AmBase Corporation announced that it has entered into a definitive agreement of a senior promissory note with individual investor, Richard A. Bianco to provide loan to the company in the principal amount $330,000 on June 26, 2023. The note will be issued at an interest rate of 7% per annum. The promissory note is due on the earlier of the date the company receives funds from any source, sufficient to pay all amounts due under this this note, including all accrued interest thereon, including without limitation, from a settlement of the 111 West 57th legal proceedings on June 30, 2025.

The company and Mr. R. A. Bianco further agreed that amounts due pursuant to the promissory note and interest can be converted by Mr. R. A. Bianco, at his option, into a litigation funding agreement pari-pasu with any litigation funding agreement entered into by the company with a litigation funding entity.