Amendment to Amended and Restated Revolving Secured Line of Credit Promissory Note between Medallion Funding Corp. and Atlantic Bank
This amendment, dated September 26, 2007, is between Medallion Funding Corp. (the Borrower) and Atlantic Bank, a division of New York Commercial Bank (the Bank). It extends the maturity date of an existing $8,000,000 revolving secured line of credit to August 1, 2008. The Borrower confirms all previous representations and warranties remain true and that no default exists. All other terms of the original note and related documents remain unchanged. The Borrower also waives any current or future defenses or counterclaims related to the loan.
Exhibit 4.1
AMENDMENT TO
RESOLVING SECURED LINE OF CREDIT PROMISSORY NOTE
This Amendment entered into as of September 26, 2007 by and between the undersigned Borrower (the “Borrower”) and ATLANTIC BANK, a division of New York Commercial Bank (the “Bank”).
WHEREAS, the Bank extended a revolving line of credit to the Borrower as evidenced by an Amended and Restated Revolving Secured Line of Credit Promissory Note dated March 6, 2006 in the principal balance of Six Million Dollars ($6,000,000) and subsequently increased to Eight Million Dollars ($8,000,000) by amendment dated March 22, 2007 (the “Note”), (all documents and agreements executed by the Borrower in connection with the Note are hereinafter referred to as the “Loan Documents”),
WHEREAS, the Borrower has requested, and the Bank has agreed, to make certain amendments to the Note.
NOW THEREFORE, the parties, intending to be legally bound, hereby agree as follows:
| 1. | Any term not defined herein shall have the same meaning as in the Note. |
| 2. | Section 1. is amended by extending the Maturity Date to August 1, 2008. |
| 3. | The Borrower hereby represents and warrants to the Bank that: |
| (a) | Each and every one of the representations and warranties set forth in the Loan Documents is true as of the date hereof and with the same effect as though made on the date hereof, and is hereby incorporated herein in full by reference as if fully restated herein in its entirety. |
| (b) | No Default or Event of Default and no event or condition which, with the giving of notice or lapse of time or both, would constitute such a Default or Event of Default, now exists or would exist. |
| 4. | Except as set forth herein and amended and modified hereby, the Note and Loan Documents have not been amended or modified and remain in full force and effect. |
| 5. | Borrower waives any offset defense or counterclaim Borrower may now have or may have had in the future with regard to the Note and Loan Documents. |
IN WITNESS WHEREOF, the parties have caused this Amendment to be executed and delivered on the date first written above.
ACKNOWLEDGMENT AND SIGNATURE PAGE TO FOLLOW
Amendment to Amended and Restated Revolving Secured Line of Credit Promissory Note
As of September 26, 2007
Page -2-
| Borrower: | ||
| MEDALLION FUNDING CORP. | ||
| By: | /s/ Brian S. O’Leary | |
| Print Name: | Brian S. O’Leary | |
| Title: | C.O.O. | |
| Accepted By: | ATLANTIC BANK, | |
| a division of New York Commercial Bank | ||
| By: | /s/ Christopher Lynch | |
| Christopher Lynch | ||
| Vice President | ||
