Exhibit 10.3
[Key Bank Logo]
Key Bank 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 from March 30, 2008 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/ Tayven Hike
KeyBank National Association, Agent
3816799v1
