Document:

Exhibit 10.58

FAMILY LIFE CORPORATION

AMENDMENT NO. 3

TO

9% SUBORDINATED SENIOR NOTE DATED JULY 30, 1993

 

This Amendment No. 3 (this “Third Amendment”) dated as of March 9, 2006, is entered into by and between Family Life Corporation (the “Company”), and Investors Life Insurance Company of North America (the “Payee”).  Capitalized terms used but not defined herein shall have the meaning set forth in the Subordinated Senior Note (as hereinafter defined).

RECITALS

WHEREAS, the Company and the Payee entered into that certain Subordinated Senior Note dated July 30, 1993 in the original principal amount of $30,000,000 (the “Subordinated Senior Note”);

WHEREAS, the parties amended the Subordinated Senior Note pursuant to Amendment No. 1 dated effective as of June 12, 1996;

WHEREAS, the parties amended the Subordinated Senior Note pursuant to Amendment No. 2 dated effective as of March 18, 2004;

WHEREAS, the Payee is an indirect wholly-owned subsidiary of Financial Industries Corporation (“FIC”), and the Company is a direct wholly-owned subsidiary of FIC; and

WHEREAS, the Company and the Payee desire to further amend the Subordinated Senior Note  to continue the moratorium on principal payments for 12 additional months.

AGREEMENT

NOW, THEREFORE, the parties agree as follows:

	
             
  	
            A.
 	
            The Subordinated Senior Note is hereby further amended as follows:
 

1.           The Payment Schedule contained in Amendment No. 2 to the Subordinated Senior Note is hereby revised in its entirety to read as set forth on Exhibit A attached hereto.

B.           Except as expressly amended by Amendment No. 1, Amendment No. 2 and this Third Amendment, the Subordinated Senior Note shall remain in full force and effect.  None of the rights, interests and obligations existing and to exist under the Subordinated Senior Note are hereby released, diminished or impaired, and the parties hereby reaffirm all covenants, representations and warranties in the Subordinated Senior Note.

C.           For the convenience of the parties, this Third Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

Signatures Follow on Next Page

 

IN WITNESS WHEREOF, the parties have executed this Third Amendment on this 9th  day of March, 2006.

 

COMPANY:

 

FAMILY LIFE CORPORATION

 

 

	
            By:
 

	
            Name:
 

	
            Title:
 

 

PAYEE:

 

INVESTORS LIFE INSURANCE COMPANY OF NORTH AMERICA

 

 

	
            By:
 

	
            Name:
 

	
            Title:
 

 

Exhibit A

 

Revised Payment Schedule

 

 

	
            Date of Payment
  	
             
  	
            Principal Amount Paid
  	
             
  	
            Unpaid Principal Balance Outstanding
  
	
             
 	
             
 	
             
 	
             
 	
             
 
	
            6/12/1996
 	
             
 	
             
 	
             
 	
            $30,000,000
 
	
            12/12/1996
 	
             
 	
            $163,540
 	
             
 	
            $29,836,460
 
	
            3/12/1997
 	
             
 	
            $163,540
 	
             
 	
            $29,672,920
 
	
            6/12/1997
 	
             
 	
            $163,540
 	
             
 	
            $29,509,380
 
	
            9/12/1997
 	
             
 	
            $163,540
 	
             
 	
            $29,345,840
 
	
            12/12/1997
 	
             
 	
            $163,540
 	
             
 	
            $29,182,300
 
	
            3/12/1998
 	
             
 	
            $163,540
 	
             
 	
            $29,018,760
 
	
            6/12/1998
 	
             
 	
            $163,540
 	
             
 	
            $28,855,220
 
	
            9/12/1998
 	
             
 	
            $163,540
 	
             
 	
            $28,691,680
 
	
            12/12/1998
 	
             
 	
            $163,540
 	
             
 	
            $28,528,140
 
	
            3/12/1999
 	
             
 	
            $163,540
 	
             
 	
            $28,364,600
 
	
            6/12/1999
 	
             
 	
            $163,540
 	
             
 	
            $28,201,060
 
	
            9/12/1999
 	
             
 	
            $163,540
 	
             
 	
            $28,037,520
 
	
            12/12/1999
 	
             
 	
            $163,540
 	
             
 	
            $27,873,980
 
	
            3/12/2000
 	
             
 	
            $163,540
 	
             
 	
            $27,710,440
 
	
            6/12/2000
 	
             
 	
            $163,540
 	
             
 	
            $27,546,900
 
	
            9/12/2000
 	
             
 	
            $163,540
 	
             
 	
            $27,383,360
 
	
            12/12/2000
 	
             
 	
            $163,540
 	
             
 	
            $27,219,820
 
	
            3/12/2001
 	
             
 	
            $163,540
 	
             
 	
            $27,056,280
 
	
            6/12/2001
 	
             
 	
            $163,540
 	
             
 	
            $26,892,740
 
	
            9/12/2001
 	
             
 	
            $163,540
 	
             
 	
            $26,729,200
 
	
            12/12/2001
 	
             
 	
            $1,336,458
 	
             
 	
            $25,392,742
 
	
            3/12/2002
 	
             
 	
            $1,336,458
 	
             
 	
            $24,056,284
 
	
            6/12/2002
 	
             
 	
            $1,336,458
 	
             
 	
            $22,719,826
 
	
            9/12/2002
 	
             
 	
            $1,336,458
 	
             
 	
            $21,383,368
 
	
            12/12/2002
 	
             
 	
            $1,336,458
 	
             
 	
            $20,046,910
 
	
            3/12/2003
 	
             
 	
            $1,336,458
 	
             
 	
            $18,710,452
 
	
            6/12/2003
 	
             
 	
            $1,336,458
 	
             
 	
            $17,373,994
 
	
            9/12/2003
 	
             
 	
            $1,336,458
 	
             
 	
            $16,037,536
 
	
            12/12/2003
 	
             
 	
            $1,336,458
 	
             
 	
            $14,701,078
 
	
            3/12/2004
 	
             
 	
            $1,336,458
 	
             
 	
            $13,364,620
 
	
            6/12/2004
 	
             
 	
            $0
 	
             
 	
            $13,364,620
 
	
            9/12/2004
 	
             
 	
            $0
 	
             
 	
            $13,364,620
 
	
            12/12/2004
 	
             
 	
            $0
 	
             
 	
            $13,364,620
 
	
            3/12/2005
 	
             
 	
            $0
 	
             
 	
            $13,364,620
 
	
            6/12/2005
 	
             
 	
            $0
 	
             
 	
            $13,364,620
 
	
            9/12/2005
 	
             
 	
            $0
 	
             
 	
            $13,364,620
 
	
            12/12/2005
 	
             
 	
            $0
 	
             
 	
            $13,364,620
 
	
            3/12/2006
 	
             
 	
            $0
 	
             
 	
            $13,364,620
 
	
            6/12/2006
 	
             
 	
            $0
 	
             
 	
            $13,364,620
 

 

 

	
            9/12/2006
 	
             
 	
            $0
 	
             
 	
            $13,364,620
 
	
            12/12/2006
 	
             
 	
            $0
 	
             
 	
            $13,364,620
 
	
            3/12/2007
 	
             
 	
            $1,336,458
 	
             
 	
            $12,028,162
 
	
            6/12/2007
 	
             
 	
            $1,336,458
 	
             
 	
            $10,691,704
 
	
            9/12/2007
 	
             
 	
            $1,336,458
 	
             
 	
            $9,355,246
 
	
            12/12/2007
 	
             
 	
            $1,336,458
 	
             
 	
            $8,018,788
 
	
            3/12/2008
 	
             
 	
            $1,336,458
 	
             
 	
            $6,682,330
 
	
            6/12/2008
 	
             
 	
            $1,336,458
 	
             
 	
            $5,345,872
 
	
            9/12/2008
 	
             
 	
            $1,336,458
 	
             
 	
            $4,009,414
 
	
            12/12/2008
 	
             
 	
            $1,336,458
 	
             
 	
            $2,672,956
 
	
            3/12/2009
 	
             
 	
            $1,336,458
 	
             
 	
            $1,336,498
 
	
            6/12/2009
 	
             
 	
            $1,336,498
 	
             
 	
            $0Exhibit 10.59

FINANCIAL INDUSTRIES CORPORATION

AMENDMENT NO. 3

TO

9% SUBORDINATED SENIOR NOTE DATED JULY 30, 1993

 

This Amendment No. 3 (this “Third Amendment”) dated as of March 9, 2006, is entered into by and between Financial Industries Corporation (the “Company”), and Investors Life Insurance Company of North America (the “Payee”).  Capitalized terms used but not defined herein shall have the meaning set forth in the Subordinated Senior Note (as hereinafter defined).

RECITALS

WHEREAS, Family Life Insurance Investment Company (the “Maker”) and the Payee entered into that certain Subordinated Senior Note dated July 30, 1993 in the original principal amount of $4,500,000 (the “Subordinated Senior Note”);

WHEREAS, the original parties amended the Subordinated Senior Note pursuant to Amendment No. 1 dated effective as of June 12, 1996;

WHEREAS, the Company assumed the rights and obligations of the Maker under the Subordinated Senior Note pursuant to that certain Assignment Agreement dated effective as of December 23, 1998 in accordance with Maker’s Plan of Dissolution; 

WHEREAS, the Payee and Company amended the Subordinated Senior Note pursuant Amendment No. 2 dated effective as of March 18, 2004;

WHEREAS, the Payee is an indirect, wholly-owned subsidiary of the Company; and

WHEREAS, the Company and the Payee desire to further amend the Subordinated Senior Note in order to continue the moratorium on principal payments for 12 additional months.

AGREEMENT

NOW, THEREFORE, the parties agree as follows:

	
             
  	
            A.
 	
            The Subordinated Senior Note is hereby further amended as follows:
 

1.           The Payment Schedule attached to Amendment No. 2 to the Subordinated Senior Note is hereby revised in its entirety to read as set forth on Exhibit A attached hereto.

B.          Except as expressly amended by Amendment No. 1, Amendment No. 2 and this Third Amendment, the Subordinated Senior Note shall remain in full force and effect.  None of the rights, interests and obligations existing and to exist under the Subordinated Senior Note are hereby released, diminished or impaired, and the parties hereby reaffirm all covenants, representations and warranties in the Subordinated Senior Note.

C.           For the convenience of the parties, this Third Amendment may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

Signatures Follow on Next Page

 

IN WITNESS WHEREOF, the parties have executed this Third Amendment on this 9th  day of March, 2006.

 

COMPANY:

 

FINANCIAL INDUSTRIES CORPORATION

 

 

	
            By:
 

	
            Name:
 

	
            Title:
 

 

PAYEE:

 

INVESTORS LIFE INSURANCE COMPANY OF NORTH AMERICA

 

 

	
            By:
 

	
            Name:
 

	
            Title:
 

 

 

Exhibit A

 

Revised Payment Schedule

 

 

	
            Date of Payment
  	
             
  	
            Principal Amount Paid
  	
             
  	
            Unpaid Principal Balance Outstanding
  
	
             
 	
             
 	
             
 	
             
 	
             
 
	
            6/12/1996
 	
             
 	
             
 	
             
 	
            $4,500,000
 
	
            12/12/1996
 	
             
 	
            $24,531
 	
             
 	
            $4,475,469
 
	
            3/12/1997
 	
             
 	
            $24,531
 	
             
 	
            $4,450,938
 
	
            6/12/1997
 	
             
 	
            $24,531
 	
             
 	
            $4,426,407
 
	
            9/12/1997
 	
             
 	
            $24,531
 	
             
 	
            $4,401,876
 
	
            12/12/1997
 	
             
 	
            $24,531
 	
             
 	
            $4,377,345
 
	
            3/12/1998
 	
             
 	
            $24,531
 	
             
 	
            $4,352,814
 
	
            6/12/1998
 	
             
 	
            $24,531
 	
             
 	
            $4,328,283
 
	
            9/12/1998
 	
             
 	
            $24,531
 	
             
 	
            $4,303,752
 
	
            12/12/1998
 	
             
 	
            $24,531
 	
             
 	
            $4,279,221
 
	
            3/12/1999
 	
             
 	
            $24,531
 	
             
 	
            $4,254,690
 
	
            6/12/1999
 	
             
 	
            $24,531
 	
             
 	
            $4,230,159
 
	
            9/12/1999
 	
             
 	
            $24,531
 	
             
 	
            $4,205,628
 
	
            12/12/1999
 	
             
 	
            $24,531
 	
             
 	
            $4,181,097
 
	
            3/12/2000
 	
             
 	
            $24,531
 	
             
 	
            $4,156,566
 
	
            6/12/2000
 	
             
 	
            $24,531
 	
             
 	
            $4,132,035
 
	
            9/12/2000
 	
             
 	
            $24,531
 	
             
 	
            $4,107,504
 
	
            12/12/2000
 	
             
 	
            $24,531
 	
             
 	
            $4,082,973
 
	
            3/12/2001
 	
             
 	
            $24,531
 	
             
 	
            $4,058,442
 
	
            6/12/2001
 	
             
 	
            $24,531
 	
             
 	
            $4,033,911
 
	
            9/12/2001
 	
             
 	
            $24,531
 	
             
 	
            $4,009,380
 
	
            12/12/2001
 	
             
 	
            $200,469
 	
             
 	
            $3,808,911
 
	
            3/12/2002
 	
             
 	
            $200,469
 	
             
 	
            $3,608,442
 
	
            6/12/2002
 	
             
 	
            $200,469
 	
             
 	
            $3,407,973
 
	
            9/12/2002
 	
             
 	
            $200,469
 	
             
 	
            $3,207,504
 
	
            12/12/2002
 	
             
 	
            $200,469
 	
             
 	
            $3,007,035
 
	
            3/12/2003
 	
             
 	
            $200,469
 	
             
 	
            $2,806,566
 
	
            6/12/2003
 	
             
 	
            $200,469
 	
             
 	
            $2,606,097
 
	
            9/12/2003
 	
             
 	
            $200,469
 	
             
 	
            $2,405,628
 
	
            12/12/2003
 	
             
 	
            $200,469
 	
             
 	
            $2,205,159
 
	
            3/12/2004
 	
             
 	
            $200,469
 	
             
 	
            $2,004,690
 
	
            6/12/2004
 	
             
 	
            $0
 	
             
 	
            $2,004,690
 
	
            9/12/2004
 	
             
 	
            $0
 	
             
 	
            $2,004,690
 
	
            12/12/2004
 	
             
 	
            $0
 	
             
 	
            $2,004,690
 
	
            3/12/2005
 	
             
 	
            $0
 	
             
 	
            $2,004,690
 
	
            6/12/2005
 	
             
 	
            $0
 	
             
 	
            $2,004,690
 
	
            9/12/2005
 	
             
 	
            $0
 	
             
 	
            $2,004,690
 
	
            12/12/2005
 	
             
 	
            $0
 	
             
 	
            $2,004,690
 
	
            3/12/2006
 	
             
 	
            $0
 	
             
 	
            $2,004,690
 
	
            6/12/2006
 	
             
 	
            $0
 	
             
 	
            $2,004,690
 
	
            9/12/2006
 	
             
 	
            $0
 	
             
 	
            $2,004,690
 

 

 

	
            12/12/2006
 	
             
 	
            $0
 	
             
 	
            $2,004,690
 
	
            3/12/2007
 	
             
 	
            $200,469
 	
             
 	
            $1,804,221
 
	
            6/12/2007
 	
             
 	
            $200,469
 	
             
 	
            $1,603,752
 
	
            9/12/2007
 	
             
 	
            $200,469
 	
             
 	
            $1,403,283
 
	
            12/12/2007
 	
             
 	
            $200,469
 	
             
 	
            $1,202,814
 
	
            3/12/2008
 	
             
 	
            $200,469
 	
             
 	
            $1,002,345
 
	
            6/12/2008
 	
             
 	
            $200,469
 	
             
 	
            $801,876
 
	
            9/12/2008
 	
             
 	
            $200,469
 	
             
 	
            $601,407
 
	
            12/12/2008
 	
             
 	
            $200,469
 	
             
 	
            $400,938
 
	
            3/12/2009
 	
             
 	
            $200,469
 	
             
 	
            $200,469
 
	
            6/12/2009
 	
             
 	
            $200,469
 	
             
 	
            $0

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