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EXHIBIT 10.45
CROSS-COLLATERALIZATION AND CROSS-DEFAULT AGREEMENT
The parties agree as of the 30 day of December, 1997 that all indebtedness owed
by Bankers Financial Corporation, Bankers Insurance Group, Inc., Insurance
Management Solutions, Inc., and Bankers Hazard Determination Services, Inc.
(the "Obligors") to SouthTrust Bank, National Association (the "Bank") shall be
secured by all Collateral granted by the Obligors and Bankers Insurance
Services, Inc., Bankers International Securities, Inc., Bankers Risk
Management Services, Inc., Bankers Underwriters, Inc., Executive Aviation
Charters, Inc., Gilchrist Timber Co., Inc., and Southern Rental & Leasing
Corporation (the "Pledgors") to Bank at any time to the end that all such
indebtedness shall be cross-collateralized and that a default by the Obligors
under the terms of any promissory notes and all other loan documents executed
by the Obligors in connection with any loan, shall be deemed a default under
the terms of all promissory notes and all other loan documents executed by the
Obligors in connection with all loans by Bank, to the end that upon the
happening of any such default, Bank may, at its option, declare the entire
outstanding indebtedness owed by the Obligors to Bank evidenced by all
promissory notes to be immediately due and payable in full.
BANKERS FINANCIAL CORPORATION
/s/ G. Kristin Delano
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Witness: By:
/s/ Sandy F. Hesley
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BANKERS INSURANCE GROUP, INC.
/s/ G. Kristin Delano
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Witness: By:
/s/ Sandy F. Hesley
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INSURANCE MANAGEMENT SOLUTIONS, INC.
/s/ G. Kristin Delano
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Witness: By:
/s/ Sandy F. Hesley
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BANKERS HAZARD
DETERMINATION SERVICES, INC.
/s/ G. Kristin Delano
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Witness: By:
/s/ Sandy F. Hesley
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