Exhibit 10.10
Patriot
The Patriot Group, LLC
November 8, 2004
American Business Financial Services, Inc.
Residential Mortgage Loan Warehouse and Residual Master Repurchase Agreement
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American Business Financial Services, Inc.
The Xxxxxxxxx Building
000 Xxxx Xxxxxx Xxxx, 0xx Xxxxx
Xxxxxxxxxxxx, Xxxxxxxxxxxx 00000
Attention: Xxxxxxx X. Xxxxxxxx, Chairman, President, Chief Executive Officer
and Chief Operating Officer
Ladies and Gentlemen:
Reference is made to the Commitment Letter dated October 26, 2004
executed and delivered by The Patriot Group, LLC, on behalf of itself, its
affiliates and subsidiaries ("Patriot"), and accepted by American Business
Financial Services, Inc. (together with its affiliates and subsidiaries, "ABFS")
on October 27, 2004, as amended by an exchange of e-mails on November 5, 2004
(the "Commitment Letter"). Terms not defined herein shall have the meanings
ascribed to them in the Commitment Letter.
This letter constitutes written notification that Patriot has obtained
the approval of the Committed Facility by its investment committee within the
time frame required by the Commitment Letter and hereby confirms its commitment
to execute the Committed Facility on the terms and subject to the conditions set
forth in the Commitment Letter. Accordingly, Patriot shall permanently retain
the Commitment Fee of $950,000 previously paid to Patriot.
At the present time, all of the conditions to execution and delivery of
the Committed Facility have not been met. In order to be of assistance to ABFS,
Patriot hereby extends its deadline for execution and delivery of definitive
documentation for the Committed Facility and satisfaction of initial conditions
of the Wet Warehouse and Residual Repo to November 22, 2004. Moreover, the
deadline for the credit of $250,000 toward the Closing Fee (as contemplated in
Annex I to Exhibit A-1 of the Commitment Letter) is hereby extended to November
22, 2004.
Patriot also remains interested in providing an interim residual
repurchase facility to ABFS if agreement is reached as to the size and terms of,
and additional collateral for, this facility, and ABFS can obtain the necessary
consents.
We await your guidance as to whether and how ABFS wishes to proceed
with respect to an interim residual repurchase facility and look forward to
working with you to complete the Committed Facility.
Very truly yours,
THE PATRIOT GROUP, LLC
By: /s/ Xxxxxxx X. Xxxxxx, Xx.
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Name: Xxxxxxx X. Xxxxxx, Xx.
Title: Co-Chief Executive Officer