Exhibit
10.1
WAIVER
This Waiver (the “ Waiver ”),
is entered into effective as of July 15, 2009, by and among,
Ministry Partners Funding, LLC (the “ Borrower
”), Evangelical Christian Credit Union (the “
Servicer ”) and BMO Capital Markets Corp. (the “
Agent ”). Reference is made to the Loan,
Security and Servicing Agreement, dated as of October 30, 2007, as
heretofore amended (the “ Loan Agreement ”),
among the Borrower, the Servicer, the Agent, Fairway Finance
Company, LLC, U.S. Bank National Association, and Lyon Financial
Services, Inc. (d/b/a U.S. Bank Portfolio Services).
RECITALS
WHEREAS, subparagraph (p) of the definition of
“Event of Default” in Exhibit I to the Loan Agreement
provides that it shall be an Event of Default if a Hedge Deficit or
Hedge Surplus in excess of 10% shall exist and not be cured within
5 Business Days (the “ Hedging Requirement
”);
WHEREAS, the Borrower has informed the Agent
that it will not be able to comply with the Hedging Requirement
during the period beginning on the date hereof through and
including the Stated Maturity Date (the “ Hedge Waiver
Period ”);
WHEREAS, Agent has agreed to waive the Hedging
Requirement during the Hedge Waiver Period;
NOW, THEREFORE, in consideration of the
covenants, conditions and agreements hereinafter set forth, and for
other good and valuable consideration, the receipt and adequacy of
which are all hereby acknowledged, Borrower, Servicer a
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