AmBase Corp obtains $300K working capital loan from CEO at 6.5%, due Feb 2029

AmBase Corp

Loan of $300,000 from Chairman/CEO Richard A. Bianco at 6.5% annual interest.
Maturity: earlier of receipt of sufficient funds from any source (excluding certain litigation funding) or Feb 28, 2029.
Bianco may convert note into a litigation funding agreement pari passu with any third-party litigation funder.
Proceeds used for working capital; company has going-concern qualification and continues to seek additional funding.
Loan is senior indebtedness; company cannot incur senior secured debt without Bianco's consent.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.4

AmBase Corp entered into Promissory Note with Mr. Richard A. Bianco valued at three hundred thousand dollars ($300,000).

Action: entry
Counterparty: Mr. Richard A. Bianco
Value: three hundred thousand dollars ($300,000)

Exact text from the filing

AmBase Corporation (the “Company”) and Mr. Richard A. Bianco, the Company’s Chairman, President and Chief Executive Officer (“Mr. R. A. Bianco”) entered into a Senior Promissory Note for Mr. R. A. Bianco to provide a loan to the Company of three hundred thousand dollars ($300,000) at an interest rate of 6.5% per annum, (the “Promissory Note”), for working capital.

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Source: SEC EDGAR

accession 0001140361-26-006772

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