SUBSTITUTE REVOLVING CREDIT NOTESubstitute Revolving Credit Note • July 2nd, 2008 • Medallion Financial Corp • Finance services
FOR VALUE RECEIVED, the undersigned, MEDALLION FINANCIAL CORP. a Delaware corporation (the “Borrower”), hereby unconditionally promises to pay on or before August 31, 2008 (the “Revolving Credit Termination Date”), to the order of STERLING NATIONAL BANK (the “Bank”), at the office of the Bank located at 650 Fifth Avenue, New York, New York 10019, or at such other location as the Bank shall designate, in lawful money of the United States of America and in immediately available funds, the principal amount of the lesser of (i) $20,000,000, or (ii) so much thereof as shall have been advanced (the “Advances”) by the Bank to the Borrower and remain outstanding pursuant to that certain Loan and Security Agreement dated April 26, 2004 by and between the Borrower and the Bank, as amended by a First Amendment thereto dated July 28, 2005, a letter agreement dated June 15, 2006, a Second Amendment thereto dated August 14, 2006 and a Third Amendment thereto dated June 30, 2007 and a Fourth Amendmen
PHONE: 212-575-6339 FAX: 212-382-3442 richard.assaf@sterlingbancorp.com www.sterlingbancorp.com Richard Assaf Vice President June 27, 2008Medallion Financial Corp • July 2nd, 2008 • Finance services
Reference is made to the Loan and Security Agreement (“Agreement”) dated August 14, 2006 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 twenty million dollars ($20,000,000.00), which expires on June 30, 2008. 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, 2008 (the “Revolving Credit Termination Date”). Lender is willing to extend the Revolving Credit Termination Date to August 31, 2008 (the “Extended Revolving Credit Termination Date”), subject to the following terms and conditions:
