Exhibit 10(a)(1)
AMENDMENT
Dated April 14, 1998
to
Dated October 27, 1993
WHEREAS, Protective Life Insurance Company ("Guarantor") and American Foundation Life Insurance
Company ("American") entered into a Guaranty Agreement between them dated October 27, 1993; and
WHEREAS,
Guarantor and American have agreed to clarify their intention and understanding
with respect to the terms of enforcement of the Guaranty Agreement;
NOW, THEREFORE,
Guarantor and American agree that the Guaranty Agreement is amended to include
the following provision:
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This
guaranty may be enforced only if American is unable to pay its obligations when
as they become due, or if American is placed in rehabilitation, receivership,
liquidation or similar proceeding. This guaranty may be enforced only by
American or its successor (including without limitation its rehabilitator,
receiver or liquidator).
WITNESS the
signature of the undersigned on this 14th day of April, 1998.
PROTECTIVE LIFE INSURANCE COMPANY
/S/ XXXXX X. XXXXXXXX
Xxxxx X. Xxxxxxxx
Senior Vice President and Chief Actuary
STATE OF ALABAMA
COUNTY OF JEFFERSON
I, the undersigned authority, a Notary Public in and for said County in said State, hereby certify
the Xxxxx X. Xxxxxxxx , whose name as Sr. VP and Chief Actuary of Protective Life
Insurance Company is signed to the foregoing instrument, and who is known to me, acknowledged before me on
this day that, being informed of the contents of said instrument, he, as such officer and with full
authority, executed the same voluntarily for and as the act of said corporation.
Given under my hand and official seal, this the 14th day of April, 1998.
/S/XXXXX X. XXXX
Notary Public
AFFIX SEAL
My Commission expires: October 17, 1998
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