Exhibit 10.1
NINTH AMENDMENT TO LOAN AND
SECURITY AGREEMENT
THIS NINTH AMENDMENT TO LOAN AND
SECURITY AGREEMENT (the “Amendment”) is dated as of
September 30, 2009 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”).
RECITALS
A. The Borrower and the Bank entered
into a Loan and Security Agreement dated April 26, 2004 (the
“Original Loan Agreement”), pursuant to which the Bank
has agreed to extend certain credit and make certain loans to the
Borrower.
B. Pursuant to a First Amendment to
Loan and Security Agreement dated July 28, 2005 (the
“First Amendment”), the Borrower and the Bank amended
the Original Loan Agreement by, among other things, extending the
Revolving Credit Termination Date (as defined therein) to
June 30, 2006.
C. Pursuant to a letter agreement
dated June 15, 2006 (the “First Letter
Extension”), the Borrower and the Bank further amended the
Original Loan Agreement by, among other things, extending the
Revolving Credit Termination Date (as defined therein) to
August 31, 2006.
D. Pursuant to a Second Amendment to
Loan and Security Agreement dated August 14, 2006 (the
“Second Amendment”), the Borrower and the Bank further
amended the Original Loan Agreement by, among other things,
extending the Revolving Credit Termination Date (as defined
therein) to June 30, 2007.
E. Pursuant to a letter agreement
dated June 27, 2007 (the “Second Letter
Extension”), the Borrower and the Bank further amended the
Original Loan Agreement by extending the Revolving Credit
Termination Date (as defined therein) to July 31,
2007.
F. Pursuant to a Third Amendment to
Loan and Security Agreement dated July 31, 2007 (the
“Third Amendment”), the Borrower and the Bank further
amended the Original Loan Agreement by, among other things,
extending the Revolving Credit Termination Date (as defined
therein) to June 30, 2008.
G. Pursuant to a Fourth Amendment to
Loan and Security Agreement dated as of December 31, 2007 (the
“Fourth Amendment”), the Borrower and the Bank further
amended the Original Loan Agreement.
H. Pursuant to a letter agreement
dated June 27, 2008 (the “Third Letter
Extension”), the Borrower and the Bank further amended the
Original Loan Agreement by extending the Revolving Credit
Termination Date (as defined therein) to August 31,
2008.
I. Pursuant to a Fifth Amendment to
Loan and Security Agreement dated August 28, 2008 (the
“Fifth Amendment”), the Borrower and the Bank further
amended the Original Loan Agreement by extending the Revolving
Credit Termination Date (as defined therein) to December 31,
2008.
J. Pursuant to a Sixth Amendment to
Loan and Security Agreement dated as of December 31, 2008 (the
“Sixth Amendment”), the Borrower and the Bank further
amended the Original Loan Agreement by extending the Revolving
Credit Termination Date (as defined therein) to July 1,
2009.
K. Pursuant to a Seventh Amendment
to Loan and Security Agreement dated as of February 2, 2009
(the “Seventh Amendment”), the Borrower and the Bank
further amended the Original Loan Agreement.
L. Pursuant to an Eighth Amendment
to Loan and Security Agreement dated July 8, 2009 and
effective as of July 1, 2009 (the “Eighth
Amendment”) (the Original Loan Agreement, as amended by the
First Amendment, the First Letter Extension, the Second Amendment,
the Second Letter Extension, the Third Amendment, the Fourth
Amendment, the Third Letter Extension, the Fifth Amendment, the
Sixth Amendment, the Seventh Amendment and the Eighth Amendment, is
collectively referred to herein as the “Loan
Agreement”), the Borrower and the Bank further amended the
Original Loan Agreement.
M. The Borrower has requested, and
the Bank has agreed to make, certain amendments to the Loan
Agreement, all as more fully described herein.
NOW, THEREFORE, in consideration of
the premises and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:
AGREEMENT
1. Defined Terms . Except as
otherwise indicated herein, all words and terms defined in the Loan
Agreement shall have the same meanings when used herein.
2. Extension of Revolving Credit
Termination Date . The Revolving Credit Termination Date is
hereby extended to May 31, 2010. Accordingly, the definition
of the term “Revolving Credit Termination Date” set
forth in Section 1.1 of the Loan Agreement is hereby amended
and restated in its entirety as follows:
“Revolving Credit Termination
Date” shall mean May 31, 2010.
3. Unused Line Fee .
Section 2.14 of the Loan Agreement is hereby amended and
restated in its entirety as follows:
2.14 Unused Line Fee
.
(a) The Borrower shall pay to the
Bank an unused line fee equal to one-quarter of one percent
(1/4%) per annum computed on the average daily-unused balance
of the Maximum Amount.
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