In May 2023, AmBase Corporation and Mr. Richard A. Bianco, the Company's Chairman, President and Chief Executive Officer entered into a Senior Promissory Note for Mr. R. A. Bianco to provide a loan to the Company of three hundred ten thousand dollars ($310,000) at an interest rate of 6.5% per annum, (the Promissory Note"), for working capital. The Promissory Note is due on the earlier of the date the Company receives funds from any source, (excluding funds received by the Company by any litigation funding entity to fund any of the 111 West 57 legal proceedings), 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 57 legal proceedings or (b) May 31, 2025.