Delaware
|
0-17771
|
75-2243266
|
(State
or other jurisdiction of
incorporation
or organization)
|
(Commission
file number)
|
(I.R.S.
employer
identification
no.)
|
101
Hudson Street
New
Jersey, New Jersey
(Address
of principal executive offices)
|
07302
(Zip
code)
|
Federal
Reserve Action
|
Change
to Interest Rate Margin Charged by Sky Bank
|
If
the Federal Reserve raises the federal funds rate by 25 basis points
at its meeting on or about August 8, 2006
|
Rate
reduction of 25 basis points effective September 1,
2006
|
If
the Federal Reserve raises the federal funds rate by 50 basis points
at its meeting on or about August 8, 2006
|
Rate
reduction of 50 basis points effective
September 1, 2006
|
If the Federal Reserve keeps the federal
funds rate at its current standard or decreases such rate at its
meeting
on or about August 8,
2006
|
Rate reduction of 25 basis points effective October 1, 2006 |
If the Federal Reserve raises the federal
funds rate by 25 basis points or more at its meeting on or about
September 20, 2006
|
Rate reduction of 25 basis points effective October 1, 2006 |
If the Federal Reserve keeps the federal
funds rate at its current standard or decreases such rate at its
meeting
on
or about September 20,
2006
|
Rate reduction of 25 basis points effective January 1, 2007 |
Exhibit
No.
|
Description
|
10.1
|
Modification
Letter, dated as of June 27, 2006, from Sky Bank to Franklin Credit
Management Corporation.
|
10.2
|
Modification
Letter, dated as of August 2, 2006, from Sky Bank to Franklin Credit
Management Corporation.
|
99.1 | Press release, dated August 8, 2006, entitled "Franklin Credit Announces Debt Modificaitons". |