsequent holder hereof (the "Holder"), the principal sum of One Hundred
Seven Million Five Hundred  Thirty-Eight  Thousand  Three Hundred and Forty-Five
Dollars  ($107,538,345.00)  together with interest on the unpaid balance thereof
at a rate (the "Rate")  equal to the greater of (i) ten percent (10%) per annum,
or (ii) two hundred (200) basis points above the rate of the outstanding  senior
debt (if any) of PennCorp Financial Group, Inc. ("PFG"), Southwestern's ultimate
parent. Each change in the rate of the outstanding senior debt of PFG that would
cause a corresponding  change in the calculation of the Rate, shall be effective
as of the time and date of such change, without any notice to Pacific or further
action by the Holder.

Interest on this  Surplus  Debenture  will be payable each quarter on the day in
which Pacific's financial statements are finalized for the prior quarter (each a
"Payment  Date")  and  continuing  until the  principal  amount of this  Surplus
Debenture is paid in full. Both principal and interest on this Surplus Debenture
will be due and payable in the following manner at the offices of Holder:

     1.   On or before each Payment Date,  Pacific will calculate the Surplus of
          Pacific  (as   hereinafter   defined)  as  of  the  most  recent  date
          practicable,  but in no  event  prior  to the  end of the  immediately
          preceding calendar quarter (each such date being hereinafter  referred
          to as a "Calculation Date").

     2.   On each  Payment  Date,  Pacific  will pay the  Holder  the  amount of
          accrued but unpaid  interest on the unpaid  principal  balance of this
          Surplus  Debenture  to the extent the Surplus of Pacific  exceeds $1.2
          million as of the Calculation Date immediately  prior to such Interest
          Payment Date.

     3.   If, as of any Calculation Date, the Surplus of Pacific does not exceed
          $1.2  million by an amount  sufficient  to pay all  accrued but unpaid
          interest on this Surplus  Debenture,  the remaining accrued but unpaid
          interest  shall be payable on the next  Payment Date to the extent the
          Surplus of Pacific  exceeds  $1.2 million as of the  Calculation  Date
          immediately prior to such next Payment Date.

     4.   Pacific will pay principal payments to the Holder on a quarterly basis
          on the Payment  Date in  accordance  with the  principal  amortization
          schedule  attached  hereto as Exhibit A, to the extent the  Surplus of
          Pacific exceeds $1.2 million as of the most recent Calculation Date.
<PAGE>

     5.   If on a Payment  Date,  the  Surplus of Pacific  does not exceed  $1.2
          million by an amount sufficient to pay the Holder the principal amount
          due,  together  with all accrued but unpaid  interest on this  Surplus
          Debenture,  the remaining  unpaid portion of such principal amount and
          such interest shall be payable thereafter at such time or from time to
          time as the Surplus of Pacific exceeds $1.2 million.

     6.   For purposes of this Surplus  Debenture,  the term "Surplu of Pacific"
          shall mean the remainder obtained after subtracting the carrying value
          of the insurance subsidiaries of Pacific from the sum of:

          (a)  "common capital stock" of Pacific;

          (b)  "gross paid-in and contributed surplus" of Pacific;

          (c)  "unassigned surplus" of Pacific;

          (d)  "special surplus" of Pacific;

          (e)  any amounts required to be carried as liabilities with respect to
               outstanding surplus debentures issued by Pacific; and

          (f)  surplus  evidenced by surplus  debentures of Pacific which is not
               included in clauses (a)- (e) of this paragraph 6.

          The items  listed  in  clauses  (a)-(f)  of this  paragraph  6 will be
          calculated in accordance  with the  accounting  practices  required or
          permitted by the Texas  Department of Insurance  ("Texas  Department")
          for inclusion in the Annual  Statement of Pacific filed with the Texas
          Department as of December 31 of each year.

     7.   The  obligations  of Pacific to pay this  Surplus  Debenture  will not
          otherwise be or  constitute a liability of Pacific or a claim  against
          any of its assets except in the event of the  liquidation  of Pacific,
          and in no event will this Surplus  Debenture be  considered or treated
          as a current or fixed  liability or  obligation  of Pacific  under the
          Texas  insurance  laws and the  regulations  thereunder  except to the
          extent that a payment of principal or interest becomes due and payable
          hereunder or to the extent otherwise required by Texas law.

     8.   In the event of the  liquidation  of Pacific,  this Surplus  Debenture
          will become immediately due and payable and will be superior to and in
          preference  of the rights and claims of the  shareholders  of Pacific;
          provided,  however, that to the extent required by applicable law, all
          obligations, rights and claims hereunder are expressly subordinated to
          the claims of (a) policyholders, insureds, and the beneficiaries under
          insurance  contracts  or  policies  issued  by  Pacific,  and  (b) any
          supervisor,  conservator  or  receiver  of  Pacific  appointed  by the
          Commissioner of Insurance of the State of Texas.

<PAGE>

     9.   All  payments  made  hereunder  will be credited  first to accrued but
          unpaid  interest,  if any,  and the  balance of such  payment  will be
          credited to the principal amount hereof.

     10.  As a condition to the  consolidation or merger of Pacific into another
          corporation  or the  sale  of all or  substantially  all of  Pacific's
          assets to any other corporation, the corporation into which Pacific is
          consolidated  or  merged  or  to  which  the  assets  of  Pacific  are
          transferred  shall  unconditionally  assume the  liability  of Pacific
          hereunder.

     11.  By  acceptance  and as part  of the  consideration  for  the  issuance
          hereof,  the Holder expressly  acknowledges  that it has been informed
          and has knowledge that this Surplus  Debenture has not been registered
          under the Securities Act of 1933, as amended,  or the securities  laws
          of any state and that  Pacific has issued this Surplus  Debenture  for
          investment  purposes and not with a view toward a public  distribution
          thereof and that this Surplus  Debenture  may not be sold or otherwise
          transferred in the absence of an effective registration statement with
          respect hereto or an exemption from registration  under the Securities
          Act of 1933, as amended, or any other applicable securities laws.

     12.  If this Surplus Debenture is collected  through judicial  proceedings,
          Pacific  agrees,  subject to  conditions  and  restrictions  contained
          herein, to pay all reasonable legal fees and disbursements incurred by
          the Holder in connection with such collection.

     13.  This Surplus  Debenture  may be prepaid in whole or in par at any time
          or from time to time without premium or penalty to the extent that the
          Surplus of Pacific exceeds $1.2 million on the most recent Calculation
          Date before the date of any proposed prepayment.

     14.  This Surplus Debenture will be governed by and construed in accordance
          with the laws of the State of Texas.

     15.  It being the  intention of the parties  hereto to conform  strictly to
          the  applicable  usury  laws of the  State of  Texas,  all  agreements
          between Pacific and  Southwestern  and any other Holder whether now or
          hereafter  arising and  whether  written or oral,  are here  expressly
          limited so that in no event,  whether by reason of acceleration of the
          maturity of any amount owed  hereunder or otherwise,  shall the amount
          paid or agreed to be paid to  Southwestern or any other Holder for the
          use,  forbearance or retention of money hereunder or otherwise  exceed
          the maximum  amount  permissible  under  applicable  law (the "Maximum
          Lawful Amount").  If fulfillment of any provision  hereof, at the time
          performance of such provision  shall be due, shall cause the amount of
          interest  applicable  to this Surplus  Debenture to exceed the Maximum
          Lawful Amount,  then, ipso facto, the obligation to be fulfilled shall
          be  reduced to the extent  necessary  to cause the amount of  interest
          applicable to this Surplus  Debenture not to exceed the Maximum Lawful
          Amount; and if the Holder of this Surplus Debenture shall ever receive
          anything of value  deemed  interest  under  applicable  law that would
          cause the interest  applicable to this Surplus Debenture to exceed the
          Maximum  Lawful Rate,  an amount equal to the portion of such interest
          in excess of the Maximum Lawful Rate shall be

<PAGE>

          applied to the reduction of the principal  amount owing  hereunder and
          not to the payment of interest,  or if such excessive interest exceeds
          the unpaid  principal  amount  hereof,  such excess  shall be promptly
          refunded to Pacific by the Holder  hereof.  All sums paid or agreed to
          be  paid  to the  Holder  of  this  Surplus  Debenture  for  the  use,
          forbearance or retention of the  indebtedness of Pacific shall, to the
          extent permitted by applicable law, be amortized,  prorated, allocated
          and spread throughout the full term of such indebtedness until payment
          in full so that  interest on account of such  indebtedness  is uniform
          throughout  the full term thereof.  The  provisions of this  paragraph
          shall  control  agreements  between  Pacific  and the  holder  of this
          Surplus Debenture.

     16.  Southwestern  may assign its rights  hereunder to any person or entity
          without the consent of Pacific.  This Surplus  Debenture will inure to
          the   benefit   of  Pacific   and  its   successors   and   assignees.
          Notwithstanding  the above, this Surplus Debenture is registered as to
          both  principal  and any stated  interest with Pacific and transfer of
          the Surplus  Debenture may be effected  either by surrender of the old
          instrument  and the  reissuance by Pacific of a new  instrument to the
          new Holder or the written acknowledgment by Pacific of the transfer of
          the Surplus  Debenture to the new Holder. No transfer of any ownership
          interest in this Surplus  Debenture shall be made unless such transfer
          is permitted  under Texas  insurance law and Pacific and  Southwestern
          shall  comply  with  all   regulatory   and  legal   limitations   and
          requirements   in  connection   with  any  transfer  of  this  Surplus
          Debenture.

     17.  The  occurrence  of any  one or  more  of the  following  event  shall
          constitute an Event in Default (herein so called) hereunder:

          (1)  Pacific  shall  fail to make  any  payment  of  interest  on this
               Surplus  Debenture  when  due and  payable  or  declared  due and
               payable,  and such failure shall have remained  unremedied  for a
               period of five (5) days.

          (2)  Pacific  shall  fail to make any  payment  of  principal  of this
               Surplus  Debenture  when  due and  payable  or  declared  due and
               payable.

          (3)  Pacific  shall (i) be the  subject of a petition  seeking  relief
               under any state  liquidation,  rehabilitation,  conservation,  or
               supervision  law or other  similar  state or federal laws, or any
               delinquency  proceeding  or  to  the  appointment  of  or  taking
               possession  by  a  custodian,  receiver,  liquidator,   assignee,
               trustee  or  similar  official  of any  substantial  part  of its
               properties,  (ii) fail  generally  to pay its debts as such debts
               become due, or (iii) take any corporate  action in furtherance of
               any such action.

          If, at any time,  any Event of Default has occurred and is continuing,
          the Holder  hereof may,  without  further  action,  declare the entire
          principal  amount under this Surplus  Debenture to be due and payable,
          and such  principal  amount,  together  with all  accrued  but  unpaid
          interest hereon,  shall be paid to the holder hereof by Pacific to the
          extent the Surplus of Pacific exceeds $1.2 million on the date of such
          declaration by the Holder hereof or at any time thereafter.

<PAGE>

     18.  To the extent  required  by Texas law,  Pacific  will notify the Texas
          Department of the payment of principal and interest under this Surplus
          Debenture.  Pacific  will take all  actions  reasonably  necessary  to
          maintain the enforceability of this Surplus Debenture.

IN  WITNESS  WHEREOF,  Pacific  has caused  this  Surplus  Debenture  to be duly
executed as of June 13, 2000.

                                PACIFIC LIFE AND ACCIDENT
                                INSURANCE COMPANY

                                By:    /s/David A. Commons
                                       -------------------
                                Name:  David A. Commons
                                Title: Vice President - Financial Reporting

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