PHONE: 212-575-4449 FAX: 213-382-3442 thomas.braunstein@sterlingbancorp.com www.sterlingbancorp.com Thomas Braunstein First Vice PresidentLoan and Security Agreement • August 9th, 2005 • Medallion Financial Corp • Finance services
Reference is made to the Loan and Security Agreement (“Agreement”) date April 26, 2004 by and between Medallion Financial Corp. (“Borrower”) and Sterling National Bank (“Lender”) and the underlying Revolving Credit Note (“Promissory Note”), which the Borrower executed in the original principal amount of fifteen million dollars ($15,000,000.00), which were subsequently extended to June 30, 2005. As you know, the Lender’s obligation to make advances under the Agreement expires, and all amounts due and owing under the Promissory Note and the Agreement are payable in full, on June 30, 2005, (the “Revolving Credit Termination Date”). Lender is willing to extend the Revolving Credit Termination Date to July 31, 2005 (the “Extended Revolving Credit Termination Date”), subject to the following terms and conditions:
FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENTLoan and Security Agreement • August 9th, 2005 • Medallion Financial Corp • Finance services • New York
THIS FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT (the “Amendment”) is dated July 28, 2005 and is by and between MEDALLION FINANCIAL CORP., a Delaware corporation having an address of 437 Madison Avenue, New York, New York 10022 (the “Borrower”), and STERLING NATIONAL BANK, a national banking association having an address of 650 Fifth Avenue, New York, New York 10019 (the “Bank”).
