On July 22, 2019, American Church Mortgage Company entered into an Amended Loan Agreement with Alerus Financial, N.A., as lender regarding the $4 million revolving loan made to the Company on April 9, 2018. The Amended Loan Agreement extends the term of the original loan agreement to July 22, 2020 and adjusts the interest rate and floor rate. The revolving loan is payable on July 22, 2020 and monthly payments of accrued interest are due commencing September 1, 2019. Interest on the revolving loan is based on the prevailing London Interbank Offered Rate (LIBOR) for deposits in U.S. dollars having a maturity equal to one month and the interest rate will not change more often than each month. Interest on the unpaid principal balance of this Note will be calculated using a rate of 2.700 percentage points over the Index, rounded to the nearest 0.001%, adjusted if necessary for any minimum and maximum rate limitations. The initial rate is 5.112%. The interest rate on the loan will not be less than 4.75% per annum or more than the applicable rate allowed by applicable law. The Amended Loan Agreement adds a cash flow covenant to the terms of the loan. This covenant requires that distributions and dividends not exceed funds from operations on an annual basis. The revolving loan is secured by a first priority security interest in substantially all of the Company’s assets other than collateral pledged to secure the Company’s secured investor certificates, both those currently issued and any potentially issued in the future.