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EXHIBIT 10.8
UNSECURED REVOLVING CREDIT NOTE
$300,000 As of August 30, 2007
Knoxville, Tennessee
FOR VALUE RECEIVED, AMERICAN LIFE HOLDING COMPANY, INC., a
Florida
corporation (the "Borrower"), hereby promises to pay to the
order of DR. AND
MRS. ARCHER W. BISHOP, JR. (collectively, the "Lender"), at
Knoxville,
Tennessee, or such other location as the Lender may in writing
designate, the
principal sum of THREE HUNDRED THOUSAND DOLLARS ($300,000.00),
or such lesser
amount as shall equal the aggregate unpaid principal amount of
all funds
advanced the Borrower by the Lender in accordance with the terms
of this Note,
in lawful money of the United States of America in immediately
available funds,
on the date and in the amounts stated herein and to pay interest
on the unpaid
principal amount of this Note at such office, in like money and
funds, on the
dates specified herein. The Borrower may, from time to time,
borrow, repay and
reborrow under the terms of this Note up to but not exceeding
the principal
amount of this Note upon delivery to Lender of a request of such
advance of the
proceeds of this Note. The aggregate principal amount of
$256,200 previously
advanced to Borrower by Lender which remains outstanding as of
the date of this
Note under the Unsecured Revolving Credit Note dated as of
August 30, 2006 shall
represent amount advanced to the Borrower to date by the Lender
and shall be
included in the sums due Lender by Borrower hereunder.
The Borrower hereby promises to pay interest on the unpaid
principal
balance hereof at a rate of prime plus one percent (1%),
adjusted quarterly on
each of March 31, June 30, September 30 and December 31 of each
year that this
Note remains outstanding. The initial interest rate shall be
FIVE AND
THREE-QUARTERS PERCENT (5.75%). Interest shall be accrued daily
on the unpaid
principal balance hereof and shall be computed on the basis of a
365-day year.
Beginning on September 30, 2002, and thereafter payable
quarterly on each of
December 31, March 31
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