AmBase gets $300K CEO loan at 6.5% for working capital; due Feb 2025

AmBase Corp

Principal $300,000 at 6.5% p.a., mature on earlier of receipt of sufficient funds (excluding litigation funding) or Feb 28, 2025.
CEO Richard Bianco can convert loan into litigation funding agreement pari passu with any future litigation funding.
Company seeking ~$7M in additional funding from third parties, shareholders, or management; no assurance of securing terms.
Loan is senior indebtedness; company cannot incur secured or senior debt without CEO consent (except litigation funding).

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