Exhibit 10.2
[Key Bank Logo]
KeyBank Real Estate Capital
0000 Xxxxxxxxx Xxxx, XX
Xxxxx 0000
Xxxxxxx, XX 00000
April 30, 2008
American Church Mortgage Company
c/o Church Loan Advisors, Inc.
00000 Xxxxxx Xxxxxx Xxxxx
Xxxxxxxxxx, XX 00000
Attn: Xxxxxxx X. Xxxxx
Xxxxx Xxxxxxx
Re: Revolving Credit Agreement among American Church Mortgage Company, as
Borrower, KeyBank National Association, as Agent and Lender, and the other
lenders from time to time party to this Agreement, dated as of July 18,
2007, as subsequently amended.
To Whom It May Concern:
This letter serves to amend Section 9.5 of the Revolving Credit Agreement
to permit the amount of Non-Performing Assets to total up to, but not
including, twenty-five percent (25.0%) of the sum of its Consolidated
Tangible Net Worth plus Actual Loan Loss Reserve Balance through December
30, 2008. Please note that the testing of this financial covenant on
December 31, 2008 shall be completed at the original twenty percent (20.0%)
level.
Sincerely,
/s/ Xxx X. Xxxxxxx
KeyBank National Association, Agent
3816781v1
