Document:

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                                                                   Exhibit 10.13

                     FIRST AMENDMENT TO AMENDED AND RESTATED

                               CONTINUING GUARANTY

         This First Amendment to Amended and Restated Continuing Guaranty
Agreement is entered into as of the 4th day of June, 2003 by and among Education
Lending Group, Inc., a Delaware corporation (formerly known as Direct III
Marketing, Inc.) ("Guarantor") and Fifth Third Bank, an Ohio banking
corporation, for itself and as agent for any affiliate of Fifth Third Bancorp
("Beneficiary").

         WHEREAS, Guarantor and Beneficiary are parties to an Amended and
Restated Continuing Guaranty Agreement, dated as of March 26, 2002 (the
"Guaranty Agreement"); and

         WHEREAS, Guarantor and Beneficiary now desire to enter into this First
Amendment to Amended and Restated Continuing Guaranty Agreement to recognize the
change of the name of Direct III Marketing, Inc. to Education Lending Group,
Inc. and the change of name of Grad Partners, Inc. to Education Lending
Services, Inc. and to reflect an increase in the amount guaranteed by the
Guaranty Agreement.

         NOW THEREFORE, in consideration of the mutual promises and covenants
set forth herein and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, intending to be legally bound, the
parties hereto agree as follows:

         1. Construction. All capitalized terms used herein, unless otherwise
defined herein, shall have the meaning given to such terms in the Guaranty
Agreement. By the execution of this Amendment, the parties hereby ratify,
confirm and approve in all respects the Guaranty Agreement and all its
provisions. Except as expressly amended hereby, the Guaranty Agreement shall
continue in full force and effect in accordance with its terms.

         2. Name Change. The Guaranty Agreement is hereby amended by
substituting (a) Education Lending Group, Inc. for Direct III Marketing, Inc.,
(b) Education Lending Services, Inc. for Grad Partners, Inc. and (c) and ELS for
Grad Partners wherever such terms appear.

         3. Introductory Information. The Guaranty Agreement is hereby amended
by deleting the first WHEREAS clause in its entirety and replacing it with the
following:

            WHEREAS, Beneficiary has agreed to extend credit and financial
accommodations to Education Lending Services, Inc., a Delaware corporation
(formerly known as Grad Partners, Inc.) ("ELS"), and to Student Loan Xpress,
Inc., a Delaware corporation ("Xpress") (each of ELS and Xpress hereinafter,
from time to time, a "Borrower", and collectively, from time to time, the
"Borrowers") pursuant to that certain Second Amended and Restated Credit
Agreement dated as of March 26, 2002, as amended from time to time, by and among
ELS, Xpress and Beneficiary, together with

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the Revolving Notes dated as of September 17, 2001 and March 26, 2002, as
amended from time to time, executed by ELS and Xpress respectively, each for a
maximum principal amount of $19,000,000, less the amount borrowed by the other
Borrower, and each made payable to the order of Beneficiary (the "Notes"), and
all agreements, instruments and documents executed or delivered in connection
with any of the foregoing or otherwise related thereto (together with any
amendments, modifications, or restatements thereof, the "Loan Documents");

         IN WITNESS WHEREOF, the parties have executed this First Amendment to
Amended and Restated Continuing Guaranty Agreement effective as of the date set
forth above.

                                  GUARANTOR:

                                  Education Lending Group, Inc.

                                  By: /s/ Perry D. Moore
                                     -------------------

                                  Name:  Perry D. Moore
                                       ----------------
                                  Title: SVP - Finance
                                        --------------

                                  Accepted this 6th day of June, 2003

                                  BENEFICIARY:

                                  FIFTH THIRD BANK

                                  By: /s/ Andrew K. Hauck
                                     --------------------
                                  Name: Andrew K. Hauck
                                       ----------------
                                  Title: Senior Vice President
                                        ----------------------

                                       2<PAGE>

                                                                    Exhibit 10.7

     THIS EIGHTH AMENDMENT TO CREDIT AGREEMENT, dated as of March 28, 2003, is
among:

                        KINGSWAY FINANCIAL SERVICES INC.
                      AND KINGSWAY U.S. FINANCE PARTNERSHIP

                                  As Borrowers

                                       AND

                       The Lenders named herein as Lenders

                                       AND

                       LASALLE BANK NATIONAL ASSOCIATION,
                As Administrative Agent and Co-Syndications Agent

                                       AND

                       CANADIAN IMPERIAL BANK OF COMMERCE,
                As Co-Syndications Agent and Documentation Agent

          WHEREAS:

     1.   Pursuant to a Credit Agreement made as of the 23rd day of February,
1999 among the parties hereto, as subsequently amended (the "Credit Agreement"),
the Lenders and the Agents established certain credit facilities in favour of
the Borrowers;

     2.   The Agents, the Lenders and the Borrowers have agreed to amend
certain terms and conditions of the Credit Agreement, in the manner hereinafter
set forth;

            FOR VALUABLE CONSIDERATION, the parties agree as follows:

                                   ARTICLE I

                           AMENDMENT TO INTERPRETATION

1.01  Additional Permitted Indebtedness. Section 1.01(84) of the Credit
Agreement is hereby amended by deleting the period found at the end of
sub-section 1.01(84)(xv) and replacing such period with a semi-colon, by adding
the word "and" immediately following the semi-colon and by adding the following
as sub-section 1.01(84)(xvi):

     "(xvi) Indebtedness in connection with the issuance of preferred securities
     by a Kingsway statutory trust to a pooling vehicle in a pooled trust
     preferred transaction as described in the February 7, 2003 letter from
     Kingsway to the Administrative Agent and the Documentation Agent

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     requesting, among other things, this Eighth Amendment to Credit Agreement
     (such Indebtedness herein referred to as the "Third Round Trust Pool
     Securities") provided that (i) there shall be no redemption of the Third
     Round Trust Pool Securities into cash without the prior written consent of
     the Majority of the Lenders; (ii) a Default under the Credit Agreement is
     not a default or event of default in respect of such Indebtedness and
     acceleration of the Outstanding Obligations does not result in an
     acceleration of the obligations under the debentures issued in connection
     with the Third Round Trust Pool Securities (the "Third Round Trust Pool
     Debentures"); (iii) no cash dividends may be paid on the Third Round Trust
     Pool Securities or preference shares redeemed so long as a Default or Event
     of Default under the Credit Agreement has occurred and is continuing; and
     (iv) the terms and conditions of the Third Round Trust Pool Securities are
     otherwise satisfactory to the Majority of the Lenders, provided that the
     aggregate Indebtedness pursuant to the Third Round Trust Pool Debentures
     does not exceed US $20,000,000."

1.02  Amendment to the Definition of Funded Debt. Sub-section 1.01(41) of the
Credit Agreement is hereby amended by deleting it in its entirety and replacing
it with the following:

          ""Funded Debt" means the aggregate Indebtedness of the Borrowers on a
     Consolidated basis including, without limitation: (i) Capitalized Lease
     Obligations, (ii) Purchase Money Obligations, (iii) contingent liabilities
     under outstanding letters of credit (excluding undrawn letters of credit
     the beneficiary of which is a Borrower, Guarantor, any Subsidiary of a
     Borrower, State National Specialty Insurance Company Inc., State and County
     Mutual Insurance Company or General Reinsurance Corporation), and (iv) all
     principal and interest and all fees incurred in respect of such
     Indebtedness; and, for greater certainty, for the purposes of calculating
     the ratio of Total Funded Debt to Total Capitalization pursuant to
     sub-section 8.02(1), "Funded Debt" shall exclude the gross proceeds of the
     offerings of the Trust I Debentures, the Trust II Debentures, the Second
     Round Trust Pool Debentures and Third Round Trust Pool Debentures."

1.03  Amendment to the Definition of Total Capitalization. Sub-section 1.01(103)
of the Credit Agreement is hereby amended by deleting it in its entirety and
replacing it with the following:

          ""Total Capitalization" means without duplication the aggregate of (i)
     Funded Debt, (ii) the proceeds of the offering of the Trust I Preferred
     Securities, the Trust II Preferred Securities, the Second Round Trust Pool
     Securities and the Third Round Trust Pool Securities, plus (iii)
     shareholders equity, all of which shall be calculated on a Consolidated
     basis in accordance with GAAP."

                                      -2-

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                                   ARTICLE II

                             AMENDMENT TO COVENANTS

1.04  Amendment to Capital Surplus Ratio Covenant. Sub-section 8.02(2) of the
Credit Agreement is hereby deleted in its entirety and replaced with the
following:

     "Capital Surplus Ratio. Kingsway shall maintain at all times a Capital
     Surplus Ratio on a Consolidated basis calculated quarterly on the last day
     of each fiscal quarter of Kingsway on a rolling four-quarter basis as
     follows:

     (i) of not greater than 2.75:1.00, from the Closing Date to and including
     June 30, 2002;

     (ii) of not greater than 3.50:1.00, from July 1, 2002 to and including the
     earlier of: (A) May 27, 2003 or (B) 10 (ten) Business Days day following
     the closing date (the "Closing Date") of the public offering of trust
     preferred securities of Kingsway Financial Capital Trust I, a Delaware
     statutory trust;

     (iv) of not greater than 3.25:1.00, from the earlier of: May 27, 2003 or
     the Closing Date to and including June 30, 2003; and

     (iv) not greater than 3.00:1.00, thereafter."

2.01  Amendment to Funded Debt to Total Capitalization Ratio Covenant.
Sub-section 8.02(1) of the Credit Agreement is hereby amended by deleting it in
its entirety and replacing it with the following:

     "Kingsway shall maintain at all times a ratio of Funded Debt to Total
     Capitalization on a Consolidated basis of not greater than 0.30:1.00
     calculated quarterly on the last day of each fiscal quarter of Kingsway;
     provided that, for the purposes of this covenant only, neither the Trust I
     Debentures nor the Trust II Debentures nor the Second Round Trust Pool
     Debentures nor the Third Round Trust Pool Debentures shall be included in
     the calculation of Funded Debt but the Trust I Debentures, Trust II
     Debentures, the Second Round Trust Pool Debentures and Third Round Trust
     Pool Debentures shall be included in the calculation of Total
     Capitalization."

2.02  Amendment to Minimum Tangible Net Worth Covenant. Sub-section 8.02(3) of
the Credit Agreement is hereby amended by deleting the sentence at the end of
such sub-section and adding the following sentence at the end of such
sub-section:

     "For greater certainty, the proceeds of the Trust I Preferred Securities,
     the Trust II Preferred Securities, the Second Round Trust Pool Securities
     issuances and the Third Round Trust Pool Securities issuance shall not be
     included in the calculation of Minimum Tangible Net Worth."

                                      -3-

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2.03  Amendment to No Guarantees Covenant. Sub-section 8.03(5) of the Credit
Agreement is hereby amended by: (A) deleting the word "and" at the end of
sub-section 8.03(5)(vii), and all of sub-section (viii); and (B) inserting the
following immediately after sub-section 8.03(5)(vii):

     "(viii) the Guarantees issued by Kingsway and the Guarantor in connection
     with the Third Round Trust Pool Securities issuance; and

     (ix) as otherwise permitted hereunder."

2.04  Amendment to Material Contracts Covenant. Sub-section 8.03(7) is hereby
amended by deleting it in its entirety and replacing it with the following:

     "(7) Material Contracts. Neither Borrower, nor the Guarantor nor any of the
     Subsidiaries shall cancel or terminate any material contract or amend or
     otherwise modify any material contract, or waive any default or breach
     under any material contract, or take any other action in connection with
     any material contract that could reasonably be expected to have a Material
     Adverse Effect. By way of example and not in limitation of the foregoing,
     the Borrowers will not consent to, enter into or permit the entering into
     of any amendment, supplement or other modification of any of the terms or
     provisions contained in, or applicable to: (a) any documents relating to
     preferred stock issued by any Borrower, the Guarantor or any of their
     Subsidiaries, (b) documents relating to any warrant or option granted by
     either Borrower, the Guarantor or any of their Subsidiaries, if the effect
     of such amendment, supplement or other modification is to impose or
     increase any monetary obligation on any Borrower, the Guarantor or any of
     their Subsidiaries, (c) any constating documents of either Borrower, the
     Guarantor or any of their Subsidiaries, other than any such amendment,
     supplement or other modification which is immaterial or which could not
     reasonably be expected to result in a Material Adverse Effect, or (d) any
     material documents relating to the Trust I Preferred Securities issuance,
     the Trust II Preferred Securities issuance, the Second Round Trust Pool
     Securities issuances and the Third Round Trust Pool Securities issuance."

2.05  Amendment to Restricted Payments Covenant. Sub-section 8.03(14) of the
Credit Agreement is hereby amended by deleting subclause (b) in its entirety and
replacing it with the following:

     "(b) The Borrowers will not, and will not permit or cause the Guarantor or
     any of the Subsidiaries to:

          (i) make (or give any notice in respect of) any voluntary or optional
          payment or prepayment of principal on any Subordinated Debt, or
          directly or indirectly make any redemption (including pursuant to any
          change of control provision), retirement,

                                      -4-

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          defeasance or other acquisition for value of any Subordinated Debt, or
          make any deposit or otherwise set aside funds for any of the foregoing
          purposes; or

          (ii) make any payment of principal or interest in respect of the Trust
          I Debentures, the Trust II Debentures, the Second Round Trust Pool
          Debentures or the Third Round Trust Pool Debentures following the
          occurrence of an Event of Default which is continuing or make any such
          payment if the making of such payment would result in the occurrence
          of a Default or Event of Default."

                                  ARTICLE III

                     CONDITIONS PRECEDENT TO THIS AGREEMENT

3.01  Conditions Precedent. The amendment set forth in Section 1.04 of this
Eighth Amendment to Credit Agreement shall become effective as of December 31,
2002 upon the execution and delivery of this Eighth Amendment to Credit
Agreement by the Borrowers and the Majority of the Lenders and the receipt by
each Lender executing this Eighth Amendment to Credit Agreement of a US $10,000
amendment fee. The amendments set forth in this Eighth Amendment to Credit
Agreement, other than the amendment set forth in Section 1.04 shall not become
effective until (a) the execution and delivery of this Eighth Amendment to
Credit Agreement by the Borrowers and the Majority of the Lenders and (b) the
receipt by the Agent of (i) all material documentation as determined by the
Agent in its sole discretion relating to the Third Round Trust Pool Securities
issuance, including, without limitation, all materials filed with any securities
commission, containing terms and conditions satisfactory to the Agent and the
Majority of the Lenders; and (ii) an intercreditor agreement with the holders of
the Third Round Trust Pool Debentures or such other evidence of subordination as
may be satisfactory to the Agent and the Majority of the Lenders in respect of
the obligations of the Borrowers, the Guarantor or their Subsidiaries to the
holders of the Third Round Trust Pool Debentures, to acknowledge, among other
things, for subordination of the obligations of the Borrowers, the Guarantor and
the Subsidiaries in connection with the Third Round Trust Pool Debentures to the
payment in full of the Outstanding Obligations.

                                   ARTICLE IV

                                  MISCELLANEOUS

4.01  Nature of Amendments and Defined Terms. It is acknowledged and agreed that
the terms of this Eighth Amendment to Credit Agreement are in addition to and,
unless specifically provided for, shall not limit, restrict, modify, amend or
release any of the understandings, agreements or covenants as set out in the
Credit Agreement. The Credit Agreement shall henceforth be read and construed in
conjunction with this Eighth Amendment to Credit Agreement and the Credit
Agreement together with all of the powers, provisions, conditions, covenants and
agreements contained or implied in the Credit

                                      -5-

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Agreement shall be and shall continue to be in full force and effect. References
to the "Credit Agreement" or the "Agreement" in the Credit Agreement or in any
other document delivered in connection with, or pursuant to, the Credit
Agreement, shall mean the Credit Agreement, as amended hereby. Capitalized terms
utilized in this agreement but not defined in this Agreement shall have the
meanings ascribed to such terms in the Credit Agreement.

4.02  Assignment. This Eighth Amendment to Credit Agreement shall enure to the
benefit of and be binding upon the parties hereto and their respective
successors and assigns but shall not be assignable by the Borrowers or either of
them without the prior written consent of the Agents and Lenders.

4.03  Severability. Any provision of this Eighth Amendment to Credit Agreement
which is prohibited or unenforceable in any jurisdiction shall not invalidate
the remaining provisions hereof and any such prohibition or unenforceability in
any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction.

4.04  Governing Law. This Eighth Amendment to Credit Agreement shall be governed
by and construed in accordance with the laws of the Province of Ontario and the
laws of Canada applicable therein and shall be treated in all respects as an
Ontario contract and the parties hereby submit and attorn to the non-exclusive
jurisdiction of the courts of the Province of Ontario.

4.05  Further Assurances. The Borrowers shall from time to time and at all times
hereafter, upon every reasonable request from the Agents or the Lenders, make,
do, execute and deliver or cause to be made, done, executed and delivered, all
such further acts, deeds and assurances and things as may be necessary in the
opinion of the Agents for more effectually implementing and carrying out the
true intent and meaning of this Sixth Credit Amending Agreement.

4.06  Counterparts. This Eighth Amendment to Credit Agreement may be executed in
any number of counterparts, each of which shall constitute an original and all
of which, taken together, shall constitute one and the same agreement.

                                      -6-

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     IN WITNESS WHEREOF the parties hereto have executed this Eighth Amendment
to Credit Agreement.

                                       KINGSWAY FINANCIAL SERVICES INC.

                                       By:         /s/ William G. Star
                                          -------------------------------------
                                                     William G. Star
                                           President & Chief Executive Officer

                                       By:         /s/ W. Shaun Jackson
                                          -------------------------------------
                                                     W. Shaun Jackson
                                                Executive Vice President &
                                                  Chief Financial Officer

                                       KINGSWAY U.S. FINANCE PARTNERSHIP
                                       by its Partners

                                       KINGSWAY FINANCIAL SERVICES INC.

                                       By:        /s/ W. Shaun Jackson
                                          -------------------------------------
                                                    W. Shaun Jackson
                                              Executive Vice President &
                                                Chief Financial Officer

                                       METRO CLAIM SERVICES INC.

                                       By:       /s/ W. Shaun Jackson
                                          -------------------------------------
                                                    W. Shaun Jackson
                                                       Secretary

                                       -7-

<PAGE>

                                       CANADIAN IMPERIAL BANK OF COMMERCE

                                       By:       /s/  Patti Perras Shugart
                                          -------------------------------------
                                                   Patti Perras Shugart
                                                     Managing Director

                                       By:          /s/ Ralph Sehgal
                                          -------------------------------------
                                                      Ralph Sehgal
                                                  Executive Director

                                       LASALLE BANK NATIONAL ASSOCIATION

                                       By:          /s/ Brad Kronland
                                          -------------------------------------
                                                      Brad Kronland
                                                 Assistant Vice President

                                       LASALLE BANK NATIONAL ASSOCIATION,
                                       AS ADMINISTRATIVE AGENT

                                       By:          /s/ Brad Kronland
                                          -------------------------------------
                                                      Brad Kronland
                                                Assistant Vice President

                                       CANADIAN IMPERIAL BANK OF COMMERCE,
                                       AS DOCUMENTATION AGENT

                                       By:           /s/ Warren Lobo
                                          -------------------------------------
                                                       Warren Lobo
                                                         Director

                                       By:          /s/ Ralph Sehgal
                                          -------------------------------------
                                                       Ralph Sehgal
                                                   Executive Director

                                       CANADIAN IMPERIAL BANK OF COMMERCE
                                       NEW YORK AGENCY

                                       By:          /s/ Geraldine Kerr
                                          -------------------------------------
                                                      Geraldine Kerr
                                          Executive Director, CIBC World Markets
                                                     Corp. As Agent

                                       -8-

<PAGE>

                                       THE BANK OF NOVA SCOTIA

                                       By:       /s/ William E. Zarrett
                                          -------------------------------------
                                                   William E. Zarrett
                                                   Managing Director

                                       WACHOVIA BANK, NATIONAL ASSOCIATION

                                       By:        /s/ Kimberly Shaffer
                                         --------------------------------------
                                                    Kimberly Shaffer
                                                        Director

                                       -9-

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