Forbearance Letter Agreement between FBOP Corporation and PFF Bancorp, Inc. dated June 13, 2008
FBOP Corporation and PFF Bancorp, Inc. entered into this agreement regarding a $44 million promissory note originally payable to M&I Marshall & Isley Bank. FBOP agrees that if it acquires the note, it will not enforce its rights against the collateral under the related pledge agreement until after December 13, 2008, except in cases of false statements, defective collateralization, insolvency, or creditor/forfeiture proceedings. This provides PFF Bancorp, Inc. temporary relief from certain enforcement actions by FBOP.
EXHIBIT 2.2
June 13, 2008
PFF Bancorp, Inc.
9337 Milliken Avenue
Rancho Cucamonga, CA 91730
| Re: | M&I Loan |
Ladies and Gentlemen:
FBOP Corporation (“FBOP”) has entered into an Agreement Regarding M&I Loan (the “Agreement”) pursuant to which FBOP has agreed in certain circumstances to purchase the promissory note of PFF Bancorp, Inc. dated December 16, 2007 in the principal amount of $44,000,000 (the “Note”) payable to M&I Marshall & Isley Bank (“M&I”).
FBOP agrees that in the event it purchases the Note, whether pursuant to the Agreement or otherwise, it will not exercise its rights and remedies under the Commercial Pledge Agreement dated September 28, 2007 (the “Pledge Agreement”), the Uniform Commercial Code, or any other statute or common law with respect to the Collateral pledged pursuant to the Pledge Agreement upon the occurrence of any “Event of Default” as set forth therein (or any default in any “Related Document,” as defined therein) until after December 13, 2008; provided that, the foregoing forbearance shall not apply to Events of Default set forth in the Paragraphs of the Pledge Agreement titled “False Statements,” “Defective Collateralization,” “Insolvency” or “Creditor or Forfeiture Proceedings.”
| Very truly yours, | ||
| FBOP CORPORATION | ||
| By: |
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Accepted and Agreed to this
13th day of June, 2008
PFF BANCORP, INC.
| By: |
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| Its: |
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