Exhibit 10.1
[KeyBank Logo]
Key Bank Real Estate Capital
0000 Xxxxxxxxx Xxxx, XX
Xxxxx 0000
Xxxxxxx, XX 00000
December 12, 2007
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 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 March 30, 2008. Please note that the testing of this
financial covenant on March 31, 2008 shall be completed at the original twenty
percent (20.0%) level.
Very truly yours,
/s/ Tayven Hike
KeyBank National Association, Agent
3816770v1
