FIRST AMENDMENT TO TRUST INDENTURE
This First Amendment to Trust Indenture (this "Amendment") is entered
into as of November 17, 1998, by and between Cornerstone Ministries Investments,
Inc., a Georgia corporation (the "Corporation"), and Colonial Trust Company, an
Arizona corporation (individually the "Trustee" and collectively, along with the
Corporation, the "Parties").
RECITALS
A. The Parties previously entered into a Trust Indenture effective as
of July 27, 1998 (the "Trust Indenture") relating to the Corporation's Series A
Certificates of Indebtedness. Capitalized terms used but not otherwise defined
in this Amendment have the meanings ascribed to such terms in the Trust
Indenture.
B. The Parties desire to amend the Trust Indenture to permit the Owners
of at least twenty-five percent (25%) in principal amount of the Securities to
accelerate the principal of and all accrued interest on all the Securities
following an Event of Default.
NOW, THEREFORE, in reliance upon the recitals set forth above, the
Parties hereto agree as follows:
1. The first sentence of Section 6.02 of the Trust Indenture is hereby stricken
in its entirety and replaced with the following:
"If an Event of Default occurs and is continuing, the Trustee
by notice to the Corporation or the Owners of at least twenty-five
percent (25%) of principal amount of the Securities by notice to the
Corporation and the Trustee may declare the principal of and accrued
interest on all the Securities to be due and payable immediately."
2. The address for the Corporation in Section 10.02 of the Trust Indenture is
hereby stricken in its entirety and replaced with the following:
"Cornerstone Ministries Investments, Inc.
0000 Xxxxxxxx Xxxxxxxxx
Xxxxx X
Xxxxxxxx, Xxxxxxx 00000-0000"
3. All other provisions of the Trust Indenture shall remain unchanged and are
hereby declared to be in full force and effect, except as expressly amended
hereby.
IN WITNESS WHEREOF, the Parties hereto have executed this Amendment as
of the date first above written.
CORPORATION:
CORNERSTONE MINISTRIES INVESTMENTS, INC.
By: ______________________________________________
Xxxx X. Xxxxxxxx, Secretary
[SEAL]
TRUSTEE:
COLONIAL TRUST COMPANY
By: ______________________________________________
Xxxx X. Xxxxxxx, President
[SEAL]
Exhibit 4.6