January 3, 2008 Alexander Gordon Jardin Chief Executive Officer Franklin Credit Management Corporation
Exhibit
10.6
January
3, 2008
▇▇▇▇▇▇▇▇▇
▇▇▇▇▇▇ Jardin
Chief
Executive Officer
Franklin
Credit Management Corporation
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▇▇▇▇▇▇ ▇▇., ▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇
▇▇▇▇, ▇.▇. ▇▇▇▇▇
Via
Fax:
▇▇▇-▇▇▇-▇▇▇▇
Re:
Confirmation of Principal Balance Outstanding on Tranche B-2
Advance
Dear
▇▇.
▇▇▇▇▇▇;
We
hereby refer to a certain
Forbearance Agreement and Amendment to Credit Agreements dated as of December
28, 2007 (the “Forbearance Agreement”) by and among Franklin Credit Management
Corporation (“FCMC”), the Borrowers signatory to such Forbearance Agreement and
The Huntington National Bank (“Lender”). Any capitalized term used in
this letter and not otherwise defined herein shall have the meanings assigned
to
such term in the Forbearance Agreement.
As
discussed between FCMC and Lender,
we erred in calculating the outstanding principal balances of the Commercial
Loans as of the Forbearance Effective Date. To correct that error,
Lender hereby confirms that the outstanding principal balance of the Tranche
B
Note evidencing Tranche B-2 is $56,782,469.88 as of the Forbearance Effective
Date and not $79,051,123.50 as stated in the Forbearance Agreement and that
certain Amended and Restated Promissory Note (B-2 Note) executed in connection
therewith. Lender further confirms that the sum of $56,782,469.88
represents all Tranche B-2 Advances made as of the Forbearance Effective
Date.
Except
as modified in this letter, all
terms and conditions of the Forbearance Agreement and the other Loan Documents
executed in connection therewith shall remain in full force and
effect.
Please
acknowledge this letter by
signing below and returning a copy of this letter to me by fax at (▇▇▇)
▇▇▇-▇▇▇▇. If you have any questions regarding the foregoing, please
do not hesitate to call me at (▇▇▇) ▇▇▇-▇▇▇▇.
Sincerely,
The
Huntington National Bank
By:
/s/ ▇▇▇▇ ▇.
▇▇▇▇▇
▇▇▇▇
▇.
▇▇▇▇▇
Its: Senior
Vice President
Acknowledged
and Agreed:
Franklin
Credit Management Corporation
/s/
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Jardin
By: ▇▇▇▇▇▇▇▇▇
▇▇▇▇▇▇ Jardin
Its: Chief
Executive Officer
Each
Borrower Listed on Schedule 1 to the Forbearance Agreement
/s/
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Jardin
By: ▇▇▇▇▇▇▇▇▇
▇▇▇▇▇▇ Jardin
Its: Chief
Executive Officer
cc
J.
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