EXHIBIT 10.61
As of July 1, 2000
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Re: that certain letter agreement by and between American Business
Financial Services, Inc. ("Company") and ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, dated May
15, 1998 (the "Letter Agreement") and that certain supplementary letter
agreement dated as of October 1, 1998 by and between ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
and the Company (the "Supplementary Agreement")
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Dear Al:
The Letter Agreement provides that your maximum bonus under the
Management Incentive Plan established by the Company is forty percent (40%) of
your annual base salary in effect at the time of the award. The Company is
pleased to increase your maximum bonus percentage to fifty (50%) of your annual
base salary in effect at the time of the award. In addition, the monthly accrual
rate for your vacation days is three (3) days per month, it being understood and
agreed that no days accrue during the months of May and June. No other terms or
conditions set forth in the Letter Agreement are altered, modified or changed
hereby. By signing below, you agree to this change and acknowledge and agree
that the Letter Agreement and the Supplementary Agreement remain in full force
and effect and you represent and warrant to the Company that you have not
violated any term or condition set forth in either of these agreements.
Sincerely,
AMERICAN BUSINESS FINANCIAL SERVICES, INC.
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Chairman and CEO
I have carefully read and reviewed this letter and accept the terms and
conditions hereof.
Date: As of July 1, 2000 /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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