Document:

Exhibit 10.7

                           COMMERCIAL PROMISSORY NOTE

$15,080                                                 Dated: January 31, 2000

         FOR VALUE  RECEIVED,  the  undersigned,  Life  USA,  Inc.,  a  Colorado
corporation  (hereinafter  "Maker"),  promises to pay to Cameron Parker, at such
place as the Holder may  designate  in  writing,  the  principal  sum of FIFTEEN
THOUSAND EIGHTY DOLLARS ($15,080),  together with interest at 8% thereon, due on
demand.

         Maker has the right to prepay this Note in whole or in part at any time
during the term of this Note without premium or penalty.

         In event  Maker  shall (i)  default  in the  performance  of any of the
obligations,  covenants or agreements legally imposed by the terms of this Note,
or (ii)  apply for or  consent in  writing  to the  appointment  of a  receiver,
trustee,  or  liquidator  of  Maker  or  (iii)  file  a  voluntary  petition  in
bankruptcy,  or admit in writing Maker's  inability to pay Maker's debts as they
come due, or (iv) make general assignments for the benefit of creditors,  or (v)
file a petition or answer seeking reorganization or rearrangement with creditors
or taking  advantage of any insolvency law, or (vi) file an answer admitting the
material  allegations  of a  petition  filed  against  Maker in any  bankruptcy,
reorganization,  insolvency or similar proceedings, at the option of the Holder,
the  whole  indebtedness  evidenced  hereby  may be  declared  due  and  payable
whereupon  the entire  unpaid  principal  balance of this Note and all  interest
accrued  thereon from last payment date @ 18% per annum shall  thereupon at once
mature and become due and payable  without  presentment or demand for payment or
notice of the intent to exercise  such option or notice of the  exercise of such
option by the Holder,  or notice of any kind, all of which are hereby  expressly
waived by Maker and may be collected by suit or other legal proceedings.

         If all or any  part of the  amount  of this  Note  be  declared  due in
accordance  with the  other  provisions  hereof,  or if any  installment  herein
provided is not paid when due, the  principal  balance as the case may be, shall
bear interest at the lesser of (i) eighteen percent (18%) per annum, or (ii) the
Maximum Rate allowed under  applicable  law until paid in full or until the Note
is reinstated.  Notice of Default shall be given,  in writing,  to Maker,  after
five days after  occurrence  of default.  Maker shall have 10 days after written
Notice of Default,  within  which to cure the default  plus  interest at default
rate, legal fees and costs incurred.

         Except as otherwise  provided herein, the undersigned and all sureties,
guarantors  and  endorsers of this Note  severally  waive all notices,  demands,
presentments  for  payment,  notices  of  non-payment,  notice of  intention  to
accelerate the maturity,  notices of acceleration,  notices of dishonor, protest
and notice of protest,  diligence in collecting or bringing suit as to this Note
and as to each, every and all installments hereof and all obligations  hereunder
and  against  any party  hereto and to the  application  of any  payment on this
obligation,  or as an  offset  hereto,  and agree to all  extensions,  renewals,
partial  payments,  substitutions  or evidence of  indebtedness  and the taking,
release or substitution of all or any part of the security or the release of any
party liable hereon with or without notice before or after maturity.

         It is the intention of the parties hereto to comply with the usury laws
applicable to this loan if any,  accordingly  it is agreed that  notwithstanding
any provision to the contrary in this Note or in any of the  documents  securing
payment  hereof no such  provision  shall  require  the  payment  or permit  the
collection of interest in excess of the maximum  permitted by law. If any excess
of interest is provided for,  contracted for, charged for or received,  then the
provisions  of this  paragraph  shall  govern and  control and neither the Maker
hereof nor any other party  liable for the payment  hereof shall be obligated to
pay the amount of such excess interest.  Any such excess interest which may have
been  collected  shall be, at the Holder's  option,  either  applied as a credit
against  the then unpaid  principal  amount  hereof or  refunded  to Maker.  The
effective  rate of interest shall be  automatically  subject to reduction to the
maximum  lawful  contract  rate allowed under the usury laws as now or hereafter
construed.  It is further agreed that without  limitation of the foregoing,  all
calculations of the rate of interest  contracted  for,  charged for, or received
under this Note which are made for the purposes of determining whether such rate
exceeds the maximum lawful rate,  shall be made, to the extent permitted by law,
by  amortizing,  prorating,  allocating  and spreading in equal parts during the
full stated  term of this Note,  all  interest  contracted  for,  charged for or
received from the Maker or otherwise by the Note Holder.

         In the  event  this Note is  placed  in the  hands of an  attorney  for
collection  (whether or not suit is filed),  or in the event it is  collected by
suit or through  bankruptcy,  probate,  receivership or other legal  proceedings
(including  foreclosure),  the undersigned hereby agrees to pay to the Holder as
attorney's  fees a reasonable  amount in addition to the  principal and interest
then due hereon, and all other costs of collection.

         IN WITNESS  WHEREOF,  Maker has fully executed this Note as of the date
first above written.

                                      Life USA, Inc., a Colorado Corporation

Corporate Seal
                                      by: /s/Mark Urich
                                      -----------------------
                                      Mark Urich,  PresidentExhibit 4.2

 

Resolutions of the Board of
Directors of the Registrant

 

 

STRICTLY CONFIDENTIAL

 

PRUDENTIAL PLC

 

EXTRACT OF MINUTES OF A BOARD MEETING HELD ON 17 FEBRUARY 2005

 

Following
a general discussion it was

 

RESOLVED

 

a)           THAT the issue of hybrid capital securities
by the Company in one or more tranches in one or more markets which may or may
not be convertible or exchangeable into preference shares of the Company, up to
a total amount of £1.2bn (or its equivalent in another currency). The precise terms
of such capital securities to be determined by a committee of the board
established pursuant to resolution (d);

 

b)           THAT the exchange of the hybrid capital
securities for existing securities of the Company and/or the use of the
proceeds of the hybrid capital securities for the purchase or redemption of
existing securities of the Company; and

 

c)           THAT all other things, acts and matters
necessary and/or desirable in connection with the proposed transaction.

 

It
was further

 

RESOLVED

 

d)           THAT a committee of the Board be established
consisting of the Group Finance Director, the Director, Group Finance and Risk,
and the Managing Director, Prudential Finance, with a quorum of two members,
and that this committee be and is hereby authorised (with express authority to
sub-delegate all its powers hereby conferred, including by power of attorney to
any employee of the Group) on behalf of the Company to:

 

i)             approve, authorise, enter into, designate
terms in, execute (including without limitation the affixing of the common seal
of the Company) and deliver, any and all documentation in connection with the
proposed transaction and to make any amendments the committee in its absolute
discretion sees fit;

 

ii)            issue and determine the terms of preference
shares in the Company with a total issue price (being the aggregate of the
nominal value and share premium) of £1.2bn or its equivalent as a result of the
conversion or exchange of any exchangeable capital securities in the Company
issued pursuant to resolution (a), the issue of preference shares with a total
issue price equivalent to the amount of deferred interest (if any) on the
capital securities at the time of the conversion or exchange of the capital
securities, and the issue of preference shares which are not connected to the
capital securities issued pursuant to resolution (a), each in accordance with
the articles of association of the Company;

 

iii)           Determine, approve and amend the rights,
terms and conditions of the proposed transaction, including but not limited to
the appointment of any sponsors/underwriters, the split into one or more
tranches, and the timing, currency, pricing and target market of each;

 

 

iv)           do
or procure to be done or deliver all and any such further things as the
committee sees fit, including any public announcements, actions or documents
which may be necessary and/or desirable in connection with the proposed
transaction; and

 

v)            
to file or procure the filing of all relevant filings with the Registrar of
Companies or any other relevant authority (such as, for example, the UKLA or
any stock exchange) in connection with the proposed transaction.

 

	
  Certified a true copy

  
	
   

  
	
  /s/ Peter Maynard

  	
   

  
	
  Company Secretary

  

 

2

 

EXTRACT FROM THE DRAFT MINUTES OF THE BOARD,
30 JUNE 2005

 

At the last Board meeting
there was a discussion on whether to exchange senior debt for hybrid debt which
has more favourable regulatory treatment. We had formed a Bond Holders’
Committee through the ABI and launched an exchange proposal. Due to a downturn
in the US market (because of downgrading of US auto manufacturers) it was
decided not to proceed in the light of bond holder reaction. Furthermore, if
bond holders accepted our proposal, other insurers in Europe would follow (i.e.
exchange senior debt for hybrid debt) and it appeared that the market would not
accept a large volume of exchanges of this nature and we did not wish to issue
new debt at spreads outside the normal range.

 

Mr
Broadley informed the Board that there was a short term opportunity to access
the markets to replace the £150 million debt maturing in 2007 before the
interim announcement. This would not be an exchange offer but he believed it
was sufficiently close to the maturity of existing debt of the same value that
it would not cause a problem with the rating agencies. Mr Broadley recommended
that the company proceed with the issue.

 

The
Board’s attention was drawn to the resolution passed at the February Board
authorising the issue by the Company of hybrid capital securities. The Board
resolved that the issue of £150 million of hybrid capital securities (or such
other amount as the Committee to approve the issue and the Approvals Committee
authorise) should proceed and further resolved that a committee of the Board be
established on the terms and with the authorities set out in paragraph D of the
February resolution in order to complete the recommended issue.

 

I
certify this is a true copy of the draft of the minutes of the Prudential plc
Board held on Thursday, 30th June 2005, which has been approved
by the Chairman, Group Chief Executive and Group Finance Director

 

 

	
  /s/ Peter Maynard

  	
   

  
	
  Peter Maynard

  
	
  Group Secretary

  
	
  12 July 2005

  

 

 

Prudential plc (the “Company”)

Minutes of a meeting of a
committee established by a resolution

of the Board of Directors of the
Company passed on 17 February, 2005

held at Laurence Pountney Hill,
London on 11 July, 2005

at 9.15 a.m

 

	
  Present:

  	
   

  	
  Philip Broadley

  	
   

  	
  (In the Chair)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  John Foley

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  In Attendance:

  	
   

  	
  Elisabeth Wenusch

  	
   

  	
   

  

 

1.             Notice
and Quorum

 

It was noted that the committee consisting of the
Group Finance Director, the Director, Group Finance and Risk and the Managing
Director, Prudential Finance (the “Committee”)
had been established by resolution of the board of directors of the Company
passed on 17 February, 2005 (the “Board Resolution”).
It was also noted that due notice convening the meeting had been given and that
a quorum was present and therefore that the meeting had been duly convened.

 

2.             Purpose
of the Meeting

 

It was noted that the Board Resolution approved the
issue of up to £1.2 billion (or its equivalent in another currency) hybrid or
capital securities convertible or exchangeable into preference shares of the
Company. Although the Board Resolution referred to the proceeds of such hybrid
or capital securities being used, amongst other things, to purchase certain of
the Company’s outstanding debt securities, on 30 June, 2005 the board of
directors of the Company confirmed in a further board resolution that the
Committee had the capacity and power to approve the issue of up to £1.2 billion
(or its equivalent in another currency) hybrid or capital securities
convertible or exchangeable into preference shares of the Company on a
standalone basis.

 

The purpose of the meeting was to approve the
documents prepared in connection with an issue of debt securities under the
Company’s US registered shelf facility.

 

3.             Discussion

 

It was noted that the Company had appointed Citigroup
and Merrill Lynch as underwriters in connection with the issue of the Capital
Securities (as defined below).

 

4.             Tabling
of Documents

 

Final or near
final drafts of the following documents were produced to the Meeting:

 

 

(A)          the
Prospectus Supplement in relation to an issue of dollar denominated perpetual
subordinated capital securities which are exchangeable at the Company’s option
into preference shares in the Company (the “Capital Securities”)
as filed with the SEC (the “Prospectus Supplement”);

 

(B)           the
Second Supplemental Subordinated Indenture to be entered into between the
Company and Citibank, N.A. (the “Second Supplemental
Indenture”) which supplements the Subordinated Indenture dated as of
6 August, 2004 between the Company and Citibank, N.A.;

 

(C)           the
Pricing Agreement to be entered into between the Company and Citigroup and
Merrill Lynch as the representatives of the underwriters of the Capital
Securities (the “Pricing Agreement”) which
supplements the underwriting agreement dated 30 July, 2004 and entered into
between the Company, the said representatives and certain others (the “Underwriting Agreement”); and

 

(D)          the
Agreement to be entered into between the Company and JPMorgan Cazenove Limited
(the “Calculation Agency Agreement”),

 

such documents together being the “Documents”.

 

5.             Resolutions

 

After discussion it was resolved that the Company
proceed with issuing the Capital Securities under the US registered shelf
facility, that the appointment of Citigroup and Merrill Lynch as underwriters
of the Capital Securities be approved and that the Documents tabled at the
meeting be approved and any one Director or Andrew Crossley or John Foley (each
acting singly) be and is hereby authorised to:

 

(i)            agree
and approve any amendment or modification to any Document and to agree and approve
any other deeds, notices, certificates and documents which are related to,
necessary or desirable in connection with the use of the shelf facility and the
issue of the Capital Securities, the execution of the same being conclusive
evidence of such agreement and approval;

 

(ii)           sign,
on behalf of the Company, each of the Documents (other than any Documents which
are required to be executed by way of deed) in each case as amended as
aforesaid; and

 

(iii)          to
execute any other documents (other than those which are required to be executed
by way of deed) and to take such other action as any of them in his/her
discretion approve as incidental to, necessary or desirable in connection with
the issue of the Capital Securities under the shelf facility including, without
limitation:

 

(a)                                  any
certificate or any other document required to be delivered as a condition to
closing under the Underwriting Agreement;

 

2

 

(b)           any
forms or documents necessary or desirable for the listing of the Capital
Securities;

 

(c)           any
confirmation, notice, letter or document which is necessary or desirable to
provide to the Inland Revenue, the FSA, the SEC, the Company’s auditors or any
rating agencies; and

 

(d)           any
other document, certificate, notice or receipt which is necessary or desirable
in connection with the closing of the Capital Securities; and

 

It was further resolved that any two directors or a director and the
secretary of the Company be and are hereby authorised to execute any document
which is required to be executed by way of deed (including any Document)
relating to or which is necessary or desirable in connection with the issue of
the Capital Securities above by signing such document or witnessing the
affixation of the Company’s seal thereto.

 

There being no further business the meeting closed.

 

 

	
  /s/ Philip Broadley

  	
   

  
	
  Acting as Chairman of the Meeting

  

 

 

	
   

  	
  CERTIFIED A TRUE COPY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Peter Maynard

  	
   

  
	
   

  	
  Secretary

  

 

3

 

Prudential plc (the “Company”)

Minutes of a meeting of a committee established by a
resolution

of the Board of Directors of the Company passed on 17
February, 2005

and held at Laurence Pountney Hill, London on 12 July,
2005

 

	
  Present:

  	
  Philip Broadley

  	
  (in the Chair)

  
	
   

  	
  Andrew Crossley

  	
   

  
	
   

  	
   

  	
   

  
	
  In Attendance:

  	
  Elisabeth Wenusch

  	
   

  

 

1.             Notice and Quorum

 

It
was noted that the committee consisting of the Group Finance Director, the
Director, Group Finance and Risk and the Managing Director, Prudential Finance
(the “Committee”) had been
established by resolution of the board of directors of the Company passed on 17
February, 2005. It was also noted that due notice convening the meeting had
been given and that a quorum was present and therefore that the meeting had
been duly convened.

 

2.             Purpose of the Meeting

 

It
was noted that the Committee had resolved to proceed with the issue by the
Company of dollar denominated perpetual subordinated capital securities which
are exchangeable at the Company’s option into preference shares in the Company
(the “Capital Securities”) on 11
July, 2005 and the Committee had resolved to approve the documents prepared in
connection with the issue of the Capital Securities under the Company’s US
registered shelf facility. This meeting had therefore been convened to consider
and, if thought fit, approve the amount, size and interest rate relating to the
Capital Securities.

 

The
minutes of the meeting held on 11 July, 2005 (which had been signed by the
Chairman of such meeting) were produced to the meeting.

 

3.             Discussion

 

The
following terms (as more fully described in the Preliminary Prospectus
Supplement (as defined below)) of the Capital Securities and the preference
shares were proposed:

 

(A)           that they be perpetual, subordinated and
exchangeable at the Company’s option into preference shares of $.0.01 in
nominal amount;

 

1

 

(B)           that the aggregate principal amount be
US$300,000,000 and the issue price be 100%;

 

(C)           the interest rate in respect of the Capital
Securities be non-cumulative and set at 6.5 per cent, per annum;

 

(D)          the interest payment dates be 23rd March,
23rd June, 23rd September and 23rd December in each year commencing
on 23rd September, 2005;

 

(E)           the dividend rate on the preference shares
for which the Capital Securities may be exchanged be 6.5 per cent, of the
liquidation preference per annum; and

 

(F)           the dividend payment dates in respect of the
preference shares be 23rd March, 23rd June, 23rd September and 23rd December in
each year.

 

Preliminary
Prospectus Supplement

 

In
connection with the issue of Capital Securities, the preliminary prospectus
supplement (the “Preliminary Prospectus
Supplement”) dated 11 July, 2005 was produced to the meeting for
discussion.

 

4.            Resolutions

 

After
careful consideration, it was RESOLVED that:-

 

(A)          the issue of the Capital Securities on the
terms set out above, be and is hereby approved; and

 

(B)           the Preliminary Prospectus Supplement be and
is hereby approved in the form produced to the meeting.

 

 

	
  There being no further
  business the meeting closed.

  
	
   

  
	
  /s/ Philip Broadley

  	
   

  
	
  Acting as Chairman of the
  Meeting

  

 

2

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