AMENDMENT TO RESOLVING SECURED LINE OF CREDIT PROMISSORY NOTE

Contract Categories: Business Finance - Credit Agreements
EX-10.1 2 dex101.htm AMENDMENT TO REVOLVING SECURED LINE OF CREDIT PROMISSORY NOTE Amendment to Revolving Secured Line of Credit Promissory Note

Exhibit 10.1

 

AMENDMENT TO

RESOLVING SECURED LINE OF CREDIT PROMISSORY NOTE

 

This Amendment entered into as of February 1, 2006 by and between the undersigned Borrower (the “Borrower”) and ATLANTIC BANK OF NEW YORK (the “Bank”).

 

WHEREAS, the Bank extended a revolving line of credit to the Borrower as evidenced by a Revolving Secured Line of Credit Promissory Note dated January 25, 2005 in the original principal balance of Four Million Dollars ($4,000,000) (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, 2006.

 

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

Borrower:

 

MEDALLION FUNDING CORP.

 

By:

  

/s/ Alvin Murstein

Print Name:

  

Alvin Murstein

Title:

  

CEO

 

Accepted By: ATLANTIC BANK OF NEW YORK

 

By:

  

/s/ Ivan Feldman

Print Name:

  

Ivan Feldman

Title:

  

Vice President