Document:

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                                                                   Exhibit 10(b)

                              FOURTH AMENDMENT TO
                                THE ADVEST, INC.
              ACCOUNT EXECUTIVE NONQUALIFIED DEFINED BENEFIT PLAN

     This Amendment to The Advest, Inc. Account Executive Nonqualified Defined
Benefit Plan (the "Plan") is made effective as of May 1, 2000.

                              W I T N E S S E T H

     WHEREAS, the Plan was adopted by Advest, Inc. (the "Company") effective
October 1, 1992 and provides for the provision of specified benefits to certain
account executives meeting certain performance targets;

     WHEREAS, the Plan was amended by the First Amendment effective as of
October 1, 1992, the Second Amendment effective as of October 1, 1995, and the
Third Amendment effective as of January 1, 1999; and

     WHEREAS, the Company believes it appropriate to further amend the Plan to
allow certain enhanced benefits;

     NOW, THEREFORE, the Plan is hereby amended as follows:

     SECTION 1. Section 1.13 of the Plan is hereby amended in its entirety to
read as follows:

               1.13. "GROSS COMMISSIONS" of an account executive for any fiscal
          year means the total sales credits of the account executive as
          reported on the Company's year-end commission report for that fiscal
          year.

               Notwithstanding the foregoing, where two or more account
          executives are involved in a partnership arrangement whereby they pool
          sales credits and allocate them among themselves on an agreed basis
          (the "Cash Allocation"), the participating account executives may
          elect to use an alternative allocation formula (the "Alternative
          Allocation") solely for purposes of establishing the Gross Commissions
          of each under this Plan for any fiscal year. Under the Alternative
          Allocation, certain account executives (referred to as "Juniors") may
          receive a lower allocation and others (referred to as "Seniors") a
          higher allocation. An Alternative Allocation will not be given effect
          for a fiscal year unless it meets each of the following conditions:

               (a) An election to use an Alternative Allocation has been made in
          writing on a form approved by the Committee, signed by each Junior and
          Senior, and delivered to the Director of Human Resources before the
          start of the applicable fiscal year.

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          (b)  During the last fiscal year ended prior to entering into the
     partnership arrangement each Junior can have been allocated no more than
     $100,000 in sales credits by the Company or by a prior employer.

          (c)  The partnership arrangement has been in effect for fewer than
     three full years at the start of the fiscal year.

          (d)  The Cash Allocation to each Junior for the fiscal year is less
     than the Gross Commissions Threshold applicable to that fiscal year.

          Once an election to use an Alternative Allocation has been made, any
     Junior or Senior may terminate the election by written notice to the
     Director of Human Resources delivered prior to the start of the fiscal
     year. Elections will be automatically revoked if any Junior or Senior
     terminates participation in the partnership arrangement before the end of
     the fiscal year.

          The determination of the Chief Financial Officer of the Company as to
     the Gross Commissions of any account executive for any period shall be
     conclusive for all purposes.

     SECTION 2.     Section 1.18 of the Plan is hereby amended in its entirety
to read as follows:

          1.18 "PERMANENT DISABILITY" means that the Participant is unable to
     perform all of the material and substantial duties of their occupation
     because of an Injury or Sickness, or their ability to perform the duties of
     their occupation is reduced to the extent that they cannot be expected to
     earn on an annual basis 75% or more of what they earned on an annual basis
     prior to such Injury or Sickness, in either case as determined by a
     physician reasonably acceptable to the Committee. For purposes of this
     definition, "Injury" means bodily impairment resulting directly from an
     accident and independently of all other causes, and "Sickness" means
     illness, disease, pregnancy or complications of pregnancy.

     SECTION 3.     Section 3.1 of Plan is hereby amended in its entirety to
read as follows:

          3.1  DETERMINATION OF COMMENCEMENT DATE. The commencement date for
     benefit payments to a Participant shall be the first October 1st to occur
     following the earliest of:

          (a)  Qualifying Age -- the earlier of (x) the date the Participant
     both has attained age 65 and either (i) has completed the Initial Ten-Year
     Period or (ii) has terminated service with the Company, and (y) if the
     Participant has elected an Early Qualifying Age in accordance with Section
     3.7, the date the Participant both has attained the Early Qualifying Age
     and has completed the Initial Ten-Year Period;

          (b)  Permanent Disability -- the Permanent Disability of the
     Participant;

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               (c) Death -- the death of the Participant; and

               (d) Plan Termination -- the termination of the Plan in
          accordance with Section 5.2.

     SECTION 4. The following Section 3.7 of the Plan is hereby added to the
Plan appearing immediately following Section 3.6:

               3.7. EARLY QUALIFYING AGE.

               (a) Initial Elections. For purposes of determining the
          Commencement Date under Section 3.1(a) above, a Participant may elect
          an age earlier than 65 (the "Early Qualifying Age"). The Early
          Qualifying Age must be an integral age not less than 55 nor more than
          64. This election must be made at least one year before the end of the
          Initial Ten-Year Period.

               (b) Subsequent Elections. Following the initial election of an
          Early Qualifying Age the Participant may make one or more subsequent
          elections to increase (but not decrease) the Early Qualifying Age to
          another integral age not more than 64. Any subsequent election must be
          made at least one year before the Participant reaches the previously
          designated Early Qualifying Age. The Committee may at any time
          determine that no additional extensions of the Early Qualifying Age
          will be permitted.

               (c) Form of Elections. All elections under this Section 3.7 must
          be in writing on a form approved by the Committee. Once made,
          elections cannot be revoked or modified, except to the extent provided
          under paragraph (b) above.

               (d) Calculation of Benefits following Early Qualifying Age.
          Notwithstanding any contrary provisions of this Plan, if a
          Commencement Date is accelerated as a result of an election under this
          Section 3.7, the Accrued Benefit at that Commencement Date (the
          "Accelerated Commencement Date") will be determined by projecting the
          Accrued Benefit at the Commencement Date which would have occurred
          under Section 3.1(a) absent any election (the "Original Commencement
          Date") and discounting that Accrued Benefit by the 30-year treasury
          bond yield in effect on the Accelerated Commencement Date, assuming
          annual compounding over the intervening period. In projecting the
          Accrued Benefit, (a) the Yield Multipliers computed under Section
          3.3(c) following the Accelerated Commencement Date through the
          Original Commencement Date will be assumed to be 100% plus one half
          (1/2) of the 30-year treasury bond yield in effect on the Accelerated
          Commencement Date, but not less than 102% nor more than 105%, and (b)
          the 401(k) Offset at the Original Commencement Date will be computed
          on the assumption that there are no further Company contributions to
          tax qualified retirement plans after the Accelerated Commencement Date
          and that projected earnings on prior Company

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          contributions accumulate at the 30-year treasury bond yield in effect
          on the Accelerated Commencement Date.

     SECTION 5. Section 3.3(c) of Plan is hereby amended in its entirety to read
as follows:

               (c) Yield Multipliers. A "Yield Multiplier" shall be computed for
          a Participant on the October 1st following each full Fiscal Year after
          the Initial Ten-Year Period through the Commencement Date. The amount
          of each Yield Multiplier shall be determined as follows:

                    (i) if the Participant's Gross Commissions during the Fiscal
               Year equaled or exceeded his Gross Commissions Average, the Yield
               Multiplier for that year shall be 100% plus the 30-year treasury
               bond yield in effect on October 1st plus the Yield Enhancement,
               but not less than 104%, nor more than 110%;

                    (ii) if the Participant's Gross Commissions during the
               Fiscal Year were less than his Gross Commissions Average, or the
               Participant was not employed by the Company at any time during
               the Fiscal Year, the Yield Multiplier for that year shall be 100%
               plus one half (1/2) of the 30-year treasury bond yield in effect
               on October 1st, but not less than 102% nor more than 105%; and

                    (iii) notwithstanding the foregoing, a Participant who
               terminates employment before completing the first five years of
               the Initial Ten-Year Period after a Change of Control under the
               circumstances specified in subsection 3.4(a)(iii) shall not have
               any Yield Multiplier.

               For purposes of this Section 3.3(c), the "Yield Enhancement"
          will be an amount sufficient to raise the Yield Multiplier to the
          lower of 108% or 103% plus the applicable 30-year treasury bond yield.

               Notwithstanding the foregoing, for the first Fiscal Year
          following the end of the Initial Ten-Year Period during which the
          Participant's Gross Commission are less than his Gross Commissions
          Average, provided that the Participant remains employed by the Company
          on the last day of that Fiscal Year, the Yield Multiplier shall be
          calculated under clause 3.3(c)(i) rather than 3.3(c)(ii).

     SECTION 6. In other respects, the Plan shall remain unchanged and in full
force and effect.

     IN WITNESS WHEREOF, the Company has caused this Amendment to be effective
as of the date first written above.

                                      ADVEST, INC.

                                  By: /s/ Grant W. Kurtz
                                          -------------------------------------
                                          Grant W. Kurtz
                                          President and Chief Executive Officer

                                       4$8,000,000

                              CONSTRUCTION LOAN AND
                          PERMANENT FINANCING AGREEMENT

                                   dated as of

                                 April   , 2000

                                     between

                                 CRYOLIFE, INC.
                                  as Borrower,

                                       and

                              BANK OF AMERICA, N.A,

                                    as Lender

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<TABLE>

                                TABLE OF CONTENTS
<CAPTION>
<S>              <C>                                    <C>                                     <C>

ARTICLE ONE - PARTICULAR TERMS AND DEFINITIONS..................................................1
    1.01        Definitions.....................................................................1
    1.02        Accounting Terms...............................................................10
    1.03        Titles.........................................................................10
    1.04        Number and Gender..............................................................10
ARTICLE TWO - ADVANCES.........................................................................10
    2.01        Construction Loan..............................................................10
    2.02        Form of Requests...............................................................10
    2.03        Number of Requests.............................................................10
    2.04        Place of Advances..............................................................11
    2.05        Affirmation of Warranties......................................................11
    2.06        Final Disbursement.............................................................11
    2.07        Authority to Make Advances.....................................................11
    2.08        Direct Advances................................................................11
    2.09        Waivers........................................................................11
    2.10        Total Advances.................................................................12
    2.11        Interest Rates.................................................................12
    2.12        Interest Computation...........................................................12
    2.13        Payment of Interest............................................................12
    2.14        Voluntary Prepayment...........................................................12
ARTICLE THREE - CONVERSION TO TERM LOAN........................................................12
    3.01        Conversion.....................................................................12
    3.02        Interest Rates.................................................................12
    3.03[INTENTIONALLY LEFT BLANK].............................................................13
    3.04        Interest Computation...........................................................13
    3.05        Payments of Principal and Interest.............................................13
    3.06        Voluntary Prepayment...........................................................13
ARTICLE FOUR - GENERAL LOAN PROVISIONS.........................................................13
    4.01        LIBO Protection; Availability; Illegality.....................................13
    4.02        Agreement Regarding Interest and Charges.......................................14
    4.03        Usury..........................................................................14
    4.04        Payments.......................................................................15
    4.05        Insufficient Funds.............................................................15
    4.06        Statements of Account..........................................................15
    4.07        Taxes..........................................................................15
    4.08        Default Interest...............................................................16
    4.09        [INTENTIONALLY OMITTED]........................................................16
    4.10        Collateral.....................................................................16
    4.11        Guaranties.....................................................................17

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    4.12        Landlord and Mortgagee Consents................................................17
ARTICLE FIVE - CONDITIONS PRECEDENT TO CLOSING AND LENDER'S OBLIGATION TO MAKE ADVANCES........17
    5.01        Conditions for Closing.........................................................17
    5.02        Conditions for Advances........................................................19
ARTICLE SIX - REPRESENTATIONS AND WARRANTIES OF BORROWER.......................................20
    6.01        Organization and Existence; Subsidiaries.......................................20
    6.02        Financial Statements...........................................................20
    6.03        Borrower Authority and Power...................................................20
    6.04        No Defaults....................................................................20
    6.05        No Pending Claims..............................................................21
    6.06        No Outstanding Judgments.......................................................21
    6.07        No Liens.......................................................................21
    6.08        Outstanding Securities.........................................................21
    6.09        Tax Returns....................................................................21
    6.10        Satisfactory Plans.............................................................21
    6.11        Utility Service................................................................22
    6.12        Materialmen....................................................................22
    6.13        Environmental..................................................................22
    6.14        Franchises, Licenses, Permits, Etc.............................................22
    6.15        No Governmental Consents Required..............................................22
    6.16        No Defaults....................................................................23
    6.17        Compliance with Laws...........................................................23
    6.18        ERISA Matters..................................................................23
    6.19        Regulation U and Other Securities Law Matters..................................23
    6.20        Environmental Representations..................................................23
    6.21        Reaffirmation..................................................................24
ARTICLE SEVEN - AFFIRMATIVE COVENANTS..........................................................24
    7.01        Conveyance; Encumbrance........................................................24
    7.02        Governmental Requirements......................................................24
    7.03        Project Inspections............................................................24
    7.04        Expenses.......................................................................25
    7.05        Construction...................................................................25
    7.06        Use of Advances................................................................25
    7.07        Indemnification................................................................25
    7.08        Negative Pledge of Materials and Fixtures......................................25
    7.09        Disclosure of Contractors......................................................26
    7.10        Proof of Title.................................................................26
    7.11        Correction of Defects and Unauthorized Changes.................................26
    7.12        Compliance with Restrictive Covenants..........................................26
    7.13        Maintenance of Insurance.......................................................26

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<PAGE>

    7.14        Compliance with Government Regulations.......................................................27
    7.15        Payment of Taxes.............................................................................27
    7.16        Professional Consultants and Superintendent..................................................27
    7.17        Financial Statements.........................................................................27
    7.18        ERISA........................................................................................28
    7.19        Depository Relationship......................................................................28
    7.20        Inspection and Examination...................................................................28
    7.21        Books and Records............................................................................29
    7.22        Existence; Assets............................................................................29
    7.23        Notices......................................................................................29
    7.24          Environmental Matters......................................................................29
ARTICLE EIGHT - NEGATIVE COVENANTS...........................................................................30
    8.01        Type of Business.............................................................................30
    8.02        Transactions with Affiliates.................................................................30
    8.03        Merger, Consolidation, Acquisitions, Etc.....................................................30
    8.04        ERISA Matters................................................................................31
    8.05        Liens........................................................................................31
    8.06        Guaranties...................................................................................32
    8.07        Dividends and Distributions..................................................................32
    8.08        Financial Covenants..........................................................................32
    8.09        Funded Debt..................................................................................33
    8.11        Sale of Assets...............................................................................33
ARTICLE NINE - EVENTS OF DEFAULT.............................................................................33
    9.01        Events of Default............................................................................33
    9.02        Acceleration and Other Remedies..............................................................36
    9.03        Application of Proceeds; Collection Costs....................................................36
ARTICLE TEN - GENERAL CONDITIONS.............................................................................37
    10.01       No Waiver....................................................................................37
    10.02       Remedies Cumulative..........................................................................37
    10.03       Approval of Lender...........................................................................37
    10.04       Investigation by Lender......................................................................38
    10.05       No Beneficiaries.............................................................................38
    10.06       Notices......................................................................................38
    10.07       Modifications................................................................................38
    10.08       No Partnership...............................................................................39
    10.09       No Assignments...............................................................................39
    10.10       Counterparts.................................................................................39
    10.11       Choice of Law................................................................................39
    10.12       NO ORAL AGREEMENT............................................................................39
    10.13       Survival of Certain Agreements...............................................................39
    10.14       ARBITRATION/OTHER MATTERS/WAIVERS............................................................40

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    10.15       SPECIAL RULES................................................................................40
    10.16       RESERVATION OF RIGHTS; UNCONDITIONAL OBLIGATIONS.............................................40

</TABLE>

Exhibit "A" -- Form of Note
Exhibit "B" -- Copy of Commitment Letter
Exhibit "C" -- Legal Description of Premises
Exhibit "D" -- Permitted Encumbrances
Exhibit "E" - Form of Compliance Certificate

Schedule 6.01(b) - Subsidiaries
Schedule 6.04 - Defaults
Schedule 6.05 - Pending Claims
Schedule 8.09 - Funded Debt

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<PAGE>

               CONSTRUCTION LOAN AND PERMANENT FINANCING AGREEMENT

     CONSTRUCTION  LOAN AND PERMANENT  FINANCING  AGREEMENT  (this  "Agreement")
dated as of April  __,  2000,  by and  between  CRYOLIFE,  INC.,  a  corporation
organized and existing under the laws of the State of Florida  ("Borrower")  and
BANK OF AMERICA, N.A., a national banking association ("Lender").

     The parties hereto agree as follows:

                                   ARTICLE ONE

                        PARTICULAR TERMS AND DEFINITIONS

1.01  Definitions.  The terms as defined in this  Section  1.01  shall,  for all
purposes of this Agreement and any amendment  hereto (except as herein otherwise
expressly provided or unless the context otherwise requires),  have the meanings
set forth herein.

     "Account to Receive Advances" means Account #6218199 maintained by Borrower
with Lender, which account shall be the account into which all Advances shall be
deposited pursuant to Section 2.08 hereof.

     "Adjusted  LIBO Rate" means the Rate divided by a  percentage  equal to one
(1) minus the then average  stated  maximum  amount (stated as a decimal) of all
reserve  requirements  applicable to any member of the Federal Reserve System in
respect of  Eurocurrency  liabilities as defined in Regulation D of the Board of
Governors of the Federal  Reserve  System (or any successor  categories for such
liabilities under such Regulation D). The Adjusted LIBO Rate shall be set on the
date of Closing and shall be recalculated  each thirtieth (30th) day thereafter.
The Adjusted  LIBO Rate,  once so calculated  or  recalculated,  shall remain in
effect until the next scheduled  recalculation  date. If any recalculation  date
for the  Adjusted  LIBO Rate is not a Business  Day,  the  recalculation  of the
Adjusted LIBO Rate shall be made on the next Business Day following such date.

     "Advance"  means any direct or indirect  advance made by Lender to Borrower
pursuant to Article Two of this Agreement.

     "Affiliate"  means  any  Person  directly  or  indirectly   controlling  or
controlled by or under direct or indirect common control with Borrower.  For the
purposes of this  definition,  "control" when used with respect to any specified
Person  means the power to direct the  management  and  policies of such Person,

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directly or indirectly,  whether through the ownership of voting securities,  by
contract  or  otherwise;  and the  terms  "controlling"  and  "controlled"  have
meanings correlative to the foregoing.

     "Agent to Request Advances" means Mr. Edwin Cordell,  Jr. or Mr. Ashley Lee
or such other  person(s) as shall be  appointed  by Borrower  from time to time,
such notice to be effective upon receipt of written notice thereof by Lender.

     "Agreement" means this Construction Loan and Permanent Financing Agreement,
as the  same may be  amended,  supplemented  or  modified  from  time to time in
accordance with the terms hereof.

     "Amortization Term" means a period of 60 months from the Conversion Date.

     "Applicable  Law"  means  all  applicable   provisions  of   constitutions,
statutes,  rules,  regulations  and  orders of all  governmental  bodies and all
orders and decrees of all courts, tribunals and arbitrators.

     "Bankruptcy  Code" means the Bankruptcy Reform Act of 1978, as amended from
time to time, and as codified at 11 U.S.C. ss. 101 et seq.

     "Borrower" has the meaning given in the recitals hereto,  and shall include
Borrower's successors and assigns.

     "Business  Day"  means any day  except a  Saturday,  Sunday or other day on
which commercial banks in Georgia or North Carolina are closed.

     "Capital  Expenditures"  means  expenditures  of over  $10,000 each made or
liabilities  incurred by Borrower  for the  acquisition  of any fixed  assets or
improvements  (and any replacements,  substitutions or additions  thereto) which
have a useful life of more than one (1) year,  including  the direct or indirect
acquisition  of such  assets by way of  increased  product or  service  changes,
off-set items or otherwise,  and payments made during the relevant fiscal period
with  respect  to  Capitalized  Lease  Obligations,   all  as  determined  on  a
consolidated basis.

     "Capitalized   Lease   Obligations"  means  any  indebtedness  of  Borrower
represented by obligations  under a lease that is required to be capitalized for
financial  reporting  purposes in accordance  with GAAP,  and the amount of such
indebtedness shall be the capitalized amount of such obligations determined on a
consolidated basis in accordance with GAAP.

     "Closing"  means the time of the execution and delivery  hereof by Borrower
and Lender.

     "Collateral"  means all property  assigned or pledged to Lender or in which
Lender has been granted a security  interest or to which Lender has been granted
security title under this Agreement, the other Financing Documents or otherwise,
to secure the Obligations, and the proceeds thereof.

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<PAGE>

     "Commitment" means $8,000,000.

     "Commitment Letter" means that certain letter from Lender to Borrower dated
March  9,  2000 by  which  Lender  has  extended  its  offer to make the Loan to
Borrower upon the satisfaction of the terms and conditions set forth therein, as
accepted by Borrower, a copy of which is attached hereto as Exhibit "B".

     "Construction   Contractor"   means  Choate  Design  Build   Company,   the
construction  contractor  for the  Project,  whose  address is 1640 Powers Ferry
Road, Building 11, Suite 300, Marietta, Georgia 30067.

     "Construction  Loan"  means the  construction  loan to be made by Lender to
Borrower  pursuant  to  Article  Two  hereunder  in an amount  not to exceed the
Commitment.

     "Construction  Period" means the period commencing on the Commencement Date
and continuing through and including the Business Day immediately  preceding the
Conversion Date, during which the Construction Loan shall be funded.

     "Conversion  Date" means the earlier of (a) June 30, 2001,  or (b) the date
on which the Final Disbursement is made.

     "Credit Parties" means, collectively, Borrower and its Subsidiaries.

     "Current  Maturities of Funded Debt" means,  with respect to any particular
period,  the sum of all  principal  payments  scheduled  to be made  during such
period in respect of the Funded  Debt of  Borrower  (which for  purposes  hereof
shall include the  allocated  principal  portion of payments due on  Capitalized
Lease  Obligations,  and also shall  include  the  current  portion of any other
Funded Debt).

     "Debt Coverage Ratio" means,  with respect to any particular  fiscal period
of Borrower,  the ratio of (a) Borrower's EBITDAR for the consecutive  4-quarter
period ending  therewith to (b) the sum (without  duplication) of (i) Borrower's
Current  Maturities of Funded Debt for the  immediately  succeeding  consecutive
4-quarter  period plus (ii)  Borrower's  Interest  Expense  for the  consecutive
4-quarter period ending  therewith plus (iii) Borrower's  Rental Expense for the
immediately  succeeding  consecutive  4-quarter  period,  all as determined on a
consolidated basis.

     "Default" means any event which,  with the giving of notice or the lapse of
time (or both) would become an Event of Default.

     "Default Rate" means,  on any day, the rate  otherwise in effect  hereunder
plus four percent (4%) per annum.

     "Dollars" means the lawful currency of the United States of America.

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<PAGE>

     "EBIT" means, for any fiscal period of Borrower, an amount equal to the sum
of Borrower's  Net Income (Loss) for such period plus, to the extent  subtracted
in determining such Net Income (Loss),  (i) Borrower's taxes based on income and
(ii) Borrower's Interest Expense, all as determined on a consolidated basis.

     "EBITDAR"  means,  for any fiscal  period of  Borrower,  an amount equal to
Borrower's EBIT for such period plus, to the extent deducted in determining such
EBIT, Borrower's  depreciation and amortization expenses and Rental Expense, all
as determined on a consolidated basis.

     "Environmental  Laws" means all federal,  state and local laws  relating to
pollution  or  protection  of  the  environment,   including  laws  relating  to
emissions,   discharges,   releases  or  threatened   releases  of   pollutants,
contaminants,  chemicals, or industrial, toxic or hazardous substances or wastes
into the environment  (including  without limitation ambient air, surface water,
ground water, or land), or otherwise  relating to the  manufacture,  processing,
distribution,  use,  treatment,  storage,  disposal,  transport,  or handling of
pollutants,   contaminants,   chemicals,  or  industrial,   toxic  or  hazardous
substances  or  wastes,  and any  and all  regulations,  codes,  plans,  orders,
decrees,  judgments,  injunctions,  notices or demand letters  issued,  entered,
promulgated or approved thereunder.

     "ERISA" means the Employee  Retirement  Income  Security Act of 1974,  P.L.
93-406, as amended.

     "Event of  Default"  means any of the  events or  conditions  described  in
Article Eight of this Agreement,  provided that any express  requirement therein
for notice or lapse of time shall have been satisfied.

     "Final  Disbursement"  shall have the  meaning  set forth in  Section  2.06
hereof.

     "Financing  Documents"  means and includes this  Agreement,  the Note,  the
Security  Agreement,  each  Subsidiary  Guaranty,  any Hedge  Agreement  and any
extensions,  renewals,  modifications or substitutions thereof or therefor,  and
all  other  associated  loan  and  collateral   documents   including,   without
limitation, all guaranties,  suretyship agreements,  security agreements, pledge
agreements,  security  deeds,  subordination  agreements,  exhibits,  schedules,
attachments,   financing  statements,   notices,  consents,  waivers,  opinions,
letters,   reports,  records,  title  certificates  and  applications  therefor,
assignments, stock powers or transfers, documents, instruments,  information and
other writings  related  thereto,  or furnished by any Credit Party to Lender in
connection  therewith or in  connection  with any of the  Collateral,  including
without limitation any such documents executed and delivered pursuant to Section
4.10 or 4.11 hereof.

     "Funded Debt" means, for any particular  Person, all Indebtedness for money
borrowed,  Indebtedness  secured by  Purchase  Money  Liens,  Capitalized  Lease
Obligations,  conditional  sales  contracts  and similar  title  retention  debt
instruments,  all as determined  for such Person on a  consolidated  basis.  The
calculation  of Funded Debt for any  particular  Person shall include all Funded
Debt of such  Person  plus  all  Funded  Debt of  other  Persons  to the  extent

                                       4
<PAGE>

guaranteed by such Person,  to the extent  secured by any assets of such Person,
or to the extent  supported by a letter of credit issued for the account of such
Person.

     "GAAP"  means  generally  accepted  accounting  principles  as set forth in
statements  from  Auditing  Standards  No. 69 entitled  "The  Meaning of Present
Fairly in  Conformance  with  Generally  Accepted  Accounting  Principles in the
Independent  Auditors  Reports"  issued by the Auditing  Standards  Board of the
American   Institute  of  Certified   Public   Accountants  and  statements  and
pronouncements of the Financial  Accounting  Standards Board that are applicable
to the circumstances.

     "Governmental  Authority"  means any applicable  nation or government,  any
state, local, or other political  subdivision  thereof, any court, and any other
entity   exercising   executive,    legislative,    judicial,   regulatory,   or
administrative functions of or pertaining to government.

     "Guaranty" means any Contractual Obligation,  contingent or otherwise, of a
Person with  respect to any  Indebtedness  or other  obligation  or liability of
another Person, including, without limitation, any such Indebtedness, obligation
or liability directly or indirectly guaranteed,  endorsed, co-made or discounted
or sold with  recourse  by that  Person,  or in respect of which that  Person is
otherwise  directly or  indirectly  liable,  including  contractual  obligations
(contingent or otherwise) arising through any agreement to purchase, repurchase,
or otherwise acquire such Indebtedness,  obligation or liability or any security
therefor, or any agreement to provide funds for the payment or discharge thereof
(whether in the form of loans, advances, stock purchases,  capital contributions
or  otherwise),  or to  maintain  solvency,  assets,  level of income,  or other
financial condition, or to make any payment other than for value received.

     "Hazardous  Materials"  means all materials  defined as hazardous wastes or
substances under any Environmental Law.

     "Hedge  Agreement"  means any agreement  between Borrower and Lender or any
affiliate of Lender now existing or hereafter  entered into,  which provides for
an interest rate or commodity swap, cap, floor, collar, forward foreign exchange
transaction,  currency swap,  cross-currency  rate swap, currency option, or any
combination  of, or option with respect to, these or similar  transactions,  for
the purpose of hedging  Borrower's  exposure to  fluctuations in interest rates,
currency valuations or commodity prices.

     "Herein", "hereof", and "hereunder" and other words of similar import refer
to this  Agreement  as a whole  and not to any  particular  article,  paragraph,
section or other subdivision.

     "Improvements"  means all  buildings,  structures  and  other  improvements
located on the Premises and in which  Borrower  has an  ownership,  leasehold or
other interest, including, without limitation, the Project.

     "Indebtedness"  means,  without  duplication:  (i) all  obligations of such
Person which in accordance  with GAAP  consistently  applied would be shown on a
consolidated  balance  sheet of such Person as a liability  (including,  without

                                       5
<PAGE>

limitation,  obligations for borrowed money and for the deferred  purchase price
of property or services, and obligations evidenced by bonds,  debentures,  notes
or other similar instruments); (ii) all rental obligations under leases required
to be capitalized under generally accepted  accounting  principles  consistently
applied; (iii) all Guaranties of such Person (including contingent reimbursement
obligations  under undrawn letters of credit);  and (iv)  Indebtedness of others
secured by any Lien upon property owned by such Person, whether or not assumed.

     "Intellectual  Property  Rights" shall mean, with respect to any particular
Person,  all  patents,  patent  applications,  continuation,  refile and reissue
patent  applications,  trademarks,  service  marks,  trademark  and service mark
applications,  trade  names,  copyrights,  copyright  registrations,   copyright
applications,   trade   secrets  and  other  similar   proprietary   information
(including,  but not by way of limitation,  inventions,  technical  information,
processes, algorithms, procedures, specifications, designs, knowledge, know-how,
data and databases) now owned or hereafter acquired by such Person.

     "Interest  Expense"  means,  for any fiscal  period of Borrower,  the total
interest  expense  of  Borrower,  as  determined  on  a  consolidated  basis  in
accordance with GAAP.

     "Lease"  means that certain  Lease dated April 14, 1995,  between Amli Land
Development  I Limited  Partnership,  as lessor,  and  Borrower,  as lessee,  as
amended by First Amendment to Lease Agreement dated August 6, 1999.

     "Lender" has the meaning  given in the recitals  hereto,  and shall include
Lender's successors and assigns.

     "Leverage  Ratio" shall mean, at any date,  the ratio of  Borrower's  Total
Liabilities to its Net Worth at such time.

     "Liabilities"  means all  indebtedness,  liabilities,  and  obligations  of
Borrower of any nature whatsoever which Lender may now or hereafter have, own or
hold,  and which now or hereafter  arise under or on account of this  Agreement,
the Note or any of the other Financing  Documents and any extensions,  renewals,
modifications or substitutions thereof or therefor.

     "LIBO Rate" means the rate per annum (rounded  upwards,  if necessary,  to
the nearest 1/16 of 1%)  appearing on the Telerate  Page 3750 (or any  successor
page)  as  the  London  interbank  offered  rate  for  deposits  in  Dollars  at
approximately  11:00 a.m. (London Time) two Business Days prior to the first day
the month for a term of 30-days.  If for any reason such rate is not  available,
the  term  "LIBO  Rate"  shall  mean the rate  per  annum(rounded  upwards,  if
necessary,  to the nearest  1/100 of 1%)  appearing on the Reuters  Screen LIBO
Page  as  the  London  interbank   offered  rate  for  deposits  in  Dollars  at
approximately  11:00 a.m. (London Time) two Business Days prior to the first day
of the month for a term of 30-days;  provided however,  if more than one rate is
specified  on  Reuters  Screen  LIBO  Page,  the  applicable  rate shall be the
arithmetic mean of all such rates rounded upwards, if necessary,  to the nearest
1/16 of 1%).

                                       6
<PAGE>

     "Lien"  means (a) any security  interest,  encumbrance,  mortgage,  deed to
secure  debt,  deed of  trust,  pledge,  lien,  charge or lease  constituting  a
capitalized  lease  obligation,   conditional  sale  or  other  title  retention
agreement,  or other  security  title or  encumbrance  of any kind,  or upon the
income or profits therefrom;  (b) any arrangement,  express,  or implied,  under
which any property is transferred,  sequestered or otherwise  identified for the
purpose of subjecting the same to the payment of  Indebtedness or performance of
any other  obligation  in  priority  to the  payment of the  general,  unsecured
creditors of any Person;  and (c) the filing of, or any  agreement to give,  any
financing  statement under the Uniform  Commercial Code or its equivalent in any
jurisdiction,  but  excluding,  in each case,  licenses  granted in the ordinary
course of Borrower's business.

     "Line of Credit" means the existing  $2,000,000  line of credit of Borrower
with Lender  pursuant to the Third  Amended and Restated  Loan  Agreement  dated
August 30, 1996, as heretofore amended.

     "Loan" means either the Construction Loan or the Term Loan, or both, as the
context may require.

     "Maturity Date" means the fifth (5th)  anniversary of the Conversion  Date,
which shall in no event be later than June 30, 2006.

     "Net Income  (Loss)"  means,  for any fiscal  period of  Borrower,  the net
income (or loss) of Borrower on a consolidated basis for such period (taken as a
single  accounting  period)  determined in conformity  with GAAP,  but excluding
therefrom (to the extent otherwise included therein and without duplication) (i)
any gains or losses, together with any related provisions for taxes, realized by
Borrower  upon any sale of its  assets  other  than in the  ordinary  course  of
business,  (ii) any other non-recurring gains or losses, and (iii) any income or
loss of any other Person  acquired prior to the date such other Person becomes a
Subsidiary of Borrower or is merged into or consolidated with Borrower or all or
substantially all of such other Person's assets are acquired by Borrower.

     "Net  Proceeds"  means the  aggregate  amount  of cash or cash  equivalents
received by Borrower in respect of any sale,  assignment or other disposition of
all or any portion of Borrower's  interest in the Premises  minus the reasonable
and customary costs and expenses  incurred in connection  with such  disposition
and required to be paid in cash.

     "Net  Worth"  means,   as  of  any  particular   date,   Borrower's   total
shareholder's  equity (including capital stock,  additional paid-in capital, and
retained earnings after deducting  treasury stock) which would appear as such on
a consolidated  balance sheet of Borrower  prepared in accordance with generally
accepted accounting principles as then in effect.

     "Note"  means  the  promissory  note  dated of even date  herewith,  in the
principal  amount  of  the  Commitment,  evidencing  the  Loan,  as  amended  or
supplemented  from  time to time,  together  with any  renewals,  modifications,
extensions  or  replacements  thereof  in whole or in  part.  The Note  shall be
substantially in the form of Exhibit "A".

                                       7
<PAGE>

     "Obligations"  means all obligations of Borrower to Lender now or hereafter
incurred,  however evidenced,  including,  without limitation,  the Loan and the
Line of Credit.

     "Optional Rate" means the sum of the Adjusted LIBO Rate plus 1.50%.

     "Permanent  Financing Period" means the period commencing on the Conversion
Date and  continuing  through and  including  the Maturity Date during which the
Term Loan is outstanding.

     "Permitted Encumbrances" means (i) liens for taxes not yet due and payable;
(ii) carriers', warehousemen's,  mechanics', materialmen's, repairmen's or other
like liens arising in the ordinary course of business,  payment for which is not
yet  due or  which  are  being  contested  in  good  faith  and  by  appropriate
proceedings; (iii) pledges or deposits in connection with worker's compensation,
unemployment  insurance and other social security legislation;  (iv) deposits to
secure the performance of utilities, lease, statutory obligations and surety and
appeal  bonds and other  obligations  of a like nature  incurred in the ordinary
course of business;  (v) bankers'  liens  arising by statute or under  customary
terms  regarding   depository   relationships  on  deposits  held  by  financial
institutions with whom Borrower has a banker-customer relationship; (vi) typical
restrictions  imposed by licenses and leases of software (including location and
transfer  restrictions);  and (vii) those liens, if any, set forth and described
on Exhibit "D".

     "Person" means any  individual,  corporation,  partnership,  joint venture,
association,   joint-stock  company,  trust,   unincorporated   organization  or
government or any agency or political subdivision thereof.

     "Premises" means the real property located in Cobb County, Georgia and more
particularly  described in Exhibit "C" to this  Agreement,  attached  hereto and
incorporated  herein,  which is  subject  to the  Lease and  including  the real
property on which the Project is being constructed.

     "Project"  means  buildout/building  improvements to be constructed at 1655
Roberts  Boulevard,  N.W.,  Kennesaw,  Georgia 30144 for "CryoLife  Phase II" as
defined in the Lease, together with equipment to be used and installed therein.

     "Purchase Money Indebtedness" means (i) Indebtedness for the payment of all
or any part of the purchase  price of any fixed  assets,  (ii) any  Indebtedness
incurred for the sole purpose of financing or refinancing all or any part of the
purchase price of any fixed assets,  (iii)  Capitalized Lease  Obligations,  and
(iv) any renewals,  extensions or refinancings thereof (but not any increases in
the principal amounts thereof outstanding at that time).

     "Purchase  Money Lien"  means a Lien upon fixed  assets  which  secures the
Purchase Money Indebtedness  relating thereto but only if such Lien shall at all
times be confined  solely to the fixed  assets the  purchase  price of which was
financed or refinanced through the incurrence of the Purchase Money Indebtedness
secured by such Lien and only if such Lien secures  solely such  Purchase  Money
Indebtedness.

                                       8
<PAGE>

     "Rental  Expense" shall mean, for any fiscal period of Borrower,  the total
rental  expense of Borrower for such period,  as  determined  on a  consolidated
basis in accordance with generally accepted accounting  principles  consistently
applied,  and which  shall  include  without  limitation  rental  expense  under
operating leases.

     "Requirement of Governmental  Authority" means any law,  ordinance,  order,
rule or regulation of a Governmental Authority.

     "Security  Agreement" means the Security Agreement dated even date herewith
executed by Borrower in favor of Lender,  and any  modification  or  replacement
thereof or therefor.

     "Subordinated  Debt" means any and all  Indebtedness  of  Borrower  that is
expressly  subordinated  in right of  payment to the  Loans,  including  without
limitation the Subordinated Debenture.

     "Subordinated  Debenture" means the Subordinated  Convertible  Debenture of
Borrower,  dated March 5, 1997,  issued to J. Clayton Pruitt,  Sr., M.D., in the
principal face amount of $4,999,999, and any extensions, renewals, modifications
or substitutions thereof or therefor.

     "Subsidiary"  means,  as applied to Borrower,  (i) any corporation of which
50% or more of the outstanding stock (other than directors'  qualifying  shares)
having  ordinary  voting power to elect a majority of its board of directors (or
other governing body), regardless of the existence at the time of a right of the
holders of any class or  classes  (however  designated)  of  securities  of such
corporation  to exercise  such voting  power by reason of the  happening  of any
contingency,  or any  partnership  of  which  50%  or  more  of the  outstanding
partnership  interests is, at the time, directly or indirectly owned by Borrower
or by one or more  Subsidiaries of Borrower,  and (ii) any other entity which is
directly or indirectly  controlled or capable of being controlled by Borrower or
by one or more Subsidiaries of Borrower.

     "Subsidiary Guaranty" means any and all Guaranty Agreements, executed or to
be executed by a Subsidiary of Borrower in favor of Lender and any modifications
or replacements thereof or therefor.

     "Taxes" has the meaning given such term in Section 4.07 hereof.

     "Tax Transferee" has the meaning given such term in Section 4.07 hereof.

     "Term Loan" means the  permanent  loan  extended by Lender to Borrower in a
principal amount equal to the Total Advances  outstanding on the Conversion Date
pursuant to Article Three.

     "Tissue Freezers" means, collectively, the tissue freezers leased or loaned
by Borrower to third parties in the ordinary course of Borrower's business.

                                       9
<PAGE>

     "Total Advances" means the aggregate of (i) all amounts,  if any,  advanced
by Lender on behalf of Borrower at the Closing, plus (ii) all Advances hereunder
outstanding  at any time  plus  (iii)  all  other  amounts  advanced  by  Lender
hereunder.

     "Total Liabilities" shall mean, as of any particular date, the amount which
all  liabilities of Borrower  would be shown on a consolidated  balance sheet of
Borrower at such date prepared in accordance with generally accepted  accounting
principles consistently applied.

     "Voting  Stock"  means  the  securities  of  any  class  or  classes  of  a
corporation   the   holders  of  which  are   ordinarily,   in  the  absence  of
contingencies,  entitled to elect a majority of the corporate  directors of such
corporation (or Persons performing similar functions).

1.02 Accounting  Terms. All accounting  terms not otherwise  defined herein have
the meanings assigned to them in accordance with GAAP consistently applied.

1.03 Titles.  The titles of the Articles and Sections  herein appear as a matter
of convenience only and shall not affect the interpretation hereof.

1.04 Number and Gender.  Words  importing the singular  number  hereunder  shall
include the plural  number and vice versa,  and any pronoun used herein shall be
deemed to cover all genders.

                                   ARTICLE TWO

                                    ADVANCES

2.01  Construction  Loan.  During  the  Construction  Period,   subject  to  the
provisions of this  Agreement,  and also subject to the terms and  conditions of
the other Financing  Documents,  Lender shall make and Borrower shall accept the
Construction  Loan in periodic  Advances not exceeding,  in the  aggregate,  the
Commitment.  Amounts  advanced  by Lender to  Borrower  hereunder  and repaid by
Borrower may not be reborrowed.

2.02 Form of  Requests.  Requests  for  Advances  shall be submitted on Lender's
"Application  and  Certificate  of Payment" or similar  form signed by Borrower,
showing the  percentage of completion of the Project and setting forth in detail
the amounts  expended or costs incurred for work done and materials or equipment
incorporated in or to be used in connection with the Project.

2.03 Number of Requests. Borrower may not make more than two (2) requests for an
Advance in any calendar  month.  Each request for an Advance must be received by
Lender at least five (5) business days prior to the date the  requested  Advance
is to be made.  Each  request  for an  Advance  must be in a  minimum  amount of
$100,000.00.

                                       10
<PAGE>

2.04 Place of Advances.  All Advances are to be made at the principal  office of
Lender, or at such other place as Lender may designate.

2.05  Affirmation of  Warranties.  Each request for an Advance by Borrower shall
constitute an affirmation that the warranties and  representations  contained in
this  Agreement  remain true and correct in all  material  respects  and that no
breach of the covenants  contained in this Agreement has occurred as of the date
of the  Advance,  unless  Lender is  notified  and  approves  exceptions  to the
contrary prior to the disbursement of the requested advance.

2.06 Final  Disbursement.  Lender shall not make  disbursement of the last 5% of
the  Construction  Loan (the  "Final  Disbursement")  until seven (7) days after
Lender has received the following items:

          (a)  Affidavits  of each of Borrower and the  Construction  Contractor
               stating that each person providing any material or performing any
               work in  connection  with the Project has been paid in full,  and
               that all withholding taxes have been paid.

          (b)  Any permits,  licenses or other  evidence of compliance  with any
               Requirements of Governmental  Authority  necessary for Borrower's
               use of the  Premises  and Project  contemplated  in the Plans and
               Specifications, including a final certificate of occupancy.

          (c)  A lien search report  reflecting  that there are no Liens against
               Borrower  or  Borrower's  interest  in the  Premises  other  than
               Permitted Encumbrances.

          (d)  Such other items as may be reasonably required by Lender.

2.07 Authority to Make Advances.  Borrower authorizes Lender to make Advances to
the  Account  to  Receive  Advances  upon the  request  of the Agent to  Request
Advances and Borrower  agrees that: (a) Lender is not acting as agent or trustee
for Borrower;  (b) Lender will not be liable or held accountable for any advance
made in good faith;  (c) all Advances made prior to receipt of written notice of
revocation  shall be deemed  advances made in good faith;  and (d) revocation of
the agency by Borrower can be accomplished only by written notice to Lender.

2.08 Direct Advances.  Borrower may authorize Lender, at Borrower's option, upon
notice to Lender,  to make Advances  directly to the Construction  Contractor or
any  subcontractors  or  suppliers.  Upon such notice,  no further  direction or
authorization  from Borrower shall be necessary to warrant such direct  advances
and all such advances shall satisfy the obligations of Lender hereunder.

2.09 Waivers. In its sole discretion, Lender may require for any or all Advances
that  Borrower  obtain and deliver to Lender  written  waivers of liens from the

                                       11
<PAGE>

Construction  Contractor  or  any  other  subcontractor  to  the  extent  of the
requested Advances.

2.10 Total  Advances.  Lender shall make  Advances for the funding of direct and
indirect  construction costs related to the Project, the cost of equipment to be
used and installed in the Project, for closing costs related to the Loan and for
no other  purpose;  provided,  however,  that in no event shall  Total  Advances
exceed the Commitment unless otherwise agreed in writing by Lender.

2.11 Interest Rates.  During the Construction  Period,  the Total Advances shall
bear interest at a floating rate per annum equal to the Adjusted LIBO Rate plus
two percent (2.0%).  To the extent permitted by law, any overdue interest on the
Total Advances shall bear interest,  payable on demand,  for each day until paid
at a rate equal to the Default Rate.

2.12  Interest  Computation.  Interest  shall  be  computed  on the  outstanding
principal  amount of the Total  Advances on the basis of a 360-day  year for the
actual days during which such principal is outstanding.  In all cases during the
Construction  Period,  the  rate of  interest  on the  Total  Advances  shall be
adjusted for each change in the  applicable  interest  rate on the date on which
such change is effective.

2.13  Payment of  Interest.  During the  Construction  Period,  interest  on the
principal  amount of the Total  Advances  shall be due and  payable  monthly  in
arrears on the first (1st) day of each  calendar  month  commencing  May 1, 2000
with  respect to all interest  accrued  during the  calendar  month  immediately
preceding the interest payment date.

2.14 Voluntary Prepayment.  The Construction Loan may be prepaid, in whole or in
part, by Borrower at any time or from time to time hereafter  without premium or
penalty.

                                  ARTICLE THREE

                             CONVERSION TO TERM LOAN

3.01  Conversion.  Upon  compliance  with  the  terms  and  conditions  of  this
Agreement, and so long as there is not then in existence any Default or Event of
Default,  Lender agrees to extend to Borrower,  on the Conversion Date, the Term
Loan. The Term Loan also shall be evidenced by the Note.

3.02 Interest Rates. The Term Loan shall bear interest at a rate per annum equal
to the Adjusted LIBO Rate plus one and one-half percent (1.5%). Any overdue

                                       12
<PAGE>

principal of, and to the extent permitted by Applicable Law, overdue interest on
the Term Loan shall bear interest, payable on demand, for each day until paid at
a rate per annum equal to the Default Rate.

3.03  [INTENTIONALLY LEFT BLANK]

3.04  Interest  Computation.  In all cases,  interest  on the Term Loan shall be
computed on the outstanding  principal  amount thereof on the basis of a 360-day
year for the actual days during which such principal is outstanding.

3.05  Payments of Principal and Interest.

     (a) Interest.  Interest on  outstanding  principal  amount of the Term Loan
shall be due and  payable  in arrears  on the first  (1st) day of each  calendar
month,  commencing  on the  first  (1st)  day of the  calendar  month  after the
Conversion Date, and continuing  thereafter  through and including the first day
of the calendar month in which the Maturity Date shall occur.

     (b)  Principal.  Installments  of  principal,  each  equal  to that  amount
sufficient to amortize the principal  balance of the Term Loan on the Conversion
Date in equal monthly  installments over the Amortization Term, shall be due and
payable on the first (1st) day of each calendar  month,  commencing on the first
(1st) day of the  calendar  month  after the  Conversion  Date,  and  continuing
thereafter  through and including  the first day of the calendar  month in which
the Maturity Date shall occur.

     (c) Final  Payment of Principal  and Interest.  The  outstanding  principal
balance of the Term Loan, together with all accrued but unpaid interest thereon,
shall be due and payable in full on the Maturity Date.

3.06 Voluntary Prepayment. Except as may be provided in any Hedge Agreement, the
Term Loan may be prepaid,  in whole or in part,  by Borrower at any time or from
time to time hereafter without premium or penalty.

                                  ARTICLE FOUR

                             GENERAL LOAN PROVISIONS

4.01  LIBO  Protection;  Availability;   Illegality.  If  at  any  time  Lender
determines  in its  reasonable  judgment,  and so  notifies  Borrower,  that (a)
deposits in Dollars (in the  applicable  amounts)  are not being  offered in the
relevant market, or that the Adjusted LIBO Rate plus the then-applicable margin
will not  adequately  and fairly reflect the future cost to Lender of making the
Loan,  the  obligations of Lender to extend the Loan based on the Adjusted LIBO
Rate shall be suspended  until Lender notifies  Borrower that the  circumstances
causing such suspension no longer exist, and the Loan shall bear interest during

                                       13
<PAGE>

such  suspension at a comparable  rate as determined by Lender in its reasonable
discretion.  In the event  that,  as a result of any change in  Applicable  Law,
rules,   regulations,   treaties,   directives  or  in  the   interpretation  or
administration thereof or by reason of Lender's compliance therewith,  including
any change in reserve requirements, the effective cost to Lender of having made,
maintained or funded the Loan at the Adjusted LIBO Rate plus the then-applicable
margin,  is  increased,  Borrower  shall pay to Lender,  within thirty (30) days
after Lender's demand for same, which demand shall be accompanied by an analysis
of how such increased costs were calculated,  such additional  amount or amounts
which in the  reasonable  judgment of Lender,  will  compensate  Lender for such
increased cost.

     (b) If at any time the  adoption  of or any change in any  Applicable  Law,
rule or  regulation  or change in the  interpretation  thereof or  compliance by
Lender  with any  request or  directive  of any  Government  Authority  makes it
unlawful or  impractical  for Lender to fund or maintain the Loan on an Adjusted
LIBO Rate basis,  the  obligations of Lender to extend the Loan on the basis of
the Adjusted LIBO Rate, shall be suspended until Lender notifies  Borrower that
the  circumstances  causing such suspension no longer exist,  and the Loan shall
bear  interest  during such  suspension  at a comparable  rate as  determined by
Lender in its reasonable discretion.

4.02 Agreement  Regarding Interest and Charges.  The parties hereto hereby agree
and stipulate that the only charge imposed upon Borrower for the use of money in
connection  with this  Agreement is and shall be the specific  interest and fees
described  in  Articles  2,  3  and 4  and  in  any  other  Financing  Document.
Notwithstanding  the  foregoing,  the parties hereto further agree and stipulate
that the commitment  fee,  underwriting  fees,  default  charges,  late charges,
funding or  "breakage"  charges,  increased  cost charges,  attorneys'  fees and
reimbursement  for costs and  expenses  paid by Lender to third  parties  or for
damages  incurred  by  Lender,   are  charges  made  to  compensate  Lender  for
underwriting  or  administrative  services  and  costs or  losses  performed  or
incurred,  and to be performed or incurred,  by Lender in  connection  with this
Agreement and shall under no  circumstances  be deemed to be charges for the use
of money  pursuant  to Official  Code of Georgia  Annotated  Sections  7-4-2 and
7-4-18.  All  charges  other than  charges  for the use of money  shall be fully
earned and nonrefundable when due.

4.03 Usury.  In no event shall the amount of interest due or payable on the Loan
exceed the maximum rate of interest  allowed by Applicable Law and, in the event
any such payment is paid by Borrower or received by Lender, then such excess sum
shall be credited as a payment of principal, unless Borrower shall notify Lender
in  writing  that  Borrower  elects  to have  such  excess  sum  returned  to it
forthwith.  It is the express intent of the parties hereto that Borrower not pay

                                       14
<PAGE>

and  Lender not  receive,  directly  or  indirectly,  in any manner  whatsoever,
interest  in  excess  of that  which  may be  lawfully  paid by  Borrower  under
Applicable Law.

4.04 Payments.  Except to the extent otherwise  provided herein, all payments of
principal,  interest  and  other  amounts  to be made  by  Borrower  under  this
Agreement, the Note or any other Financing Document shall be made in Dollars, in
immediately  available  funds,  to Lender at the address set forth for Lender in
Section 9.05 hereof,  not later than 2:00 p.m. on the date on which such payment
shall  become due (each such payment made after such time on such due date to be
deemed  to have  been  made  on the  next  succeeding  Business  Day) by  Lender
automatically  debiting  all such  amounts  from  Borrower's  account  #6218199;
provided,  however,  that this automatic  debit  procedure  shall not affect the
obligation of Borrower to pay such sums when due,  without notice,  if there are
insufficient  funds in such account to make such payment in full on the due date
therefor,  or, upon written  notice if Lender shall fail to debit such  account.
Lender may apply such  payment to the Loan or any other  Obligation  of Borrower
under the Financing Documents in accordance with Section 4.05 hereof. If the due
date of any payment under this  Agreement or any Note would  otherwise fall on a
day  which  is not a  Business  Day such  date  shall  be  extended  to the next
succeeding  Business  Day and  interest  shall be payable for the period of such
extension.

4.05  Insufficient  Funds. If Lender receives funds  insufficient to pay in full
the  principal  of the Loan and/or  interest  and/or fees and  expenses  due and
payable on any date such  amounts  are due,  Lender  shall  apply any such funds
received by it:

     (a) first, to pay all fees and expenses owing to it;

     (b) second, to pay all accrued but unpaid interest on the Loan; and

     (c) third, to pay all amounts of principal outstanding on the Loan.

4.06  Statements  of Account.  Lender will  account to Borrower  monthly  with a
statement  of the Loan,  accrued  interest and fees,  charges and payments  made
pursuant to this Agreement and the other Financing  Documents,  and such account
rendered by Lender shall be deemed final,  binding and conclusive  upon Borrower
unless Lender is notified by Borrower in writing  within fifteen (15) days after
the date each  statement is delivered to Borrower that  Borrower  objects to the
information,  calculations or items therein contained. Such notice shall only be
deemed an objection to those items specifically objected to therein. The failure
of Lender to deliver such a statement of accounts shall not relieve or discharge
Borrower from its obligations hereunder.

4.07 Taxes.  (a) Any and all  payments by Borrower  hereunder  or under the Note
shall be made free and clear of and without deduction for any and all present or

                                       15
<PAGE>

future  taxes,  levies,  imposts,   deductions,   charges  or  withholdings  and
penalties,  interests and all other liabilities with respect thereto  ("Taxes"),
excluding,  (i) taxes  imposed on the net income of Lender  (including,  without
limitation,  any taxes imposed on branch profits) and franchise taxes imposed on
it by the  jurisdiction  under  the laws of which  Lender  is  organized  or any
political  subdivision  thereof,  (ii) taxes imposed on the net income of Lender
(including,  without  limitation,  any taxes  imposed  on branch  profits),  and
franchise  taxes  imposed  on it, by the  jurisdiction  of  Lender's  applicable
lending office or any political subdivision thereof, (iii) any Taxes that are in
effect and that would apply to a payment to Lender as of the Agreement Date, and
(iv) if any other Lender  acquires  any  interest in this  Agreement or any Note
pursuant  to the  provisions  hereof,  or, if Lender is  required  to change the
office in which the Loan is made,  accounted  for or booked  (any such lender in
that event,  being referred to as a "Tax  Transferee"),  any Taxes to the extent
that they are in effect and would apply to a payment to such Tax  Transferee  as
of the date of the acquisition of such interest or change in office, as the case
may be.

     (b) In  addition,  Borrower  agrees to pay any  present  or  future  stamp,
documentary,  excise, privilege,  intangible or similar levies that arise at any
time or from time to time (i) from any payment made under any and all  Financing
Documents,  (ii) from the transfer of the rights of Lender  under any  Financing
Documents to any transferee other than any voluntary transfer of any such rights
by Lender,  or (iii) from the  execution or delivery by Borrower of, or from the
filing or recording or maintenance of, or otherwise with respect to the exercise
by Lender of its rights under, any and all Financing Documents.

4.08 Default Interest. If an Event of Default has occurred and is continuing, at
the  election  of  Lender  in its  sole  discretion,  the  Loan  and  all  other
Obligations shall bear interest until paid in full at the Default Rate.

4.09 [INTENTIONALLY OMITTED].

4.10 Collateral. The Loan and the other Obligations shall be secured pursuant to
the Security  Agreement,  which shall be duly executed and delivered by Borrower
to Lender in connection  with this  Agreement and pursuant to which Lender shall
be granted a first-priority  security  interest in all of Borrower's  present or
future  accounts,   contract  right,  chattel  paper,  instruments,   documents,
inventory,  equipment,  fixtures,  leasehold  improvements and other assets (but
excluding general intangibles and Intellectual Property Rights) and all proceeds
thereof.  Borrower shall execute (or cause to be executed) any and all financing
statements,  certificate of title applications,  collateral assignments or other
documents as Lender may reasonably request from time to time in order to perfect
or maintain the  perfection  and priority of Lender's  security  interest in the
Collateral now or hereafter covered by the Security  Agreement or any additional
collateral documents.

                                       16
<PAGE>

4.11 Guaranties. The Loan and the other Obligations shall be fully guaranteed by
the Subsidiaries of Borrower pursuant to a Subsidiary  Guaranty (or confirmation
of an  existing  Guaranty,  as  applicable)  which  shall be duly  executed  and
delivered by each Subsidiary to Lender in connection with this Agreement.

4.12 Landlord and Mortgagee  Consents.  If any of the Collateral will be located
on any premises which are leased by Borrower or any of its  Subsidiaries  from a
third  party  or,  if  such  premises  are  owned  by  Borrower  or  one  of its
Subsidiaries,  on which any creditor  (other than Lender) holds a security deed,
mortgage,  or deed of trust  granted  by  Borrower  or one of its  Subsidiaries,
Borrower  shall  cause each such third  party  lessor or  creditor to execute in
favor of Lender a Waiver and Consent in the form reasonably  requested by Lender
or such other form as may be acceptable to Lender.

                                  ARTICLE FIVE

                       CONDITIONS PRECEDENT TO CLOSING AND
                      LENDER'S OBLIGATION TO MAKE ADVANCES

5.01  Conditions  for  Closing.  The  obligation  of Lender to make the  initial
Advance is subject to the  following  conditions  precedent,  each of which must
have been fulfilled to the satisfaction of Lender:

     (a)  Lender shall have received  original  counterparts  of this Agreement,
          the Note, the Security  Agreement,  the Subsidiary  Guaranties and the
          other Financing Documents, each duly executed by Borrower;

     (b)  Lender shall have received  Uniform  Commercial Code, tax and judgment
          lien search reports with respect to Borrower indicating that there are
          no  prior  Liens  on any  assets  of  Borrower  other  than  Permitted
          Encumbrances;

     (c)  Uniform  Commercial  Code  financing  statements  naming  Borrower  as
          "Debtor" and Lender as "Secured  Party" and  covering  the  Collateral
          shall  have  been  filed or  delivered  to  Lender  to be filed in all
          necessary and appropriate jurisdictions;

     (e)  Lender  shall have  received  certified  copies of (i) the Articles or
          Certificate of Incorporation of each Credit Party, (ii) the By-laws of
          each Credit Party,  and (iii) all necessary  corporate action taken by
          each Credit Party to authorize the execution, delivery and performance
          of the Financing Documents to which it is a party;

     (f)  Each Credit Party shall have delivered to Lender a certificate setting
          forth the name and  signature  of each of the  officers of such Credit

                                       17
<PAGE>

          Party  (i)  who is  authorized  to sign on its  behalf  the  Financing
          Documents to which it is a party; and (ii) who will, until replaced by
          another officer or officers, act as its representative for the purpose
          of signing  documents and giving notices and other  communications  in
          connection with the Financing Documents.  Lender may conclusively rely
          on such  certificates  until it  receives  notice in writing  from the
          applicable Credit Party;

     (g)  Lender  shall have  received an  affidavit  of  Borrower,  in form and
          substance reasonably satisfactory to Lender, with respect to the Lease
          and the Project;

     (h)  Borrower shall have delivered to Lender copies of each of the policies
          of property/casualty  insurance covering any of the tangible insurable
          Collateral,  and evidencing insurance in an amount equal to or greater
          than the market  value of all  Improvements,  but, in no event,  in an
          amount less than the Loan, as required by Section 7.13 hereof;

     (i)  Borrower shall have delivered to Lender copies of each of the policies
          of general liability insurance covering the Premises, naming Lender as
          an additional  insured, in an amount acceptable to Lender, as required
          by Section 7.13 hereof;

     (j)  Borrower shall have delivered to Lender copies of each of the policies
          of builder's risk  insurance  required for the Project by Section 7.13
          hereof;

     (k)  Borrower shall have paid to Lender all fees required by this Agreement
          and the Commitment Letter;

     (l)  Lender shall have received an opinion of counsel to Borrower in a form
          acceptable to Lender covering such matters relating to the transaction
          contemplated hereby as Lender may reasonably request;

     (m)  Lender  shall have  received  a  certificate  signed by an  authorized
          officer of Borrower  to the effect that (i) no Event of Default  shall
          have occurred and be continuing;  and (ii) each of the representations
          and warranties  made by Borrower  pursuant to the Financing  Documents
          are true and correct in all material respects on and as of the Closing
          Date;

     (n)  Borrower  shall have  delivered  any  consents  required  pursuant  to
          Section 4.12;

     (o)  Borrower shall have delivered such other  instruments and documents as
          Lender may request in connection with the closing of the  transactions
          contemplated by this Agreement.

                                       18
<PAGE>

5.02  Conditions for Advances.  Lender's  obligation to make Advances  hereunder
shall be subject to the  satisfaction at the time of each request for Advance of
the following conditions:

     (a)  All provisions of the Commitment Letter shall have been complied with;

     (b)  Borrower's  representations  and  warranties  set forth  herein  shall
          remain true and correct in all material respects;

     (c)  No  significant  damage to or  destruction  of the Project  shall have
          occurred;

     (d)  No Event of Default shall have occurred  under this Agreement or under
          any other Financing Document;

     (e)  The  requirements of Article Two with respect to requests for Advances
          shall have been complied with;

     (f)  There shall have occurred no act, omission or undertaking which would,
          singly or in the aggregate,  have a materially adverse effect upon the
          business,  assets,  liabilities,   financial  condition,   results  of
          operations or financial prospects of Borrower,  or upon the ability of
          Borrower  to  perform  any  material  obligations  arising  under  the
          Financing Documents;

     (g)  If  requested by Lender  pursuant to Section  6.07 of this  Agreement,
          Borrower shall have provided evidence of written waivers of liens.

                                       19
<PAGE>

                                   ARTICLE SIX

                   REPRESENTATIONS AND WARRANTIES OF BORROWER

     Borrower  represents  and warrants to Lender that each of the  following is
true, correct, complete and accurate in all respects:

6.01  Organization  and Existence;  Subsidiaries.  (a) Borrower is a corporation
duly  organized,  validly  existing and in good  standing  under the laws of the
State of Florida,  and is qualified in good standing to do business as a foreign
corporation in the State of Georgia and in each other  jurisdiction in which the
failure to so qualify  would have a  material  adverse  effect on the  business,
prospects  or  financial  condition  of  Borrower.  Each other Credit Party is a
corporation duly organized, validly existing and in good standing under the laws
of the  jurisdiction of its  organization,  and is qualified to do business as a
foreign  corporation in all jurisdictions  where the failure to so qualify would
have a material adverse effect on the business, prospects or financial condition
of such Credit Party.

     (b) Borrower has no Subsidiaries  as of the date of this Agreement,  except
for the  Subsidiaries  identified  on  Schedule  6.01(b)  attached  hereto,  and
Borrower  agrees  that it will not  hereafter  acquire or form any  Subsidiaries
without  giving Lender at least thirty (30) days' prior written  notice.  In the
event Borrower so acquires or forms any  Subsidiaries,  each such  Subsidiary of
Borrower  will be a corporation  duly  organized,  validly  existing and in good
standing  with the laws of the state of its  incorporation,  and promptly  shall
execute and deliver to Lender a Subsidiary  Guaranty of  Borrower's  obligations
hereunder pursuant to Section 8.06 hereof.

6.02 Financial  Statements.  Each financial  statement of any Credit Party which
has been  delivered to Lender  presents  fairly the financial  condition of such
Credit Party as of the date indicated  therein and the results of its operations
for the period(s)  shown therein.  There has been no material  adverse change in
the financial  condition or  operations  of the Credit  Parties taken as a whole
since the date of said financial statement,  nor has any Credit Party mortgaged,
pledged or granted a security  interest in or encumbered any of its assets since
such date except pursuant to Permitted Encumbrances.

6.03  Borrower  Authority  and  Power.  Each  Credit  Party  has full  power and
authority to make,  execute and perform in accordance with the respective  terms
thereof  each of the  Financing  Documents  executed  by it. The  execution  and
performance  by each Credit Party of each and every of the  Financing  Documents
executed by it have been duly authorized by all requisite  action,  and each and
every one of them  constitutes the legal,  valid and binding  obligation of such
Credit  Party  enforceable  against  such Credit  Party in  accordance  with its
respective terms.

6.04 No Defaults.  Except as set forth on Schedule 6.04 attached hereto, none of
the Credit  Parties is in default  under any  contracts,  agreements,  licenses,
franchises,  leases, security agreements,  deeds,  mortgages,  promissory notes,

                                       20
<PAGE>

documents, instruments or chattel paper to which it is a party or by which it or
any of its  properties or assets is bound or affected.  Execution,  delivery and
performance  by any Credit  Party of each and every of the  Financing  Documents
executed by it do not violate any provision of law or  regulations  and does not
result in a breach of or constitute a default under any agreement,  indenture or
other  instrument  to which any  Credit  Party is a party or by which any Credit
Party is bound.

6.05 No Pending  Claims.  Except as disclosed on Schedule 6.05 attached  hereto,
there is no claim, action,  suit,  arbitration,  investigation,  condemnation or
other proceeding at law or in equity, or by or before any federal,  state, local
or other  governmental  agency,  or by or before any other agency or arbitrator,
nor is there  any  judgment,  order,  writ,  injunction  or  decree of any court
pending,  anticipated or (to Borrower's knowledge) threatened against any Credit
Party or against  any of its  properties  or assets  which might have a material
adverse  effect  on the  Credit  Parties  taken as a whole  or their  respective
properties  or  assets,  or which  might  call into  question  the  validity  or
enforceability  of any of the  Financing  Documents,  or which might involve the
alleged violation by any Credit Party of any federal, state, local or other law,
rule or regulation;  provided,  however,  that no representation is made in this
Section 6.05 with respect to Environmental Laws.

6.06 No Outstanding  Judgments.  There are no  outstanding  or unpaid  judgments
against any Credit Party.

6.07 No Liens.  Borrower has made no contract or  arrangement  of any kind which
could  give  rise to a lien or claim of lien on its  interest  in the  Premises,
except for its arrangements with the Construction  Contractor and contractors or
subcontractors who have executed lien waivers.

6.08 Outstanding Securities. All of Borrower's and each Subsidiary's outstanding
capital  stock  has been  validly  issued,  fully  paid  and is  non-assessable.
Borrower is not in violation of any applicable  federal,  state, local, or other
securities  laws and  regulations  with  respect to the  issuance  of any of its
capital stock or any other of its securities.

6.09 Tax Returns. Each Credit Party has filed or caused to be filed all required
federal,  state,  local,  or other tax returns  when due and has paid (except as
otherwise  permitted by Section 7.15  hereof) all  governmental  taxes and other
charges imposed upon it or on any of its properties or assets. Borrower does not
know of any proposed additional tax assessment against any Credit Party.

6.10  Satisfactory  Plans.  The plans and  specifications  are  satisfactory  to
Borrower and have been approved by the Construction Contractor, the lessor under
the Lease, the beneficiary of any restrictive covenant to which the Premises may
be subject,  and any  Governmental  Authority  whose  approval is required.  All
construction  shall be performed in accordance with the plans and specifications

                                       21
<PAGE>

for  the  Project,  any  restrictive  covenants  and  the  Requirements  of  any
Governmental  Authority.  Borrower's  use of the  Project  will  comply with all
Requirements of Governmental  Authorities and any restrictive covenants to which
the Premises may be subject.  The plans and  specifications  for the Project do,
and the Project when constructed  will, to the extent required,  comply with all
Requirements  of  Governmental  Authority  relating to access and facilities for
handicapped  or disabled  persons  including,  without  limitation,  the Federal
Architectural  Barriers  Act (42  U.S.C.  ss.  411 et  seq.),  The Fair  Housing
Amendments  Act of 1988  (42  U.S.C.  ss.  3601 et  seq.),  The  Americans  with
Disabilities Act of 1990 (442 U.S.C. ss. 12101 et seq.), The  Rehabilitation Act
of 1973 (29 U.S.C.  ss. 794),  and any  applicable  state  statutes  relating to
access facilities for handicapped or disabled persons.

6.11 Utility Service. All utility services necessary for the construction of the
Project and the operation thereof for their intended  purpose,  are available at
the Premises,  and are  unencumbered or are located in a publicly  dedicated and
accepted public  right-of-way,  including but not limited to water supply, storm
and sanitary sewer facilities,  gas, electric and telephone  facilities,  or the
installation  thereof  has been  firmly  committed  by the  utility  company  or
Governmental  Authority  installing same, with such installation to be completed
prior to the Conversion Date.

6.12 Materialmen.  All work done and all materials furnished on the Project have
been or will be paid for in full. If required by Lender, Borrower shall evidence
such  payment by  releases,  receipts  and waivers  reasonably  satisfactory  to
Lender.

6.13  Environmental.  During the term of the Lease and, to Borrower's  knowledge
and with no independent duty of investigation  prior thereto,  the Premises have
not been used for the handling,  treatment, storage or disposal of any hazardous
or toxic  substance  as defined  under any  applicable  state or federal  law or
regulation  including  but  not  limited  to  the  Comprehensive  Environmental,
Response, Compensation and Liability Act of 1980, as amended.

6.14  Franchises,  Licenses,  Permits,  Etc.  Each Credit Party has all material
franchises, licenses, permits, patents, copyrights, trademarks, trade names, and
other  authority  necessary  to enable it to conduct its  business as  presently
conducted;  provided,  however,  that no  representation is made in this Section
6.14 with respect to Environmental Laws.

6.15  No  Governmental   Consents  Required.   No  consent,   approval,   order,
authorization,  designation,  registration,  declaration,  or filing (except the
filing of financing  statements or notations of liens on  certificates of title)
with or of any federal,  state, local, or other governmental authority or public
body on the part of any Credit Party is required in  connection  with any Credit
Party's execution, delivery or performance of any of the Financing Documents; or
if required, all such prerequisites have been fully satisfied.

                                       22
<PAGE>

6.16 No  Defaults.  There is no  default  on the  part of  Borrower  under  this
Agreement,  the Note, or any other Financing Document, and no event has occurred
and is  continuing  which with notice or the passage of time would  constitute a
default under any thereof.

6.17  Compliance  with  Laws.  To  Borrower's  knowledge,  Borrower  is in  full
compliance   with  each   requirement  of  Applicable  Law  including,   without
limitation,  all applicable requirements of ERISA and all laws pertaining to the
payment of federal, state and local taxes.

6.18 ERISA  Matters.  None of the  Credit  Parties  has  incurred  any  material
accumulated  funding deficiency within the meaning of the ERISA, and none of the
Credit  Parties has  incurred  any  material  liability  to the Pension  Benefit
Guaranty  Corporation  established  under ERISA (or any successor  thereto under
such Act) in connection with any employee benefit plan established or maintained
by any of the Credit Parties.

6.19  Regulation U and Other  Securities Law Matters.  None of the  transactions
contemplated in this Agreement  (including,  without limitation,  the use of the
proceeds  from the Loans) will  violate or result in a violation of Section 7 of
the  Securities  Exchange Act of 1934,  as amended,  or any  regulations  issued
pursuant  thereto,  including,  without  limitation,  Regulations U and X of the
Board of Governors of the Federal Reserve System, 12 C.F.R. Chapter II. Borrower
does not own or  intend to carry or  purchase  any  "margin  stock"  within  the
meaning of said Regulation U, including  margin stock  originally  issued by it.
None of the  proceeds of which were used to  purchase  or carry) any  "security"
within the meaning of the Securities Exchange Act of 1934, as amended.

6.20  Environmental  Representations.  (a) Each Credit  Party has  obtained  all
permits,   licenses  and  other   authorizations   which  are   required   under
Environmental  Laws,  and each Credit  Party is in  compliance  in all  material
respects  with all terms and  conditions of the required  permits,  licenses and
authorizations and is also in compliance in all material respects with all other
limitations,  restrictions,  conditions, standards, prohibitions,  requirements,
obligations,  schedules and timetables contained in any applicable Environmental
Laws;

     (b)  Borrower  is not aware of, and has not  received  notice of, any past,
present or future  events,  conditions,  circumstances,  activities,  practices,
incidents,  actions  or plans  which,  with  respect to any  Credit  Party,  may
interfere with or prevent such Credit Party's compliance or continued compliance
in any  material  respect  with  Environmental  Laws,  or may  give  rise to any
material  common  law or legal  liability,  or  otherwise  form the basis of any
material  claim,  action,   demand,   suit,   proceeding,   hearing,   study  or

                                       23
<PAGE>

investigation against such Credit Party, based on or related to the manufacture,
processing,  distribution,  use,  treatment,  storage,  disposal,  transport  or
handling,  or the emission,  discharge,  release or threatened  release into the
environment, of any pollutant,  contaminant,  chemical, or industrial,  toxic or
hazardous substance or waste; and

     (c) There is no civil,  criminal or administrative  action,  suit,  demand,
claim, hearing,  notice or demand letter, notice of violation,  investigation or
proceeding pending or threatened against any Credit Party relating in any way to
Environmental Laws.

6.21  Reaffirmation.  Each request for an Advance  made by Borrower  pursuant to
this  Agreement  shall  constitute an automatic  representation  and warranty by
Borrower  to Lender  that  there  does not then  exist any  Default  or Event of
Default as well as a reaffirmation  as of the date of such request of all of the
representations and warranties of the Credit Parties contained in this Agreement
and  the  other  Financing  Documents  (except  as to  those  changes  otherwise
consented to by Lender or contemplated herein).

                                  ARTICLE SEVEN

                              AFFIRMATIVE COVENANTS

     For so long as this  Agreement is in effect,  and unless  Lender  expressly
consents in writing  otherwise or to the contrary  (which  consent  shall not be
unreasonably  withheld),  Borrower  hereby  expressly  covenants  and  agrees as
follows:

7.01 Conveyance; Encumbrance. Borrower will not convey or encumber its leasehold
interest in the Premises in any way without the prior written consent of Lender,
except for Permitted Encumbrances.

7.02  Governmental   Requirements.   Borrower  will  comply  promptly  with  any
Requirement of a Governmental Authority.

7.03 Project Inspections. Upon the request of Lender following at least 24 hours
prior notice  thereof,  and prior to an Event of Default no more frequently than
once in each calendar month,  Lender and any persons  authorized by Lender shall
have the right  during  regular  business  hours to inspect the  Premises or any
portion thereof and the Project located thereon,  to inspect the Project and all
materials to be used in the  construction  thereof,  and to examine all detailed
plans and shop drawings  which are or may be kept at the  construction  site for
the Project, and will cooperate and use its commercially reasonable best efforts

                                       24
<PAGE>

to  cause  the  Construction  Contractor  to  cooperate  with  the  Lender  when
requested;  provided,  however, that nothing contained herein shall be deemed to
impose upon Lender any obligation to undertake such inspections or any liability
for the failure to detect or failure to act with respect to any defect which was
or might have been disclosed by such inspections.

7.04 Expenses.  Except as may otherwise be provided in this Agreement,  Borrower
will pay all costs and  expenses  required  to satisfy  the  conditions  of this
Agreement including,  without limitation of the generality of the foregoing, the
following:  (a) all taxes and recording  expenses,  including all intangible and
stamp taxes,  if any; (b) all premiums on policies of insurance now or hereafter
covering the Premises, and any and all other insurance policies now or hereafter
collaterally  pledged to Lender;  (c) all  utility  charges,  whether  public or
private;  and (d) all legal fees and expenses of Lender's counsel (including the
imputed costs of in-house  counsel)  incurred in connection with this Agreement,
the  performance of all due diligence  after the Closing in connection  with the
consummation  of  the  transactions   contemplated  hereby  which  Lender  deems
reasonably  necessary  or  advisable  in the  exercise of its  customary  credit
judgment,  the collection of any amounts due hereunder,  or in any other respect
connected with this Agreement or any amendments hereto.

7.05  Construction.  Borrower will cause the  construction  of the Project to be
prosecuted  with  diligence  and  continuity  and  will  complete  the  same  in
accordance  with the plans and  specifications  for the Project on or before the
Conversion  Date,  free and  clear of liens or claims  for  liens  for  material
supplied and for labor or services performed in connection with the construction
of the Project.

7.06 Use of Advances.  Borrower  will receive each Advance to be made  hereunder
and will hold the same as a trust  fund for paying  closing  costs  incurred  in
connection with the Closing,  for paying the hard and soft costs of construction
of the Improvements and for no other purpose.

7.07 Indemnification.  Borrower will indemnify Lender from any claims arising by
reason  of the  execution  hereof by the  Borrower  or the  consummation  by the
Borrower of the transactions contemplated hereby and against all taxes and other
liabilities as provided in (without limitation) Article 4 hereof.

7.08 Negative Pledge of Materials and Fixtures.  Borrower shall not: (a) execute
any conditional purchase contract, security agreement, chattel mortgage or other
instrument  creating a security interest in any materials,  fixtures or articles
intended to be incorporated in the Project or the appurtenances thereto,  except
for Permitted Encumbrances; (b) execute any negative pledge or similar agreement
with  respect  to  the  Improvements   creating  a  security   interest  in  the
Improvements, any materials, fixtures or articles intended to be incorporated in
the Improvements or the appurtenances thereto; (c) execute a financing statement

                                       25
<PAGE>

publishing notice of such security interest; or (d) purchase any such materials,
fixtures or articles in such  manner that the  ownership  thereof  will not vest
unconditionally  in  Borrower,  free  from  encumbrances,  on  delivery  at  the
Premises.

7.09 Disclosure of Contractors.  Borrower shall disclose to Lender, upon demand,
the names of all  persons  with whom  Borrower  has  contracted  or  intends  to
contract for the  construction  of the Project or for the furnishing of labor or
materials therefor, and when required by Lender obtain the approval by Lender of
all such persons which approval shall not be unreasonably withheld.

7.10 Proof of Title.  Borrower will deliver to Lender, on demand, any contracts,
bills of sale,  statements,  or  receipted  vouchers or  agreements  under which
Borrower claims title to any materials, fixtures or articles incorporated in the
Project or the Premises.

7.11  Correction  of Defects and  Unauthorized  Changes.  Borrower will promptly
correct any material structural or engineering defect in the Project.

7.12  Compliance  with  Restrictive  Covenants.  Borrower  will  comply with all
restrictive covenants affecting the Premises.

7.13  Maintenance  of  Insurance.  (a)  Borrower  will  maintain  or cause to be
maintained  during the  Construction  Period,  completed  value  builder's  risk
insurance covering fire,  vandalism and malicious mischief in an amount equal to
the full  replacement cost of the Project,  showing Lender as loss  beneficiary,
public  liability  insurance  in an amount  satisfactory  to Lender and workers'
compensation  insurance.  Borrower also shall obtain and maintain (a) hazard and
liability  insurance coverage on the Premises,  in an amount equal to or greater
than the market value of all  improvements on the Premises  (including,  without
limitation,  the Project) but in no event less than the amount of the Loan;  and
(b) general public liability insurance with respect to the Premises,  in amounts
and with deductibles satisfactory to Lender.

     (b) Without  limiting the foregoing,  each Credit Party shall maintain with
financially sound and reputable insurers acceptable to Lender (i) with reference
to its property other than the Collateral,  insurance  against such risks and in
such amounts as is customary in the case of Persons of  established  reputations
engaged  in the  same or  similar  business  and  similarly  situated,  and (ii)
liability and worker's compensation insurance in such amounts as is customary in
the case of Persons of  established  reputations  engaged in the same or similar
business and  similarly  situated  (except that the dollar amount of each Credit

                                       26
<PAGE>

Party's liability  insurance  coverage must be acceptable to lender),  and, upon
request by Lender,  shall furnish Lender copies of the policies under which such
insurance is carried.  The Credit Parties'  obligations  concerning insurance of
the Collateral are governed by the applicable  Financing  Documents.  The Credit
Parties shall not be required to maintain property insurance on Tissue Freezers.

All insurance  policies shall be provided by companies  satisfactory  to Lender.
All such insurance shall contain provisions  allowing  completion of the Project
and shall cover  materials on the site.  Evidence of insurance must be furnished
to Lender  annually  within  thirty  (30) days  prior to each  scheduled  policy
expiration date.

7.14 Compliance with Government Regulations.  Borrower will comply with all land
use,  subdivision,  zoning and similar  Requirements of  Governmental  Authority
applicable to the use of the Premises, and the construction and operation of the
Project.  Borrower  shall obtain and deliver to Lender upon demand  therefor the
originals or true copies of all building, zoning, use and other permits required
for construction of the Project.

7.15 Payment of Taxes.  Each Credit Party shall punctually pay and discharge all
taxes,  assessments and  governmental  charges or levies imposed upon it or upon
its income or upon any of its property, as well as all claims of any kind which,
if  unpaid,  might  by law  become  a Lien  upon  its  property,  except  taxes,
assessments,  charges,  levies or claims  which are in good faith  being  timely
litigated or otherwise  properly contested by such Credit Party and which cannot
become a Lien  upon  any of the  Collateral  with  priority  over  the  security
interest of Lender or as to which such  Credit  Party has  established  reserves
satisfactory  to Lender.  Upon any Credit Party's failure to make prompt payment
of any such obligation of such Credit Party not excepted above,  Lender may, but
is  under  no  obligation  to,  pay all or any  part of the  same  or  effect  a
settlement  or  compromise  thereof in the name of such  Credit  Party,  and all
amounts so paid by Lender as well as the  expenses  incurred in  negotiating  or
attempting to negotiate a compromise or settlement will  automatically  become a
part of the  Liabilities of Borrower under this Agreement and will bear interest
from the date of such  payment at the lower of (i) the highest  rate of interest
which  Borrower  has  contracted  to pay on any of the  Liabilities  or (ii) the
highest rate permissible under applicable law.

7.16  Professional  Consultants  and  Superintendent.  If  Lender  in  its  sole
discretion  deems it reasonable  and  necessary to have an outside  professional
consultant  investigate any potential  problems  relating to the construction of
the Project, Lender shall be authorized to select and employ such consultant and
Borrower shall pay the reasonable fees and expenses of said consultant.

7.17 Financial  Statements.  Borrower shall promptly furnish to Lender:  (1) not
later  than  120  days  after  the end of each  fiscal  year,  consolidated  and
consolidating  financial  statements of the Borrower,  to include balance sheets

                                       27
<PAGE>

and statements of income and  stockholders'  equity,  all in reasonable  detail,
prepared  in  accordance  with  generally  accepted  accounting  principles  and
certified by an independent accounting firm acceptable to Lender and accompanied
by a duly completed  Compliance  Certificate in the form of Exhibit "E" attached
hereto  executed on behalf of Borrower by its chief financial  officer;  (2) not
later than 45 days after and as of the end of each  fiscal  quarter,  internally
prepared  consolidated  financial  statements  of Borrower,  to include  balance
sheets and  statements  of income and  stockholders'  equity,  all in reasonable
detail,  prepared in accordance with generally  accepted  accounting  principles
(subject to changes resulting from year-end  adjustments),  and certified by the
chief  financial  officer  of  Borrower  and  accompanied  by a  duly  completed
Compliance  Certificate in the form of Exhibit "E" attached  hereto  executed on
behalf of Borrower by its chief  financial  officer;  (3) promptly upon becoming
aware of the  existence  of any  Default or Event of Default,  a written  notice
specifying the nature and period of existence  thereof and what action  Borrower
is taking or proposes to take with respect  thereto;  (4) promptly upon becoming
aware that the holder of any other evidence of  indebtedness  or security of any
Credit  Party has given  notice or taken any  other  action  with  respect  to a
claimed default or event of default or event which, with the giving of notice or
passage  of time,  or  both,  would  constitute  a  default,  a  written  notice
specifying the notice given or action taken by such holder and the nature of the
claimed  default or event and what action Borrower is taking or proposes to take
with respect  thereto;  (5) promptly upon  transmission  thereof,  copies of all
financial  statements,  proxy statements,  notices and reports as Borrower shall
send  to its  public  shareholders,  if  any,  and  copies  of all  registration
statements  and all other reports which Borrower may file from time to time with
the  Securities  and Exchange  Commission  or any  comparable  state  securities
regulatory agency; and (6) from time to time upon request of Lender,  such other
information relating to the operations, business, and financial condition of any
Credit Party as Lender may reasonably request.

7.18 ERISA. Borrower will comply with all applicable ERISA requirements.

7.19 Depository Relationship. To the maximum extent permitted by law, the Credit
Parties shall at all times maintain their primary depository  relationships with
Lender.

7.20 Inspection and Examination.  Upon reasonable request of Lender, each Credit
Party shall permit during regular business hours any person designated by Lender
to inspect and examine such Credit  Party's  financial  books and  records,  its
minute books and other business memoranda and writings;  provided, however, that
so long as no Event of Default has occurred and is then continuing  Borrower may
condition  Lender's (or its  designee's)  access to any Credit Party's  business
memoranda and writings  (other than its financial books and records) on Lender's
(or such designee's) entering into a suitable written confidentiality agreement.

                                       28
<PAGE>

Each Credit Party shall make  available  its officers and employees to Lender to
discuss the financial  affairs of such Credit Party at such reasonable times and
intervals as Lender may request, and each Credit Party shall promptly confirm or
furnish in reasonable detail whatever  information relative to such Credit Party
as  Lender's  authorized  representative,  auditor  or  counsel  may  reasonably
request.

7.21 Books and  Records.  Each Credit  Party  shall keep its books,  records and
accounts in accordance  with GAAP applied on a basis  consistent  with preceding
years.

7.22 Existence; Assets.

     (a)  Each Credit Party shall  preserve all  privileges and any other rights
          or licenses of such Credit Party,  and conduct the  operations of such
          Credit Party in an orderly manner without voluntary interruption.

     (b)  Each Credit  Party shall  maintain  and keep all of its  property  and
          assets (other than Tissue Freezers) in good repair,  working order and
          condition,  and shall  from time to time make all  needful  and proper
          repairs, renewals and replacements thereto, subject to reasonable wear
          and tear.

7.23 Notices.  Borrower shall promptly, upon becoming aware thereof, give notice
in writing to Lender:  (a) of any pending or  threatened  litigation  against or
affecting  Borrower;  (b) of any condition or event which  constitutes a default
hereunder or under any Financing Document or which, with the giving of notice or
the passage of time, would constitute an Event of Default hereunder or under any
Financing  Document,  in either case  specifying the nature of the litigation or
default, as applicable, and the action Borrower is taking or proposes to take in
connection therewith.

7.24 Environmental  Matters.  Borrower shall notify Lender in writing,  promptly
upon receipt of:

     (i)  any notice that any Credit Party is not in  compliance in any material
          respect with all terms and  conditions  of all  permits,  licenses and
          authorizations  which are required  under  Environmental  Laws, or any
          notice  that any Credit  Party is not in  compliance  in any  material
          respect  with  all  other   limitations,   restrictions,   conditions,
          standards,  prohibitions,  requirements,  obligations,  schedules  and
          timetables contained in any applicable Environmental Laws;

                                       29
<PAGE>

     (ii) any  notice  of  any  past,  present  or  future  events,  conditions,
          circumstances,  activities,  practices,  incidents,  actions  or plans
          which, with respect to any Credit Party, may interfere with or prevent
          its  compliance or continued  compliance in any material  respect with
          Environmental  Laws,  or may give rise to any  material  common law or
          legal  liability on its part, or otherwise  form basis of any material
          claim,  action,   demand,   suit,   proceeding,   hearing,   study  or
          investigation  against  it,  based on or related  to the  manufacture,
          processing,   distribution,   use,   treatment,   storage,   disposal,
          transport,  or  handling,  or  the  emission,  discharge,  release  or
          threatened   release   into  the   environment,   of  any   pollutant,
          contaminant,  chemical, or industrial, toxic or hazardous substance or
          waste; and

     (iii)any notice or claim of any civil,  criminal or administrative  action,
          suit,  demand,  claim,  hearing,  notice or demand  letter,  notice of
          violation,  investigation, or proceeding pending or threatened against
          any Credit Party relating in any way to Environmental Laws.

                                  ARTICLE EIGHT

                               NEGATIVE COVENANTS

     For so long as this  Agreement is in effect,  and unless  Lender  expressly
consents in writing  otherwise or to the contrary  (which  consent  shall not be
unreasonably  withheld),  Borrower hereby expressly  covenants and agrees to the
following negative covenants:

8.01 Type of  Business.  Borrower and its  Subsidiaries  shall not engage in any
type of business other than the development,  sale,  licensing or use of medical
products,  bio-technology  or  tissue  engineering  or any  activity  reasonably
incidental thereto.

8.02  Transactions  with Affiliates.  None of the Credit Parties shall engage in
any  transactions  with an Affiliate,  except on terms no less favorable to such
Credit Party than could be obtained in arms-length transactions with others.

8.03 Merger, Consolidation, Acquisitions, Etc. None of the Credit Parties shall:
(i)  transfer all or  substantially  all of its assets to,  consolidate  with or
merge  with any other  Person;  (ii)  acquire  all or  substantially  all of the
properties or capital stock of any other Person;  or (iii) create or acquire any
Subsidiary or enter into any  partnership or joint venture;  provided,  however,
that (a) any Subsidiary of Borrower may merge or consolidate with, or convey all
or  substantially  all of its  assets to,  Borrower  or  another  Subsidiary  of
Borrower (but Borrower must be the surviving  corporation for any such merger or

                                       30
<PAGE>

consolidation involving Borrower), (b) Borrower may acquire all or substantially
all of the properties or capital stock of another Person (or Borrower may form a
Subsidiary to make such  acquisition) so long as such transaction does not cause
a violation of Section 8.01 above or 8.03(iii)(e) below, and no other Default or
Event of Default would be caused thereby, (c) Borrower may form a new Subsidiary
so long as such  transaction does not cause a violation of Section 8.01 above or
Section  8.03(iii)(e)  below and Borrower complies with any and all requirements
of Section  8.06  applicable  thereto  and no other  Default or Event of Default
would be  caused  thereby,  (d) any  Credit  Party  may  enter  into a merger or
consolidation  in connection  with any acquisition  transaction  permitted under
clause  (b)  above so long as such  Credit  Party is the  surviving  corporation
therefrom and no other Default or Event of Default would be caused thereby,  and
(e) Borrower may acquire all or  substantially  all of the properties or capital
stock of  another  Person  or  create  or  acquire  Subsidiaries  or enter  into
partnerships  or joint  ventures so long as Borrower's  total  investment in all
such acquisitions,  Subsidiaries, partnerships or joint ventures (whether in the
form of  cash,  loans  or other  property  but  exclusive  of  contributions  or
transfers of  Intellectual  Property  Rights) does not exceed  $5,000,000 in the
aggregate  and no other  Default  or Event of Default  would be caused  thereby.
Lender  agrees that,  upon  request of Borrower  from time to time (but not more
frequently  than  once per  fiscal  year),  lender  may in its  sole  discretion
increase the aforesaid  limitation on investment  set forth in clause (e) above,
which increase shall become  effective upon Lender's  written notice to Borrower
thereof.

8.04 ERISA  Matters.  None of the Credit  Parties shall incur or suffer to exist
any material accumulated funding deficiency within the meaning of ERISA or incur
any material liability to the Pension Benefit Guaranty  corporation  established
under ERISA (or any successor thereto under ERISA).

8.05 Liens. None of the Credit Parties shall create,  incur, assume or suffer to
exist any Lien of any kind or any  negative  pledge upon any of its  property or
assets  now owned or  hereafter  acquired  including,  without  limitation,  the
Collateral,  all general  intangibles and all Intellectual  Property Rights but,
excluding, however, from the operation of this covenant: (1) Liens in connection
with worker's compensation; (2) deposits or pledges to secure the performance of
bids,  tenders,  contracts  (other  than  contracts  for the  payment of money),
leases, statutory obligations, surety and appeal bonds, and other obligations of
a like  nature  arising in the  normal  and  ordinary  course of  business;  (3)
mechanics,  workmen, materialmen, and other like Liens arising in the normal and
ordinary  course of business in respect of obligations  which are not overdue or
which are being  contested  in good faith by such  Credit  Party and as to which
such Credit Party has established  reserves  satisfactory to the Lender; (4) tax
or other nonconsensual Liens,  encumbrances or charges which are being litigated
or  otherwise  properly  contested  in good faith by such Credit Party and as to
which such Credit Party has established reserves satisfactory to the Lender; (5)

                                       31
<PAGE>

the security  interests,  security titles and Liens conveyed to Lender under any
of the Financing  Documents;  (6) Purchase Money Liens  securing  Purchase Money
Indebtedness to the extent permitted under Section 8.09; and (7) any other Liens
disclosed on Exhibit "D" attached hereto.

8.06 Guaranties. (a) None of the Credit Parties shall in any manner, directly or
indirectly,  become a guarantor  of any  obligation  of, or an  endorser  of, or
otherwise assume or become liable upon any obligations or other  indebtedness of
any other  Person  except (i)  pursuant to the  Financing  Documents  or (ii) in
connection  with the  depositing of checks in the normal and ordinary  course of
business.  (b) Within ten (10) days after Borrower's  creation or acquisition of
any  Subsidiary,  Borrower shall cause such Subsidiary to guaranty the repayment
of the Obligations to Lender.

8.07 Dividends and  Distributions.  Without the prior written consent of Lender,
neither Borrower nor any of its  Subsidiaries  will pay or declare any dividends
on or make any  other  distribution  with  respect  to any class of its stock or
other equity  interests  whether in cash or in property.  In addition,  from and
after the occurrence of a Default or an Event of Default hereunder,  neither the
Borrower nor any  Subsidiary  shall  redeem,  purchase or otherwise  acquire any
stock or any  outstanding  securities  of Borrower  or any of its  Subsidiaries.
Notwithstanding  the foregoing,  each of the Borrower's  Subsidiaries may at any
time pay dividends and distributions to the Borrower.

8.08  Financial  Covenants.  Borrower  shall not  violate  any of the  following
financial covenants.

     (a)  Borrower shall not change its fiscal year without Lender's consent;

     (b)  Borrower shall not make Capital  Expenditures  (excluding the Project)
          in excess of $5,000,000 in the aggregate in any fiscal year;

     (c)  Borrower  shall not permit its Leverage  Ratio to exceed 1.0 to 1.0 at
          any time on or after the date of this Agreement;

     (d)  Borrower  shall not permit its Net Worth at any time after the date of
          this  Agreement  to be  less  than  $80,000,000  plus  (i)  80% of the
          positive  amount of Net Income of  Borrower  for each  fiscal  quarter
          ending  after the date  hereof and (ii) the amount of any  increase in
          Net  Worth   resulting   from  the   issuance   of  stock,   corporate
          reorganizations, recapitalization or any similar event.

     (e)  Borrower  shall not  permit  its Debt  Coverage  Ratio for any  fiscal
          quarter or year to be less than 1.3 to 1.0.

                                       32
<PAGE>

8.09 Funded Debt. None of the Credit Parties shall incur,  assume,  or suffer to
exist any Funded Debt of such Credit Party, except (i) Funded Debt arising under
this  Agreement or any of the other  Financing  Documents,  (ii) Purchase  Money
Indebtedness  not to exceed  $250,000 in total amount for all the Credit Parties
incurred  in any fiscal  year,  and (iii) any other  Funded  Debt  described  on
Schedule 8.09 attached hereto.

8.10 Subordinated Debt. None of the Credit Parties shall make any payment of any
part or all of any Subordinated Debt in violation of the subordination agreement
relating to such Subordinated  Debt or voluntarily  prepay any Subordinated Debt
(provided  that,  so long as no Default or Event of Default  shall then exist or
would be caused  thereby,  Borrower  may prepay the  Subordinated  Debenture  in
accordance with its terms);  or enter into any agreement (oral or written) which
could in any way be construed to amend,  modify,  alter or terminate  any one or
more instruments or agreements evidencing or relating to any Subordinated Debt.

8.11 Sale of Assets.  Except for (a) the sale of substantially all the assets of
Ideas for Medicine, Inc. on or before September 1, 2000, the book value of which
shall not  exceed  $5,000,000  for the  assets  sold,  and (b) the sale of other
assets not to exceed  $3,000,000 in the  aggregate  during the term of the Loan,
none of the Credit  Parties  shall sell any property or assets other than in the
ordinary course of business.  Notwithstanding the foregoing, except for licenses
granted in the ordinary course of business in arms' length transactions for fair
consideration, none of the Credit Parties may sell, lease, transfer or otherwise
convey any  Intellectual  Property  Rights without the prior written  consent of
Lender, which consent shall not be unreasonably withheld.

                                  ARTICLE NINE

                                EVENTS OF DEFAULT

9.01 Events of Default.  The occurrence of any one of the following events shall
constitute an Event of Default hereunder:

     (a)  Borrower shall fail to make any required  payment within five (5) days
          following  the date on which such payment is due under the Note,  this
          Agreement, or any other Financing Document.

     (b)  If any statement, representation, or warranty of any Credit Party made
          in this  Agreement or in any of the other  Financing  Documents at any
          time furnished by or on behalf of any Credit Party to Lender proves to

                                       33
<PAGE>

          have been untrue, incorrect, misleading, or incomplete in any material
          respect as of the date made.

     (c)  Failure of any Credit Party punctually and fully to perform,  observe,
          discharge or comply with any of the  covenants  set forth in Article V
          of this Agreement.

     (d)  Failure of any Credit Party punctually and fully to perform,  observe,
          discharge  or  comply  with  any of the  covenants  set  forth in this
          Agreement  (other than Article V),  which  failure is not cured within
          thirty (30) days after notice from Lender to Borrower.

     (e)  The  occurrence  of a  default,  an  event of  default  or an Event of
          Default under any of the other Financing  Documents or under any other
          agreement  to which any Credit  Party and Lender are  parties or under
          any other instrument  executed by any Credit Party in favor of Lender,
          including  any  loan  agreements,   notes,   leases,  deeds  or  other
          documents.

     (f)  The  construction  of  the  Project  shall  not  be  carried  on  with
          reasonable  dispatch or at any time shall be discontinued for a period
          of twenty (20) consecutive Business Days;

     (g)  A lien or claim of lien against the Premises  for the  performance  of
          work or the supply of  materials  shall be filed and remains  unbonded
          for a period of thirty (30) days after the date of filing thereof;

     (h)  If any Credit  Party  becomes  insolvent  as  defined  in the  Georgia
          Uniform  Commercial  Code or makes an  assignment  for the  benefit of
          creditors;  or if any action is brought  by any Credit  Party  seeking
          dissolution  of such  Credit  Party or  liquidation  of its  assets or
          seeking the appointment of a trustee,  interim trustee,  receiver,  or
          other  custodian  for  any of its  property;  or if any  Credit  Party
          commences a voluntary  case under the Federal  Bankruptcy  Code; or if
          any  reorganization  or  arrangement  proceeding  is instituted by any
          Credit  Party  for  the  settlement,   readjustment,   composition  or
          extension  of any of its debts  upon any  terms;  or if any  action or
          petition is  otherwise  brought by any Credit  Party  seeking  similar
          relief or alleging  that it is insolvent or unable to pay its debts as
          they mature.

     (i)  If any action is brought against any Credit Party seeking  dissolution
          of such Credit  Party or  liquidation  of any of its assets or seeking
          the  appointment  of a trustee,  interim  trustee,  receiver  or other
          custodian for any of its property,  and such action is consented to or
          acquiesced  in by such Credit Party or is not  dismissed  within sixty
          (60)  days  of  the  date  upon  which  it was  instituted;  or if any
          proceeding  under the Federal  Bankruptcy  Code is instituted  against
          such  Credit  Party and (i) an order for  relief  is  entered  in such

                                       34
<PAGE>

          proceeding or (ii) such proceeding is consented to or acquiesced in by
          such Credit  Party or is not  dismissed  within sixty (60) days of the
          date  upon  which  it  was  instituted;  or if any  reorganization  or
          arrangement  proceeding is instituted against any Credit Party for the
          settlement,  readjustment,  composition,  or  extension  of any of its
          debts  upon  any  terms,  and  such  proceeding  is  consented  to  or
          acquiesced  in by such Credit Party or is not  dismissed  within sixty
          (60) days of the date upon which it was  instituted;  or if any action
          or petition is  otherwise  brought  against any Credit  Party  seeking
          similar  relief or alleging  that it is  insolvent,  unable to pay its
          debts as they mature, or generally not paying its debts as they become
          due, and such action or petition is consented to or  acquiesced  in by
          such Credit  Party or is not  dismissed  within sixty (60) days of the
          date upon which it was brought.

     (j)  If any Credit Party is in default on  indebtedness  to another  Person
          having any  outstanding  balance of  $100,000  or more or an event has
          occurred which, with the giving of notice or passage of time, or both,
          will cause such Credit Party to be in default on any such indebtedness
          to another Person.

     (k)  Any material adverse change in the Credit Parties' financial condition
          or means or ability to pay the Liabilities shall occur.

     (l)  The acquisition  after the date of this Agreement by any Person (or by
          any two or more Persons  acting in concert)  except Steven G. Anderson
          of  beneficial  ownership  (within  the  meaning  of Rule 13d-3 of the
          Securities and Exchange  Commission) of either (i) a sufficient number
          of the  Voting  Stock of  Borrower  so that the  total  number of such
          shares  beneficially  owned by such Person (or group of Persons acting
          in  concert)  equals  or  exceeds  twenty-five  percent  (25%)  of the
          outstanding  Voting  Stock of  Borrower or (ii) the power to direct or
          cause  the  direction  of the  management  and  policies  of  Borrower
          (whether  through  ownership  of voting  securities,  by  contract  or
          otherwise).

     (m)  The Lease shall be terminated or assigned by Borrower to a third party
          without the prior written consent of Lender;

     (n)  Any legal or  equitable  action shall be  commenced  against  Borrower
          which, if adversely determined, could reasonably be expected to impair
          substantially  the ability of Borrower to perform any obligation under
          this Agreement or any other Financing Document; or

     (o)  The  validity of any permit,  approval or consent by any  Governmental
          Authority relating to the Premises,  the Improvements,  the Project or
          the  operation  thereof is revoked by a  proceeding  before any board,
          commission,  agency, court, or other authority having jurisdiction and
          such revocation  would have a material adverse effect on the Premises,
          the Project or the Borrower's business; or

                                       35
<PAGE>

     (p)  A default or event of default  shall occur  under any other  Financing
          Document or any other agreement or instrument evidencing,  securing or
          relating to any other Indebtedness of Borrower to Lender.

9.02  Acceleration  and  Other  Remedies.  Upon  the  occurrence  of an Event of
Default:

     (a)  Lender  may,  at its  option and  without  prior  notice to  Borrower,
          terminate  its  remaining  obligations  hereunder  to make any further
          Loans to Borrower;

     (b)  Any of the Liabilities may  (notwithstanding  any provisions contained
          therein  or  herein to the  contrary),  at the  option  of Lender  and
          without  presentment,  demand,  notice or  protest of any kind (all of
          which are expressly waived by Borrower in this Agreement), be declared
          due and  payable,  whereupon  they  immediately  will  become  due and
          payable;

     (c)  Lender may also,  at its option,  and without  notice or demand of any
          kind,  exercise  from  time to time any and all  rights  and  remedies
          available  to it  under  this  Agreement  or  under  any of the  other
          Financing Documents, as well as exercise from time to time any and all
          rights and remedies  available to a secured  party when a debtor is in
          default  under  a  security  agreement  as  provided  in  the  Uniform
          Commercial  Code of Georgia,  or  available  to Lender under any other
          applicable law or in equity, including without limitation the right to
          any deficiency remaining after disposition of the Collateral; and

     (d)  Borrower shall pay all of the reasonable  costs and expenses  actually
          incurred by Lender in enforcing  its rights under this  Agreement  and
          the other  Financing  Documents.  In the event  any claim  under  this
          Agreement or under any of the other Financing Documents is referred to
          an attorney for collection,  or collected by or through an attorney at
          law,  Borrower  will be liable to Lender for all  reasonable  expenses
          actually  incurred by it in seeking to collect the  Liabilities  or to
          enforce its rights hereunder,  in the other Financing  Documents or in
          the Collateral,  including  without  limitation  actual and reasonable
          attorneys' fees.

9.03 Application of Proceeds; Collection Costs. Any proceeds from disposition of
any of the  Collateral  may be  applied  by Lender  first to the  payment of all
reasonable  expenses and costs  actually  incurred by Lender in collecting  such
Liabilities,  in  enforcing  the  rights of Lender  under  each and every of the
Financing  Documents  and in  collecting,  retaking,  holding and  preparing the
Collateral for and  advertising  the sale or other  disposition of and realizing
upon the Collateral,  including  without  limitation the reasonable  expenses of
liquidating  any liens or claims upon the Collateral  and reasonable  attorneys'
fees  (but not to  exceed  actual  fees  incurred)  as well as all  other  legal
expenses and court costs.  Any balance of such proceeds may be applied by Lender
toward the payment of such of the  Liabilities  and in such order of application
as the Lender may from time to time elect. Lender shall pay the surplus, if any,
to Borrower. Borrower shall pay the deficiency, if any, to Lender.

                                       36
<PAGE>

                                   ARTICLE TEN

                               GENERAL CONDITIONS

     The following  conditions  shall be applicable  throughout the term of this
Agreement:

10.01 No Waiver.  No Advance of the Loan hereunder shall  constitute a waiver of
any of the  provisions,  conditions or  obligations  set forth in the Commitment
Letter,  this  Agreement  or any other  Financing  Document,  nor,  in the event
Borrower  is unable to  satisfy  any such  provision  of  condition,  shall such
advance have the effect of  precluding  Lender from  thereafter  declaring  such
inability  to be an  Event  of  Default  as  hereinabove  provided.  No delay or
omission  by Lender to exercise  any right,  power or remedy  accruing  upon any
Default  shall  exhaust  or impair any such  right,  power or remedy or shall be
construed to be a waiver of any such Default, or acquiescence therein, and every
right, power and remedy given by this instrument to Lender may be exercised from
time to time and as often as may be deemed  expedient  by Lender.  No consent or
waiver,  express or implied,  by Lender to or of any Default  shall be deemed or
construed to be a consent or waiver to or of any Default. No delay,  indulgence,
departure,  act or omission  by Lender or any holder of the Note shall  release,
discharge,  modify,  change or otherwise affect the original liability under the
Note or any other obligation of Borrower or any subsequent  lessee,  assignee or
purchaser  of  Borrower's  interest  in the  Premises  or any part  thereof,  or
preclude Lender from exercising any right,  privilege or power granted herein or
alter the security title,  security interest or lien thereof.  Lender may at any
time,  without  notice  to  or  further  consent  from  Borrower,  surrender  or
substitute  any  property  or other  security  of any kind or nature  whatsoever
securing the obligations, and no such action will release Borrower's obligations
hereunder or alter the effect hereof.

10.02 Remedies Cumulative.  The remedies herein provided shall be in addition to
and not in  substitution  for the rights and remedies  which would  otherwise be
vested in Lender in any  Financing  Document  or in law or equity,  all of which
rights and remedies are  specifically  reserved by Lender.  The remedies  herein
provided  or  otherwise  available  to  Lender  shall be  cumulative  and may be
exercised  concurrently.  The failure to  exercise  any of the  remedies  herein
provided  shall not  constitute  a waiver  thereof,  nor shall use of any of the
remedies  hereby  provided  prevent the  subsequent or concurrent  resort to any
other  remedy or  remedies.  It is intended  that this  clause  shall be broadly
construed so that all remedies herein provided or otherwise  available to Lender
shall  continue and be each and all available to Lender until all sums due to it
by reason  of this  Agreement  have been paid to it in full and all  obligations
incurred by it in connection  with the  construction or operation of the Project
have been fully discharged without loss or damage to Lender.

10.03  Approval  of  Lender.  All  proceedings  taken  in  connection  with  the
transactions  provided for herein,  including all surveys,  insurance  policies,

                                       37
<PAGE>

bonds,  appraisals  and documents  required or  contemplated  by the  Commitment
Letter or this  Agreement,  and the persons  responsible  for the  execution and
preparation  thereof,  shall be reasonably  satisfactory  to Lender and Borrower
shall promptly  furnish to Lender's  counsel copies of all documents  which they
may request in connection therewith.

10.04  Investigation  by  Lender.  Lender  shall,  at  all  times,  be  free  to
independently establish and investigate, to its satisfaction and in its absolute
discretion,  the factual basis for the  satisfaction of any condition  contained
herein.

10.05 No  Beneficiaries.  All  conditions to the  obligations  of Lender to make
advances  hereunder are imposed solely and exclusively for the benefit of Lender
and its assigns and no other person shall have standing to require  satisfaction
of such  conditions in accordance with their terms or be entitled to assume that
Lender will refuse to make advances in the absence of strict compliance with any
or all thereof and no other person shall, under any circumstances,  be deemed to
be beneficiary of such  conditions,  any or 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
advisable to do so.

10.06 Notices.  All notices hereunder shall be in writing and shall be deemed to
have sufficiently given or served for all purposes when presented  personally or
sent by registered or certified mail as follows:

<TABLE>
<CAPTION>
<S>     <C>             <C>    <C>         <C>

         To Lender:     Bank of America, N.A.
                                3350 Riverwood Parkway, N.W. - 11th Floor
                                Atlanta, Georgia  30339-3340
                                Attn:   John F. Hall
                                        Vice President
                                Telephone:  (770) 850-5487
                                Facsimile:  (770) 850-5496

                        To Borrower:    CryoLife, Inc.
                                1655 Roberts Boulevard, N.W.
                                Kennesaw, Georgia  30144
                                Attn:   David Ashley Lee
                                        Vice President and Chief Financial Officer
                                Telephone:  770-419-3355
                                Facsimile:  770-590-3754

</TABLE>

10.07 Modifications.  This Agreement may not 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.

                                       38
<PAGE>

10.08 No  Partnership.  Lender is not a partner with Borrower or any other party
in the  construction  of the  Project.  Lender shall not in any way be liable or
responsible by reason of the provisions hereof, or otherwise, for the payment of
any claims arising from the operation or construction of the Project.

10.09 No Assignments.  The terms,  conditions,  covenants,  agreements,  powers,
privileges,  notices and  authorizations  herein  contained  shall extend to, be
binding  upon and  available  for the  successors  and, to the extent  permitted
hereunder,   to  the  assignees  of  each  of  the  respective  parties  hereto.
Notwithstanding the foregoing, Borrower shall not assign or transfer voluntarily
or by operation of law, or otherwise  dispose of this  Agreement,  or any money,
property or funds deposited with Lender in connection  with this Agreement.  Any
assignment or transfer in violation of this provision shall be invalid.

10.10 Counterparts. This Agreement may be executed in any number of counterparts
all of which taken together shall constitute one and the same instrument and any
of  the  parties   hereto  may  execute  this  Agreement  by  signing  any  such
counterpart.

10.11 Choice of Law. This Agreement and each transaction  consummated  hereunder
shall be governed by the laws of the State of Georgia and shall be  construed in
accordance  with and governed by the laws of said state  without  regard for its
choice of law provisions.

10.12 NO ORAL  AGREEMENT.  THIS  AGREEMENT  AND THE  OTHER  FINANCING  DOCUMENTS
REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY
EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.
THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

10.13  Survival of Certain  Agreements.  Notwithstanding  the  repayment  of the
Obligations and the cancellation or transfer of the Note and any other Financing
Document, all agreements of Borrower contained herein, in the Commitment Letter,
in the Note or any other  Financing  Document  to pay the costs and  expenses of
Lender in  connection  with the Loan and all  agreements  of Borrower  contained
herein, in the Commitment Letter, in the Note or any other Financing Document to
indemnify and/or hold harmless Lender shall continue in full force and effect so
long as there  exists any  possibility  of expense or  liability  on the part of
Lender.  In the event any term or provision of this Loan Agreement or any of the
Financing Documents shall conflict with any term or provision of the Commitment,
the terms of this Loan Agreement or any of the Financing Documents shall control
over such conflicting term or provision of the Commitment.

                                       39
<PAGE>

10.14 ARBITRATION/OTHER MATTERS/WAIVERS. ANY CONTROVERSY OR CLAIM BETWEEN LENDER
AND  BORROWER  ARISING OUT OF OR RELATING TO THIS  AGREEMENT OR ANY OF THE OTHER
FINANCING  DOCUMENTS,  INCLUDING  ANY CLAIM BASED ON OR ARISING  FROM AN ALLEGED
TORT, SHALL BE DETERMINED BY BINDING  ARBITRATION IN ACCORDANCE WITH THE FEDERAL
ARBITRATION ACT (OR IF NOT APPLICABLE,  THE APPLICABLE  STATE LAW), THE RULES OF
PRACTICE AND PROCEDURE FOR THE  ARBITRATION  OF COMMERCIAL  DISPUTES OF JUDICIAL
ARBITRATION AND MEDIATION SERVICES,  INC. ("J.A.M.S."),  AND THE "SPECIAL RULES"
SET FORTH BELOW IN SECTION 9.14. IN THE EVENT OF ANY INCONSISTENCY,  THE SPECIAL
RULES SHALL CONTROL.  JUDGMENT UPON ANY ARBITRATION  AWARD MAY BE ENTERED IN ANY
COURT HAVING  JURISDICTION.  ANY PARTY TO THIS  AGREEMENT  MAY BRING ANY ACTION,
INCLUDING  A SUMMARY  OR  EXPEDITED  PROCEEDING,  TO COMPEL  ARBITRATION  OF ANY
CONTROVERSY  OR  CLAIM TO WHICH  THIS  AGREEMENT  APPLIES  IN ANY  COURT  HAVING
JURISDICTION OVER SUCH ACTION.

10.15 SPECIAL RULES. THE ARBITRATION SHALL BE CONDUCTED IN ATLANTA, GEORGIA, AND
SHALL BE ADMINISTERED BY J.A.M.S. WHO WILL APPOINT AN ARBITRATOR; IF J.A.M.S. IS
UNABLE  OR  LEGALLY  PRECLUDED  FROM  ADMINISTERING  THE  ARBITRATION,  THEN THE
AMERICAN ARBITRATION ASSOCIATION WILL SO SERVE. ALL ARBITRATION HEARINGS WILL BE
COMMENCED WITHIN 90 DAYS OF THE DEMAND FOR ARBITRATION;  FURTHER, THE ARBITRATOR
SHALL,  ONLY UPON A SHOWING OF CAUSE, BE PERMITTED TO EXTEND THE COMMENCEMENT OF
SUCH HEARING FOR UP TO AN ADDITIONAL 60 DAYS.

10.16  RESERVATION  OF  RIGHTS;  UNCONDITIONAL  OBLIGATIONS.   NOTHING  IN  THIS
AGREEMENT  SHALL BE  DEEMED  TO (I) LIMIT  THE  APPLICABILITY  OF ANY  OTHERWISE
APPLICABLE  STATUTE OF  LIMITATION  OR REPOSE AND ANY WAIVERS  CONTAINED IN THIS
AGREEMENT;  (II) BE A WAIVER BY LENDER OF THE  PROTECTION  AFFORDED  TO IT BY 12
U.S.C. SECTION 91 OR ANY SUBSTANTIALLY  EQUIVALENT STATE LAW; OR (III) LIMIT THE
RIGHT OF LENDER (A) TO EXERCISE  SELF HELP REMEDIES SUCH AS (BUT NOT LIMITED TO)
SETOFF;  (B) TO FORECLOSE AGAINST ANY REAL OR PERSONAL PROPERTY  COLLATERAL;  OR
(C) LIMIT THE RIGHT OF LENDER OR BORROWER TO OBTAIN FROM A COURT  PROVISIONAL OR
ANCILLARY  REMEDIES  SUCH AS (BUT NOT LIMITED  TO)  INJUNCTIVE  RELIEF,  WRIT OF
POSSESSION OR THE APPOINTMENT OF A RECEIVER.  LENDER MAY EXERCISE SUCH SELF HELP
RIGHTS,  FORECLOSURE UPON SUCH PROPERTY, OR OBTAIN SUCH PROVISIONAL OR ANCILLARY
REMEDIES  BEFORE,  DURING OR AFTER THE  PENDENCY OF ANY  ARBITRATION  PROCEEDING
BROUGHT PURSUANT TO THIS AGREEMENT.  NEITHER THE EXERCISE OF SELF-HELP  REMEDIES
NOR THE  INSTITUTION OR MAINTENANCE OF AN ACTION FOR  FORECLOSURE OR PROVISIONAL

                                       40
<PAGE>

OR  ANCILLARY  REMEDIES  SHALL  CONSTITUTE  A WAIVER OF THE RIGHT OF ANY  PARTY,
INCLUDING  THE  CLAIMANT  IN ANY SUCH  ACTION,  TO  ARBITRATE  THE MERITS OF THE
CONTROVERSY OR CLAIM OCCASIONING  RESORT TO SUCH REMEDIES.  BORROWER AGREES THAT
ALL OF THE OBLIGATIONS  HEREUNDER SHALL BE ABSOLUTE,  UNCONDITIONAL AND, FOR THE
PURPOSES  OF MAKING  PAYMENTS  HEREUNDER,  BORROWER  HEREBY  WAIVES ANY RIGHT TO
ASSERT ANY SETOFF,  COUNTERCLAIM OR  CROSS-CLAIM.  THE WAIVERS SET FORTH IN THIS
AGREEMENT   HAVE  BEEN  MADE  WITH  THE  ADVICE  OF  COUNSEL  AND  WITH  A  FULL
UNDERSTANDING OF THE LEGAL CONSEQUENCES  THEREOF,  AND SHALL SURVIVE THE PAYMENT
OF THE  LOANS  AND ALL  OTHER  AMOUNTS  PAYABLE  HEREUNDER  OR UNDER  THE  OTHER
FINANCING DOCUMENTS AND THE TERMINATION OF THIS AGREEMENT.

                         [Signatures begin on next page]

                                       41
<PAGE>

     IN WITNESS  WHEREOF,  Lender and Borrower have hereunto set their hands and
seals as of the ____ day of April, 2000.

                                       LENDER:

                                       BANK OF AMERICA, N.A.

                                       By:
                                             John F. Hall
                                             Vice President

                                       BORROWER:

                                       CRYOLIFE, INC.

                                       By:
                                             David Ashley Lee
                                             Vice President and Chief Financial
                                             Officer

                                             [CORPORATE SEAL]

                                       42
<PAGE>

1265147v1
                                   Exhibit "A"

                                 [Form of Note]

<PAGE>

                                   Exhibit "B"

                  [Copy of Construction Commitment Term Sheet]

<PAGE>

                                   Exhibit "C"

                         [Legal Description of Premises]

     Two (2)  two-story  office  buildings  located at 1655  Roberts  Boulevard,
Kennesaw,  Cobb County, Georgia known as "Cryolife at Barrett" Phase 1 and Phase
2, with related amenities, as depicted on the site plan attached hereto and made
a part hereof as "Attachment 1".

<PAGE>

                                   Exhibit "D"

                            [Permitted Encumbrances]

1.  Liens in favor of Lender.

2.  Liens filed in connection with leased equipment by the lessor thereof.

<PAGE>

                                   Exhibit "E"

                                     FORM OF
                             COMPLIANCE CERTIFICATE

     This  Certificate  is delivered  pursuant to that  certain Loan  Agreement,
dated as of           , 2000 (the "Agreement"), by and between CRYOLIFE, INC., a
Florida  corporation  (the  "Borrower"),  and BANK OF AMERICA,  N.A., a national
banking  association  (the  "Lender").   All  capitalized  terms  used  in  this
Certificate which are defined in the Agreement are used in this Certificate with
the same meanings given such terms in the Agreement. Unless otherwise defined in
the  Agreement,  all  accounting  terms used herein shall have the meaning given
such terms under generally accepted accounting  principles  consistently applied
("GAAP").

     I  hereby  certify,  to the  best of my  knowledge  and  believe  and in my
representative capacity on behalf of the Borrower, to the Lender as follows:

     1. I am the duly  qualified  and  acting  chief  financial  officer  of the
Borrower.

     2. I have prepared or reviewed the financial  statements of the Borrower as
of and for the period ending                  ,             , true, complete and
correct  copies of which are  attached  hereto as Exhibit 1  (collectively,  the
"Financial Statements").

     3. The  Financial  Statements  were  prepared in  accordance  with GAAP and
fairly present the financial  position and results of operations of the Borrower
(and its consolidated  subsidiaries,  if any) as of and for the period ending on
the date of the Financial Statements (subject to normal year-end adjustments).

     4. I further  certify that as of, and for the period ending on, the date of
the Financial  Statements,  and except as may be disclosed on Exhibit 2 attached
hereto (all of the following  being  calculated on a  consolidated  basis and in
accordance with GAAP and the Agreement):

          (a) The  Borrower's  Leverage  Ratio did not  exceed 1.0 to 1.0 at any
time during such period;

          (b) The  Borrower's  Debt Coverage  Ratio was not less than 1.3 to 1.0
for such period;

          (c) The Borrower's Net Worth was not less than [insert an amount equal
to  $80,000,000  plus 80% of the  positive  aggregate  amount  of Net  Income of
Borrower for each fiscal quarter  beginning  with quarter ending  6/30/2000 plus
aggregate   proceeds   from  issuance  of  stock,   corporate   reorganizations,
recapitalization or any similar event]; and

<PAGE>

          (d) The Borrower's  Capital  Expenditures for such fiscal year (or for
the portion thereof ending with such period) did not exceed $5,000,000 in total.

     Attached hereto as Exhibit 3 are calculations  demonstrating whether or not
the Borrower was in  compliance,  as of and for the period ending on the date of
the Financial  Statements,  with the covenants in the Loan  Agreement  which are
summarized in items (a) through (e) above.

     5. No Default or Event of Default has occurred and is  continuing as of the
date of this  Certificate  other than those  Defaults or Events of Defaults  (if
any) which are described on the aforesaid Exhibit 2 attached hereto.

     I represent the foregoing information to be true and correct to the best of
my knowledge  and belief and I execute  this  Certificate  in my  representative
capacity  on behalf of the  Borrower  as of this    day of      ,              .

                                        Name:
                                        Title:

<PAGE>

                                SCHEDULE 6.01(b)

                                  SUBSIDIARIES

CryoLife International, Inc., a Florida corporation

CryoLife Technology, Inc., a Nevada corporation

Ideas for Medicine, Inc., a Florida corporation

CryoLife Foreign Sales Corp., a Barbados corporation

CryoLife Europa, an England and Wales corporation

<PAGE>

                                  SCHEDULE 6.04

                                    DEFAULTS

                                      None.

<PAGE>

                                  SCHEDULE 6.05

                                 PENDING CLAIMS

                                      None.

<PAGE>

                                  SCHEDULE 8.09

                                   FUNDED DEBT

Indebtedness incurred pursuant to the following:

Asset  Purchase   Agreement  among  the  Company  and  United   Cryopreservation
Foundation,  Inc.,  United  Transplant  Foundation,  Inc.  and  QV,  Inc.  dated
September 11, 1996

Revolving Term Loan Facility  between the Company and  NationsBank,  N.A., dated
August 30, 1996

Fourth  Modification of Third Amended and Restated Loan Agreement dated December
16,  1997 by and  between  the  Company  and Bank of  America,  N.A.  and  First
Modification of Revolving Note dated December 31, 1999

Subordinated  Convertible  Debenture dated March 5, 1997 between the Company and
J. Crayton Pruitt, Sr., M.D.

Lease  Agreement  dated March 5, 1997 between the Company and J. Crayton Pruitt,
Sr., M.D.

<PAGE>

                                  ATTACHMENT 1

                                    SITE PLAN

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00013-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00013-of-00352.parquet"}]]