Document:

EX-10.60

Exhibit 10.60

THE HUNTINGTON NATIONAL BANK

Second Amended and Restated Promissory Note

(B-1 Note)

			
	 	 	 
	$24,131,090.30
	 	March 31, 2008 (the “Effective Date”)

RECITALS

     WHEREAS, each of the borrowers set forth on Schedule 1 attached to the Forbearance
Agreement (as defined below) (individually a “Borrower” and collectively,
“Borrowers”) has executed and delivered that certain Tribeca Forbearance Agreement and
Amendment to Credit Agreements, dated as of December 28, 2007, by and among Tribeca Lending Corp.
(“TLC”), Borrowers, Franklin Credit Management Corporation, in its capacity as set forth in
the Forbearance Agreement (“FCMC”), and The Huntington National Bank, successor by merger
to Sky Bank (“Bank”), (as amended, restated, modified, or otherwise supplemented from time
to time, herein the “Forbearance Agreement”), and Borrowers and Bank desire to amend and
restate that certain Amended and Restated Promissory Note (B-1 Note), dated December 28, 2007, in
the original principal sum of $22,783,296.75 (the “Existing Note”); and

     WHEREAS, Borrowers and Bank intend that (i) this Second Amended and Restated Promissory Note
(B-1 Note) (this “Note”) will not constitute a novation, (ii) this Note will amend and
restate the indebtedness, obligations and liabilities under the Existing Note, and (iii) from and
after the Effective Date, the Existing Note shall be of no force or effect, except to evidence the
incurrence of Borrowers’ obligations thereunder; and

     WHEREAS, Borrowers and Bank acknowledge and agree that this Note is the amended and restated
promissory note intended to evidence the indebtedness in respect to the Tranche B-1 Advances;

     NOW THEREFORE, in consideration of the premises set forth above, the terms and conditions
contained herein, and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, Borrowers hereby jointly and severally agree as follows:

PROMISE TO PAY

     FOR VALUE RECEIVED, each of Borrowers, jointly and severally, promises to pay to the order of
Bank, at 10 East Main Street, Salineville, Ohio 43945, or such other address as Bank in writing
shall provide to TLC, the sum of Twenty-Four Million One Hundred Thirty-One Thousand Ninety and
30/100 Dollars ($24,131,090.30) (the “Principal Sum”), together with interest as
hereinafter provided and payable at the times and in the manner hereinafter provided. All payments
made with respect to this Note shall be made to Bank in immediately available funds.

     This Note is issued pursuant to, and/or is entitled to the benefits of, the Forbearance
Agreement; the Credit Agreements; and the Loan Documents.

     This Note amends and restates in its entirety the Existing Note issued by Borrowers (other
than the Additional Subsidiaries) to Bank. As of the Effective Date, the Existing Note shall be
amended and restated in its entirety by this Note, and the Existing Note shall thereafter be of no
further force and effect except to evidence the incurrence of Borrowers’ obligations thereunder.
It is expressly understood and agreed by the parties hereto that this Note is not intended to
constitute a novation of the obligations and

 

 

liabilities of Borrowers under any Credit Agreement or the Existing Note and is not a payment
of any amounts due from any Borrower.

INTEREST

     (a) Interest shall be calculated and will accrue on the unpaid balance of the Principal Sum at
the applicable Interest Rates as provided in the Forbearance Agreement.

     (b) The books and records of Bank, absent manifest error, shall constitute binding and
conclusive evidence of the principal balance of the outstanding Principal Sum and other amounts
outstanding hereunder, and the date and amount of each payment of principal and interest and
applicable Interest Rates and other information with respect thereto.

MANNER OF PAYMENT; PRINCIPAL BALANCE

     (a) Beginning on the initial Payment Date and continuing on each Payment Date thereafter
through and including the Tranche B Termination Date (as such terms are defined in the Forbearance
Agreement) Borrower shall pay interest and the Principal Sum in the amounts, at the times and in
the manner set forth in the Forbearance Agreement.

     (b) In addition to any other amounts due and payable under this Note, Borrowers shall deliver
to Bank any other amounts due and payable from time to time under the Forbearance Agreement in
respect to the Tranche B Advances and Tranche B Notes.

SECURITY

     This Note is secured by the security interests, assignments, and mortgages granted or
referenced in the Credit Agreements, the Forbearance Agreement, and the Loan Documents.

DEFAULT

     If a Forbearance Default has occurred and is continuing, Borrowers shall be obligated to pay
Bank interest on the outstanding Principal Sum at the Post-Default Rate (as defined in the
Forbearance Agreement). Additionally, upon the occurrence and continuation of a Forbearance
Default, the unpaid balance of Principal Sum and all accrued interest may be declared to be due and
payable all in the manner, upon the conditions and with the effect provided in the Forbearance
Agreement.

GENERAL PROVISIONS

     Each Borrower is accepting joint and several liability hereunder in consideration of the
financial accommodations to be provided by Bank under this Note, for the mutual benefit, directly
and indirectly, of each Borrower and in consideration of the undertakings of each Borrower to
accept joint and several liability for all indebtedness, obligations and liabilities evidenced by
this Note. Each Borrower, jointly and severally, hereby irrevocably and unconditionally accepts,
as a surety and as a co-debtor, joint and several liability with each other Borrower, with respect
to the payment and performance of all of the indebtedness, obligations and liabilities evidenced by
this Note, it being the intention of the parties hereto that all of the indebtedness, obligations
and liabilities evidenced by this Note shall be the joint and several obligations of each Borrower
without preferences or distinction among them. The obligations of each

2

 

Borrower under this paragraph shall not be diminished or rendered unenforceable by any winding
up, reorganization, arrangement, liquidation, reconstruction or similar proceeding with respect to
any Borrower. The joint and several liability of each Borrower hereunder shall continue in full
force and effect notwithstanding any absorption, merger, amalgamation or any other change
whatsoever in the name, constitution or place of formation of any other Borrower or Bank. The
provisions of this paragraph are made for the benefit of Bank and its respective successors and
assigns, and may be enforced by it from time to time against any or all Borrowers as often as
occasion therefore may arise and without requirement on the part of Bank (or its successors or
assigns), first to marshal any of its claims or to exercise any of its rights against any other
Borrower or to exhaust any remedies available to it against any other Borrower hereunder or to
elect any other remedy. The provisions of this paragraph shall remain in effect until all of the
indebtedness, obligations and liabilities evidenced by this Note shall have been paid in full or
otherwise fully satisfied. If at any time, any payment, or any part thereof, made in respect to
any indebtedness, obligations or liabilities evidenced by this Note, is rescinded or must otherwise
be restored or returned by Bank for any reason, the provisions of this paragraph will forthwith be
reinstated in effect, as though such payment had not been made. The obligations of each Borrower
under this paragraph constitute the absolute and unconditional, full recourse obligations of each
Borrower enforceable against each such Borrower to the full extent of its properties and assets,
irrespective of the validity, regularity or enforceability of this Note or any other circumstances
whatsoever. Each Borrower, and any indorser, surety, or guarantor, hereby jointly and severally
waives notice of acceptance of its joint and several liability, presentment, notice of dishonor,
protest, notice of protest, and diligence in bringing suit against any party hereto, waives the
defenses of impairment of collateral for the obligation evidenced hereby, impairment of a person
against whom Bank has any right of recourse, and any defenses of any accommodation maker and
consent that without discharging any of them, the time of payment and any other provision of this
Note may be extended or modified an unlimited number of times before or after maturity without
notice to Borrowers. Each Borrower jointly and severally agrees that it will pay the obligations
evidenced hereby, irrespective of any action or lack of action on Bank’s part in connection with
the acquisition, perfection, possession, enforcement, disposition, or modification of all the
obligations evidenced hereby or any and all security therefore, and no omission or delay on Bank’s
part in exercising any right against, or taking any action to collect from or pursue Bank’s
remedies against any party hereto will release, discharge, or modify the duties of Borrowers, or
any of them, to make payments hereunder. Each Borrower agrees that Bank, without notice to or
further consent from any Borrower, may release or modify any collateral, security, guaranty or
other document now held or hereafter acquired, or substitute other collateral, security or other
guaranties, and no such action will release, discharge or modify the duties of Borrowers, or any of
them, hereunder. Each Borrower waives any claim or other right which it might now have or
hereafter acquire against any other person or entity that is primarily or contingently liable on
the obligations that arise from the existence or performance of each Borrower’s obligations under
this Note, including, without limitation, any right of subrogation, reimbursement, exoneration,
contribution, indemnification, or any right to participate in any claim or remedy of Bank or any
collateral security which Bank now has or hereafter acquires, whether such claim, remedy or right
arises in equity, under contract or statute, at common law, or otherwise.

     No reference herein to the Credit Agreements, the Forbearance Agreement, or the Loan Documents
shall alter or impair the obligations of each Borrower, which is absolute and unconditional, to pay
the principal of and interest on this Note at the place and at the respective times herein
prescribed. Each Borrower promises to pay all costs and expenses, including reasonable attorneys’
fees and disbursements incurred in the collection and enforcement of this Note or any appeal of a
judgment rendered thereon. Capitalized terms used herein, but not defined herein, shall have the
meanings subscribed to such terms as set forth in the Forbearance Agreement.

3

 

     The captions used herein are for references only and shall not be deemed a part of this Note.
If any of the terms or provisions of this Note shall be deemed unenforceable, the enforceability of
the remaining terms and provisions shall not be affected. This Note shall be governed by and
construed in accordance with the law of the State of Ohio.

[SIGNATURE PAGE FOLLOWS]

4

 

     IN WITNESS WHEREOF, this Note is effective as of the date first appearing above
notwithstanding the date it is actually executed.

	 	 	 	 	 	 	 
	 	 	BORROWERS:	 	 
	 
	 	 	 	 	 	 
	 	 	Each Borrower listed on Schedule 1 attached hereto:	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Alexander Gordon Jardin	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Alexander Gordon Jardin	 	 
	 

	 	Title :
	 	Chief Executive Officer, as an authorized officer of,	 	 
	 	 	and on behalf of, each such Borrower listed on Schedule 1

attached hereto	 	 

THE OBLIGATIONS OF THE BORROWERS UNDER THIS SECOND AMENDED AND RESTATED PROMISSORY NOTE ARE
GUARANTEED BY FRANKLIN CREDIT MANAGEMENT CORPORATION PURSUANT TO A GUARANTY DATED DECEMBER 28, 2007
IN FAVOR OF THE HUNTINGTON NATIONAL BANK.

REAFFIRMATION AND CONSENT OF GUARANTOR

     The undersigned (“Guarantor”), being a guarantor of the indebtedness of Borrowers party to a
certain Forbearance Agreement and Amendment to Credit Agreements, dated as of December 28, 2007, by
and among Guarantor, Borrowers, and The Huntington National Bank, successor by merger to Sky Bank
(“Bank”), pursuant to one or more certain guaranty agreements in favor of Bank, hereby (i)
consents and agrees to be bound by the terms, conditions and execution of the above Second Amended
and Restated Promissory Note, (ii) reaffirms each warranty, representation, covenant and agreement
made by such Guarantor in one or more guaranty agreements executed and delivered to Bank, and (iii)
agrees that such Guarantor’s rights and obligations shall be continuing as provided in each such
guaranty agreements and that said guaranty agreements shall remain as written originally and
continue in full force and effect in all respects.

	 	 	 	 	 	 	 
	 	 	FRANKLIN CREDIT MANAGEMENT CORPORATION	 	 
	 
	 

	 	By:
	 	/s/ Thomas J. Axon	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Thomas J. Axon	 	 
	 

	 	Title:
	 	President	 	 

Signature Page to Second Amended and Restated Promissory Note (B-1 Note)

 

 

					
	 	 	 	 	 
	 
	 	SCHEDULE 1
	 	Tribeca Subsidiaries

TRIBECA LENDING CORP.

TRIBECA L 2005 CORP.

TRIBECA LII 2005 CORP.

TRIBECA LIII 2005 CORP.

TRIBECA LIV 2005 CORP.

TRIBECA LIX 2006 CORP.

TRIBECA LV 2005 CORP.

TRIBECA LVI 2005 CORP.

TRIBECA LVII 2006 CORP.

TRIBECA LVIII 2006 CORP.

TRIBECA LX 2006 CORP.

TRIBECA LXI 2006 CORP.

TRIBECA LXII 2006 CORP.

TRIBECA LXIII 2006 CORP.

TRIBECA LXIV 2006 CORP.

TRIBECA LXIV CORP.

TRIBECA LXIX 2006 CORP.

TRIBECA LXV 2006 CORP.

TRIBECA LXV CORP.

TRIBECA LXVI 2006 CORP.

TRIBECA LXVII 2006 CORP.

TRIBECA LXVIII 2006 CORP.

TRIBECA LXX 2006 CORP.

TRIBECA LXXI 2006 CORP.

TRIBECA LXXII 2006 CORP.

TRIBECA LXXIII 2006 CORP.

TRIBECA LXXIV 2006 CORP.

TRIBECA LXXIX 2007 CORP.

TRIBECA LXXV 2006 CORP.

TRIBECA LXXVI 2006 CORP.

TRIBECA LXXVII 2006 CORP.

TRIBECA LXXVIII 2006 CORP.

TRIBECA LXXX 2007 CORP.

TRIBECA LXXXI 2007 CORP.

TRIBECA LXXXII 2007 CORP.

TRIBECA LXXXIII 2007 CORP.

TRIBECA LXXXIV 2007 CORP.

TRIBECA LXXXIX 2007 CORP.

TRIBECA LXXXV 2007 CORP.

TRIBECA LXXXVI 2007 CORP.

TRIBECA LXXXVII 2007 CORP.

TRIBECA LXXXVIII 2007 CORP.

TRIBECA XC 2007 CORP.

TRIBECA XCI 2007 CORP.

TRIBECA XCII 2007 CORP.

TRIBECA XCIII 2007 CORP.

1

 

					
	 	 	 	 	 
	 
	 	SCHEDULE 1
	 	Tribeca Subsidiaries

TRIBECA XCIV 2007 CORP.

TRIBECA XCV 2007 CORP.

TRIBECA XIX 2004 CORP.

TRIBECA XV 2004 CORP.

TRIBECA XVII 2004 CORP.

TRIBECA XVIII 2004 CORP.

TRIBECA XX 2004 CORP.

TRIBECA XXI 2004 CORP.

TRIBECA XXII 2004 CORP.

TRIBECA XXIII 2004 CORP.

TRIBECA XXIV 2004 CORP.

TRIBECA XXIX 2005 CORP.

TRIBECA XXV 2004 CORP.

TRIBECA XXVI 2004 CORP.

TRIBECA XXVII 2004 CORP.

TRIBECA XXVIII 2004 CORP.

TRIBECA XXX 2005 CORP.

TRIBECA XXXI 2005 CORP.

TRIBECA XXXII 2005 CORP.

TRIBECA XXXIII 2005 CORP.

TRIBECA XXXIV 2005 CORP.

TRIBECA XXXIX 2005 CORP.

TRIBECA XXXV 2005 CORP.

TRIBECA XXXVI 2005 CORP.

TRIBECA XXXVII 2005 CORP.

TRIBECA XXXVIII 2005 CORP.

TRIBECA XXXX 2005 CORP.

TRIBECA XXXXI 205 CORP.

TRIBECA XXXXI 2005 CORP.

TRIBECA XXXXII 2005 CORP.

TRIBECA XXXXIII 2005 CORP.

TRIBECA XXXXIV 2005 CORP.

TRIBECA XXXXIX 2005 CORP.

TRIBECA XXXXV 2005 CORP.

TRIBECA XXXXVI 2005 CORP.

TRIBECA XXXXVII 2005 CORP.

TRIBECA XXXXVIII 2005 CORP.

Tribeca XVI 2004 Corp.

Tribeca LI 2005 Corp.

2EX-10.61

Exhibit 10.61

THE HUNTINGTON NATIONAL BANK

Second Amended and Restated Promissory Note

(B-2 Note)

			
	 	 	 
	$24,881,090.30
	 	March 31, 2008 (the “Effective Date”)

RECITALS

     WHEREAS, each of the borrowers set forth on Schedule 1 attached to the Forbearance
Agreement (as defined below) (individually a “Borrower” and collectively,
“Borrowers”) has executed and delivered that certain Tribeca Forbearance Agreement and
Amendment to Credit Agreements, dated as of December 28, 2007, by and among Tribeca Lending Corp.
(“TLC”), Borrowers, Franklin Credit Management Corporation, in its capacity as set forth in
the Forbearance Agreement (“FCMC”), and The Huntington National Bank, successor by merger
to Sky Bank (“Bank”), (as amended, restated, modified, or otherwise supplemented from time
to time, herein the “Forbearance Agreement”), and Borrowers and Bank desire to amend and
restate that certain Amended and Restated Promissory Note (B-2 Note), dated December 28, 2007, in
the original principal sum of $22,783,296.75 (the “Existing Note”);

     WHEREAS, Borrowers and Bank intend that (i) this Second Amended and Restated Promissory Note
(B-2 Note) (this “Note”) will not constitute a novation, (ii) this Note will amend and
restate the indebtedness, obligations and liabilities under the Existing Note, and (iii) from and
after the Effective Date, the Existing Note shall be of no force or effect, except to evidence the
incurrence of Borrowers’ obligations thereunder; and

     WHEREAS, Borrowers and Bank acknowledge and agree that this Note is the amended and restated
promissory note intended to evidence the indebtedness in respect to the Tranche B-2 Advances;

     NOW THEREFORE, in consideration of the premises set forth above, the terms and conditions
contained herein, and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, Borrowers hereby jointly and severally agree as follows:

PROMISE TO PAY

     FOR VALUE RECEIVED, each of Borrowers, jointly and severally, promises to pay to the order of
Bank, at 10 East Main Street, Salineville, Ohio 43945, or such other address as Bank in writing
shall provide to TLC, the sum of Twenty-Four Million Eight Hundred Eighty-One Thousand Ninety and
30/100 Dollars ($24,881,090.30) (the “Principal Sum”), together with interest as
hereinafter provided and payable at the times and in the manner hereinafter provided. All payments
made with respect to this Note shall be made to Bank in immediately available funds.

     This Note is issued pursuant to, and/or is entitled to the benefits of, the Forbearance
Agreement; the Credit Agreements; and the Loan Documents.

     This Note amends and restates in its entirety the Existing Note issued by Borrowers (other
than the Additional Subsidiaries) to Bank. As of the Effective Date, the Existing Note shall be
amended and restated in its entirety by this Note, and the Existing Note shall thereafter be of no
further force and effect except to evidence the incurrence of Borrowers’ obligations thereunder.
It is expressly understood and agreed by the parties hereto that this Note is not intended to
constitute a novation of the obligations and

 

 

liabilities of Borrowers under any Credit Agreement or the Existing Note and is not a payment
of any amounts due from any Borrower.

INTEREST

     (a) Interest shall be calculated and will accrue on the unpaid balance of the Principal Sum at
the applicable Interest Rates as provided in the Forbearance Agreement.

     (b) The books and records of Bank, absent manifest error, shall constitute binding and
conclusive evidence of the principal balance of the outstanding Principal Sum and other amounts
outstanding hereunder, and the date and amount of each payment of principal and interest and
applicable Interest Rates and other information with respect thereto.

MANNER OF PAYMENT; PRINCIPAL BALANCE

     (a) Beginning on the initial Payment Date and continuing on each Payment Date thereafter
through and including the Tranche B Termination Date (as such terms are defined in the Forbearance
Agreement) Borrower shall pay interest and the Principal Sum in the amounts, at the times and in
the manner set forth in the Forbearance Agreement.

     (b) In addition to any other amounts due and payable under this Note, Borrowers shall deliver
to Bank any other amounts due and payable from time to time under the Forbearance Agreement in
respect to the Tranche B Advances and Tranche B Notes.

SECURITY

     This Note is secured by the security interests, assignments, and mortgages granted or
referenced in the Credit Agreements, the Forbearance Agreement, and the Loan Documents.

DEFAULT

     If a Forbearance Default has occurred and is continuing, Borrowers shall be obligated to pay
Bank interest on the outstanding Principal Sum at the Post-Default Rate (as defined in the
Forbearance Agreement). Additionally, upon the occurrence and continuation of a Forbearance
Default, the unpaid balance of Principal Sum and all accrued interest may be declared to be due and
payable all in the manner, upon the conditions and with the effect provided in the Forbearance
Agreement.

GENERAL PROVISIONS

     Each Borrower is accepting joint and several liability hereunder in consideration of the
financial accommodations to be provided by Bank under this Note, for the mutual benefit, directly
and indirectly, of each Borrower and in consideration of the undertakings of each Borrower to
accept joint and several liability for all indebtedness, obligations and liabilities evidenced by
this Note. Each Borrower, jointly and severally, hereby irrevocably and unconditionally accepts,
as a surety and as a co-debtor, joint and several liability with each other Borrower, with respect
to the payment and performance of all of the indebtedness, obligations and liabilities evidenced by
this Note, it being the intention of the parties hereto that all of the indebtedness, obligations
and liabilities evidenced by this Note shall be the joint and several obligations of each Borrower
without preferences or distinction among them. The obligations of each

2

 

Borrower under this paragraph shall not be diminished or rendered unenforceable by any winding
up, reorganization, arrangement, liquidation, reconstruction or similar proceeding with respect to
any Borrower. The joint and several liability of each Borrower hereunder shall continue in full
force and effect notwithstanding any absorption, merger, amalgamation or any other change
whatsoever in the name, constitution or place of formation of any other Borrower or Bank. The
provisions of this paragraph are made for the benefit of Bank and its respective successors and
assigns, and may be enforced by it from time to time against any or all Borrowers as often as
occasion therefore may arise and without requirement on the part of Bank (or its successors or
assigns), first to marshal any of its claims or to exercise any of its rights against any other
Borrower or to exhaust any remedies available to it against any other Borrower hereunder or to
elect any other remedy. The provisions of this paragraph shall remain in effect until all of the
indebtedness, obligations and liabilities evidenced by this Note shall have been paid in full or
otherwise fully satisfied. If at any time, any payment, or any part thereof, made in respect to
any indebtedness, obligations or liabilities evidenced by this Note, is rescinded or must otherwise
be restored or returned by Bank for any reason, the provisions of this paragraph will forthwith be
reinstated in effect, as though such payment had not been made. The obligations of each Borrower
under this paragraph constitute the absolute and unconditional, full recourse obligations of each
Borrower enforceable against each such Borrower to the full extent of its properties and assets,
irrespective of the validity, regularity or enforceability of this Note or any other circumstances
whatsoever. Each Borrower, and any indorser, surety, or guarantor, hereby jointly and severally
waives notice of acceptance of its joint and several liability, presentment, notice of dishonor,
protest, notice of protest, and diligence in bringing suit against any party hereto, waives the
defenses of impairment of collateral for the obligation evidenced hereby, impairment of a person
against whom Bank has any right of recourse, and any defenses of any accommodation maker and
consent that without discharging any of them, the time of payment and any other provision of this
Note may be extended or modified an unlimited number of times before or after maturity without
notice to Borrowers. Each Borrower jointly and severally agrees that it will pay the obligations
evidenced hereby, irrespective of any action or lack of action on Bank’s part in connection with
the acquisition, perfection, possession, enforcement, disposition, or modification of all the
obligations evidenced hereby or any and all security therefore, and no omission or delay on Bank’s
part in exercising any right against, or taking any action to collect from or pursue Bank’s
remedies against any party hereto will release, discharge, or modify the duties of Borrowers, or
any of them, to make payments hereunder. Each Borrower agrees that Bank, without notice to or
further consent from any Borrower, may release or modify any collateral, security, guaranty or
other document now held or hereafter acquired, or substitute other collateral, security or other
guaranties, and no such action will release, discharge or modify the duties of Borrowers, or any of
them, hereunder. Each Borrower waives any claim or other right which it might now have or
hereafter acquire against any other person or entity that is primarily or contingently liable on
the obligations that arise from the existence or performance of each Borrower’s obligations under
this Note, including, without limitation, any right of subrogation, reimbursement, exoneration,
contribution, indemnification, or any right to participate in any claim or remedy of Bank or any
collateral security which Bank now has or hereafter acquires, whether such claim, remedy or right
arises in equity, under contract or statute, at common law, or otherwise.

     No reference herein to the Credit Agreements, the Forbearance Agreement, or the Loan Documents
shall alter or impair the obligations of each Borrower, which is absolute and unconditional, to pay
the principal of and interest on this Note at the place and at the respective times herein
prescribed. Each Borrower promises to pay all costs and expenses, including reasonable attorneys’
fees and disbursements incurred in the collection and enforcement of this Note or any appeal of a
judgment rendered thereon.

3

 

     Capitalized terms used herein, but not defined herein, shall have the meanings subscribed to
such terms as set forth in the Forbearance Agreement.

     The captions used herein are for references only and shall not be deemed a part of this Note.
If any of the terms or provisions of this Note shall be deemed unenforceable, the enforceability of
the remaining terms and provisions shall not be affected. This Note shall be governed by and
construed in accordance with the law of the State of Ohio.

[SIGNATURE PAGE FOLLOWS]

4

 

     IN WITNESS WHEREOF, this Note is effective as of the date first appearing above
notwithstanding the date it is actually executed.

	 	 	 	 	 	 	 
	 	 	BORROWERS:	 	 
	 
	 	 	 	 	 	 
	 	 	Each Borrower listed on Schedule 1 attached hereto:	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Alexander Gordon Jardin
 

	 	 
	 	 	Name: Alexander Gordon Jardin	 	 
	 	 	Title: Chief Executive Officer, as an authorized officer of,	 	 
	 	 	and on behalf of, each such Borrower listed on Schedule 1

attached hereto	 	 

THE OBLIGATIONS OF THE BORROWERS UNDER THIS SECOND AMENDED AND RESTATED PROMISSORY NOTE ARE
GUARANTEED BY FRANKLIN CREDIT MANAGEMENT CORPORATION PURSUANT TO A GUARANTY DATED DECEMBER 28, 2007
IN FAVOR OF THE HUNTINGTON NATIONAL BANK.

REAFFIRMATION AND CONSENT OF GUARANTOR

     The undersigned (“Guarantor”), being a guarantor of the indebtedness of Borrowers
party to a certain Forbearance Agreement and Amendment to Credit Agreements, dated as of December
28, 2007, by and among Guarantor, Borrowers, and The Huntington National Bank, successor by merger
to Sky Bank (“Bank”), pursuant to one or more certain guaranty agreements in favor of Bank,
hereby (i) consents and agrees to be bound by the terms, conditions and execution of the above
Second Amended and Restated Promissory Note, (ii) reaffirms each warranty, representation, covenant
and agreement made by such Guarantor in one or more guaranty agreements executed and delivered to
Bank, and (iii) agrees that such Guarantor’s rights and obligations shall be continuing as provided
in each such guaranty agreements and that said guaranty agreements shall remain as written
originally and continue in full force and effect in all respects.

	 	 	 	 	 	 	 
	 	 	FRANKLIN CREDIT MANAGEMENT CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Thomas J. Axon
 

	 	 
	 	 	Name:   Thomas J. Axon	 	 
	 	 	Title: President	 	 

Signature Page to Second Amended and Restated Promissory Note (B-2 Note)

 

 

					
	 
	 	SCHEDULE 1
	 	Tribeca Subsidiaries

TRIBECA LENDING CORP.

TRIBECA L 2005 CORP.

TRIBECA LII 2005 CORP.

TRIBECA LIII 2005 CORP.

TRIBECA LIV 2005 CORP.

TRIBECA LIX 2006 CORP.

TRIBECA LV 2005 CORP.

TRIBECA LVI 2005 CORP.

TRIBECA LVII 2006 CORP.

TRIBECA LVIII 2006 CORP.

TRIBECA LX 2006 CORP.

TRIBECA LXI 2006 CORP.

TRIBECA LXII 2006 CORP.

TRIBECA LXIII 2006 CORP.

TRIBECA LXIV 2006 CORP.

TRIBECA LXIV CORP.

TRIBECA LXIX 2006 CORP.

TRIBECA LXV 2006 CORP.

TRIBECA LXV CORP.

TRIBECA LXVI 2006 CORP.

TRIBECA LXVII 2006 CORP.

TRIBECA LXVIII 2006 CORP.

TRIBECA LXX 2006 CORP.

TRIBECA LXXI 2006 CORP.

TRIBECA LXXII 2006 CORP.

TRIBECA LXXIII 2006 CORP.

TRIBECA LXXIV 2006 CORP.

TRIBECA LXXIX 2007 CORP.

TRIBECA LXXV 2006 CORP.

TRIBECA LXXVI 2006 CORP.

TRIBECA LXXVII 2006 CORP.

TRIBECA LXXVIII 2006 CORP.

TRIBECA LXXX 2007 CORP.

TRIBECA LXXXI 2007 CORP.

TRIBECA LXXXII 2007 CORP.

TRIBECA LXXXIII 2007 CORP.

TRIBECA LXXXIV 2007 CORP.

TRIBECA LXXXIX 2007 CORP.

TRIBECA LXXXV 2007 CORP.

TRIBECA LXXXVI 2007 CORP.

TRIBECA LXXXVII 2007 CORP.

TRIBECA LXXXVIII 2007 CORP.

TRIBECA XC 2007 CORP.

TRIBECA XCI 2007 CORP.

TRIBECA XCII 2007 CORP.

TRIBECA XCIII 2007 CORP.

1

 

					
	 
	 	SCHEDULE 1
	 	Tribeca Subsidiaries

TRIBECA XCIV 2007 CORP.

TRIBECA XCV 2007 CORP.

TRIBECA XIX 2004 CORP.

TRIBECA XV 2004 CORP.

TRIBECA XVII 2004 CORP.

TRIBECA XVIII 2004 CORP.

TRIBECA XX 2004 CORP.

TRIBECA XXI 2004 CORP.

TRIBECA XXII 2004 CORP.

TRIBECA XXIII 2004 CORP.

TRIBECA XXIV 2004 CORP.

TRIBECA XXIX 2005 CORP.

TRIBECA XXV 2004 CORP.

TRIBECA XXVI 2004 CORP.

TRIBECA XXVII 2004 CORP.

TRIBECA XXVIII 2004 CORP.

TRIBECA XXX 2005 CORP.

TRIBECA XXXI 2005 CORP.

TRIBECA XXXII 2005 CORP.

TRIBECA XXXIII 2005 CORP.

TRIBECA XXXIV 2005 CORP.

TRIBECA XXXIX 2005 CORP.

TRIBECA XXXV 2005 CORP.

TRIBECA XXXVI 2005 CORP.

TRIBECA XXXVII 2005 CORP.

TRIBECA XXXVIII 2005 CORP.

TRIBECA XXXX 2005 CORP.

TRIBECA XXXXI 205 CORP.

TRIBECA XXXXI 2005 CORP.

TRIBECA XXXXII 2005 CORP.

TRIBECA XXXXIII 2005 CORP.

TRIBECA XXXXIV 2005 CORP.

TRIBECA XXXXIX 2005 CORP.

TRIBECA XXXXV 2005 CORP.

TRIBECA XXXXVI 2005 CORP.

TRIBECA XXXXVII 2005 CORP.

TRIBECA XXXXVIII 2005 CORP.

Tribeca XVI 2004 Corp.

Tribeca LI 2005 Corp.

2

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