Document:

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                                                                   EXHIBIT 10.57

                                 PROMISSORY NOTE

$20,640,000.00                  Cedar Rapids, Iowa                 July 19, 2000

         FOR VALUE RECEIVED, the undersigned, UNITED GROUP REINSURANCE, INC., a
Turks & Caicos Islands corporation (hereinafter referred to as the "Maker"),
promises to pay to the order of MONEY SERVICES, INC., a Delaware corporation
(hereinafter referred to as "Payee"; Payee, and any subsequent holder hereof,
being hereinafter referred to as "Holder"), without grace, at the office of
Payee at 4333 Edgewood Road, N. E., Cedar Rapids, Iowa 52499, or at such other
place as Holder may designate to Maker in writing from time to time, the
principal sum of Twenty Million Six Hundred Forty Thousand and No/ 100
($20,640,000.00) Dollars pursuant to the authority set forth in this Note,
together with simple interest on so much thereof as is from time to time
outstanding and unpaid, from the date hereof, at the rate of eleven percent
(11%) per annum, in lawful money of the United States of America, which shall at
the time of payment be legal tender in payment of all debts and dues, public and
private. Such principal and interest to be paid in the following manner, to wit:

         (a) Installments of accrued interest on the outstanding principal
         balance hereof and at the foregoing rate, shall be due and payable
         quarterly, in arrears, commencing on the first (1st) day of October,
         2000, and continuing on the first (1st) day of each calendar quarter
         thereafter, through and including the first (1st) day of August, 2001
         (the "Maturity Date"), all accrued but unpaid interest on the
         outstanding principal balance hereof shall be due and payable in full.
         Interest payments shall be calculated on the basis of actual days
         divided by 360.

         (b) Payments of principal may be made at any time. The entire
         outstanding principal balance hereof, together with all accrued but
         unpaid interest thereon, shall be due and payable in full on August 1,
         2001.

         This Note is issued pursuant to that certain Loan Agreement dated of
even date herewith by and between Maker and Holder (the "Loan Agreement") and is
entitled to the benefits and is subject to the provisions of the Loan Agreement;
provided, however, nothing contained in the Loan Agreement is intended or should
be construed to modify, affect or impair the provisions of this Note. Pursuant
to the terms of the Loan Agreement, Maker shall have the right to borrow Twenty
Million Six Hundred Forty Thousand and No/100 ($20,640,000.00) Dollars.

         This Note may be prepaid in whole or in part without penalty or
prepayment premium. Payments, if any, of the Note shall be applied to
installments thereof in the inverse order of their maturity.

         It is hereby expressly agreed that should any Event of Default be made
in the payment of principal or interest as stipulated above, that interest shall
accrue on the outstanding principal balance of this Note and for so long as such
Event of Default continues at the Default Interest Rate, as defined in the Loan
Agreement. Time is of the essence of this Note.

         This Note may not be changed orally, but only by an agreement in
writing signed by the party against whom enforcement of any waiver, change,
modification, or discharge is sought.

                                                                          PAGE 1

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         If for any circumstances whatsoever, fulfillment of any provision of
this Note or of any other instrument evidencing or securing the indebtedness
evidenced hereby, at the time performance of such provision shall be due, shall
involve transcending the limit of validity presently prescribed by any
applicable usury statute or any other applicable law, with regard to obligations
of like character and amount, then, ipso facto, the obligation to be fulfilled
shall be reduced to the limit of such validity, so that in no event shall any
exaction be possible under this Note or under any other instrument evidencing or
securing the indebtedness evidenced hereby, that is in excess of the current
limit of such validity, but such obligation shall be fulfilled to the limit of
such validity.

         This Note is intended as a contract under and shall be construed and
enforceable in accordance with the laws of the State of Iowa. Borrower hereby
submits to the jurisdiction of the Courts of the State of Iowa with respect to
any legal action which may be brought to Lender hereunder.

         IN WITNESS WHEREOF, Maker has caused this Note to be executed under
Seal on the date first above written.

                                     MAKER:

                                     UNITED GROUP REINSURANCE, INC.
                                     a Turks & Caicos Islands corporation

                                     By:  /s/ ROBERT B. VLACH
                                          -------------------------------------
                                     Name:    Robert B. Vlach
                                     Title:   VP

                                                                          PAGE 2

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                                 LOAN AGREEMENT

         THIS LOAN AGREEMENT (the "Agreement") is made and entered into as of
the 19th day of July, 2000, by and between UNITED GROUP REINSURANCE, INC., a
Turks & Caicos Islands corporation (hereinafter referred to as "Borrower"), and
MONEY SERVICES, INC., a Delaware corporation (hereinafter referred to as
"Lender").

                                   WITNESSETH:

         In consideration of the mutual covenants and agreements hereinafter set
forth, Lender agrees to make and Borrower agrees to accept a loan in accordance
with and subject to the terms and conditions hereinafter set forth.

                                    ARTICLE 1

                              TERMS AND DEFINITIONS

         In addition to the other terms hereinafter defined, the following terms
shall, for purposes of this Agreement, have the meanings set forth in this
Article 1.

1.1      ACCOUNTING TERMS. All accounting terms not specifically defined herein
         shall have the meanings attributed to such terms under generally
         accepted accounting principles consistently applied.

1.2      ADDRESS. The executive offices of the Borrower are located at United
         Group Reinsurance, Inc. c/o UICI, 4001 McEwen Drive, Dallas, Texas
         75244.

1.3      AGREEMENT. This Loan Agreement, as amended or supplemented from time to
         time.

1.4      BANKRUPTCY CODE. The Bankruptcy Reform Act of 1978, as amended from
         time to time.

1.5      CLOSING DATE. Within 10 days following the issuance by the Office of
         the Comptroller of the Currency of a definitive Consent Order against
         United Credit National Bank validating the terms of a Capital Plan
         submitted by United Credit National Bank.

1.6      COLLATERAL. All personal property pledged or assigned by Borrower to
         Lender under any of the Credit Documents, including Exhibit A of the
         Security Agreement, as security for the Obligations including all
         accessions to, substitutions for, and all replacements, proceeds,
         products, rents or profits of any and all of the foregoing.

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1.7      CREDIT DOCUMENTS. Collectively, this Agreement, the Security Agreement,
         the Guaranty and the Note, together with any and all other documents
         and instruments now or hereafter evidencing, securing or otherwise
         relating to the Obligations.

1.8      CUSTODY AGREEMENT. The Custody Agreement effective as of March 29, 2000
         (the "Custody Agreement") between the Borrower, PFL Life Insurance
         Company, a company organized under the laws of Iowa, Life Investors
         Insurance Company of America, a company organized under the laws of the
         Iowa, Bankers United Life Assurance Company, a company organized under
         the laws of Iowa, and Monumental Life Insurance Company, a company
         organized under the laws of Maryland (collectively, the "Custody
         Agreement Beneficiary"), and Chase Bank of Texas, N.A., a national
         association organized under the laws of the United States, as
         custodian, as amended.

1.9      DEBT. As to any Person at any time (without duplication): (a) all
         obligations of such Person for borrowed money; (b) all obligations of
         such Person evidenced by bonds, notes, debentures, or other similar
         instruments; (c) all obligations of such Person to pay the deferred
         purchase price of property or services, except trade accounts payable
         of such Person arising in the ordinary course of business that are not
         past due by more than ninety (90) days; (d) all capital lease
         obligations of such Person; (e) all debt or other obligations of others
         guaranteed by such Person; (f) all obligations secured by a Lien
         existing on property owned by such Person, whether or not the
         obligations secured thereby have been assumed by such Person or are
         non-recourse to the credit of such Person; (g) all reimbursement
         obligations of such Person (whether contingent or otherwise) in respect
         of letters of credit, bankers' acceptances, surety or other bonds and
         similar instruments; (h) all obligations of such Person to redeem or
         retire shares of capital stock of such Person except any obligations to
         repurchase common capital stock of the Borrower issued to officers,
         employees and agents of the Borrower or the subsidiaries pursuant to a
         stock option plan, stock purchase plan, other compensation plan or
         other compensation arrangement authorized by the board of directors of
         Borrower; (i) all obligations and liabilities of such Person under
         interest rate protection agreements; (j) all liabilities of such Person
         in respect of unfunded vested benefits under any plan; (k) all
         obligations of such Person, contingent or otherwise, for the payment of
         money under any noncompete, consulting or similar agreement or any
         other similar arrangements providing for the deferred payment of the
         purchase price for an acquisition; and (1) all other amounts required
         to be reflected as a liability on a consolidated balance sheet of such
         Person in accordance with GAAP other than accruals, taxes, time
         deposits and policy liabilities.

1.10     DEFAULT INTEREST RATE. The interest rate per annum equal to thirteen
         percent (13%).

1.11     EVENT OF DEFAULT. Any of the events or conditions described in Article
         8 of this Agreement.

1.12     GUARANTOR. UICI, a Delaware corporation, from which Lender shall
         require the execution and delivery of a contract of guaranty
         guaranteeing payment of the Note.

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1.13     GUARANTY. Any agreement or other writing executed by Guarantor
         guaranteeing payment of the Note. The Guaranty shall be substantially
         in the form of Exhibit A attached hereto and by this reference made a
         part hereof.

1.14     LAWS. Such term is defined in Section 3.4 hereof.

1.15     LIEN. Any lien, mortgage, security interest, tax lien, financing
         statement, pledge, charge, hypothecation, assignment, preference,
         priority, or other encumbrance of any kind or nature whatsoever.

1.16     LOAN. The Loan described in Article 3 of this Agreement.

1.17     NOTE. The Promissory Note evidencing all or any portion of the
         indebtedness of Borrower to Lender (hereinafter singularly and/or
         collectively referred to as the "Note"), together with all
         modifications, renewals and extensions thereof.

1.18     OBLIGATIONS. The indebtedness, liabilities and obligations of Borrower
         to Lender arising hereunder or under any of the other Credit Documents
         or as a result hereof or thereof, whether evidenced by the Note or
         otherwise, and any and all extensions or renewals thereof in whole or
         in part; any indebtedness, liability or obligation of Borrower to
         Lender under any later or future advances or loans by Lender to
         Borrower, and any and all extensions or renewals thereof in whole or in
         part; and any and all future or additional indebtedness, liabilities or
         obligations of Borrower to Lender whatsoever, including without
         limitation the enforcement by the Lender of its rights and remedies
         under any or all of the foregoing (including all costs, expenses and
         reasonable attorneys' and paralegals' fees and expenses incurred by
         Lender), whether existing as of the date hereof or hereafter arising,
         whether arising under a loan, lease, line of credit, letter of credit
         or other type of financing, and whether direct, indirect, absolute or
         contingent, primary or secondary, and however incurred, created or
         arising or whether evidenced by, arising out of, or relating to, a
         promissory note, check draft, bond, letter of credit, lease, guaranty
         agreement or otherwise.

1.19     PERSON. Any individual, sole proprietorship, partnership, joint
         venture, trust, unincorporated organization, limited liability company,
         association, corporation, institution, entity, party, or government
         (whether national, federal, state, county, city, municipal or
         otherwise, including without limitation, any instrumentality, division,
         agency, body or department thereof).

1.20     REQUIREMENT. Any law, statute, ordinance, rule, or regulation, or
         judicial or administrative order, award, judgment or writ, injunction
         or decree, relating in any way to Borrower, its properties or assets,
         or its business, issued by the United States, the jurisdiction(s) in
         which Borrower conducts business, or in which it leases, owns or
         operates properties or assets or any political subdivision thereof, or
         any agency, department, commission, board, bureau or instrumentality of
         any of them.

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1.21     RESPONSIBLE OFFICER. The Borrower's General Counsel or, if none, the
         Borrower's Secretary.

1.22     SECURITY AGREEMENT. The security agreement pursuant to which the
         Borrower grants a security interest in and to all of the property
         described therein as security for all liabilities of the Borrower to
         Lender. The Security Agreement shall be substantially in the form of
         Exhibit B attached hereto and by this reference made a part hereof.

                                    ARTICLE 2

                              CONDITIONS PRECEDENT

         Lender's obligation under this Agreement to make the Loan described
herein on the Closing Date shall be subject to the terms and conditions of this
Agreement and the following conditions precedent:

2.1      RESOLUTIONS, CERTIFICATIONS, FEES AND EXPENSES. The Lender shall have
         received on or before the Closing Date all of the following, each dated
         (unless otherwise indicated) the Closing Date hereof, in form and
         substance satisfactory to the Lender:

         (i) Resolutions. Resolutions of the Board of Directors of the Borrower
         certified by its Secretary or an Assistant Secretary which authorize
         the execution, delivery, and performance by the Borrower of this
         Agreement and the other Credit Documents to which the Borrower is or is
         to be a party;

         (ii) Incumbency Certificate. A certificate of incumbency certified by
         the Secretary or an Assistant Secretary of the Borrower certifying the
         name of each officer of the Borrower (A) who is authorized to sign this
         Agreement and each of the other Credit Documents to which the Borrower
         is or is to be a party (including the certificates contemplated herein)
         together with specimen signatures of each such officer and (B) who
         will, until replaced by other officers duly authorized for that
         purpose, act as its representative for the purposes of signing
         documents and giving notices and other communications in connection
         with this Agreement and the transactions contemplated hereby;

         (iii) Certificate of Incorporation. The certificate of incorporation of
         Borrower certified by the Secretary or an Assistant Secretary of the
         Borrower certifying its state of organization and dated a current date;

         (iv) Bylaws. The bylaws of the Borrower certified by the Secretary or
         an Assistant Secretary of Borrower;

         (v) Good Standing Certificates. Certificate as to the good standing of
         the Borrower under the laws of the jurisdiction of its organization or
         formation and certificates of good standing as a foreign entity
         authorized to transact business in each other jurisdiction where the
         failure to so

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         qualify would have a material adverse effect on the results of
         operations or financial condition of Borrower.

         (vi) Guarantor Financial Statement. Financial statements consisting of
         a consolidated balance sheet, income statement and statement of cash
         flows of the Guarantor dated as of March 31, 2000.

         (vii) Note. The Note executed by the Borrower;

         (viii) Attorneys' Fees and Expenses. Evidence that the costs and
         expenses (including reasonable attorney's fees) referred to in Section
         10.22, to the extent incurred, shall have been paid in full by the
         Borrower;

         (ix) Opinion of Counsel. A favorable opinion of legal counsel to the
         Borrower as to the matters set forth in Exhibit "B" hereto, and such
         other matters as the Lender may reasonably request.

         (x) Custody Agreement Amendment. An amendment to the Custody Agreement
         to provide that the premium for the Policies reinsured under the
         Reinsurance Agreement dated January 1, 1995, as amended, between
         Borrower and Custody Agreement Beneficiary (collectively, the
         "Reinsurance Agreement"), have been transferred to the Custodian for
         the purpose of securing and paying Policy Liabilities (as defined in
         the Reinsurance Agreement) and for securing and paying the Obligations
         in the Loan Agreement.

2.2      NO EVENT OF DEFAULT. No Event of Default hereunder or any other
         indebtedness of Borrower shall have occurred and be continuing or would
         result from the execution of this Agreement or any other Credit
         Document.

2.3      REPRESENTATIONS AND WARRANTIES. All of the representations and
         warranties contained in Article 4 hereof and in the other Credit
         Documents shall be true, correct and complete in all material respects.

2.4      SECURITY DOCUMENTS. Any documents (including without limitation
         financing statements) required to be filed under the Security Agreement
         in order to create, in favor of Lender, a perfected security interest
         in the Collateral shall have been delivered or are in the process of
         being delivered to the appropriate officers in the required
         jurisdictions.

2.5      OCC APPROVAL. The Lender shall have received satisfactory evidence that
         the Office of the Comptroller of the Currency has approved the Capital
         Plan of United Credit National Bank.

2.6      ADDITIONAL DOCUMENTATION. The Lender shall have received such
         additional approvals, opinions, or documents as the Lender or its legal
         counsel may reasonably request.

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                                    ARTICLE 3

                                      LOAN

         Subject to the provisions of this Agreement, Lender agrees to make the
Loan on the Closing Date to Borrower, upon the following terms:

3.1      LOAN. Subject to the terms and conditions of this Agreement, Borrower
         shall have the right to borrow in one borrowing the sum of Twenty
         Million Six Hundred Forty Thousand and No/100 ($20,640,000.00) Dollars.
         Principal amounts of the Loan paid or prepaid may not be reborrowed.

3.2      NOTE, INTEREST AND REPAYMENT TERMS. In order to evidence the Loan, the
         Borrower shall execute and deliver the Note, substantially in the form
         of Exhibit C hereto. The principal amount of the Loan shall be payable
         in accordance with, and interest on said principal amount shall accrue
         at the rate specified in and shall be payable in accordance with, the
         provisions of the Note.

3.3      USE OF PROCEEDS. Borrower shall use the proceeds of the Loan for (a)
         working capital needs of the Borrower and (b) a loan to its parent
         company.

                                    ARTICLE 4

                   REPRESENTATIONS AND WARRANTIES OF BORROWER

         To induce the Lender to enter into this Agreement and to make the Loan
hereunder on the Closing Date, the Borrower represents and warrants to the
Lender as of the date hereof, the following, which shall survive the execution
and delivery of this Agreement, the Note and the other Credit Documents to which
the Borrower is or may become a party and until all of the Obligations and
indebtedness of the Borrower have been paid, satisfied or discharged in full,
regardless of any investigation by the Lender of the Borrower's financial
condition or assets:

4.1      CORPORATE EXISTENCE. The Borrower (a) is a corporation duly organized,
         validly existing, and in good standing under the laws of the Turks &
         Caicos Islands; (b) has all requisite power and corporate authority to
         own its assets and carry on its business as now being or as proposed to
         be conducted; and (c) is qualified to do business in all jurisdictions
         in which the failure to be so qualified would have a material adverse
         effect upon the financial condition or results of operation of
         Borrower. The Borrower has the corporate power and authority and legal
         right to execute, deliver, and perform its obligations under this
         Agreement and the other Credit Documents to which it is or may become a
         party. The Borrower has authorized share capital of $5,000 divided into
         5,000 ordinary shares of $1.00 each, of which one ordinary share has
         been issued and is outstanding. The remaining 4,999 ordinary shares
         have not been issued and are not outstanding.

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4.2      SOLVENCY. Borrower now has and will continue to maintain during the
         term of this Agreement capital sufficient to conduct the business
         transactions in which it is currently engaged or as contemplated
         hereunder to be engaged, and is and will continue to be during the term
         of this Agreement solvent and able to pay its debts as they mature, and
         Borrower now owns and will maintain during the term of this Agreement
         property whose fair saleable value is greater than the amount required
         to pay the indebtedness evidenced by the Note, or such amounts as are
         advanced therewith.

4.3      FINANCIAL STATEMENTS. The Borrower has delivered to the Lender
         unaudited financial statements for Borrower as at and for the fiscal
         year ended December 31, 1999. Such financial statements are complete
         and correct, have been prepared in accordance with GAAP, and fairly and
         accurately present the financial condition of Borrower as of the date
         indicated therein and the results of operations for the period
         indicated therein, subject to normal year end audit adjustments. Since
         December 31, 1999 and March 31, 2000, no material adverse change in the
         Borrower's financial condition or affairs has occurred and no dividends
         on or redemptions of the Borrower's capital stock have been made.
         Except as disclosed on the financial statements for the period ended
         December 31, 1999 and March 31, 2000: (i) the Borrower has no
         indebtedness, except as permitted hereunder, or liabilities, contingent
         or otherwise; and (ii) no proceedings, suits, orders, claims,
         investigations, or other actions are pending before any court or
         governmental authority or threatened against the Borrower not covered
         by insurance.

4.4      CORPORATE ACTION; NO BREACH. The execution, delivery, and performance
         by the Borrower of this Agreement and the other Credit Documents to
         which the Borrower is or may become a party and compliance with the
         terms and provisions hereof and thereof have been duly authorized by
         all requisite corporate action on the part of the Borrower and do not
         and will not (a) violate or conflict with, or result in a breach of, or
         require any consent under (i) the certificate or articles of
         incorporation or bylaws of the Borrower, or (ii) any Requirement or
         applicable law, rule, or regulation or any order, writ, injunction, or
         decree of any governmental authority or arbitrator, or (iii) any
         agreement or instrument to which the Borrower is a party or by which
         any of it or any of its property is bound or subject, or (b) constitute
         a default under any such agreement or instrument, or result in the
         creation or imposition of any Lien upon any of the property of the
         Borrower or Guarantor.

4.5      OPERATION OF BUSINESS. Borrower possesses all licenses, permits,
         franchises, patents, copyrights, trademarks, and tradenames, or rights
         thereto, necessary to conduct its business substantially as now
         conducted and as currently proposed to be conducted, and Borrower is
         not in violation in any material respect of any valid rights of others
         with respect to any of the foregoing.

4.6      LITIGATION AND JUDGMENTS. As of the date hereof, there is no action,
         suit, investigation, or proceeding before or by any governmental
         authority or arbitrator pending, or to the knowledge of the Borrower,
         threatened against or affecting Borrower which, if adversely
         determined, could reasonably be expected to have a material adverse
         effect on the financial condition or results of operations of the
         Borrower or the ability of the Borrower to timely and fully perform any
         of its

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         payment or other obligations under this Agreement, the Note or any
         other Credit Documents to which it is or may become a party. There are
         no unstayed or undischarged judgments against Borrower which would
         constitute an Event of Default under Section 8.7.

4.7      RIGHTS IN PROPERTIES AND COLLATERAL; LIENS. Borrower has good and
         indefeasible title to or valid leasehold interests in the Collateral
         and its properties, real and personal, including the properties and
         leasehold interests reflected in the financial statements described in
         Sections 4.3 and 5.3, and none of the Collateral, the properties or
         leasehold interests of Borrower is subject to any Lien, except as
         permitted by Section 6.2.

4.8      ENFORCEABILITY. This Agreement constitutes, and the other Credit
         Documents to which the Borrower is party, when executed and delivered,
         shall constitute the legal, valid, and binding obligations of the
         Borrower, enforceable against the Borrower in accordance with their
         respective terms, except as limited by bankruptcy, insolvency, or other
         laws of general application relating to the enforcement of creditors'
         rights and general principles of equity.

4.9      APPROVALS. No authorization, approval, or consent of, and no filing or
         registration with, any governmental authority or third party (including
         any insurance regulatory authority) is or will be necessary for the
         execution, delivery, or performance by the Borrower of this Agreement
         and the other Credit Documents to which the Borrower is or may become a
         party or for the validity or enforceability thereof. Without limiting
         the generality of the forgoing, no authorization, approval, or consent
         of, and no filing or registration with, any insurance regulatory
         authority is required for the pledge of the Borrower Capital Stock by
         Borrower.

4.10     DEBT. Borrower has no Debt, except as permitted by Section 6.1.

4.11     TAXES. Borrower has filed all tax returns (federal, state, and local)
         required to be filed, including all income, franchise, employment,
         property, and sales tax returns, and has paid all of its liabilities
         for taxes, assessments, governmental charges, and other levies that are
         due and payable except for those liabilities whose amount,
         applicability, or validity is being contested in good faith by
         appropriate proceedings being diligently pursued, and for which
         adequate reserves have been established. The Borrower knows of no
         pending investigation of Borrower by any taxing authority or of any
         pending but unassessed material tax liability of Borrower.

4.12     ERISA. Borrower is in compliance in all material respects with all
         applicable provisions of the Employee Retirement Income Security Act of
         1974, as amended from time to time, and the regulations and published
         interpretations thereunder.

4.13     DISCLOSURE. No statement, information, report, representation, or
         warranty made by the Borrower in respect of Borrower contains any
         untrue statement of a material fact or omits to state any material fact
         necessary to make the statements therein not misleading in light of the
         circumstances under which such statement, information, report,
         representation or warranty was provided. There is no fact known to the
         Borrower which has had or which could reasonably be

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<PAGE>   11

         expected to have a material adverse effect on (a) the properties,
         prospects, business, operations, condition (financial or otherwise),
         liabilities, or capitalization of Borrower, or (b) the value of the
         Collateral or the validity, priority or perfection of the Lien on the
         Collateral, or (c) the validity or enforceability of any of the Credit
         Documents or the rights and remedies of the Lender thereunder.

4.14     SUBSIDIARIES: CAPITALIZATION. The Borrower owns no subsidiaries.

4.15     AGREEMENTS. Borrower is not a party to any indenture, loan, or credit
         agreement, or to any lease or other agreement or instrument, or subject
         to any charter or corporate restriction that could reasonably be
         expected to have a material adverse effect on the financial condition
         or results of operations of the Borrower or the ability of the Borrower
         to timely and fully perform any of its payment or other obligations
         under this Agreement, the Note or any other Credit Documents to which
         it is or may become a party in absence of a default thereunder.
         Borrower is not in default in any material respect in the performance,
         observance, or fulfillment of any of the obligations, covenants, or
         conditions contained in any agreement or instrument material to its
         business to which it is a party.

4.16     COMPLIANCE WITH LAWS. Borrower is not in violation in any material
         respect of any applicable law, rule, regulation, order, or decree of
         any governmental authority or arbitrator, including, without
         limitation, any environmental law.

4.17     INVESTMENT COMPANY ACT. The Borrower is not an "investment company"
         within the meaning of the Investment Company Act of 1940, as amended.

4.18     LABOR DISPUTES AND ACTS OF GOD. Neither the business nor the properties
         of Borrower are affected by any fire, explosion, accident, strike,
         lockout, or other labor dispute, drought, storm, hail, earthquake,
         embargo, act of God or of the public enemy, or other casualty (whether
         or not covered by insurance) that is having or could have a material
         adverse effect on the financial condition or results of operations of
         the Borrower or the ability of the Borrower to timely and fully perform
         any of its payment or other obligations under this Agreement, the Note
         or any other Credit Documents to which it is or may become a party.

4.19     COLLATERAL. Borrower owns, and with respect to Collateral acquired
         after the date hereof, Borrower will own, legally and beneficially, the
         Collateral free and clear of any Lien, security interest, pledge,
         claim, or other encumbrance or any right or option on the part of any
         third Person to purchase or otherwise acquire the Collateral or any
         part thereof. Borrower has the unrestricted right to pledge the
         Collateral as contemplated by the Security Agreement (except for the
         Liens created in favor of the Custody Agreement Beneficiary under the
         Custody Agreement). Except as otherwise provided herein and so long as
         this Agreement shall remain in effect, Borrower shall not further
         transfer, assign, pledge, sell, convey, encumber, release, amend, or
         surrender all or any portion of the Collateral without prior written
         consent of Lender. The principal place of business and chief executive
         office of Borrower, and the office where

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<PAGE>   12

         Borrower keeps its books and records, is located at the address for
         notices of Borrower set forth in this Agreement.

4.20     BORROWER'S ACTS. Borrower has done no act or omitted to do any act
         which might prevent Lender from or limit Lender in, acting under any of
         the provisions hereof.

4.21     REGULATION U. The Borrower is not engaged in the business of extending
         credit for the purpose of purchasing or carrying margin stock (within
         the meaning of Regulation U of the Board of Governors of the Federal
         Reserve System), and no part of the proceeds of the Loan made hereunder
         will be used to purchase or carry any margin stock or to extend credit
         to others for the purpose of purchasing or carrying any such margin
         stock.

4.22     DIRECTORS. No director of the Borrower has a financial interest in or
         other relationship to a party to the transactions contemplated by the
         Loan Agreement, the Note, the Security Agreement, the Custody
         Agreement, the Pledge Agreement or the Guaranty.

                                    ARTICLE 5

                    GENERAL AFFIRMATIVE COVENANTS OF BORROWER

         The Borrower (and with respect to Section 5.14, the Guarantor) hereby
covenants and agrees that, as long as the Obligations or any part thereof are
outstanding, the Borrower and its subsidiaries, if any (and with respect to
Section 5.14, the Guarantor), will jointly and severally perform and observe the
following affirmative covenants:

5.1      PAYMENT OF NOTE. Borrower and its subsidiaries shall punctually pay the
         principal and interest on the Note and all of the other Obligations in
         accordance with the terms hereof and of the other Credit Documents.

5.2      CHANGE OF ADDRESS. If at any time hereafter, Borrower or its
         subsidiaries elects to move or changes the location of any Collateral
         from the address provided herein, Borrower or its subsidiaries shall,
         prior to such move or change in location of Collateral, give Lender
         thirty (30) days' prior written notice.

5.3      REPORTING REQUIREMENTS. The Borrower and its subsidiaries will furnish
         to the Lender:

                  (a) Financial Statements of Borrower. Borrower and its
                  subsidiaries shall furnish to Lender unaudited quarterly
                  financial statements within forty five (45) days after the end
                  of a calendar quarter, unaudited annual financial statements
                  within ninety (90) days after the end of a calendar year and
                  such further information pertaining to the

                                                                         PAGE 10

<PAGE>   13

                  financial condition of the Borrower and its subsidiaries and
                  the Collateral as Lender may reasonably request; all of the
                  foregoing to be accompanied by a certificate, in a form
                  acceptable to Lender, from Borrower's President or Chief
                  Financial Officer to the effect that the financial statements
                  fairly and accurately present in conformity with GAAP, the
                  financial position of the Borrower as of the end of the
                  reporting period and the results of operations for the period
                  then ended. All financial statements of Borrower and its
                  subsidiaries, copies of which have heretofore been furnished
                  to Lender, or which shall hereinafter be furnished by Borrower
                  and its subsidiaries to Lender, are and shall be complete and
                  are and shall fairly and accurately represent the financial
                  condition of Borrower and its subsidiaries, as of the dates
                  and for the periods referred to therein, and have been or
                  shall be prepared in accordance with generally accepted
                  accounting principles applied on a consistent basis throughout
                  the period involved.

                  (b) Notice of Litigation. Borrower shall furnish to Lender in
                  writing, promptly after the commencement thereof, and in no
                  event more than three (3) business days after commencement,
                  written notice of all actions, suits, and proceedings by or
                  before any governmental authority or arbitrator affecting the
                  Borrower or its subsidiaries.

                  (c) Notice of Default. The Responsible Officer shall promptly
                  give notice in writing to Lender, of (a) the occurrence of any
                  Event of Default under this Agreement or any of the other
                  Credit Documents or of any event of default under any material
                  instrument or other agreement of Borrower or its subsidiaries,
                  (b) any litigation, proceeding, investigation or dispute which
                  may exist at any time between Borrower or its subsidiaries and
                  any governmental or regulatory body which might substantially
                  interfere with the normal business operations of Borrower or
                  its subsidiaries, and (c) all litigation and proceedings
                  brought against Borrower or its subsidiaries which, if
                  adversely determined, would have a material adverse effect on
                  Borrower's or its subsidiaries' operations or financial
                  condition; and.

                  (d) General Information. Borrower shall furnish to Lender in
                  writing, promptly, such other information concerning the
                  Borrower or its subsidiaries (including financial statements
                  of and other reports regarding Borrower or its subsidiaries)
                  as the Lender may from time to time reasonably request.

                  (e) Financial Statements of Guarantor. Borrower and its
                  subsidiaries shall cause the Guarantor to furnish to Lender
                  unaudited consolidated quarterly financial statements within
                  forty five (45) days after the end of a calendar quarter,
                  audited consolidated annual financial statements with an
                  unqualified opinion of an independent certified public
                  accounting firm acceptable to Lender within ninety (90) days
                  after the end of a calendar year and such further information
                  pertaining to the financial condition of the Guarantor and its
                  subsidiaries as Lender may reasonably request. All financial
                  statements of Guarantor and its subsidiaries, copies of which
                  have heretofore been

                                                                         PAGE 11
<PAGE>   14

                  furnished to Lender, or which shall hereinafter be furnished
                  by Guarantor and its subsidiaries to Lender, are and shall be
                  complete and are and shall fairly and accurately represent the
                  financial condition of Guarantor and its subsidiaries, as of
                  the dates and for the periods referred to therein, and have
                  been or shall be prepared in accordance with generally
                  accepted accounting principles applied on a consistent basis
                  throughout the period involved, subject, in the case of
                  unaudited consolidated quarterly financial statements, to
                  normal and recurring year end audit adjustments and the
                  absence of full and complete financial footnotes and other
                  matters as permitted by generally accepted accounting
                  principles for the presentation of unaudited condensed interim
                  financial information.

5.4      MAINTENANCE OF EXISTENCE; CONDUCT OF BUSINESS. The Borrower and its
         subsidiaries will preserve and maintain its corporate existence and all
         of its leases, privileges, licenses, permits, franchises,
         qualifications, and rights that are necessary or desirable in the
         ordinary conduct of its business. The Borrower and its subsidiaries
         will conduct its business in an orderly and efficient manner in
         accordance with good business practices.

5.5      MAINTENANCE OF PROPERTIES AND COLLATERAL. The Borrower and its
         subsidiaries will maintain, keep, and preserve all of its properties
         necessary or useful in the proper conduct of its business and the
         Collateral in good repair, working order, and condition and make all
         necessary repairs, renewals, replacements, betterments, and
         improvements thereof.

5.6      TAXES AND CLAIMS. The Borrower and its subsidiaries will pay or
         discharge at or before maturity or before becoming delinquent (a) all
         taxes, levies, assessments, and governmental charges imposed on it or
         its income or profits or any of its property, and (b) all lawful claims
         for labor, material, and supplies, which, if unpaid, might become a
         Lien upon any of its property; provided, however, that the Borrower and
         its subsidiaries shall not be required to pay or discharge any tax,
         levy, assessment, or governmental charge or claim for labor, material,
         or supplies whose amount, applicability, or validity is being contested
         in good faith by appropriate proceedings being diligently pursued and
         for which adequate reserves have been established.

5.7      INSURANCE. The Borrower and its subsidiaries will keep insured by
         financially sound and reputable insurers all property of a character
         usually insured by entities engaged in the same or similar business
         similarly situated and the Collateral against loss or damage of the
         kinds and in the amounts customarily insured against by such entities
         and carry such other insurance as is usually carried by such entities.

5.8      INSPECTION RIGHTS. When no Event of Default exists and subject to all
         confidentiality agreements entered into by the Borrower in the ordinary
         course of its business (including those entered into in connection with
         equity and asset acquisitions and the acquisition and use of
         intellectual property) and the limitations on disclosure imposed
         therein, the Borrower and its subsidiaries will permit representatives
         of the Lender, during normal business hours and upon no less than two
         (2) business days prior notice, to examine, copy, and make extracts
         from its books

                                                                         PAGE 12
<PAGE>   15

         and records, to visit and inspect its properties and the Collateral,
         and to discuss its business, operations, and financial condition and
         the Collateral with its officers, employees, and independent certified
         public accountants. If an Event of Default exists, the Borrower and its
         subsidiaries will permit representatives of the Lender, during normal
         business hours but without prior notice, to examine, copy, and make
         extracts from its books and records, to visit and inspect its
         properties and the Collateral, and to discuss its business, operations,
         and financial condition and the Collateral with its officers,
         employees, and independent certified public accountants, at the expense
         of Borrower.

5.9      KEEPING BOOKS AND RECORDS. The Borrower and its subsidiaries will
         maintain proper books of record and account in which full, true, and
         correct entries in conformity with GAAP shall be made of all dealings
         and transactions in relation to its business and activities.

5.10     COMPLIANCE WITH LAWS. The Borrower and its subsidiaries will comply in
         all material respects with all applicable laws, rules, regulations,
         orders, and decrees of any governmental authority or arbitrator.

5.11     COMPLIANCE WITH AGREEMENTS. The Borrower and its subsidiaries will
         comply in all material respects with all agreements, contracts, and
         instruments binding on it or affecting its properties or business.

5.12     FURTHER ASSURANCES. The Borrower and its subsidiaries will execute and
         deliver such further documents and take such further action as may be
         requested by the Lender to carry out the provisions and purposes of
         this Agreement and the other Credit Documents.

5.13     USE OF PROCEEDS OF LOAN. The Borrower will use the Loan proceeds as set
         forth in Section 3.3.

5.14     REINSURANCE OBLIGATIONS. The Borrower, its subsidiaries and the
         Guarantor will cause MEGA (as defined in the Reinsurance Agreement) to
         either (a) assume all liabilities and obligations of Borrower under
         this Agreement and the Credit Documents to which Borrower is or may
         become a party and all related documents and furnish Lender with
         satisfactory evidence that UICI has guaranteed the liabilities and
         obligations assumed by MEGA or (b) reinsure with Borrower the same
         percentage of the UGA Business (as defined in the Reinsurance
         Agreement) as reinsured pursuant to the Reinsurance Agreement
         immediately prior to the assumption and novation by MEGA and maintain
         such reinsurance in force at all times during which there is an
         outstanding balance under this Agreement or the Credit Documents. The
         Borrower, its subsidiaries and the Guarantor will cause MEGA to execute
         all documents and take all actions necessary to evidence the assumption
         of liability in the case of (a) or the reinsurance and Lender's first
         priority security interest in all right, title and interest of Borrower
         in such reinsurance in the case of (b) to the reasonable satisfaction
         of Lender.

                                                                         PAGE 13
<PAGE>   16
                                    ARTICLE 6

                     GENERAL NEGATIVE COVENANTS OF BORROWER

         The Borrower covenants and agrees that, as long as the obligations or
any part thereof are outstanding, the Borrower and its subsidiaries, if any,
will jointly and severally perform and observe the following negative covenants:

6.1      DEBT. The Borrower and its subsidiaries will not incur, create, assume,
         or permit to exist any Debt, except:

                  (a) Debt in the amount disclosed in Schedule X hereto and any
                  extensions, renewals or refinancings of such existing Debt so
                  long as (i) the principal amount of such Debt after such
                  renewal, extension or refinancing shall not exceed the
                  principal amount of such Debt which was outstanding
                  immediately prior to such renewal, extension or refinancing,
                  and (ii) such Debt shall not be secured by any assets other
                  than assets securing such Debt, if any, prior to such renewal,
                  extension or refinancing;

6.2      LIMITATION ON LIENS. The Borrower and its subsidiaries will not incur,
         create, assume, or permit to exist any Lien upon the Collateral or any
         of its property, whether now owned or hereafter acquired, except the
         following:

                  (a) Liens disclosed on Schedule Y hereto, and Liens created
                  and existing in connection with any extensions, renewals or
                  refinancings of the Debt secured by such Liens as permitted
                  under Section 6.1(a), provided that (i) no such Lien is
                  expanded to cover any additional property (other than after
                  acquired title in or on such property and proceeds of the
                  existing collateral and other than property having no greater
                  fair market value than the existing collateral for which such
                  property is being substituted as new collateral) after the
                  date hereof; and (ii) no such Lien is spread to secure any
                  additional Debt after the date hereof;

                  (b) Encumbrances consisting of easements, zoning restrictions,
                  or other restrictions on the use of real property that do not
                  (individually or in the aggregate) materially affect the value
                  of the property encumbered thereby or materially impair the
                  ability of Borrower or its subsidiaries to use such property
                  in its business, and none of which is violated in any material
                  respect by existing or proposed structures or land use;

                  (c) Liens (other than Liens relating to liabilities resulting
                  from the violation of Environmental Laws or ERISA) for taxes,
                  assessments, or other governmental charges that are not
                  delinquent or which are being contested in good faith and for
                  which adequate reserves have been established;

                                                                         PAGE 14

<PAGE>   17

                  (d) Liens of mechanics, materialmen, warehousemen, carriers,
                  or other similar statutory Liens securing obligations that are
                  not yet due and are incurred in the ordinary course of
                  business or which are being contested in good faith and for
                  which adequate reserves have been established; and

                  (e) Liens created pursuant to the Custody Agreement.

6.3      MERGERS, ETC. The Borrower and its subsidiaries will not become a party
         to a merger or consolidation, or purchase or otherwise acquire all of
         the properties of any Person or purchase or acquire properties of an
         Person with a book value in excess of ten percent (10%) of the book
         value of all properties of the Borrower (as determined as of the date
         of acquisition) or any shares or other evidence of beneficial ownership
         of any Person, or wind-up, dissolve, or liquidate itself.

6.4      TRANSACTIONS WITH AFFILIATES. The Borrower and it subsidiaries will not
         enter into any transaction, including, without limitation, the
         purchase, sale, loan, or exchange of property or the rendering of any
         service, with any affiliate of the Borrower and its subsidiaries,
         except in the ordinary course of and pursuant to the reasonable
         requirements of Borrower's and its subsidiaries' business and upon fair
         and reasonable terms no less favorable to Borrower and its subsidiaries
         than would be obtained in a comparable arms-length transaction with an
         entity not an affiliate of the Borrower or such subsidiary.

6.5      DISPOSITION OF PROPERTY. The Borrower and its subsidiaries will not
         sell, lease, assign, transfer, or otherwise dispose of any of its
         property (including the Collateral), except (a) dispositions of
         inventory, in the ordinary course of business; (b) dispositions of
         assets reasonably and in good faith determined by Borrower and its
         subsidiaries to be obsolete or no longer necessary to its business if
         no Event of Default exists or would result therefrom; (c) licenses,
         sublicenses, leases and subleases of intellectual property, general
         intangibles, or other property (other than capital stock), in each case
         in the ordinary course of business, that do not materially interfere
         with the business of Borrower and its subsidiaries; (d) the sale of
         overdue accounts receivable arising in the ordinary course of business,
         but only in connection with the compromise or settlement thereof; (e)
         the disposition of property by Borrower and its subsidiaries in
         connection with reinsurance treaties or agreements entered into in the
         ordinary course of business; and (f) the disposition of investments in
         the ordinary course of business in connection with the management of
         its investment portfolio provided the proceeds thereof are utilized to
         satisfy liabilities and expenses incurred in the ordinary course of
         business. The Borrower and its subsidiaries shall not sell or otherwise
         dispose of any of its assets for any consideration that is less than a
         fair market value.

6.6      LINES OF BUSINESS. The Borrower and its subsidiaries will not engage in
         any line or lines of business activity other than the insurance
         business, other businesses in which it is engaged on the date hereof,
         any businesses reasonably related thereto and the sale of products or
         services utilizing the existing channels of distribution currently
         utilized by Borrower and its subsidiaries.

                                                                         PAGE 15

<PAGE>   18

6.7      RESTRICTIONS ON SUBSIDIARIES. Borrower will not permit any subsidiary
         to make any investment in, provide any guarantee for the benefit of, or
         make any type of deposit with any subsidiary engaged in the credit card
         business (including, without limitation, United Credit National Bank)
         or any subsidiary owning such a subsidiary.

6.8      SHARES OF CAPITAL STOCK. The Borrower will not issue, or allow to be
         issued, any capital stock of the Borrower in addition to the one share
         of capital stock currently issued and outstanding and described in
         Section 4.1 hereof.

                                    ARTICLE 7

                               FINANCIAL COVENANTS

         The Borrower covenants and agrees that, as long as the Obligations or
any part thereof are outstanding, the Borrower and its subsidiaries, if any,
will jointly and severally perform and observe the following financial
covenants:

7.1      BORROWER CAPITAL. The Borrower and its subsidiaries shall cause the
         statutory capital and surplus of Borrower, as determined in accordance
         with GAAP, at all times to be no less than One Million Dollars
         ($1,000,000).

                                    ARTICLE 8

                                EVENTS OF DEFAULT

         The occurrence of any events or conditions described in Sections 8.1
through 8.11 shall constitute an Event of Default hereunder, provided that any
requirement for the giving of notice or the lapse of time, or both, has been
satisfied.

8.1      NOTE. Borrower shall fail to pay (a) when due any payment of principal
         and (b) within 3 business days of the date due any interest on the
         Note.

8.2      OBLIGATIONS. Borrower shall fail to make any payments of any of the
         other Obligations, within 5 business days after the date Borrower
         receives written notice of the failure to pay when due such other
         Obligations.

8.3      MISREPRESENTATIONS. Any representation, warranty or statement made by
         Borrower herein, in the Note or in the Security Agreement which is or
         proves to have been incorrect, untrue or misleading in any material
         respect when made, or becomes incorrect, untrue or misleading in any
         material respect at any time any amount remains unpaid on account of
         any of the Obligations.

                                                                         PAGE 16

<PAGE>   19

8.4      COVENANTS. Borrower fails to keep, observe, perform, carry out or
         execute in every particular its respective covenants, agreements,
         obligations or conditions contained in this Agreement, in the Note or
         in the Security Agreement.

8.5      VOLUNTARY BANKRUPTCY. Borrower shall file a voluntary petition in
         bankruptcy or a voluntary petition or answer seeking liquidation,
         reorganization, arrangement or readjustment of its debts, or for any
         other relief under the Bankruptcy Code, or under any other act or
         law pertaining to insolvency or debtor relief, whether state, Federal
         or foreign, now or hereafter existing; Borrower shall enter into any
         agreement indicating its consent to, approval of, or acquiescence in,
         any such petition or proceeding, Borrower shall apply for or permit the
         appointment by consent or acquiescence of a receiver, custodian or
         trustee of Borrower for all or a substantial part of its property;
         Borrower shall make an assignment for the benefit of its creditors;
         Borrower shall be unable or shall fail to pay its debts generally as
         such debts become due; Borrower shall commit any act which would
         provide grounds for the entry of an order for relief under any chapter
         of the Bankruptcy Code.

8.6      INVOLUNTARY BANKRUPTCY. There shall have been filed against Borrower an
         involuntary petition in bankruptcy or seeking liquidation,
         reorganization, arrangement or readjustment of its debts or for any
         other relief under the Bankruptcy Code, or under any other act or law
         pertaining to insolvency or debtor relief, whether state, Federal or
         foreign, now or hereafter existing; Borrower shall suffer or permit the
         involuntary appointment of a receiver, custodian or trustee of Borrower
         for all or a substantial part of its property; Borrower shall suffer or
         permit the issuance of a warrant of attachment or garnishment,
         execution or similar process against all or any substantial part of the
         property of Borrower; or Borrower shall commit any act which would
         provide grounds for the entry of an order for relief under any chapter
         of the Bankruptcy Code.

8.7      JUDGEMENTS. If a judgement for the payment of money in excess of
         $50,000 shall have been rendered by any court of competent jurisdiction
         against Borrower and the same shall not have been discharged or varied
         or execution thereunder stayed, whether pursuant to appeal or
         otherwise, within ninety (90) days of the entry thereof, or if any
         order, ruling or direction of any competent authority is issued with
         respect to Borrower which materially adversely affects Borrower or
         which requires a substantial or material adverse change in the business
         or affairs of Borrower or any material disposition of assets of
         Borrower.

8.8      TAX LIENS. If any federal, state or local tax lien is filed of record
         against Borrower and is not bonded or discharged within ninety (90)
         days.

8.9      DEEMED INSECURE. Lender, at any time and in good faith, shall deem
         itself insecure (and for purposes of this Agreement, Lender shall be
         entitled to deem itself insecure when some event occurs, fails to
         occur, or is threatened or some objective condition exists or is
         threatened which

                                                                         PAGE 17

<PAGE>   20

         materially impairs the prospects that any of the Obligations will not
         be paid when due, or which materially affects the financial or business
         condition or results of operations of the Borrower).

8.10     EVIDENCE OF NO DEFAULT. Lender shall reasonably suspect the occurrence
         of one or more of the aforesaid Events of Default and Borrower, upon
         request of Lender, shall fail to provide within three (3) business days
         evidence reasonably satisfactory to Lender that any such Event of
         Default has not in fact occurred.

8.11     GUARANTY NOT EFFECTIVE. Guarantor provides notice or Lender receives
         other information relating to the validity or enforceability of the
         Guaranty or the Guarantor fails to keep, observe, perform, carry out or
         execute in every particular its respective covenants, agreements,
         obligations or conditions contained in Section 5.14 hereof relative to
         certain reinsurance agreements.

                                    ARTICLE 9

                                    REMEDIES

         Upon the occurrence of any one or more Events of Default, Lender's
obligation to extend any financing under this Agreement shall immediately cease
and at its option and in addition to and not in lieu of any remedies provided
for in the Credit Documents, or any other statute or rule of law or equity, all
of which may be exercised successively or concurrently, Lender shall be entitled
to exercise any and all remedies available to it at law or in equity. Upon the
occurrence or existence of any Event of Default, interest on the principal
amount of the Loan shall accrue and be payable at the Default Interest Rate and
the Note and all other Obligations shall be and become forthwith, due and
payable without any presentment, further or other demand, protest, notice of any
of the foregoing or other notice of any kind, all of which are hereby expressly
waived notwithstanding anything contained herein or in the Note to the contrary.

         The Lender shall have, in addition to the rights and remedies given to
it under this Agreement, the Note and the Credit Documents, all of the rights
and remedies of a secured party under the Uniform Commercial Code as enacted in
any jurisdiction in which any of the Collateral of the Borrower or the Guarantor
may be located, and all rights and remedies allowed by all applicable Laws, all
of which rights and remedies shall be cumulative and non-exclusive, to the
extent permitted by said Laws.

         Upon an Event of Default, the Borrower, immediately upon demand by the
Lender, shall assemble the Collateral and make it available to the Lender at a
place or places to be designated by the Lender which is reasonably convenient to
the Lender and the Borrower. Any notice required to be given by the Lender of
sale, lease, other disposition of the Collateral or any other intended action by
the Lender, deposited in the United States mail, postage prepaid and duly
addressed to Borrower at the address specified in this Agreement not less than
ten (10) days prior to such proposed action, shall constitute commercially
reasonable and fair notice to the Borrower thereof. Upon an Event of Default,

                                                                         PAGE 18

<PAGE>   21

the Borrower agrees that the Lender may, if the Lender deems it reasonable,
postpone or adjourn any such sale of the Collateral from time to time by an
announcement at the time and place of sale or by announcement at the time and
place of such postponed or adjourned sale, without being required to give a new
notice of sale. The Borrower agrees that the Lender has no obligation to
preserve rights against prior parties to the Collateral. Further, to the extent
permitted by law, the Borrower waives and releases any cause of action and claim
against the Lender as a result of the Lender's possession, collection or sale of
the Collateral, any liability or penalty for failure of the Lender to comply
with any requirement imposed on the Lender relating to notice of sale, holding
of sale or reporting of sale of the Collateral, and any right of redemption from
such sale, except for the Lender's gross negligence or willful misconduct.

                                   ARTICLE 10

                               GENERAL OBLIGATIONS

         The following conditions shall be applicable throughout the term of
this Agreement, to this Agreement and to the other Credit Documents:

10.1     RIGHTS OF THIRD PARTIES. All conditions of the obligations of Lender
         hereunder and under any of the other Credit Documents are imposed
         solely and exclusively for the benefit of Borrower and its successors
         and assigns and no other person or entity shall have standing to
         require satisfaction of such conditions in accordance with their terms
         in the absence of strict compliance with any or all thereof, and no
         other person or entity shall, under any circumstances be deemed to be a
         beneficiary of such conditions, any and all of which may be freely
         waived in whole or in part by Lender at any time if in its sole
         discretion it deems it desirable to do so. Borrower shall and does
         indemnify Lender from and against any liabilities, claims or losses
         resulting from the disbursement of the proceeds of the Loan. This
         provision shall survive the repayment of the Loan and shall continue in
         full force and effect so long as the possibility of such liabilities,
         claims or losses exists.

10.2     EVIDENCE OF SATISFACTION OF CONDITIONS. Any condition of this Agreement
         or any of the other Credit Documents which requires the submission of
         evidence of the existence or non-existence of a specified fact or facts
         implied as a condition the existence or non-existence, as the case may
         be, of such fact or facts, and Lender shall, at all times, be free
         independently to establish to its satisfaction and in its absolute
         discretion such existence or non-existence.

10.3     NO AGENCY. Lender is not the Lender or representative of Borrower, and
         Borrower is not the Lender or representative of Lender, and nothing in
         this Agreement or any of the other Credit Documents shall be construed
         to make Lender liable to anyone for goods delivered to or labor or
         services performed upon any property of Borrower or for debts or claims
         accruing against Borrower.

                                                                         PAGE 19

<PAGE>   22

10.4     NO PARTNERSHIP, JOINT VENTURE OR CONTROL RELATIONSHIP. Neither this
         Agreement nor any of the other Credit Documents shall in any respect be
         interpreted, deemed or construed as making Lender a partner or joint
         venturer with, or providing Lender with any rights to control the
         business or conduct of Borrower (or any entities related to or
         affiliated with Borrower) or to influence decisions relating to the
         Borrower's business operations or the business operations of any
         entities related to or affiliated with Borrower, or creating any
         similar relationship or entity, and Borrower agrees that it will not
         make any contrary assertion, contention, claim or counterclaim in any
         action, suit or other legal proceeding involving Lender and Borrower.

10.5     NO ASSIGNMENT BY BORROWER. This Agreement and the other Credit
         Documents may not be assigned by Borrower without the written consent
         of Lender. If Lender approves any such assignment by Borrower, Lender
         shall be entitled to make advances to such assignee and such advances
         shall be evidenced by the Note and secured by the Credit Documents.
         Borrower shall remain liable for payment of all sums advanced hereunder
         before and after such assignment.

10.6     ASSIGNMENT BY LENDER. The Note, this Agreement, and any and all of the
         other Credit Documents may be endorsed, assigned, and transferred in
         whole or in part by Lender, and any such holder and assignee of same
         shall succeed to and be possessed of the rights of Lender under all of
         the same to the extent transferred and assigned.

10.7     ENTIRE AGREEMENT. This Agreement contains the entire terms of the
         agreement between Borrower and Lender covering the disbursement of the
         Loan and the use of the Loan by Borrower.

10.8     NOTICES. Any and all notices, elections, demands, requests and
         responses thereto permitted or required to be given under this
         Agreement or any of the other Credit Documents shall be in writing,
         signed by or on behalf of the party giving the same, and shall be
         deemed to have been properly given and shall be effective upon being
         personally delivered, or upon being deposited in the United States Post
         Office, postage prepaid, certified with return receipt requested, to
         the other party at the address of such other party set forth below or
         at such other address within the continental United States as such
         other party may designate by notice specifically designated as a notice
         of change of address and given in accordance herewith; provided,
         however, that the time period in which any response to any such notice,
         election, demand or request must be given shall commence on the date of
         receipt thereof; and provided further that no notice of change of
         address shall be effective until the date of receipt thereof. Personal
         delivery to a party or to any officer, partner, agent or employee of
         such party at such address shall constitute receipt. Rejection or other
         refusal to accept or inability to deliver because of changed address of
         which no notice as been received shall also constitute receipt. Any
         such notice, election, demand, request or response, if given to Lender
         shall be addressed as follows:

                              Money Services, Inc.
                              4333 Edgewood Road, N.E.
                              Cedar Rapids, Iowa 52499

                                                                         PAGE 20

<PAGE>   23

                              Attention: General Counsel

         and, if given to Borrower, shall be addressed as follows:

                              U.S. MANAGERS LIFE INSURANCE COMPANY LTD.
                              c/o UICI
                              4001 McEwen Drive
                              Dallas, TX 75244
                              Attn: Executive Vice President and General Counsel

10.9     SUCCESSORS AND ASSIGNS INCLUDED IN PARTIES. Whenever in this Agreement
         or in any other Credit Document any party is named or referred to, the
         heirs, executors, legal representatives, successors,
         successors-in-title and assigns of such parties shall be included, and
         all covenants and agreements contained in this Agreement or in any
         other Credit Document by or on behalf of Borrower or by or on behalf of
         Lender shall bind and inure to the benefit of their respective heirs,
         executors, legal representatives, successors, successors-in-title and
         assigns whether so expressed or not; provided, however, that nothing
         contained in this Agreement or in any other Credit Document shall or
         shall be deemed to limit or act in derogation of any restriction on
         transfer or assignment impressed upon Borrower in any of the Credit
         Documents.

10.10    HEADINGS. The headings of the articles, paragraphs and subparagraphs of
         this Agreement and the other Credit Documents are for the convenience
         of reference only, are not to be considered a part hereof or thereof
         and shall not limit or otherwise affect any of the terms hereof or
         thereof.

10.11    INVALID PROVISION TO AFFECT NO OTHERS. In fulfillment of any provision
         hereof or in any of the Credit Documents or any transaction related
         thereto at the time performance of such provision shall be due, shall
         involve transcending the limit of validity presently prescribed by any
         applicable usury statute or any other applicable law, with regard to
         obligations of like character and amount, then ipso facto, the
         obligation to be fulfilled shall be reduced to the limit of such
         validity; and if any clause or provision herein or therein contained
         operates or would prospectively operate to invalidate this Agreement or
         any of the other Credit Documents, in whole or in part, then such
         clause or provision only shall be held for naught, as though not herein
         or therein contained, and the remainder of this Agreement or such other
         Credit Document shall remain operative and in full force and effect.

10.12    NUMBER AND GENDER. Whenever the singular or plural number, or the
         masculine, feminine or neuter gender is used herein or in any other
         Credit Document, it shall equally include the other.

10.13    AMENDMENTS. Neither this Agreement nor any of the other Credit
         Documents, nor any provisions hereof or thereof may be changed, waived,
         discharged or terminated orally, but only

                                                                         PAGE 21
<PAGE>   24

         by an instrument in writing signed by the party against whom
         enforcement of the change, waiver discharge or termination is sought.

10.14    GOVERNING LAW. This Agreement and the other Credit Documents shall be
         governed by and construed in accordance with the laws of the State of
         Iowa, except to the extent otherwise specified in any of the other
         Credit Documents in which event the specification of governing law in
         such other Credit Documents shall control.

10.15    NO WAIVER. No delay or failure on the part of any party hereto or to
         any of the other Credit Documents of the exercise of any right or
         remedy hereunder or thereunder shall operate as a waiver thereof, and
         no single or partial exercise of any right or remedy hereunder or
         thereunder shall preclude other or further exercise thereof or the
         exercise of any other right or remedy. No action or forbearance by any
         party contrary to the provisions of this Agreement or of any other
         Credit Document shall be construed to constitute a waiver of any of the
         express provisions hereof or thereof. Specifically, but without
         limiting the foregoing provisions of this paragraph, Lender may waive
         any Event of Default, and, in such event, such Event of Default shall
         be deemed nonexistent ab initio and shall have no effect upon this
         Agreement; provided, however, that no such waiver shall be effective
         whatsoever unless the same is in writing, specifically describes each
         or Event of Default waived and is duly executed by an officer of
         Lender.

10.16    MAXIMUM INTEREST RATE. Anything in the Note, this Agreement or any of
         the other Credit Documents to the contrary notwithstanding, it is
         understood and agreed by the parties that, if by reason of acceleration
         or otherwise, interest paid or contracted to be paid by Borrower on the
         loan shall exceed the maximum amount permitted by applicable law, the
         excess shall be credited on interest accrued or principal, or both, so
         that such interest shall not exceed the maximum amount permitted by
         such law, provided that this paragraph shall not have any effect if
         there is no applicable law regulating the amount of interest which can
         be paid on the Loan or if no usury defense is available to Borrower.

10.17    LENDER'S LIABILITY. No action shall be commenced by Borrower for any
         claim against Lender under the terms of this Agreement or any of the
         other Credit Documents unless notice thereof, specifically setting
         forth the claim of Borrower, shall have been given to Lender within
         fifteen (15) days after the occurrence of the event or omission which
         Borrower alleges gave rise to such claim, and failure to give such
         notice shall constitute a waiver of any such claim.

10.18    SUMS HELD BY LENDER. Lender shall not, except to the extent required by
         law or otherwise provided in any Credit Document, have any obligation
         to pay interest on any sums from time to time deposited by Borrower
         with Lender, or otherwise collected by Lender, pursuant to this
         Agreement or any of the other Credit Documents.

10.19    CONFLICT WITH CREDIT DOCUMENTS. Except as otherwise specifically set
         forth herein or in the other Credit Documents, in the event of any
         conflict between the provisions hereof and any of the other Credit
         Documents, the provisions hereof shall govern but, in the absence of
         conflict,

                                                                         PAGE 22
<PAGE>   25

         nothing herein shall restrict the rights or remedies of Lender under
         any of the other Credit Documents.

10.20    CONSTRUCTION OF AGREEMENT. No provision of this Agreement or of any
         other Credit Document shall be construed against or interpreted to the
         disadvantage of any party hereto or thereto by any court or other
         governmental or Judicial authority by reason of such party having or
         being deemed to have structured or dictated such provision.

10.21    PLACE AND MANNER OF PAYMENT. Payments of principal and interest
         becoming due and payable on the Note or any other Credit Document are
         to be made in lawful money of the United States of America and shall be
         made in Cedar Rapids, Iowa at the office of Lender or at such other
         place as Lender shall designate by written notice to Borrower. All
         payments shall be made by wire transfer for credit to the account of
         Lender, and provide sufficient information with description,
         identification numbers, principal and interest with such wire transfer
         to identify the source and application of the payments.

10.22    PAYMENT ON NON-BUSINESS DAYS. Whenever any payment to be made under the
         Note or any other Credit Document shall be stated to be due on a
         Saturday, Sunday, or a public holiday under the laws of the State of
         Iowa, such payment may be made on the next succeeding business day, and
         such extension of time shall in such case be included in the
         computation of payment of interest under the Note or such other Credit
         Document.

10.23    EXPENSES. The Borrower hereby agrees to pay on demand: (a) all
         reasonable out-of-pocket costs and expenses of the Lender in connection
         with the preparation, negotiation, execution, and delivery of this
         Agreement and the other Credit Documents and any and all amendments,
         modifications, renewals, extensions, and supplements thereof and
         thereto, including, without limitation, the reasonable fees and
         expenses of legal counsel for the Lender, (b) all out-of-pocket costs
         and expenses of the Lender in connection with any Event of Default and
         the enforcement of this Agreement or any other Credit Document,
         including, without limitation, the reasonable fees and expenses of
         legal counsel for the Lender, (c) all transfer, stamp, documentary, or
         other similar taxes, assessments, or charges levied by any governmental
         authority in respect of this Agreement or any of the other Credit
         Documents, and (d) all other out-of-pocket costs and expenses incurred
         by the Lender in connection with this Agreement or any other Credit
         Document.

10.24    EQUITABLE RELIEF. The Borrower recognizes that in the event the
         Borrower fails to pay, perform, observe, or discharge any or all of the
         Obligations, any remedy at law may prove to be inadequate relief to the
         Lender. The Borrower therefore agrees that the Lender, if the Lender so
         requests, shall be entitled to temporary and permanent injunctive
         relief in any such case without the necessity of proving actual
         damages.

10.25    COUNTERPARTS. This Agreement may be executed in several counterparts,
         each of which shall be regarded as the original and all of which shall
         constitute one and the same Agreement.

                                                                         PAGE 23
<PAGE>   26
10.26 CONSENT TO JURISDICTION AND WAIVER OF JURY TRIAL AND PERSONAL SERVICE.
BORROWER KNOWINGLY, VOLUNTARILY, INTENTIONALLY AND EXPRESSLY SUBMITS AND
CONSENTS TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED WITHIN LINN
COUNTY, IOWA IN ANY ACTION, SUIT OR PROCEEDING COMMENCED THEREIN IN CONNECTION
WITH OR WITH RESPECT TO OR IN RESPECT OF THE OBLIGATIONS, THIS AGREEMENT, THE
NOTE OR ANY OTHER CREDIT DOCUMENTS (INCLUDING, WITHOUT LIMITATION, ANY DEFENSES
OR COUNTER CLAIMS THEREIN) AND WAIVES ANY OBJECTION TO VENUE IN CONNECTION
THEREWITH. BORROWER HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS OR
PAPERS ISSUED OR SERVED IN CONNECTION WITH THE FOREGOING AND AGREES THAT SERVICE
OF SUCH PROCESS OR PAPERS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, POSTAGE
PREPAID, RETURN RECEIPT REQUESTED, DIRECTED TO THE BORROWER AS SET FORTH IN
SECTION 10.8 ABOVE. THE LENDER AND THE BORROWER HEREBY WAIVE TRIAL BY JURY IN
ANY ACTION, SUIT OR PROCEEDING (INCLUDING, WITHOUT LIMITATION, ANY DEFENSES OR
COUNTERCLAIMS THEREIN), WHETHER IN CONTRACT OR TORT, AT LAW OR IN EQUITY,
ARISING OUT OF OR IN ANY WAY RELATED TO THIS AGREEMENT, THE NOTE OR ANY OTHER
DOCUMENTS.

(The remainder of this page has been left blank intentionally. Signatures appear
on the following page)

                                                                         PAGE 24
<PAGE>   27

         IN WITNESS WHEREOF, Borrower and Lender have executed this Agreement
under seal as of the date first above written.

                                     LENDER:

                                     MONEY SERVICES, INC.
                                     a Delaware corporation

                                     BY:
                                        ---------------------------------------
                                     NAME: Patrick DePalma
                                     TITLE: President

                                     GUARANTOR:

                                     UICI
                                     a Delaware corporation

                                     BY: /s/ GLENN W. REED
                                        ---------------------------------------
                                     NAME: Glenn W. Reed
                                     TITLE: Executive Vice President

                                    BORROWER:

                                    UNITED GROUP REINSURANCE, INC.
                                    a Turks & Caicos Islands corporation

                                    BY: /s/ ROBERT B. VLACH
                                        ---------------------------------------
                                    NAME. Robert B. Vlach
                                    TITLE:  V.P.<PAGE>   1
                                                                   EXHIBIT 10.58

                                 PROMISSORY NOTE

$2,400,000.00                   Cedar Rapids, Iowa                 July 19, 2000

         FOR VALUE RECEIVED, the undersigned, FINANCIAL SERVICES REINSURANCE
LTD., a Turks & Caicos Islands corporation (hereinafter referred to as the
"Maker"), promises to pay to the order of MONEY SERVICES, INC., a Delaware
corporation (hereinafter referred to as "Payee"; Payee, and any subsequent
holder hereof, being hereinafter referred to as "Holder"), without grace, at the
office of Payee at 4333 Edgewood Road, N. E., Cedar Rapids, Iowa 52499, or at
such other place as Holder may designate to Maker in writing from time to time,
the principal sum of Two Million Four Hundred Thousand and No/100
($2,400,000.00) Dollars pursuant to the authority set forth in this Note,
together with simple interest on so much thereof as is from time to time
outstanding and unpaid, from the date hereof, at the rate of eleven percent
(11%) per annum, in lawful money of the United States of America, which shall at
the time of payment be legal tender in payment of all debts and dues, public and
private. Such principal and interest to be paid in the following manner, to wit:

         (a) Installments of accrued interest on the outstanding principal
         balance hereof and at the foregoing rate, shall be due and payable
         quarterly, in arrears, commencing on the first (1st) day of October,
         2000, and continuing on the first (1st) day of each calendar quarter
         thereafter, through and including the first (1st) day of August, 2001
         (the "Maturity Date"), all accrued but unpaid interest on the
         outstanding principal balance hereof shall be due and payable in full.
         Interest payments shall be calculated on the basis of actual days
         divided by 360.

         (b) Payments of principal may be made at any time. The entire
         outstanding principal balance hereof, together with all accrued but
         unpaid interest thereon, shall be due and payable in full on August 1,
         2001.

         This Note is issued pursuant to that certain Loan Agreement dated of
even date herewith by and between Maker and Holder (the "Loan Agreement") and is
entitled to the benefits and is subject to the provisions of the Loan Agreement;
provided, however, nothing contained in the Loan Agreement is intended or should
be construed to modify, affect or impair the provisions of this Note. Pursuant
to the terms of the Loan Agreement, Maker shall have the right to borrow Two
Million Four Hundred Thousand and No/100 ($2,400,000.00) Dollars.

         This Note may be prepaid in whole or in part without penalty or
prepayment premium. Payments, if any, of the Note shall be applied to
installments thereof in the inverse order of their maturity.

         It is hereby expressly agreed that should any Event of Default be made
in the payment of principal or interest as stipulated above, that interest shall
accrue on the outstanding principal balance of this Note and for so long as such
Event of Default continues at the Default Interest Rate, as defined in the Loan
Agreement. Time is of the essence of this Note.

         This Note may not be changed orally, but only by an agreement in
writing signed by the party against whom enforcement of any waiver, change,
modification, or discharge is sought.

                                                                          PAGE 1

<PAGE>   2

          If for any circumstances whatsoever, fulfillment of any provision of
this Note or of any other instrument evidencing or securing the indebtedness
evidenced hereby, at the time performance of such provision shall be due, shall
involve transcending the limit of validity presently prescribed by any
applicable usury statute or any other applicable law, with regard to obligations
of like character and amount, then, ipso facto, the obligation to be fulfilled
shall be reduced to the limit of such validity, so that in no event shall any
exaction be possible under this Note or under any other instrument evidencing or
securing the indebtedness evidenced hereby, that is in excess of the current
limit of such validity, but such obligation shall be fulfilled to the limit of
such validity.

         This Note is intended as a contract under and shall be construed and
enforceable in accordance with the laws of the State of Iowa. Borrower hereby
submits to the jurisdiction of the Courts of the State of Iowa with respect to
any legal action which may be brought to Lender hereunder.

         IN WITNESS WHEREOF, Maker has caused this Note to be executed under
Seal on the date first above written.

                                     MAKER:

                                     FINANCIAL SERVICES REINSURANCE LTD.
                                     a Turks & Caicos Islands corporation

                                     By: /s/ ROBERT B. VLACH
                                        ----------------------------------------
                                     Name: Robert B. Vlach
                                     Title: VP

                                                                          PAGE 2

<PAGE>   3

                                 LOAN AGREEMENT

         THIS LOAN AGREEMENT (the "Agreement") is made and entered into as of
the 19th day of July, 2000, by and between FINANCIAL SERVICES REINSURANCE LTD.,
a Turks & Caicos Islands corporation (hereinafter referred to as "Borrower"),
and MONEY SERVICES, INC., a Delaware corporation (hereinafter referred to as
"Lender").

                                   WITNESSETH:

         In consideration of the mutual covenants and agreements hereinafter set
forth, Lender agrees to make and Borrower agrees to accept a loan in accordance
with and subject to the terms and conditions hereinafter set forth.

                                    ARTICLE 1

                              TERMS AND DEFINITIONS

          In addition to the other terms hereinafter defined, the following
terms shall, for purposes of this Agreement, have the meanings set forth in this
Article 1.

1.1      ACCOUNTING TERMS. All accounting terms not specifically defined herein
         shall have the meanings attributed to such terms under generally
         accepted accounting principles consistently applied.

1.2      ADDRESS. The executive offices of the Borrower are located at Financial
         Services Reinsurance Ltd. c/o UICI, 4001 McEwen Drive, Dallas, Texas
         75244.

1.3      AGREEMENT. This Loan Agreement, as amended or supplemented from time to
         time.

1.4      BANKRUPTCY CODE. The Bankruptcy Reform Act of 1978, as amended from
         time to time.

1.5      CLOSING DATE. Within 10 days following the issuance by the Office of
         the Comptroller of the Currency of a definitive Consent Order against
         United Credit National Bank validating the terms of a Capital Plan
         submitted by United Credit National Bank.

1.6      COLLATERAL. All personal property pledged or assigned by Borrower to
         Lender under any of the Credit Documents, including Exhibit A of the
         Security Agreement, as security for the Obligations including all
         accessions to, substitutions for, and all replacements, proceeds,
         products, rents or profits of any and all of the foregoing.

                                                                          PAGE 1
<PAGE>   4

1.7      CREDIT DOCUMENTS. Collectively, this Agreement, the Security Agreement,
         the Guaranty and the Note, together with any and all other documents
         and instruments now or hereafter evidencing, securing or otherwise
         relating to the Obligations.

1.8      CUSTODY AGREEMENT. The Custody Agreement effective as of March 29, 2000
         (the "Custody Agreement") between the Borrower, PFL Life Insurance
         Company, a company organized under the laws of Iowa, Life Investors
         Insurance Company of America, a company organized under the laws of the
         Iowa, Bankers United Life Assurance Company, a company organized under
         the laws of Iowa, and Monumental Life Insurance Company, a company
         organized under the laws of Maryland (collectively, the "Custody
         Agreement Beneficiary"), and Chase Bank of Texas, N.A., a national
         association organized under the laws of the United States, as
         custodian, as amended.

1.9      DEBT. As to any Person at any time (without duplication): (a) all
         obligations of such Person for borrowed money; (b) all obligations of
         such Person evidenced by bonds, notes, debentures, or other similar
         instruments; (c) all obligations of such Person to pay the deferred
         purchase price of property or services, except trade accounts payable
         of such Person arising in the ordinary course of business that are not
         past due by more than ninety (90) days; (d) all capital lease
         obligations of such Person; (e) all debt or other obligations of others
         guaranteed by such Person; (f) all obligations secured by a Lien
         existing on property owned by such Person, whether or not the
         obligations secured thereby have been assumed by such Person or are
         non-recourse to the credit of such Person; (g) all reimbursement
         obligations of such Person (whether contingent or otherwise) in respect
         of letters of credit, bankers' acceptances, surety or other bonds and
         similar instruments; (h) all obligations of such Person to redeem or
         retire shares of capital stock of such Person except any obligations to
         repurchase common capital stock of the Borrower issued to officers,
         employees and agents of the Borrower or the subsidiaries pursuant to a
         stock option plan, stock purchase plan, other compensation plan or
         other compensation arrangement authorized by the board of directors of
         Borrower; (I) all obligations and liabilities of such Person under
         interest rate protection agreements; (j) all liabilities of such Person
         in respect of unfunded vested benefits under any plan; (k) all
         obligations of such Person, contingent or otherwise, for the payment of
         money under any noncompete, consulting or similar agreement or any
         other similar arrangements providing for the deferred payment of the
         purchase price for an acquisition; and (1) all other amounts required
         to be reflected as a liability on a consolidated balance sheet of such
         Person in accordance with GAAP other than accruals, taxes, time
         deposits and policy liabilities.

1.10     DEFAULT INTEREST RATE. The interest rate per annum equal to thirteen
         percent (13%).

1.11     EVENT OF DEFAULT. Any of the events or conditions described in Article
         8 of this Agreement.

1.12     GUARANTOR. UICI, a Delaware corporation, from which Lender shall
         require the execution and delivery of a contract of guaranty
         guaranteeing payment of the Note.

                                                                          PAGE 2
<PAGE>   5

1.13     GUARANTY. Any agreement or other writing executed by Guarantor
         guaranteeing payment of the Note. The Guaranty shall be substantially
         in the form of Exhibit A attached hereto and by this reference made a
         part hereof.

1.14     LAWS. Such term is defined in Section 3.4 hereof.

1.15     LIEN. Any lien, mortgage, security interest, tax lien, financing
         statement, pledge, charge, hypothecation, assignment, preference,
         priority, or other encumbrance of any kind or nature whatsoever.

1.16     LOAN. The Loan described in Article 3 of this Agreement.

1.17     NOTE. The Promissory Note evidencing all or any portion of the
         indebtedness of Borrower to Lender (hereinafter singularly and/or
         collectively referred to as the "Note"), together with all
         modifications, renewals and extensions thereof.

1.18     OBLIGATIONS. The indebtedness, liabilities and obligations of Borrower
         to Lender arising hereunder or under any of the other Credit Documents
         or as a result hereof or thereof, whether evidenced by the Note or
         otherwise, and any and all extensions or renewals thereof in whole or
         in part; any indebtedness, liability or obligation of Borrower to
         Lender under any later or future advances or loans by Lender to
         Borrower, and any and all extensions or renewals thereof in whole or in
         part; and any and all future or additional indebtedness, liabilities or
         obligations of Borrower to Lender whatsoever, including without
         limitation the enforcement by the Lender of its rights and remedies
         under any or all of the foregoing (including all costs, expenses and
         reasonable attorneys' and paralegals' fees and expenses incurred by
         Lender), whether existing as of the date hereof or hereafter arising,
         whether arising under a loan, lease, line of credit, letter of credit
         or other type of financing, and whether direct, indirect, absolute or
         contingent, primary or secondary, and however incurred, created or
         arising or whether evidenced by, arising out of, or relating to, a
         promissory note, check draft, bond, letter of credit, lease, guaranty
         agreement or otherwise.

1.19     PERSON. Any individual, sole proprietorship, partnership, joint
         venture, trust, unincorporated organization, limited liability company,
         association, corporation, institution, entity, party, or government
         (whether national, federal, state, county, city, municipal or
         otherwise, including without limitation, any instrumentality, division,
         agency, body or department thereof).

1.20     REQUIREMENT. Any law, statute, ordinance, rule, or regulation, or
         judicial or administrative order, award, judgment or writ, injunction
         or decree, relating in any way to Borrower, its properties or assets,
         or its business, issued by the United States, the jurisdiction(s) in
         which Borrower conducts business, or in which it leases, owns or
         operates properties or assets or any political subdivision thereof, or
         any agency, department, commission, board, bureau or instrumentality of
         any of them.

                                                                          PAGE 3

<PAGE>   6

1.21     RESPONSIBLE OFFICER. The Borrower's General Counsel or, if none, the
         Borrower's Secretary.

1.22     SECURITY AGREEMENT. The security agreement pursuant to which the
         Borrower grants a security interest in and to all of the property
         described therein as security for all liabilities of the Borrower to
         Lender. The Security Agreement shall be substantially in the form of
         Exhibit B attached hereto and by this reference made a part hereof.

                                    ARTICLE 2

                              CONDITIONS PRECEDENT

         Lender's obligation under this Agreement to make the Loan described
herein on the Closing Date shall be subject to the terms and conditions of this
Agreement and the following conditions precedent:

2.1      RESOLUTIONS, CERTIFICATIONS, FEES AND EXPENSES. The Lender shall have
         received on or before the Closing Date all of the following, each dated
         (unless otherwise indicated) the Closing Date hereof, in form and
         substance satisfactory to the Lender:

         (i) Resolutions. Resolutions of the Board of Directors of the Borrower
         certified by its Secretary or an Assistant Secretary which authorize
         the execution, delivery, and performance by the Borrower of this
         Agreement and the other Credit Documents to which the Borrower is or is
         to be a party;

         (ii) Incumbency Certificate. A certificate of incumbency certified by
         the Secretary or an Assistant Secretary of the Borrower certifying the
         name of each officer of the Borrower (A) who is authorized to sign this
         Agreement and each of the other Credit Documents to which the Borrower
         is or is to be a party (including the certificates contemplated herein)
         together with specimen signatures of each such officer and (B) who
         will, until replaced by other officers duly authorized for that
         purpose, act as its representative for the purposes of signing
         documents and giving notices and other communications in connection
         with this Agreement and the transactions contemplated hereby;

         (iii) Certificate of Incorporation. The certificate of incorporation of
         Borrower certified by the Secretary or an Assistant Secretary of the
         Borrower certifying its state of organization and dated a current date;

         (iv) Bylaws. The bylaws of the Borrower certified by the Secretary or
         an Assistant Secretary of Borrower;

                                                                          PAGE 4
<PAGE>   7

         (v) Good Standing Certificates. Certificate as to the good standing of
         the Borrower under the laws of the jurisdiction of its organization or
         formation and certificates of good standing as a foreign entity
         authorized to transact business in each other jurisdiction where the
         failure to so qualify would have a material adverse effect on the
         results of operations or financial condition of Borrower.

         (vi) Guarantor Financial Statement. Financial statements consisting of
         a consolidated balance sheet, income statement and statement of cash
         flows of the Guarantor dated as of March 31, 2000.

         (vii) Note. The Note executed by the Borrower;

         (viii) Attorneys' Fees and Expenses. Evidence that the costs and
         expenses (including reasonable attorney's fees) referred to in Section
         10.22, to the extent incurred, shall have been paid in full by the
         Borrower;

         (ix) Opinion of Counsel. A favorable opinion of legal counsel to the
         Borrower as to the matters set forth in Exhibit "B" hereto, and such
         other matters as the Lender may reasonably request.

         (x) Custody Agreement Amendment. An amendment to the Custody Agreement
         to provide that the premium for the Policies reinsured under the
         Reinsurance Agreement dated January 1, 1995, as amended, between
         Borrower and Custody Agreement Beneficiary (collectively, the
         "Reinsurance Agreement"), have been transferred to the Custodian for
         the purpose of securing and paying Policy Liabilities (as defined in
         the Reinsurance Agreement) and for securing and paying the Obligations
         in the Loan Agreement.

2.2      NO EVENT OF DEFAULT. No Event of Default hereunder or any other
         indebtedness of Borrower shall have occurred and be continuing or would
         result from the execution of this Agreement or any other Credit
         Document.

2.3      REPRESENTATIONS AND WARRANTIES. All of the representations and
         warranties contained in Article 4 hereof and in the other Credit
         Documents shall be true, correct and complete in all material respects.

2.4      SECURITY DOCUMENTS. Any documents (including without limitation
         financing statements) required to be filed under the Security Agreement
         in order to create, in favor of Lender, a perfected security interest
         in the Collateral shall have been delivered or are in the process of
         being delivered to the appropriate officers in the required
         jurisdictions.

2.5      OCC APPROVAL. The Lender shall have received satisfactory evidence that
         the Office of the Comptroller of the Currency has approved the Capital
         Plan of United Credit National Bank.

                                                                          PAGE 5
<PAGE>   8

2.6      ADDITIONAL DOCUMENTATION. The Lender shall have received such
         additional approvals, opinions, or documents as the Lender or its legal
         counsel may reasonably request.

                                    ARTICLE 3

                                      LOAN

         Subject to the provisions of this Agreement, Lender agrees to make the
Loan on the Closing Date to Borrower, upon the following terms:

3.1      LOAN. Subject to the terms and conditions of this Agreement, Borrower
         shall have the right to borrow in one borrowing the sum of Two Million
         Four Hundred Thousand and No/100 ($2,400,000.00) Dollars. Principal
         amounts of the Loan paid or prepaid may not be reborrowed.

3.2      NOTE. INTEREST AND REPAYMENT TERMS. In order to evidence the Loan, the
         Borrower shall execute and deliver the Note, substantially in the form
         of Exhibit C hereto. The principal amount of the Loan shall be payable
         in accordance with, and interest on said principal amount shall accrue
         at the rate specified in and shall be payable in accordance with, the
         provisions of the Note.

3.3      USE OF PROCEEDS. Borrower shall use the proceeds of the Loan for (a)
         working capital needs of the Borrower and (b) a loan to its parent
         company.

                                    ARTICLE 4

                   REPRESENTATIONS AND WARRANTIES OF BORROWER

          To induce the Lender to enter into this Agreement and to make the Loan
hereunder on the Closing Date, the Borrower represents and warrants to the
Lender as of the date hereof, the following, which shall survive the execution
and delivery of this Agreement, the Note and the other Credit Documents to which
the Borrower is or may become a party and until all of the Obligations and
indebtedness of the Borrower have been paid, satisfied or discharged in full,
regardless of any investigation by the Lender of the Borrower's financial
condition or assets:

4.1      CORPORATE EXISTENCE. The Borrower (a) is a corporation duly organized,
         validly existing, and in good standing under the laws of the Turks &
         Caicos Islands; (b) has all requisite power and corporate authority to
         own its assets and carry on its business as now being or as proposed to
         be conducted; and (c) is qualified to do business in all jurisdictions
         in which the failure to be so qualified would have a material adverse
         effect upon the financial condition or results of operations of
         Borrower. The Borrower has the corporate power and authority and legal
         right to execute, deliver, and perform its obligations under this
         Agreement and the other Credit

                                                                          PAGE 6
<PAGE>   9

         Documents to which it is or may become a party. The Borrower has
         authorized share capital of $5,000 divided into 5,000 ordinary shares
         of $1.00 each, of which 100 ordinary shares have been issued and are
         outstanding. The remaining 4,900 ordinary shares have not been issued
         and are not outstanding.

4.2      SOLVENCY. Borrower now has and will continue to maintain during the
         term of this Agreement capital sufficient to conduct the business
         transactions in which it is currently engaged or as contemplated
         hereunder to be engaged, and is and will continue to be during the term
         of this Agreement solvent and able to pay its debts as they mature, and
         Borrower now owns and will maintain during the term of this Agreement
         property whose fair saleable value is greater than the amount required
         to pay the indebtedness evidenced by the Note, or such amounts as are
         advanced therewith.

4.3      FINANCIAL STATEMENTS. The Borrower has delivered to the Lender
         unaudited financial statements for Borrower as at and for the fiscal
         year ended December 31, 1999. Such financial statements are complete
         and correct, have been prepared in accordance with GAAP, and fairly and
         accurately present the financial condition of Borrower as of the date
         indicated therein and the results of operations for the period
         indicated therein, subject to normal year end audit adjustments. Since
         December 31, 1999 and March 31, 2000, no material adverse change in the
         Borrower's financial condition or affairs has occurred and no dividends
         on or redemptions of the Borrower's capital stock have been made.
         Except as disclosed on the financial statements for the period ended
         December 31, 1999 and March 31, 2000: (i) the Borrower has no
         indebtedness, except as permitted hereunder, or liabilities, contingent
         or otherwise; and (ii) no proceedings, suits, orders, claims,
         investigations, or other actions are pending before any court or
         governmental authority or threatened against the Borrower not covered
         by insurance.

4.4      CORPORATE ACTION; NO BREACH. The execution, delivery, and performance
         by the Borrower of this Agreement and the other Credit Documents to
         which the Borrower is or may become a party and compliance with the
         terms and provisions hereof and thereof have been duly authorized by
         all requisite corporate action on the part of the Borrower and do not
         and will not (a) violate or conflict with, or result in a breach of, or
         require any consent under (i) the certificate or articles of
         incorporation or bylaws of the Borrower, or (ii) any Requirement or
         applicable law, rule, or regulation or any order, writ, injunction, or
         decree of any governmental authority or arbitrator, or (iii) any
         agreement or instrument to which the Borrower is a party or by which
         any of it or any of its property is bound or subject, or (b) constitute
         a default under any such agreement or instrument, or result in the
         creation or imposition of any Lien upon any of the property of the
         Borrower or Guarantor.

4.5      OPERATION OF BUSINESS. Borrower possesses all licenses, permits,
         franchises, patents, copyrights, trademarks, and tradenames, or rights
         thereto, necessary to conduct its business substantially as now
         conducted and as currently proposed to be conducted, and Borrower is
         not

                                                                          PAGE 7
<PAGE>   10

         in violation in any material respect of any valid rights of others with
         respect to any of the foregoing.

4.6      LITIGATION AND JUDGMENTS. As of the date hereof, there is no action,
         suit, investigation, or proceeding before or by any governmental
         authority or arbitrator pending, or to the knowledge of the Borrower,
         threatened against or affecting Borrower which, if adversely
         determined, could reasonably be expected to have a material adverse
         effect on the financial condition or results of operations of the
         Borrower or the ability of the Borrower to timely and fully perform any
         of its payment or other obligations under this Agreement, the Note or
         any other Credit Documents to which it is or may become a party. There
         are no unstayed or undischarged judgments against Borrower which would
         constitute an Event of Default under Section 8.7.

4.7      RIGHTS IN PROPERTIES AND COLLATERAL; LIENS. Borrower has good and
         indefeasible title to or valid leasehold interests in the Collateral
         and its properties, real and personal, including the properties and
         leasehold interests reflected in the financial statements described in
         Sections 4.3 and 5.3, and none of the Collateral, the properties or
         leasehold interests of Borrower is subject to any Lien, except as
         permitted by Section 6.2.

4.8      ENFORCEABILITY. This Agreement constitutes, and the other Credit
         Documents to which the Borrower is party, when executed and delivered,
         shall constitute the legal, valid, and binding obligations of the
         Borrower, enforceable against the Borrower in accordance with their
         respective terms, except as limited by bankruptcy, insolvency, or other
         laws of general application relating to the enforcement of creditors'
         rights and general principles of equity.

4.9      APPROVALS. No authorization, approval, or consent of, and no filing or
         registration with, any governmental authority or third party (including
         any insurance regulatory authority) is or will be necessary for the
         execution, delivery, or performance by the Borrower of this Agreement
         and the other Credit Documents to which the Borrower is or may become a
         party or for the validity or enforceability thereof. Without limiting
         the generality of the forgoing, no authorization, approval, or consent
         of, and no filing or registration with, any insurance regulatory
         authority is required for the pledge of the Borrower Capital Stock by
         Borrower.

4.10     DEBT. Borrower has no Debt, except as permitted by Section 6.1.

4.11     TAXES. Borrower has filed all tax returns (federal, state, and local)
         required to be filed, including all income, franchise, employment,
         property, and sales tax returns, and has paid all of its liabilities
         for taxes, assessments, governmental charges, and other levies that are
         due and payable except for those liabilities whose amount,
         applicability, or validity is being contested in good faith by
         appropriate proceedings being diligently pursued, and for which
         adequate reserves have been established. The Borrower knows of no
         pending investigation of Borrower by any taxing authority or of any
         pending but unassessed material tax liability of Borrower.

                                                                          PAGE 8
<PAGE>   11

4.12     ERISA. Borrower is in compliance in all material respects with all
         applicable provisions of the Employee Retirement Income Security Act of
         1974, as amended from time to time, and the regulations and published
         interpretations thereunder.

4.13     DISCLOSURE. No statement, information, report, representation, or
         warranty made by the Borrower in respect of Borrower contains any
         untrue statement of a material fact or omits to state any material fact
         necessary to make the statements therein not misleading in light of the
         circumstances under which such statement, information, report,
         representation or warranty was provided. There is no fact known to the
         Borrower which has had or which could reasonably be expected to have a
         material adverse effect on (a) the properties, prospects, business,
         operations, condition (financial or otherwise), liabilities, or
         capitalization of Borrower, or (b) the value of the Collateral or the
         validity, priority or perfection of the Lien on the Collateral, or (c)
         the validity or enforceability of any of the Credit Documents or the
         rights and remedies of the Lender thereunder.

4.14     SUBSIDIARIES; CAPITALIZATION. The Borrower owns no subsidiaries.

4.15     AGREEMENTS. Borrower is not a party to any indenture, loan, or credit
         agreement, or to any lease or other agreement or instrument, or subject
         to any charter or corporate restriction that could reasonably be
         expected to have a material adverse effect on the financial condition
         or results of operations of the Borrower or the ability of the Borrower
         to timely and fully perform any of its payment or other obligations
         under this Agreement, the Note or any other Credit Documents to which
         it is or may become a party in absence of a default thereunder.
         Borrower is not in default in any material respect in the performance,
         observance, or fulfillment of any of the obligations, covenants, or
         conditions contained in any agreement or instrument material to its
         business to which it is a party.

4.16     COMPLIANCE WITH LAWS. Borrower is not in violation in any material
         respect of any applicable law, rule, regulation, order, or decree of
         any governmental authority or arbitrator, including, without
         limitation, any environmental law.

4.17     INVESTMENT COMPANY ACT. The Borrower is not an "investment company"
         within the meaning of the Investment Company Act of 1940, as amended.

4.18     LABOR DISPUTES AND ACTS OF GOD. Neither the business nor the properties
         of Borrower are affected by any fire, explosion, accident, strike,
         lockout, or other labor dispute, drought, storm, hail, earthquake,
         embargo, act of God or of the public enemy, or other casualty (whether
         or not covered by insurance) that is having or could have a material
         adverse effect on the financial condition or results of operations of
         the Borrower or the ability of the Borrower to timely and fully perform
         any of its payment or other obligations under this Agreement, the Note
         or any other Credit Documents to which it is or may become a party.

                                                                          PAGE 9
<PAGE>   12

4.19     COLLATERAL. Borrower owns, and with respect to Collateral acquired
         after the date hereof, Borrower will own, legally and beneficially, the
         Collateral free and clear of any Lien, security interest, pledge,
         claim, or other encumbrance or any right or option on the part of any
         third Person to purchase or otherwise acquire the Collateral or any
         part thereof. Borrower has the unrestricted right to pledge the
         Collateral as contemplated by the Security Agreement (except for the
         Liens created in favor of the Custody Agreement Beneficiary under the
         Custody Agreement). Except as otherwise provided herein and so long as
         this Agreement shall remain in effect, Borrower shall not further
         transfer, assign, pledge, sell, convey, encumber, release, amend, or
         surrender all or any portion of the Collateral without prior written
         consent of Lender. The principal place of business and chief executive
         office of Borrower, and the office where Borrower keeps its books and
         records, is located at the address for notices of Borrower set forth in
         this Agreement.

4.20     BORROWER'S ACTS. Borrower has done no act or omitted to do any act
         which might prevent Lender from or limit Lender in, acting under any of
         the provisions hereof.

4.21     REGULATION U. The Borrower is not engaged in the business of extending
         credit for the purpose of purchasing or carrying margin stock (within
         the meaning of Regulation U of the Board of Governors of the Federal
         Reserve System), and no part of the proceeds of the Loan made hereunder
         will be used to purchase or carry any margin stock or to extend credit
         to others for the purpose of purchasing or carrying any such margin
         stock.

4.22     DIRECTORS. No director of the Borrower has a financial interest in or
         other relationship to a party to the transactions contemplated by the
         Loan Agreement, the Note, the Security Agreement, the Custody
         Agreement, the Pledge Agreement or the Guaranty.

                                    ARTICLE 5

                    GENERAL AFFIRMATIVE COVENANTS OF BORROWER

         The Borrower (and with respect to Section 5.14, the Guarantor) hereby
covenants and agrees that, as long as the Obligations or any part thereof are
outstanding, the Borrower and its subsidiaries, if any (and with respect to
Section 5.14, the Guarantor), will jointly and severally perform and observe the
following affirmative covenants:

5.1      PAYMENT OF NOTE. Borrower and its subsidiaries shall punctually pay the
         principal and interest on the Note and all of the other Obligations in
         accordance with the terms hereof and of the other Credit Documents.

                                                                         PAGE 10
<PAGE>   13

5.2      CHANGE OF ADDRESS. If at any time hereafter, Borrower or its
         subsidiaries elects to move or changes the location of any Collateral
         from the address provided herein, Borrower or its subsidiaries shall,
         prior to such move or change in location of Collateral, give Lender
         thirty (30) days' prior written notice.

5.3      REPORTING REQUIREMENTS. The Borrower and its subsidiaries will furnish
         to the Lender:

                  (a) Financial Statements of Borrower. Borrower and its
                  subsidiaries shall furnish to Lender unaudited quarterly
                  financial statements within forty five (45) days after the end
                  of a calendar quarter, unaudited annual financial statements
                  within ninety (90) days after the end of a calendar year and
                  such further information pertaining to the financial condition
                  of the Borrower and its subsidiaries and the Collateral as
                  Lender may reasonably request; all of the foregoing to be
                  accompanied by a certificate, in a form acceptable to Lender,
                  from Borrower's President or Chief Financial Officer to the
                  effect that the financial statements fairly and accurately
                  present in conformity with GAAP, the financial position of the
                  Borrower as of the end of the reporting period and the results
                  of operations for the period then ended. All financial
                  statements of Borrower and its subsidiaries, copies of which
                  have heretofore been furnished to Lender, or which shall
                  hereinafter be furnished by Borrower and its subsidiaries to
                  Lender, are and shall be complete and are and shall fairly and
                  accurately represent the financial condition of Borrower and
                  its subsidiaries, as of the dates and for the periods referred
                  to therein, and have been or shall be prepared in accordance
                  with generally accepted accounting principles applied on a
                  consistent basis throughout the period involved.

                  (b) Notice of Litigation. Borrower shall furnish to Lender in
                  writing, promptly after the commencement thereof, and in no
                  event more than three (3) business days after commencement,
                  written notice of all actions, suits, and proceedings by or
                  before any governmental authority or arbitrator affecting the
                  Borrower or its subsidiaries.

                  (c) Notice of Default. The Responsible Officer shall promptly
                  give notice in writing to Lender, of (a) the occurrence of any
                  Event of Default under this Agreement or any of the other
                  Credit Documents or of any event of default under any material
                  instrument or other agreement of Borrower or its subsidiaries,
                  (b) any litigation, proceeding, investigation or dispute which
                  may exist at any time between Borrower or its subsidiaries and
                  any governmental or regulatory body which might substantially
                  interfere with the normal business operations of Borrower or
                  its subsidiaries, and (c) all litigation and proceedings
                  brought against Borrower or its subsidiaries which, if
                  adversely determined, would have a material adverse effect on
                  Borrower's or its subsidiaries' operations or financial
                  condition; and

                                                                         PAGE 11

<PAGE>   14
                      (d) General Information. Borrower shall furnish to Lender
                      in writing, promptly, such other information concerning
                      the Borrower or its subsidiaries (including financial
                      statements of and other reports regarding Borrower or its
                      subsidiaries) as the Lender may from time to time
                      reasonably request.

                      (e) Financial Statements of Guarantor. Borrower and its
                      subsidiaries shall cause the Guarantor to furnish to
                      Lender unaudited consolidated quarterly financial
                      statements within forty five (45) days after the end of a
                      calendar quarter, audited consolidated annual financial
                      statements with an unqualified opinion of an independent
                      certified public accounting firm acceptable to Lender
                      within ninety (90) days after the end of a calendar year
                      and such further information pertaining to the financial
                      condition of the Guarantor and its subsidiaries as Lender
                      may reasonably request. All financial statements of
                      Guarantor and its subsidiaries, copies of which have
                      heretofore been furnished to Lender, or which shall
                      hereinafter be furnished by Guarantor and its subsidiaries
                      to Lender, are and shall be complete and are and shall
                      fairly and accurately represent the financial condition of
                      Guarantor and its subsidiaries, as of the dates and for
                      the periods referred to therein, and have been or shall be
                      prepared in accordance with generally accepted accounting
                      principles applied on a consistent basis throughout the
                      period involved, subject, in the case of unaudited
                      consolidated quarterly financial statements, to normal and
                      recurring year end audit adjustments and the absence of
                      full and complete financial footnotes and other matters as
                      permitted by generally accepted accounting principles for
                      the presentation of unaudited condensed interim financial
                      information.

5.4      MAINTENANCE OF EXISTENCE: CONDUCT OF BUSINESS. The Borrower and its
         subsidiaries will preserve and maintain its corporate existence and all
         of its leases, privileges, licenses, permits, franchises,
         qualifications, and rights that are necessary or desirable in the
         ordinary conduct of its business. The Borrower and its subsidiaries
         will conduct its business in an orderly and efficient manner in
         accordance with good business practices.

5.5      MAINTENANCE OF PROPERTIES AND COLLATERAL. The Borrower and its
         subsidiaries will maintain, keep, and preserve all of its properties
         necessary or useful in the proper conduct of its business and the
         Collateral in good repair, working order, and condition and make all
         necessary repairs, renewals, replacements, betterments, and
         improvements thereof.

5.6      TAXES AND CLAIMS. The Borrower and its subsidiaries will pay or
         discharge at or before maturity or before becoming delinquent (a) all
         taxes, levies, assessments, and governmental charges imposed on it or
         its income or profits or any of its property, and (b) all lawful claims
         for labor, material, and supplies, which, if unpaid, might become a
         Lien upon any of its property; provided, however, that the Borrower and
         its subsidiaries shall not be required to pay or discharge any tax,
         levy, assessment, or governmental charge or claim for labor, material,
         or supplies whose amount,

                                                                         PAGE 12
<PAGE>   15

         applicability, or validity is being contested in good faith by
         appropriate proceedings being diligently pursued and for which
         adequate reserves have been established.

5.7      INSURANCE. The Borrower and its subsidiaries will keep insured by
         financially sound and reputable insurers all property of a character
         usually insured by entities engaged in the same or similar business
         similarly situated and the Collateral against loss or damage of the
         kinds and in the amounts customarily insured against by such entities
         and carry such other insurance as is usually carried by such entities.

5.8      INSPECTION RIGHTS. When no Event of Default exists and subject to all
         confidentiality agreements entered into by the Borrower in the ordinary
         course of its business (including those entered into in connection with
         equity and asset acquisitions and the acquisition and use of
         intellectual property) and the limitations on disclosure imposed
         therein, the Borrower and its subsidiaries will permit representatives
         of the Lender, during normal business hours and upon no less than two
         (2) business days prior notice, to examine, copy, and make extracts
         from its books and records, to visit and inspect its properties and the
         Collateral, and to discuss its business, operations, and financial
         condition and the Collateral with its officers, employees, and
         independent certified public accountants. If an Event of Default
         exists, the Borrower and its subsidiaries will permit representatives
         of the Lender, during normal business hours but without prior notice,
         to examine, copy, and make extracts from its books and records, to
         visit and inspect its properties and the Collateral, and to discuss its
         business, operations, and financial condition and the Collateral with
         its officers, employees, and independent certified public accountants,
         at the expense of Borrower.

5.9      KEEPING BOOKS AND RECORDS. The Borrower and its subsidiaries will
         maintain proper books of record and account in which full, true, and
         correct entries in conformity with GAAP shall be made of all dealings
         and transactions in relation to its business and activities.

5.10     COMPLIANCE WITH LAWS. The Borrower and its subsidiaries will comply in
         all material respects with all applicable laws, rules, regulations,
         orders, and decrees of any governmental authority or arbitrator.

5.11     COMPLIANCE WITH AGREEMENTS. The Borrower and its subsidiaries will
         comply in all material respects with all agreements, contracts, and
         instruments binding on it or affecting its properties or business.

5.12     FURTHER ASSURANCES. The Borrower and its subsidiaries will execute and
         deliver such further documents and take such further action as may be
         requested by the Lender to carry out the provisions and purposes of
         this Agreement and the other Credit Documents.

5.13     USE OF PROCEEDS OF LOAN. The Borrower will use the Loan proceeds as set
         forth in Section 3.3.

                                                                         PAGE 13
<PAGE>   16

5.14     REINSURANCE OBLIGATIONS. The Borrower, its subsidiaries and the
         Guarantor will cause MEGA (as defined in the Reinsurance Agreement) to
         either (a) assume all liabilities and obligations of Borrower under
         this Agreement and the Credit Documents to which Borrower is or may
         become a party and all related documents and furnish Lender with
         satisfactory evidence that UICI has guaranteed the liabilities and
         obligations assumed by MEGA or (b) reinsure with Borrower the same
         percentage of the UGA Business (as defined in the Reinsurance
         Agreement) as reinsured pursuant to the Reinsurance Agreement
         immediately prior to the assumption and novation by MEGA and maintain
         such reinsurance in force at all times during which there is an
         outstanding balance under this Agreement or the Credit Documents. The
         Borrower, its subsidiaries and the Guarantor will cause MEGA to execute
         all documents and take all actions necessary to evidence the assumption
         of liability in the case of (a) or the reinsurance and Lender's first
         priority security interest in all right, title and interest of Borrower
         in such reinsurance in the case of (b) to the reasonable satisfaction
         of Lender.

                                    ARTICLE 6

                     GENERAL NEGATIVE COVENANTS OF BORROWER

         The Borrower covenants and agrees that, as long as the obligations or
any part thereof are outstanding, the Borrower and its subsidiaries, if any,
will jointly and severally perform and observe the following negative covenants:

6.1      DEBT. The Borrower and its subsidiaries will not incur, create, assume,
         or permit to exist any Debt, except:

                  (a) Debt in the amount disclosed in Schedule X hereto and any
                  extensions, renewals or refinancings of such existing Debt so
                  long as (i) the principal amount of such Debt after such
                  renewal, extension or refinancing shall not exceed the
                  principal amount of such Debt which was outstanding
                  immediately prior to such renewal, extension or refinancing,
                  and (ii) such Debt shall not be secured by any assets other
                  than assets securing such Debt, if any, prior to such renewal,
                  extension or refinancing;

6.2      LIMITATION ON LIENS. The Borrower and its subsidiaries will not incur,
         create, assume, or permit to exist any Lien upon the Collateral or any
         of its property, whether now owned or hereafter acquired, except the
         following:

                  (a) Liens disclosed on Schedule Y hereto, and Liens created
                  and existing in connection with any extensions, renewals or
                  refinancings of the Debt secured by such Liens as

                                                                         PAGE 14
<PAGE>   17

                  permitted under Section 6.1(a), provided that (i) no such Lien
                  is expanded to cover any additional property (other than after
                  acquired title in or on such property and proceeds of the
                  existing collateral and other than property having no greater
                  fair market value than the existing collateral for which such
                  property is being substituted as new collateral) after the
                  date hereof; and (ii) no such Lien is spread to secure any
                  additional Debt after the date hereof;

                  (b) Encumbrances consisting of easements, zoning restrictions,
                  or other restrictions on the use of real property that do not
                  (individually or in the aggregate) materially affect the value
                  of the property encumbered thereby or materially impair the
                  ability of Borrower or its subsidiaries to use such property
                  in its business, and none of which is violated in any material
                  respect by existing or proposed structures or land use;

                  (c) Liens (other than Liens relating to liabilities resulting
                  from the violation of Environmental Laws or ERISA) for taxes,
                  assessments, or other governmental charges that are not
                  delinquent or which are being contested in good faith and for
                  which adequate reserves have been established;

                  (d) Liens of mechanics, materialmen, warehousemen, carriers,
                  or other similar statutory Liens securing obligations that are
                  not yet due and are incurred in the ordinary course of
                  business or which are being contested in good faith and for
                  which adequate reserves have been established; and

                  (e) Liens created pursuant to the Custody Agreement.

6.3      MERGERS, ETC. The Borrower and its subsidiaries will not become a party
         to a merger or consolidation, or purchase or otherwise acquire all of
         the properties of any Person or purchase or acquire properties of an
         Person with a book value in excess of ten percent (10%) of the book
         value of all properties of the Borrower (as determined as of the date
         of acquisition) or any shares or other evidence of beneficial ownership
         of any Person, or wind-up, dissolve, or liquidate itself.

6.4      TRANSACTIONS WITH AFFILIATES. The Borrower and it subsidiaries will not
         enter into any transaction, including, without limitation, the
         purchase, sale, loan, or exchange of property or the rendering of any
         service, with any affiliate of the Borrower and its subsidiaries,
         except in the ordinary course of and pursuant to the reasonable
         requirements of Borrower's and its subsidiaries' business and upon fair
         and reasonable terms no less favorable to Borrower and its subsidiaries
         than would be obtained in a comparable arms-length transaction with an
         entity not an affiliate of the Borrower or such subsidiary.

6.5      DISPOSITION OF PROPERTY. The Borrower and its subsidiaries will not
         sell, lease, assign, transfer, or otherwise dispose of any of its
         property (including the Collateral), except (a) dispositions of
         inventory, in the ordinary course of business; (b) dispositions of
         assets reasonably and in good

                                                                         PAGE 15
<PAGE>   18

         faith determined by Borrower and its subsidiaries to be obsolete or no
         longer necessary to its business if no Event of Default exists or would
         result therefrom; (c) licenses, sublicenses, leases and subleases of
         intellectual property, general intangibles, or other property (other
         than capital stock), in each case in the ordinary course of business,
         that do not materially interfere with the business of Borrower and its
         subsidiaries; (d) the sale of overdue accounts receivable arising in
         the ordinary course of business, but only in connection with the
         compromise or settlement thereof; (e) the disposition of property by
         Borrower and its subsidiaries in connection with reinsurance treaties
         or agreements entered into in the ordinary course of business; and (f)
         the disposition of investments in the ordinary course of business in
         connection with the management of its investment portfolio provided the
         proceeds thereof are utilized to satisfy liabilities and expenses
         incurred in the ordinary course of business. The Borrower and its
         subsidiaries shall not sell or otherwise dispose of any of its assets
         for any consideration that is less than a fair market value.

6.6      LINES OF BUSINESS. The Borrower and its subsidiaries will not engage in
         any line or lines of business activity other than the insurance
         business, other businesses in which it is engaged on the date hereof,
         any businesses reasonably related thereto and the sale of products or
         services utilizing the existing channels of distribution currently
         utilized by Borrower and its subsidiaries.

6.7      RESTRICTIONS ON SUBSIDIARIES. Borrower will not permit any subsidiary
         to make any investment in, provide any guarantee for the benefit of, or
         make any type of deposit with any subsidiary engaged in the credit card
         business (including, without limitation, United Credit National Bank)
         or any subsidiary owning such a subsidiary.

6.8      SHARES OF CAPITAL STOCK. The Borrower will not issue, or allow to be
         issued, any capital stock of the Borrower in addition to the 100 shares
         of capital stock currently issued and outstanding and described in
         Section 4.1 hereof.

                                    ARTICLE 7

                               FINANCIAL COVENANTS

         The Borrower covenants and agrees that, as long as the Obligations or
any part thereof are outstanding, the Borrower and its subsidiaries, if any,
will jointly and severally perform and observe the following financial
covenants:

7.1      BORROWER CAPITAL. The Borrower and its subsidiaries shall cause the
         statutory capital and surplus of Borrower, as determined in accordance
         with GAAP, at all times to be no less than One Million Dollars
         ($1,000,000).

                                                                         PAGE 16
<PAGE>   19

                                    ARTICLE 8

                                EVENTS OF DEFAULT

         The occurrence of any events or conditions described in Sections 8.1
through 8.11 shall constitute an Event of Default hereunder, provided that any
requirement for the giving of notice or the lapse of time, or both, has been
satisfied.

8.1      NOTE. Borrower shall fail to pay (a) when due any payment of principal
         and (b) within 3 business days of the date due any interest on the
         Note.

8.2      OBLIGATIONS. Borrower shall fail to make any payments of any of the
         other Obligations, within 5 business days after the date Borrower
         receives written notice of the failure to pay when due such other
         Obligations.

8.3      MISREPRESENTATIONS. Any representation, warranty or statement made by
         Borrower herein, in the Note or in the Security Agreement which is or
         proves to have been incorrect, untrue or misleading in any material
         respect when made, or becomes incorrect, untrue or misleading in any
         material respect at any time any amount remains unpaid on account of
         any of the Obligations.

8.4      COVENANTS. Borrower fails to keep, observe, perform, carry out or
         execute in every particular its respective covenants, agreements,
         obligations or conditions contained in this Agreement, in the Note or
         in the Security Agreement.

8.5      VOLUNTARY BANKRUPTCY. Borrower shall file a voluntary petition in
         bankruptcy or a voluntary petition or answer seeking liquidation,
         reorganization, arrangement or readjustment of its debts, or for any
         other relief under the Bankruptcy Code, or under any other act or law
         pertaining to insolvency or debtor relief, whether state, Federal or
         foreign, now or hereafter existing; Borrower shall enter into any
         agreement indicating its consent to, approval of, or acquiescence in,
         any such petition or proceeding, Borrower shall apply for or permit the
         appointment by consent or acquiescence of a receiver, custodian or
         trustee of Borrower for all or a substantial part of its property;
         Borrower shall make an assignment for the benefit of its creditors;
         Borrower shall be unable or shall fail to pay its debts generally as
         such debts become due; Borrower shall commit any act which would
         provide grounds for the entry of an order for relief under any chapter
         of the Bankruptcy Code.

8.6      INVOLUNTARY BANKRUPTCY. There shall have been filed against Borrower an
         involuntary petition in bankruptcy or seeking liquidation,
         reorganization, arrangement or readjustment of its debts or for any
         other relief under the Bankruptcy Code, or under any other act or law
         pertaining to insolvency or debtor relief, whether state, Federal or
         foreign, now or hereafter existing; Borrower shall suffer or permit the
         involuntary appointment of a receiver, custodian or trustee of Borrower
         for all or a substantial part of its property; Borrower shall suffer or
         permit the issuance of a

                                                                         PAGE 17
<PAGE>   20
         warrant of attachment or garnishment, execution or similar process
         against all or any substantial part of the property of Borrower; or
         Borrower shall commit any act which would provide grounds for the entry
         of an order for relief under any chapter of the Bankruptcy Code.

8.7      JUDGEMENTS. If a judgement for the payment of money in excess of
         $50,000 shall have been rendered by any court of competent jurisdiction
         against Borrower and the same shall not have been discharged or varied
         or execution thereunder stayed, whether pursuant to appeal or
         otherwise, within ninety (90) days of the entry thereof, or if any
         order, ruling or direction of any competent authority is issued with
         respect to Borrower which materially adversely affects Borrower or
         which requires a substantial or material adverse change in the business
         or affairs of Borrower or any material disposition of assets of
         Borrower.

8.8      TAX LIENS. If any federal, state or local tax lien is filed of record
         against Borrower and is not bonded or discharged within ninety (90)
         days.

8.9      DEEMED INSECURE. Lender, at any time and in good faith, shall deem
         itself insecure (and for purposes of this Agreement, Lender shall be
         entitled to deem itself insecure when some event occurs, fails to
         occur, or is threatened or some objective condition exists or is
         threatened which materially impairs the prospects that any of the
         Obligations will not be paid when due, or which materially affects the
         financial or business condition or results of operations of the
         Borrower).

8.10     EVIDENCE OF NO DEFAULT. Lender shall reasonably suspect the occurrence
         of one or more of the aforesaid Events of Default and Borrower, upon
         request of Lender, shall fail to provide within three (3) business
         days evidence reasonably satisfactory to Lender that any such Event of
         Default has not in fact occurred.

8.11     GUARANTY NOT EFFECTIVE. Guarantor provides notice or Lender receives
         other information relating to the validity or enforceability of the
         Guaranty or the Guarantor fails to keep, observe, perform, carry out or
         execute in every particular its respective covenants, agreements,
         obligations or conditions contained in Section 5.14 hereof relative to
         certain reinsurance agreements.

                                    ARTICLE 9

                                    REMEDIES

         Upon the occurrence of any one or more Events of Default, Lender's
obligation to extend any financing under this Agreement shall immediately cease
and at its option and in addition to and not in lieu of any remedies provided
for in the Credit Documents, or any other statute or rule of law or equity, all
of which may be exercised successively or concurrently, Lender shall be entitled
to exercise any and

                                                                         PAGE 18
<PAGE>   21

all remedies available to it at law or in equity. Upon the occurrence or
existence of any Event of Default, interest on the principal amount of the Loan
shall accrue and be payable at the Default Interest Rate and the Note and all
other Obligations shall be and become forthwith, due and payable without any
presentment, further or other demand, protest, notice of any of the foregoing or
other notice of any kind, all of which are hereby expressly waived
notwithstanding anything contained herein or in the Note to the contrary.

         The Lender shall have, in addition to the rights and remedies given to
it under this Agreement, the Note and the Credit Documents, all of the rights
and remedies of a secured party under the Uniform Commercial Code as enacted in
any jurisdiction in which any of the Collateral of the Borrower or the Guarantor
may be located, and all rights and remedies allowed by all applicable Laws, all
of which rights and remedies shall be cumulative and non-exclusive, to the
extent permitted by said Laws.

         Upon an Event of Default, the Borrower, immediately upon demand by the
Lender, shall assemble the Collateral and make it available to the Lender at a
place or places to be designated by the Lender which is reasonably convenient to
the Lender and the Borrower. Any notice required to be given by the Lender of
sale, lease, other disposition of the Collateral or any other intended action by
the Lender, deposited in the United States mail, postage prepaid and duly
addressed to Borrower at the address specified in this Agreement not less than
ten (10) days prior to such proposed action, shall constitute commercially
reasonable and fair notice to the Borrower thereof. Upon an Event of Default,
the Borrower agrees that the Lender may, if the Lender deems it reasonable,
postpone or adjourn any such sale of the Collateral from time to time by an
announcement at the time and place of sale or by announcement at the time and
place of such postponed or adjourned sale, without being required to give a new
notice of sale. The Borrower agrees that the Lender has no obligation to
preserve rights against prior parties to the Collateral. Further, to the extent
permitted by law, the Borrower waives and releases any cause of action and claim
against the Lender as a result of the Lender's possession, collection or sale of
the Collateral, any liability or penalty for failure of the Lender to comply
with any requirement imposed on the Lender relating to notice of sale, holding
of sale or reporting of sale of the Collateral, and any right of redemption from
such sale, except for the Lender's gross negligence or willful misconduct.

                                   ARTICLE 10

                               GENERAL OBLIGATIONS

         The following conditions shall be applicable throughout the term of
this Agreement, to this Agreement and to the other Credit Documents:

10.1     RIGHTS OF THIRD PARTIES. All conditions of the obligations of Lender
         hereunder and under any of the other Credit Documents are imposed
         solely and exclusively for the benefit of Borrower and its successors
         and assigns and no other person or entity shall have standing to
         require satisfaction of

                                                                         PAGE 19
<PAGE>   22

         such conditions in accordance with their terms in the absence of strict
         compliance with any or all thereof, and no other person or entity
         shall, under any circumstances be deemed to be a beneficiary of such
         conditions, any and all of which may be freely waived in whole or in
         part by Lender at any time if in its sole discretion it deems it
         desirable to do so. Borrower shall and does indemnify Lender from and
         against any liabilities, claims or losses resulting from the
         disbursement of the proceeds of the Loan. This provision shall survive
         the repayment of the Loan and shall continue in full force and effect
         so long as the possibility of such liabilities, claims or losses
         exists.

10.2     EVIDENCE OF SATISFACTION OF CONDITIONS. Any condition of this Agreement
         or any of the other Credit Documents which requires the submission of
         evidence of the existence or non-existence of a specified fact or facts
         implied as a condition the existence or non-existence, as the case may
         be, of such fact or facts, and Lender shall, at all times, be free
         independently to establish to its satisfaction and in its absolute
         discretion such existence or non-existence.

10.3     NO AGENCY. Lender is not the Lender or representative of Borrower, and
         Borrower is not the Lender or representative of Lender, and nothing in
         this Agreement or any of the other Credit Documents shall be construed
         to make Lender liable to anyone for goods delivered to or labor or
         services performed upon any property of Borrower or for debts or
         claims accruing against Borrower.

10.4     NO PARTNERSHIP, JOINT VENTURE OR CONTROL RELATIONSHIP. Neither this
         Agreement nor any of the other Credit Documents shall in any respect be
         interpreted, deemed or construed as making Lender a partner or joint
         venturer with, or providing Lender with any rights to control the
         business or conduct of Borrower (or any entities related to or
         affiliated with Borrower) or to influence decisions relating to the
         Borrower's business operations or the business operations of any
         entities related to or affiliated with Borrower, or creating any
         similar relationship or entity, and Borrower agrees that it will not
         make any contrary assertion, contention, claim or counterclaim in any
         action, suit or other legal proceeding involving Lender and Borrower.

10.5     NO ASSIGNMENT BY BORROWER. This Agreement and the other Credit
         Documents may not be assigned by Borrower without the written consent
         of Lender. If Lender approves any such assignment by Borrower, Lender
         shall be entitled to make advances to such assignee and such advances
         shall be evidenced by the Note and secured by the Credit Documents.
         Borrower shall remain liable for payment of all sums advanced hereunder
         before and after such assignment.

10.6     ASSIGNMENT BY LENDER. The Note, this Agreement, and any and all of the
         other Credit Documents may be endorsed, assigned, and transferred in
         whole or in part by Lender, and any such holder and assignee of same
         shall succeed to and be possessed of the rights of Lender under all of
         the same to the extent transferred and assigned.

                                                                         PAGE 20
<PAGE>   23

10.7     ENTIRE AGREEMENT. This Agreement contains the entire terms of the
         agreement between Borrower and Lender covering the disbursement of the
         Loan and the use of the Loan by Borrower.

10.8     NOTICES. Any and all notices, elections, demands, requests and
         responses thereto permitted or required to be given under this
         Agreement or any of the other Credit Documents shall be in writing,
         signed by or on behalf of the party giving the same, and shall be
         deemed to have been properly given and shall be effective upon being
         personally delivered, or upon being deposited in the United States Post
         Office, postage prepaid, certified with return receipt requested, to
         the other party at the address of such other party set forth below or
         at such other address within the continental United States as such
         other party may designate by notice specifically designated as a notice
         of change of address and given in accordance herewith; provided,
         however, that the time period in which any response to any such notice,
         election, demand or request must be given shall commence on the date of
         receipt thereof; and provided further that no notice of change of
         address shall be effective until the date of receipt thereof. Personal
         delivery to a party or to any officer, partner, agent or employee of
         such party at such address shall constitute receipt. Rejection or other
         refusal to accept or inability to deliver because of changed address of
         which no notice as been received shall also constitute receipt. Any
         such notice, election, demand, request or response, if given to Lender
         shall be addressed as follows:

                              Money Services, Inc.
                              4333 Edgewood Road, N. E.
                              Cedar Rapids, Iowa 52499
                              Attention: General Counsel

         and, if given to Borrower, shall be addressed as follows:

                              FINANCIAL SERVICES REINSURANCE LTD.
                              c/o UICI
                              4001 McEwen Drive
                              Dallas, TX 75244
                              Attn: Executive Vice President and General Counsel

10.9     SUCCESSORS AND ASSIGNS INCLUDED IN PARTIES. Whenever in this Agreement
         or in any other Credit Document any party is named or referred to, the
         heirs, executors, legal representatives, successors,
         successors-in-title and assigns of such parties shall be included, and
         all covenants and agreements contained in this Agreement or in any
         other Credit Document by or on behalf of Borrower or by or on behalf of
         Lender shall bind and inure to the benefit of their respective heirs,
         executors, legal representatives, successors, successors-in-title and
         assigns whether so expressed or not; provided, however, that nothing
         contained in this Agreement or in any other Credit Document shall or
         shall

                                                                         PAGE 21
<PAGE>   24

         be deemed to limit or act in derogation of any restriction on transfer
         or assignment impressed upon Borrower in any of the Credit Documents.

10.10    HEADINGS. The headings of the articles, paragraphs and subparagraphs of
         this Agreement and the other Credit Documents are for the convenience
         of reference only, are not to be considered a part hereof or thereof
         and shall not limit or otherwise affect any of the terms hereof or
         thereof.

10.11    INVALID PROVISION TO AFFECT NO OTHERS. In fulfillment of any provision
         hereof or in any of the Credit Documents or any transaction related
         thereto at the time performance of such provision shall be due, shall
         involve transcending the limit of validity presently prescribed by any
         applicable usury statute or any other applicable law, with regard to
         obligations of like character and amount, then ipso facto, the
         obligation to be fulfilled shall be reduced to the limit of such
         validity; and if any clause or provision herein or therein contained
         operates or would prospectively operate to invalidate this Agreement or
         any of the other Credit Documents, in whole or in part, then such
         clause or provision only shall be held for naught, as though not herein
         or therein contained, and the remainder of this Agreement or such other
         Credit Document shall remain operative and in full force and effect.

10.12    NUMBER AND GENDER. Whenever the singular or plural number, or the
         masculine, feminine or neuter gender is used herein or in any other
         Credit Document, it shall equally include the other.

10.13    AMENDMENTS. Neither this Agreement nor any of the other Credit
         Documents, nor any provisions hereof or thereof may be changed, waived,
         discharged or terminated orally, but only by an instrument in writing
         signed by the party against whom enforcement of the change, waiver
         discharge or termination is sought.

10.14    GOVERNING LAW. This Agreement and the other Credit Documents shall be
         governed by and construed in accordance with the laws of the State of
         Iowa, except to the extent otherwise specified in any of the other
         Credit Documents in which event the specification of governing law in
         such other Credit Documents shall control.

10.15    NO WAIVER. No delay or failure on the part of any party hereto or to
         any of the other Credit Documents of the exercise of any right or
         remedy hereunder or thereunder shall operate as a waiver thereof, and
         no single or partial exercise of any right or remedy hereunder or
         thereunder shall preclude other or further exercise thereof or the
         exercise of any other right or remedy. No action or forbearance by any
         party contrary to the provisions of this Agreement or of any other
         Credit Document shall be construed to constitute a waiver of any of the
         express provisions hereof or thereof. Specifically, but without
         limiting the foregoing provisions of this paragraph, Lender may waive
         any Event of Default, and, in such event, such Event of Default shall
         be deemed nonexistent ab initio and shall have no effect upon this
         Agreement; provided, however, that no such

                                                                         PAGE 22
<PAGE>   25

         waiver shall be effective whatsoever unless the same is in writing,
         specifically describes each or Event of Default waived and is duly
         executed by an officer of Lender.

10.16    MAXIMUM INTEREST RATE. Anything in the Note, this Agreement or any of
         the other Credit Documents to the contrary notwithstanding, it is
         understood and agreed by the parties that, if by reason of acceleration
         or otherwise, interest paid or contracted to be paid by Borrower on the
         loan shall exceed the maximum amount permitted by applicable law, the
         excess shall be credited on interest accrued or principal, or both, so
         that such interest shall not exceed the maximum amount permitted by
         such law, provided that this paragraph shall not have any effect if
         there is no applicable law regulating the amount of interest which can
         be paid on the Loan or if no usury defense is available to Borrower.

10.17    LENDER'S LIABILITY. No action shall be commenced by Borrower for any
         claim against Lender under the terms of this Agreement or any of the
         other Credit Documents unless notice thereof, specifically setting
         forth the claim of Borrower, shall have been given to Lender within
         fifteen (15) days after the occurrence of the event or omission which
         Borrower alleges gave rise to such claim, and failure to give such
         notice shall constitute a waiver of any such claim.

10.18    SUMS HELD BY LENDER. Lender shall not, except to the extent required by
         law or otherwise provided in any Credit Document, have any obligation
         to pay interest on any sums from time to time deposited by Borrower
         with Lender, or otherwise collected by Lender, pursuant to this
         Agreement or any of the other Credit Documents.

10.19    CONFLICT WITH CREDIT DOCUMENTS. Except as otherwise specifically set
         forth herein or in the other Credit Documents, in the event of any
         conflict between the provisions hereof and any of the other Credit
         Documents, the provisions hereof shall govern but, in the absence of
         conflict, nothing herein shall restrict the rights or remedies of
         Lender under any of the other Credit Documents.

10.20    CONSTRUCTION OF AGREEMENT. No provision of this Agreement or of any
         other Credit Document shall be construed against or interpreted to the
         disadvantage of any party hereto or thereto by any court or other
         governmental or Judicial authority by reason of such party having or
         being deemed to have structured or dictated such provision.

10.21    PLACE AND MANNER OF PAYMENT. Payments of principal and interest
         becoming due and payable on the Note or any other Credit Document are
         to be made in lawful money of the United States of America and shall be
         made in Cedar Rapids, Iowa at the office of Lender or at such other
         place as Lender shall designate by written notice to Borrower. All
         payments shall be made by wire transfer for credit to the account of
         Lender, and provide sufficient information with description,
         identification numbers, principal and interest with such wire transfer
         to identify the source and application of the payments.

                                                                         PAGE 23

<PAGE>   26

10.22    PAYMENT ON NON-BUSINESS DAYS. Whenever any payment to be made under the
         Note or any other Credit Document shall be stated to be due on a
         Saturday, Sunday, or a public holiday under the laws of the State of
         Iowa, such payment may be made on the next succeeding business day, and
         such extension of time shall in such case be included in the
         computation of payment of interest under the Note or such other Credit
         Document.

10.23    EXPENSES. The Borrower hereby agrees to pay on demand: (a) all
         reasonable out-of-pocket costs and expenses of the Lender in connection
         with the preparation, negotiation, execution, and delivery of this
         Agreement and the other Credit Documents and any and all amendments,
         modifications, renewals, extensions, and supplements thereof and
         thereto, including, without limitation, the reasonable fees and
         expenses of legal counsel for the Lender, (b) all out-of-pocket costs
         and expenses of the Lender in connection with any Event of Default and
         the enforcement of this Agreement or any other Credit Document,
         including, without limitation, the reasonable fees and expenses of
         legal counsel for the Lender, (c) all transfer, stamp, documentary, or
         other similar taxes, assessments, or charges levied by any governmental
         authority in respect of this Agreement or any of the other Credit
         Documents, and (d) all other out-of-pocket costs and expenses incurred
         by the Lender in connection with this Agreement or any other Credit
         Document.

10.24    EQUITABLE RELIEF. The Borrower recognizes that in the event the
         Borrower fails to pay, perform, observe, or discharge any or all of the
         Obligations, any remedy at law may prove to be inadequate relief to the
         Lender. The Borrower therefore agrees that the Lender, if the Lender so
         requests, shall be entitled to temporary and permanent injunctive
         relief in any such case without the necessity of proving actual
         damages.

10.25    COUNTERPARTS. This Agreement may be executed in several counterparts,
         each of which shall be regarded as the original and all of which shall
         constitute one and the same Agreement.

10.26    CONSENT TO JURISDICTION AND WAIVER OF JURY TRIAL AND PERSONAL SERVICE.
BORROWER KNOWINGLY, VOLUNTARILY, INTENTIONALLY AND EXPRESSLY SUBMITS AND
CONSENTS TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED WITHIN LINN
COUNTY, IOWA IN ANY ACTION, SUIT OR PROCEEDING COMMENCED THEREIN IN CONNECTION
WITH OR WITH RESPECT TO OR IN RESPECT OF THE OBLIGATIONS, THIS AGREEMENT, THE
NOTE OR ANY OTHER CREDIT DOCUMENTS (INCLUDING, WITHOUT LIMITATION, ANY DEFENSES
OR COUNTER CLAIMS THEREIN) AND WAIVES ANY OBJECTION TO VENUE IN CONNECTION
THEREWITH. BORROWER HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS OR
PAPERS ISSUED OR SERVED IN CONNECTION WITH THE FOREGOING AND AGREES THAT SERVICE
OF SUCH PROCESS OR PAPERS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, POSTAGE
PREPAID, RETURN RECEIPT REQUESTED, DIRECTED TO THE BORROWER AS SET FORTH IN
SECTION 10.8 ABOVE. THE LENDER AND THE BORROWER HEREBY WAIVE TRIAL BY JURY IN
ANY ACTION, SUIT OR PROCEEDING (INCLUDING, WITHOUT

                                                                         PAGE 24

<PAGE>   27

LIMITATION, ANY DEFENSES OR COUNTERCLAIMS THEREIN), WHETHER IN CONTRACT OR TORT,
AT LAW OR IN EQUITY, ARISING OUT OF OR IN ANY WAY RELATED TO THIS AGREEMENT, THE
NOTE OR ANY OTHER DOCUMENTS.

(The remainder of this page has been left blank intentionally. Signatures appear
on the following page)

                                                                         PAGE 25
<PAGE>   28

         IN WITNESS WHEREOF, Borrower and Lender have executed this Agreement
under seal as of the date first above written.

                                      LENDER:

                                      MONEY SERVICES, INC.
                                      a Delaware corporation

                                      BY:
                                          ---------------------------
                                      NAME:   Patrick DePalma
                                      TITLE:  President

                                      GUARANTOR:

                                      UICI
                                      a Delaware corporation

                                      BY: /s/ GLENN W. REED
                                          ---------------------------
                                      NAME:   Glenn W. Reed
                                      TITLE:  Executive Vice President

                                      BORROWER:

                                      FINANCIAL SERVICES REINSURANCE LTD.
                                      a Turks & Caicos Islands corporation

                                      BY: /s/ ROBERT B. ULACH
                                          ---------------------------
                                      NAME:   ROBERT B. ULACH
                                      TITLE:  Vice President

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