Exhibit
10
Series
2008 Master Note Agreement
July
1, 2008
This
will confirm our understanding with respect to certain loans to be
made from time to time by you to Church Loans & Investments
Trust (“Church Loans”). You agree that you will not
sell, pledge, assign or otherwise transfer any interest in the note
or loans made hereunder without first giving Church Loans at least
ten (10) days notice thereof.
Prior
to maturity of the note executed pursuant to the terms and
provisions hereunder, you will notify Church Loans from time to
time of the maximum funds available to Church Loans for borrowing.
At such times, Church Loans will confirm to you the amount of
available funds which Church Loans wishes to borrow. You may at any
time prior to maturity of the note make demand for full or partial
repayment of the amount which may be borrowed by Church Loans.
Notwithstanding anything herein to the contrary, without the
written consent of Church Loans, you may not demand payment of more
than $250,000.00 prior to maturity in any one thirty (30) day
period. Payments received upon such demand shall be applied to the
note.
Prior
to the first borrowing hereunder, Church Loans will execute and
deliver to you its promissory note in the form set forth and
described in Exhibit “A” attached hereto and made a
part hereof for all purposes, which note shall evidence the loans
to be made under the terms of this agreement. On or before the 15
th of each month, Church Loans will provide you with a
written recap of transactions made during the previous month for
verification of outstanding amounts. Prior to any borrowing
hereunder which would result in a total outstanding principal
balance in excess of the maximum face amount of the note, Church
Loans will deliver to you a replacement note in the principal
amount sufficient to cover the total of advances made to the date
of such note.
You
will have the option of receiving monthly distribution of the
interest or to have the interest accrued and added to the principal
each month. If you elect to have the interest accrue, then it will
be added to the principal amount of the note as of the first day of
the month after such interest was earned and will thereafter earn
interest thereon until paid to you.
All
loans made by you to Church Loans under the terms of this agreement
shall be unsecured.
This
agreement may be terminated by either party upon not less than
thirty (30) days written notice to the other party. In the event
you terminate this agreement prior to maturity, then Church Loans
may continue this agreement in such a manner that allows for
payment to you of not more than $250,000.00 every thirty (30) days
until th
