1
ASSIGNMENT OF RECEIVABLE
------------------------
This agreement is made and enter into effective as of the 31st day of
March, 1997, by and between TCO Insurance Services, Inc., an Illinois
corporation ("TCO"), and Alpine Insurance Company, an Illinois corporation
("Alpine").
WHEREAS, that certain Insurance Underwriting Management Agreement
("IUMA"), effective April 1, 1987 was executed between TCO and United National
Insurance Company, et al; ("United"); and,
WHEREAS, TCO, from time to time, receives interest on funds held by United
under the terms of said IUMA;
WHEREAS, the current receivable of TCO from United regarding said interest
funds is the amount of $530,801.33; and,
WHEREAS, TCO is obligated to Alpine under a certain promissory note
pursuant to that certain Reformed First Amended and Restated Loan Agreement
("Loan Agreement") effective December 30, 1993; and,
WHEREAS, TCO desires to assign to Alpine a certain amount of its
receivable from United under said IUMA, as and for payment of interest amounts
due Alpine under said Loan Agreement, and Alpine wishes to receive an
assignment of said receivable from TCO;
NOW THEREFORE, in consideration of the foregoing premises and the mutual
covenants hereinafter set forth, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:
1. TCO hereby assigns and transfers to Alpine $64,000 of its receivable
from United under the IUMA herein before described, as and for payment of
current interest due to Alpine under the Loan Agreement, and Alpine hereby
agrees to and does accept the described assignment of receivable as in for
payment of $64,000 of interest under said Loan Agreement.
2. This Assignment shall be binding upon and inure to the benefit of the
parties hereto, and their respective administrators, and successors in interest.
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of
the 30th day of June, 1997.
TCO Insurance Services, Inc., Alpine Insurance Company,
an Illinois corporation an Illinois corporation
By: /s/ By: /s/
--------------------------- ---------------------------
Its: Secretary Its: CFO
--------------------------- ---------------------------
