Document:

EXHIBIT 10.4

                      Commercial Premium Finance Agreement
                             AFCO PREMIUM CREDIT LLC
                   A Joint Venture of AFCO Credit Corporation
                               and Marsh USA Inc.
             2951 FLOWERS ROAD SOUTH, SUITE #132, ATLANTA, GA 30341
               TEL NOS. (770) 455-4850 (800) 288-5410                Page 1 of 2

<TABLE>
<CAPTION>
<S>                                                                <C>
---------------------------------------------------------------    ------------------------------------------------------------
Agent (Name and Address)            63-10-01006-0                  Insured (Name and Address as shown on the policy)

MARSH USA INC.                                                     CRYOLIFE, INC.
Attn: NICK MCKLOSKEY                                               Attn:  MR. ASHLEY LEE
3475 PIEDMONT ROAD STE. 1200                                       1655 ROBERTS BLVD. NW
ATLANTA, GA  30305                                                 KENNESAW, GA 30144
(404) 760-0112                                                     (770) 419-3355
---------------------------------------------------------------    ------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
<S>                           <C>                      <C>                       <C>                     <C>
A) Total Premiums             B) Down Payment          C) Amount Financed        D) Finance Charge       (E) Total Payments
--------------------------    ---------------------    ----------------------    --------------------    ----------------------
             2,442,950.00               500,000.00              1,942,950.00               26,407.50              1,969,357.50
--------------------------    ---------------------    ----------------------    --------------------    ----------------------
F) Annual Percentage Rate     No. of Payments          Amount of Payments      First Installment Due     Installment Due Dates
--------------------------    ---------------------    ----------------------    --------------------    ----------------------
                   3.250%              9 (Monthly)                218,817.50              05/01/2004                       1st
--------------------------    ---------------------    ----------------------    --------------------    ----------------------
</TABLE>

<TABLE>
<CAPTION>
                                                         SCHEDULE OF POLICIES
<S>             <C>          <C>                                                   <C>         <C>         <C>
--------------- ------------ ----------------------------------------------------- ----------- ----------- --------------------
Policy Prefix    Effective    Name of Insurance Company and Name and Address of     Type of     Months          Premiums $
 and Numbers      Date of      General or Policy Issuing Agent or Intermediary      Coverage    Covered
                Policy/Inst.
--------------- ------------ ----------------------------------------------------- ----------- ----------- --------------------
                04/01/2004   SEE ATTACHED ADDENDA A&B                                 MISC         12         2,442,950.00

                             The terms of this Agreement are continued
                             on Addenda A & B. annexed
                             hereto and made a part hereof.

                             Insured's Initials    X_______________

--------------- ------------ ----------------------------------------------------- ----------- ----------- --------------------
</TABLE>

(1)  DEFINITIONS:  The above named insured ("the  insured") is the debtor.  AFCO
Premium  Credit LLC  ("AFCO"),  a joint venture of AFCO Credit  Corporation  and
Marsh USA Inc., is the lender to whom the debt is owed.  "Insurance  company" or
"company",  "insurance  policy" or "policy" and  "premium"  refer to those items
listed  under the  "Schedule  of  Policies".  Singular  words  mean  plural  and
vice-versa  as may be required in order to give the agreement  meaning.  For New
York insureds,  services for which any charge pursuant to Insurance Law, Section
2119,  is imposed are in  connection  with  obtaining and servicing the policies
listed herein. NOTICE: 1. Do not sign this agreement before you read it or if it
contains any blank space. 2. You are entitled to a completely  filled in copy of
this  agreement.  3. Under the law, you have the right to pay off in advance the
full amount due and under certain  conditions to obtain a partial  refund of the
service charge.

                 INSURED AGREES TO THE TERMS SET FORTH ABOVE AND
                       ON THE LAST PAGE OF THIS AGREEMENT

<TABLE>
<CAPTION>
<S>                             <C>                                                             <C>                     <C>
   CryoLife, Inc.                    /s/ D.A. Lee                                                  VP & CFO             4/13/04
---------------------------     --------------------------------------------------------        --------------          -------
INSURED'S NAME                  SIGNATURE OF INSURED OR AUTHORIZED REPRESENTATIVE               TITLE                   DATE
</TABLE>

04212004GAcgexdxibxxdxdbabxxd

                         AGENT OR BROKER REPRESENTATIONS

The  undersigned  warrants  and agrees:  1. The  policies  are in full force and
effect and the  information  in the  Schedule of Policies  and the  premiums are
correct.  2. The insured has  authorized  this  transaction  and  recognizes the
security interest assigned herein and has received a copy of this agreement.  3.
To hold in trust for AFCO any payments  made or credited to the insured  through
or to the undersigned, directly or indirectly, actually or constructively by the
insurance  companies  or AFCO  and to pay  the  monies  as well as any  unearned
commissions to AFCO upon demand to satisfy the  outstanding  indebtedness of the
insured.  Any lien the  undersigned  has or may  acquire in the return  premiums
arising out of the listed  insurance  policies is subordinated to AFCO's lien or
security  interest  therein.  4. The  policies  comply with  AFCO's  eligibility
requirements.  5. No audit or  reporting  form  policies,  policies  subject  to
retrospective  rating or minimum  earned  premium  are  induced.  The deposit or
provisional premiums are not less than anticipated premiums to be earned for the
full term of the  policies.  6. The policies can be cancelled by the insured and
the unearned  premiums  will be computed on the standard  short-rate or pro-rata
table.  7.  The   undersigned   represents  that  a  proceeding  in  bankruptcy,
receivership,  or  insolvency  has not been  instituted  by or against the named
insured.

     IF THERE ARE ANY EXCEPTIONS TO THE ABOVE STATEMENTS PLEASE LIST BELOW:

     THE UNDERSIGNED  FURTHER WARRANTS THAT IT HAS RECEIVED THE DOWN PAYMENT AND
ANY OTHER SUMS DUE AS REQUIRED BY THE  AGREEMENT AND IS HOLDING SAME OR THEY ARE
ATTACHED TO THIS AGREEMENT

<TABLE>
<CAPTION>
<S>                                 <C>                                         <C>                       <C>
_____________________________       X_______________________________________    _____________________     _______________
AGENT OR BROKER                     SIGNATURE OF AGENT OR BROKER                  TITLE                   DATE
</TABLE>

<PAGE>

                                                                     Page 2 of 2

(2) ASSIGNMENT OF AGREEMENT:  This agreement will be assigned and transferred to
and serviced by AFCO Credit Corporation.

(3) LIMITED  POWER OF ATTORNEY:  The insured  irrevocably  appoints  AFCO as its
attorney in fact with full  authority to cancel the  insurance  policies for the
reasons stated in paragraph (15), and to receive all sums assigned to AFCO or in
which it has granted AFCO a security  interest.  AFCO may execute and deliver on
the insured's behalf all documents,  instruments of payment,  forms, and notices
of any kind relating to the insurance policies in furtherance of this agreement.

(4) PROMISE OF PAYMENT: The insured requests that AFCO pay the premiums in the
Schedule of Policies. The insured promises to pay to AFCO the amount stated in
Block E above according to the payment schedule, subject to the remaining terms
of this agreement.

(5)  SECURITY  INTEREST:  The insured  assigns to AFCO as security for the total
amount  payable in this  agreement  any and all unearned  premiums and dividends
which may become  payable under the insurance  policies for whatever  reason and
loss  payments  which reduce the unearned  premiums  subject to any mortgagee or
loss payee interests. The insured gives to AFCO a security interest in all items
mentioned in this  paragraph.  The insured  further  grants to AFCO its interest
which may arise under any state insurance  guarantee fund relating to any policy
shown in the Schedule of Policies.

(6)  WARRANTY  OF  ACCURACY:  The insured  warrants  to AFCO that the  insurance
policies  listed in the Schedule have been issued to the insured and are in full
force and effect and that the  insured  has not  assigned  any  interest  in the
policies  except for the interest of  mortgagees  and loss  payees.  The insured
authorizes AFCO to insert or correct on this agreement, if omitted or incorrect,
the  insurer's  name,  the  policy  numbers,  and  the  due  date  of the  first
installment.  AFCO is permitted to correct any obvious  errors.  In the event of
any change or  insertion,  AFCO will give the  insured  written  notice of those
changes or corrections made in accordance with this provision.

(7)  REPRESENTATION OF SOLVENCY:  The insured represents that the insured is not
insolvent or presently the subject of any insolvency proceeding.

(8)  ADDITIONAL  PREMIUMS:  The money  paid by AFCO is only for the  premium  as
determined at the time the insurance policy is issued. The insured agrees to pay
the company any additional  premiums  which become due for any reason.  AFCO may
assign the company any rights it has  against the insured for  premiums  due the
company in excess of the premiums returned to AFCO.

(9) SPECIAL INSURANCE POLICIES: If the insurance policy issued to the insured is
auditable or is a reporting form policy or is subject to  retrospective  rating,
then the insured  promises to pay to the  insurance  company the earned  premium
computed  in  accordance  with the policy  provisions  which is in excess of the
amount of premium advanced by AFCO which the insurance company retains.

(10) NAMED  INSURED:  If the  insurance  policy  provides  that the first  named
insured in the policy shall be responsible for payment of premiums and shall act
on behalf of all other  insureds  with  respect to any  actions  relating to the
policy,  then the same shall apply to this  agreement.  If such is not the case,
then all  insureds'  names  must be shown on this  agreement  unless a  separate
agreement specifies one insured to act in all matters for the others.

(11) FINANCE CHARGE: The finance charge shown in Block D begins to accrue as of
the earliest policy effective date unless otherwise indicated in the Schedule of
Policies.

(12) AGREEMENT  BECOMES A CONTRACT:  This agreement  becomes a binding  contract
when AFCO mails a written acceptance to the insured.

(13) DEFAULT CHARGES: If the insured is late in making an installment payment to
AFCO by more than the number of days  specified  by law the insured  will pay to
AFCO a delinquency charge not to exceed the maximum charge permitted by law.

(14) DISHONORED CHECK: If an insured's check is dishonored for any reason and if
permitted by law, the insured will pay to AFCO a fee for expenses in  processing
that check not to exceed the amount permitted by law.

(15)  CANCELLATION:  AFCO may cancel the  insurance  policies  after  giving any
required  statutory  notice  and  the  unpaid  balance  due  to  AFCO  shall  be
immediately  payable by the insured if the insured does not pay any  installment
according to the terms of this agreement. AFCO at its option may enforce payment
of this debt without  recourse to the security  given to AFCO.  If  cancellation
occurs,  the borrower  agrees to pay a finance  charge on the balance due at the
contract rate of interest until that balance is paid in full or until such other
date as required by law.

(16)  CANCELLATION  CHARGES:  If AFCO cancels any insurance policy in accordance
with the terms of this agreement,  then the insured will pay AFCO a cancellation
charge. If permitted, up to the limit specified by law.

(17) MONEY  RECEIVED  AFTER NOTICE OF  CANCELLATION:  Any payments  made to AFCO
after AFCO's notice of cancellation of the insurance  policy has been mailed may
be credited to the insured's  account without affecting the acceleration of this
agreement  and without any  liability  or  obligation  on AFCO's part to request
reinstatement of a cancelled  insurance policy.  Any money AFCO receives from an
insurance  company  shall be  credited  to the amount due AFCO with any  surplus
being paid over to whomever  is  entitled  to the money.  No refund of less than
$1.00  shall be made.  In the event  that AFCO does  request,  on the  insured's
behalf,  a  reinstatement  of the policy,  such request does not guarantee  that
coverage under the policy will be reinstated or continued.

(18) ATTORNEY FEES - COLLECTION EXPENSE:  If, for collection,  this agreement is
placed in the hands of an attorney who is not a salaried  employee of AFCO, then
the insured agrees to pay reasonable  attorney fees and costs including those in
the course of appeal as well as other  expenses,  as permitted by law or granted
by the court.

(19) REFUND  CREDITS:  The insured will  receive a refund  credit of the finance
charge  if the  account  is  voluntarily  prepaid  in  full  prior  to the  last
installment  due date as  required  or  permitted  by law.  Any minimum or fully
earned fees will be deducted as permitted by law.

(20)  INSURANCE  AGENT OR BROKER:  The  insurance  agent or broker named in this
agreement is the insured's agent,  not AFCO's,  and AFCO is not legally bound by
anything the agent or broker represents to the insured orally or in writing.

(21) NOT A CONDITION OF OBTAINING INSURANCE: This agreement is not required as a
condition of the insured obtaining insurance coverage.

(22) SUCCESSORS AND ASSIGNS: All legal rights given to AFCO shall benefit AFCO's
successors and assigns.  The insured will not assign the policies without AFCO's
written consent except for the interest of mortgagees and loss payees.

(23)  LIMITATION  OF  LIABILITY:  The insured  agrees that AFCO's  liability for
breach of any of the terms of this agreement or the wrongful  exercise of any of
its powers shall be limited to the amount of the principal  balance  outstanding
except in the event of gross negligence or willful misconduct.

(24) ENTIRE  DOCUMENT - GOVERNING  LAW:  This  document is the entire  agreement
between  AFCO and the  insured  and can only be changed in writing and signed by
both parties except as stated in paragraph (6). The laws of the state  indicated
in the insured's address as set forth in the Schedule will govern this agreement
unless stated in that Schedule.

                                                       -------------------------
                                                       INSURED'S INITIAL
                                                       -------------------------
                                                       /s/
                                                       -------------------------

<PAGE>

ADDENDUM A       CRYOLIFE INC.

The  policies  set forth  below were  placed by Marsh USA Inc.  on behalf of the
insured.

Marsh USA Inc. makes the Broker  Representations set forth on the facing page of
the Premium  Finance  Agreement to which this  Attachment A is attached,  as the
same may have been  modified or amended by agreement  between Marsh USA Inc. and
AFCO Credit Corporation, only with respect to the policies listed below.

<TABLE>
<CAPTION>
SCHEDULE OF POLICIES
<S>                    <C>                  <C>                  <C>                  <C>                  <C>
---------------------- -------------------- -------------------- -------------------- -------------------- --------------------
EFF. DATE               INSURANCE CO.           POLICY NUMBER           COVERAGE             TERM               PREMIUM
---------------------- -------------------- -------------------- -------------------- -------------------- --------------------
4/1/04                 Federal Ins Co            81796424                Epl                  12                        70,200
---------------------- -------------------- -------------------- -------------------- -------------------- --------------------
4/1/04                 Columbia Casualty        ADT20549892           Products                12                     1,388,750
                       Co                          61-1
---------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                                                                         Tax                                            55,550
---------------------- -------------------- -------------------- -------------------- -------------------- --------------------
4/1/04                 Federal Ins Co           7163-89-98               Wc                   12                       303,450
---------------------- -------------------- -------------------- -------------------- -------------------- --------------------
4/1/04                 Service Placement                                Misc                  12                       125,000
                       Fee
---------------------- -------------------- -------------------- -------------------- -------------------- --------------------

---------------------- -------------------- -------------------- -------------------- -------------------- --------------------

---------------------- -------------------- -------------------- -------------------- -------------------- --------------------

---------------------- -------------------- -------------------- -------------------- -------------------- --------------------

---------------------- -------------------- -------------------- -------------------- -------------------- --------------------

---------------------- -------------------- -------------------- -------------------- -------------------- --------------------

---------------------- -------------------- -------------------- -------------------- -------------------- --------------------
                       TOTAL                                                                                        $1,942,950
---------------------- -------------------- -------------------- -------------------- -------------------- --------------------
</TABLE>

MARSH USA INC.

SIGNATURE:    /s/  David M.
           ---------------------------------

TITLE:   Vice President

DATE:   4-14-04

<PAGE>

ADDENDUM B                CRYOLIFE INC

The policies set forth below were placed by Marsh Global Broking  (Bermuda) Ltd.
on behalf of the insured. By its signature below, Marsh Global Broking (Bermuda)
Ltd. makes the Agent or Broker  Representations  set forth on the facing page of
the Commercial Premium Finance Agreement to which this Attachment B is attached,
as the same may have been  modified or amended by  agreement  between  Marsh USA
Inc.  and AFCO Credit  Corporation,  only with  respect to the  policies  listed
below.

<TABLE>
<CAPTION>
SCHEDULE OF POLICIES
<S>          <C>                     <C>                         <C>               <C>        <C>
------------ ----------------------- --------------------------- ----------------- ---------- ----------------
EFF. DATE         INSURANCE CO.             POLICY NUMBER               COVERAGE      TERM        PREMIUM
------------ ----------------------- --------------------------- ----------------- ---------- ----------------
4/1/04       Max Re                      3816-317-CLM-2004             Umb            12           500,000
------------ ----------------------- --------------------------- ----------------- ---------- ----------------

------------ ----------------------- --------------------------- ----------------- ---------- ----------------

------------ ----------------------- --------------------------- ----------------- ---------- ----------------

------------ ----------------------- --------------------------- ----------------- ---------- ----------------

------------ ----------------------- --------------------------- ----------------- ---------- ----------------

------------ ----------------------- --------------------------- ----------------- ---------- ----------------

------------ ----------------------- --------------------------- ----------------- ---------- ----------------

------------ ----------------------- --------------------------- ----------------- ---------- ----------------
             TOTAL                                                                                $500,000
------------ ----------------------- --------------------------- ----------------- ---------- ----------------
</TABLE>

GLOBAL BROKING BERMUDA

SIGNATURE:  /s/ Elizabeth
       ----------------------------------------------

TITLE:  AVP

DATE:  4/12/04

<PAGE>

<TABLE>
<CAPTION>
<S>              <C>      <C>                                                                           <C>
---------------- -------- ----------------------------------------------------------------------------- -----------------------
AFCO                      2951 FLOWERS RD. SOUTH ATLANTA GA 30341                                           REFER TO THIS
                          TEL 770-455-4850/800-288-5410                                                      ACCOUNT NO.
                                                                                                        IN ALL CORRESPONDENCE
                                                      NOTICE OF ACCEPTANCE                                    63-09301-7
---------------- -------- ----------------------------------------------------------------------------- -----------------------
     TOTAL PREMIUMS          DOWN PAYMENT     AMOUNT FINANCED        FINANCE       TOTAL OF PAYMENTS          ANNUL PER-
                                                                     CHARGE                                  CENTAGE RATE

      2,442,950.00            500,000.00        1,942,950.00        26,407.50         1,969,357.50              3.25%
-------------------------------------------------- ---------------------------------------------------- -----------------------
INSURED (NAME AND ADDRESS)                         AGENT OR BROKER SUBMITTING AGREEMENT (NAME AND
CRYOLIFE INC                                       ADDRESS)
ATTN: MR ASHLEY LEE                                MARSH USA INC
1655 ROBERTS BLVD NW                               ATTN: NICK MCKLOSKEY
KENNESAW                  GA 30144                 3475 PIEDMONT ROAD STE 1200
                                                   ATLANTA                      GA 30305
-------------------------------------------------- ---------------------------------------------------- -----------------------
                                                                                                        AMOUNT OF INSTALLMENT
                                                                                                            9@ 218,817.50
-------------------------- ----------------------------- -------------------- --------- --------------- -----------------------
DATE OF NOTICE & ACCEPT                                   FINAL PAYMENT DUE   DAY DUE    NO. & FREQ.
  04/15/04                                                  MO. 01 YR. 05        1        OF INSTS.
                                                                                           9 (MTH)
-------------------------------------------------------------------------------------------------------------------------------
                              SCHEDULE OF POLICIES
-------------------------------------------------------------------------------------------------------------------------------
        POLICY PREFIX           EFFECTIVE       FULL NAME OF INSURER AND GENERAL     COVERAGE  POLICY          PREMIUM
         AND NUMBER                DATE                     AGENT(S)                  FIRE,    TERM IN         FINANCED
                                OF POLICY    OTHER THAN SUBMITTING PRODUCER TO WHOM   AUTO     MONTHS
                                OR ANNUAL         COPY OF THIS NOTICE WAS SENT       ________  COVERED
                               INSTALLMENT                                                     BY PREM.
------------------------------ ------------- --------------------------------------- --------- --------- ----------------------
81796424                       04/01/04      FEDERAL INS CO                          PL           12              70,200.00
  7163-89-98                   04/01/04      FEDERAL INS CO                          WC           12             303,450.00

                               04/01/04      COLUMBIA CASUALTY COMPANY               PROD         12           1,388,750.00
                                                          TAX                                                     55,550.00

                                             SERVICE PLACEMENT FEES                                              125,000.00

3816-317-CLM-2004              04/01/04      MAX RE LTD/MARSH GLOBAL BROKING         UMB          12             500,000.00
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
<S>                                                                             <C>
----------------------------------------------------------------------------------------------------------------------------------
TO THE INSURED:  YOUR PREMIUM FINANCE AGREEMENT HAS BEEN ACQUIRED BY AFCO CREDIT CORP.
----------------------------------------------------------------------------------------------------------------------------------
We are pleased to notify you that we have accepted your                         |_|  If this is a regular monthly payment plan,
premium finance agreement subject to verification by the                             your coupons are enclosed.
insurance companies. We have credited the down
payment to your account.                                                        |X|  If your payment is other than monthly or on a
                                                                                     special monthly advance billing, we will
                                                                                     remind you of your installment payments.
We urge you to read your premium finance agreement so that
you are aware of your rights and duties under that
agreement as well as possible penalties that might be                           PLEASE SEND THE PROPER NOTICE AND WRITE YOUR
assessed against you in the event that the                                      ACCOUNT NUMBER ON YOUR CHECK OR MONEY
terms of the agreement are not complied with.                                   ORDER TO INSURE PROMPT CREDITING OF
                                                                                THE PAYMENT TO YOUR ACCOUNT.
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

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

                     -----------------------------------------------------------------------
                      If you have any questions, please contact our processing center for
                                                   assistance
                          4501 COLLEGE BLVD., SUITE 320
                             LEAWOOD, KS 66211-2328
                                                TEL 800-288-6901
                     -----------------------------------------------------------------------
</TABLE>

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

----------------------------------------------------------------------------------------------------------------------------------

PLEASE NOTE:            IF THE PREMIUMS BEING FINANCED ARE FOR THE PURCHASE OF INSURANCE FOR
                        PERSONAL, FAMILY OR HOUSEHOLD PURPOSES (NOT BUSINESS) YOUR INSURANCE
                        AGENT SHOULD HAVE GIVEN YOU A NOTICE TITLED "REQUIRED FEDERAL TRUTH-
                        IN-LENDING DISCLOSURES FOR PERSONAL LINES INSURANCE". IF YOU DID NOT
                        RECEIVE THIS NOTICE, PLEASE CONTACT AFCO AT ONCE SO THAT WE CAN GIVE
                        YOU THE REQUIRED NOTICE.
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
<S>                                              <C>
                                                 AVOID JEOPARDIZING YOUR INSURANCE PROTECTION BY MAILING ALL
                                                 PAYMENTS IN TIME TO REACH AFCO ON OR BEFORE THE DUE DATE OF
AFCO Credit Corporation                          YOUR INSTALLMENTS.
08 BB/v(12)/00)Copr.2000
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Mellon                                               AFCO CAFO

May 6, 2004

CRYOLIFE INC
ATTN: MR ASHLEY LEE
1655 ROBERTS BLVD NW
KENNESAW, GA 30144

RE:    AFCO ACCOUNT NO.:  63-09301-7
       RETURN PREMIUM:  $83,864.00
       INTEREST ADJUSTMENT ALLOWED:  $994.72
       FIRST REVISED PAYMENT AMOUNT:  $208,210.16
       REVISED PAYMENT DUE DATE:  06/01/04

We recently received the captioned refund from your insurance carrier applicable
to the policy(ies) indicated above.

This return premium has been applied to your outstanding loan balance, including
outstanding  late  charges,  if any, and an interest  adjustment  allowed.  Your
future  payment(s)  has been revised as a result of this action,  beginning with
the above "first revised  payment."  Payments due prior to this month remain due
at the previously scheduled amount.

Please retain this letter for your records.

If you receive monthly billing notices,  future notices will reflect the revised
amount due. If you have coupons, revised coupons are attached.

If you have any questions concerning this matter, please contact our office.

Sincerely,
Customer Services

cc:    MARSH USA INC
       ATTN: NICK MCKLOSKEY
       3475 PIEDMONT ROAD STE 1200
       ATLANTA, GA 30305

                                      50th
                      -------------------------------------
                              A N N I V E R S A R Y
                         We Put a Premium on Performance

                  4501 College Blvd, Ste 320, Leawood, KS 66211
                        PO Box 8440 Kansas City, MO 64114
               (913) 491-6700, (800) 288-6901, (913) 491-6638 FaxEXHIBIT 10.5

                      COMMERCIAL PREMIUM FINANCE AGREEMENT
                             AFCO PREMIUM CREDIT LLC
          A Joint Venture of AFCO Credit Corporation and Marsh USA Inc.
             2951 FLOWERS ROAD SOUTH, SUITE #132, ATLANTA, GA 30341
               TEL. NOS. (770) 455-4850 (800) 288-5410              Page 1 of 2
<TABLE>
<CAPTION>
<S>                              <C>                       <C>
---------------------------------------------------------- --------------------------------------------------------
Agent (Name and Address)         63-10-01006-0             Insured (Name and Address as shown on the policy)

MARSH USA INC                                              CRYOLIFE, INC.
Attn:  NICK MCKLOSKEY                                      Attn:  MR. ASHLEY LEE
3475 PIEDMONT ROAD STE 1200                                1655 ROBERTS BLVD NW
ATLANTA, GA  30305                                         KENNESAW, GA  30144
(404) 760-0112                                             (770) 419-3355
---------------------------------------------------------- --------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
<S>                        <C>                    <C>                       <C>                     <C>

A) Total Premiums          B) Down Payment        C) Amount Financed        D) Finance Charge       E) Total Payments
--------------------------    ---------------    -----------------------    --------------------    ------------------
             1,907,500.00         381,500.00               1,526,000.00               18,656.56          1,544,656.56
--------------------------    ---------------    -----------------------    --------------------    ------------------
F) Annual Percentage Rate     No. of Payments    Amount of Payments           First Installment Due Installment Due Dates
--------------------------    ---------------    -------------------------------    ------------    ------------------
                  3.250%          8 (Monthly)                         193,082.07     06/01/2004                   1st
--------------------------    ---------------    -------------------------------    ------------    ------------------
</TABLE>
                              SCHEDULE OF POLICIES

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

Policy Prefix and     Effective       Name of Insurance Company and Name and      Type of    Months       Premium $
     Numbers           Date of         Address of General or Policy Issuing      Coverage   Covered
                     Policy/Inst.             Agent or Intermediary
------------------- --------------- ------------------------------------------- ----------- --------- ----------------
     00426825         05/01/2004    NATIONAL UNION FIRE INSURANCE                   DO         12          757,500.00
        3
     ELU08604         05/01/2004    XL SPECIALTY INS CO                            XSDO        12          875,000.00
       8-04
     ELU08604         05/01/2004    XL SPECIALTY INS CO                            XSDO        12          275,000.00
       9-04

------------------- --------------- ------------------------------------------- ----------- --------- ----------------
</TABLE>

(1) DEFINITIONS: The above named insured ("the insured") is the debtor. AFCO
Premium Credit LLC ("AFCO"), a joint venture of AFCO Credit Corporation and
Marsh USA Inc., is the lender to whom the debt is owed. "Insurance company" or
"company", "insurance policy" or "policy" and "premium" refer to those items
listed under the "Schedule of Policies". Singular words mean plural and
vice-versa as may be required in order to give the agreement meaning. For New
York insureds, services for which any charge pursuant to Insurance Law, Section
2119, is imposed, are in connection with obtaining and servicing the policies
listed herein.
NOTICE: 1. DO NOT SIGN THIS AGREEMENT BEFORE YOU READ IT OR IF IT CONTAINS ANY
BLANK SPACE. 2. YOU ARE ENTITLED TO A COMPLETELY FILLED IN COPY OF THIS
AGREEMENT. 3. UNDER THE LAW, YOU HAVE THE RIGHT TO PAY OFF IN ADVANCE THE FULL
AMOUNT DUE AND UNDER CERTAIN CONDITIONS TO OBTAIN A PARTIAL REFUND OF THE
SERVICE CHARGE.
                 INSURED AGREES TO THE TERMS SET FORTH ABOVE AND
                       ON THE LAST PAGE OF THIS AGREEMENT

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

                             X      /s/ D.A. Lee                                   VP & CFO          5/5/04
---------------------------  -------------------------------------------------- -----------------  ----------------
INSURED NAME                 SIGNATURE OF INSURED OR AUTHORIZED REPRESENTATIVE    TITLE              DATE
</TABLE>

05212004GAchaxdbibxxdxebabxxd

                         AGENT OR BROKER REPRESENTATIONS
The undersigned warrants and agrees: 1. The policies are in full force and
effect and the information in the Schedule of Policies and the premiums are
correct. 2. The insured has authorized this transaction and recognizes the
security interest assigned herein and has received a copy of this agreement. 3.
To hold in trust for AFCO any payments made or credited to the insured through
or to the undersigned, directly or indirectly, actually or constructively by the
insurance companies or AFCO and to pay the monies as well as any unearned
commissions to AFCO upon demand to satisfy the outstanding indebtedness of the
insured. Any lien the undersigned has or may acquire in the return premiums
arising out of the listed insurance policies is subordinated to AFCO's lien or
security interest therein. 4. The policies comply with AFCO's eligibility
requirements. 5. No audit or reporting form policies, policies subject to
retrospective rating or minimum earned premium are included. The deposit or
provisional premiums are not less than anticipated premiums to be earned for the
full term of the policies. 6. The policies can be cancelled by the insured and
the unearned premiums will be computed on the standard short-rate or pro-rata
table. 7. The undersigned represents that a proceeding in bankruptcy,
receivership, or insolvency has not been instituted by or against the named
insured.
     IF THERE ARE ANY EXCEPTIONS TO THE ABOVE STATEMENTS PLEASE LIST BELOW:

     THE UNDERSIGNED FURTHER WARRANTS THAT IT HAS RECEIVED THE DOWN PAYMENT AND
ANY OTHER SUMS DUE AS REQUIRED BY THE AGREEMENT AND IS HOLDING SAME OR THEY ARE
ATTACHED TO THIS AGREEMENT.
<TABLE>
<CAPTION>
<S>                          <C>                                                          <C>                  <C>

                             X
---------------------------  -----------------------------------------------------------  -------------------  -----------------
AGENT OR BROKER              SIGNATURE OF AGENT OR BROKER                                  TITLE               DATE

</TABLE>

ZZJV(10/00-win)c.2000Afco Premium Credit LL
7N7TZGQNP7ULRQLibor042604052504010100

<PAGE>

                                                                     Page 2 of 2

(2) ASSIGNMENT OF AGREEMENT: This agreement will be assigned and transferred to
and serviced by AFCO Credit Corporation.
(3) LIMITED POWER OF ATTORNEY: The insured irrevocably appoints AFCO as its
attorney in fact with full authority to cancel the insurance policies for the
reasons stated in paragraph (15), and to receive all sums assigned to AFCO or in
which it has granted AFCO a security interest, AFCO may execute and deliver on
the insured's behalf all documents, instruments of payment, forms, and notices
of any kind relating to the insurance policies in furtherance of this agreement.
(4) PROMISE OF PAYMENT: The insured requests that AFCO pay the premiums in the
Schedule of Policies. The insured promises to pay to AFCO the amount stated in
Block E above according to the payment schedule, subject to the remaining terms
of this agreement.
(5) SECURITY INTEREST: The insured assigns to AFCO as security for the total
amount payable in this agreement any and all unearned premiums and dividends
which may become payable under the insurance policies for whatever reason and
loss payments which reduce the unearned premiums subject to any mortgagee or
loss payee interests. The insured gives to AFCO a security interest in all items
mentioned in this paragraph. The insured further grants to AFCO its interest
which may arise under any state insurance guarantee fund relating to any policy
shown in the Schedule of Policies.
(6) WARRANTY OF ACCURACY: The insured warrants to AFCO that the insurance
policies listed in the Schedule have been issued to the insured and are in full
force and effect and that the insured has not assigned any interest in the
policies except for the interest of mortgagees and loss payees. The insured
authorizes AFCO to insert or correct on this agreement, if omitted or incorrect,
the insurer's name, the policy numbers, and the due date of the first
installment. AFCO is permitted to correct any obvious errors. In the event of
any change or insertion, AFCO will give the insured written notice of those
changes or corrections made in accordance with this provision.
(7) REPRESENTATION OF SOLVENCY: The insured represents that the insured is not
insolvent or presently the subject of any insolvency proceeding.
(8) ADDITIONAL PREMIUMS: The money paid by AFCO is only for the premium as
determined at the time the insurance policy is issued. The insured agrees to pay
the company any additional premiums which become due for any reason. AFCO may
assign the company any rights it has against the insured for premiums due the
company in excess of the premiums returned to AFCO.
(9) SPECIAL INSURANCE POLICIES: If the insurance policy issued to the insured is
auditable or is a reporting form policy or is subject to retrospective rating,
then the insured promises to pay to the insurance company the earned premium
computed in accordance with the policy provisions which is in excess of the
amount of premium advanced by AFCO which the insurance company retains.
(10) NAMED INSURED: If the insurance policy provides that the first named
insured in the policy shall be responsible for payment of premiums and shall act
on behalf of all other insureds with respect to any actions relating to the
policy, then the same shall apply to this agreement. If such is not the case,
then all insureds' names must be shown on this agreement unless a separate
agreement specifies one insured to act in all matters for the others.
(11) FINANCE CHARGE: The finance charge shown in Block D begins to accrue as of
the earliest policy effective date unless otherwise indicated in the Schedule of
Policies.
(12) AGREEMENT BECOMES A CONTRACT: This agreement becomes a binding contract
when AFCO mails a written acceptance to the insured.
(13) DEFAULT CHARGES: If the insured is late in making an installment payment to
AFCO by more than the number of days specified by law the insured will pay to
AFCO a delinquency charge not to exceed the maximum charge permitted by law.
(14) DISHONORED CHECK: If an insured's check is dishonored for any reason and if
permitted by law, the insured will pay to AFCO a fee for expenses in processing
that check not to exceed the amount permitted by law.
(15) CANCELLATION: AFCO may cancel the insurance policies after giving any
required statutory notice and the unpaid balance due to AFCO shall be
immediately payable by the insured if the insured does not pay any installment
according to the terms of this agreement. AFCO at its option may enforce payment
of this debt without recourse to the security given to AFCO. If cancellation
occurs, the borrower agrees to pay a finance charge on the balance due at the
contract rate of interest until that balance is paid in full or until such other
date as required by law.
(16) CANCELLATION CHARGES: If AFCO cancels any insurance policy in accordance
with the terms of this agreement, then the insured will pay AFCO a cancellation
charge, if permitted, up to the limit specified by law.
(17) MONEY RECEIVED AFTER NOTICE OF CANCELLATION: Any payments made to AFCO
after AFCO's notice of cancellation of the insurance policy has been mailed may
be credited to the insured's account without affecting the acceleration of this
agreement and without any liability or obligation on AFCO's part to request
reinstatement of a cancelled insurance policy. Any money AFCO receives from an
insurance company shall be credited to the amount due AFCO with any surplus
being paid over to whomever is entitled to the money. No refund of less than
$1.00 shall be made. In the event that AFCO does request, on the insured's
behalf, a reinstatement of the policy, such request does not guarantee that
coverage under the policy will be reinstated or continued.
(18) ATTORNEY FEES - COLLECTION EXPENSE: If, for collection, this agreement is
placed in the hands of an attorney who is not a salaried employee of AFCO, then
the insured agrees to pay reasonable attorney fees and costs including those in
the course of appeal as well as other expenses, as permitted by law or granted
by the court.
(19) REFUND CREDITS: The insured will receive a refund credit of the finance
charge if the account is voluntarily prepaid in full prior to the last
installment due date as required or permitted by law. Any minimum or fully
earned fees will be deducted as permitted by law.
(20) INSURANCE AGENT OR BROKER: The insurance agent or broker named in this
agreement is the insured's agent, not AFCO's, and AFCO is not legally bound by
anything the agent or broker represents to the insured orally or in writing.
(21) NOT A CONDITION OF OBTAINING INSURANCE: This agreement is not required as a
condition of the insured obtaining insurance coverage.
(22) SUCCESSORS AND ASSIGNS: All legal rights given to AFCO shall benefit AFCO's
successors and assigns. The insured will not assign the policies without AFCO's
written consent except for the interest of mortgagees and loss payees.
(23) LIMITATION OF LIABILITY: The insured agrees that AFCO's liability for
breach of any of the terms of this agreement or the wrongful exercise of any of
its powers shall be limited to the amount of the principal balance outstanding
except in the event of gross negligence or willful misconduct.
(24) ENTIRE DOCUMENT - GOVERNING LAW: This document is the entire agreement
between AFCO and the insured and can only be changed in writing and signed by
both parties except as stated in paragraph (6). The laws of the state indicated
in the insured's address as set forth in the Schedule will govern this agreement
unless stated in that Schedule.

                                                  -----------------------------
                                                       INSURED'S INITIALS
                                                  -----------------------------
                                                             /s/
                                                  -----------------------------
ZZJV (10/00-win) c. 2000 Afco Premium Credit LLC

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