Document:

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                                                                   Exhibit 10.43

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                             Stock Pledge Agreement

                           DATED as of April 30, 2001

                                     between

                            Medallion Financial Corp.

                                       and

                    Fleet National Bank, as Collateral Agent
                               and secured party,
                               for the benefit of

                 the holders from time to time of those certain
                $22,500,000 7.20% Senior Secured Notes, Series A
                                due June 1, 2004
                                       and
                $22,500,000 7.20% Senior Secured Notes, Series B
                              due September 1, 2004
                                       of
                             Medallion Funding Corp.

================================================================================

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                                Table of Contents

<TABLE>
<CAPTION>
Section                             Heading                                        Page
<S>                                                                                <C>
Section 1.          Pledge of Stock, Etc ..........................................  1

    Section 1.1.    Pledge of Stock ...............................................  1
    Section 1.2.    Additional Stock ..............................................  1
    Section 1.3.    Pledge of Cash Collateral Account .............................  2

Section 2.          Definitions ...................................................  2

Section 3.          Security for Obligations ......................................  3

Section 4.          Liquidation, Recapitalization, Etc ............................  3

    Section 4.1.    Distributions Paid to Collateral Agent ........................  3
    Section 4.2.    Cash Collateral Account........................................  3
    Section 4.3.    Company's Rights to Cash Collateral, etc ......................  4

Section 5.          Warranty of Title; Authority ..................................  4

Section 6.          Dividends, Voting, etc., Prior to Maturity ....................  4

Section 7.          Remedies ......................................................  5

    Section 7.1.    In General ....................................................  5
    Section 7.2.    Sale of Stock Collateral ......................................  6
    Section 7.3.    Registration of Stock .........................................  7
    Section 7.4.    Private Sales .................................................  8
    Section 7.5.    Company's Agreements, etc .....................................  8
    Section 7.6     Waiver by Collateral Agent or Noteholders .....................  9

Section 8.          Release of Collateral; Subordination of Lien ..................  9

Section 9.          Marshalling; Obligations Secured by Property Other
                    Than Stock Collateral ......................................... 10

Section 10.         Company's Obligations Not Affected ............................ 10

Section 11.         Transfer, etc., by Company .................................... 10

Section 12.         Further Assurances ............................................ 11

Section 13.         Collateral Agent's Exoneration ................................ 11

Section 14.         Indemnity ..................................................... 12
</TABLE>

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<TABLE>
<S>                                                                                           <C>
Section 15.      Compensation of the Collateral Agent ......................................  12

Section 16.      Collateral Agent May Perform; Actions of Collateral Agent .................  12

Section 17.      Collateral Agent's Duties .................................................  13

Section 18.      Resignation of Collateral Agent; Successor Collateral Agent ...............  14

Section 19.      No Waiver, etc ............................................................  14

Section 20.      Notice, etc ...............................................................  14

Section 21.      Termination ...............................................................  15

Section 22.      Overdue Amounts ...........................................................  15

Section 24.      Waiver of Jury Trial ......................................................  15

Section 25.      Miscellaneous .............................................................  15

Signatures..........................................................Error! Bookmark not defined.
</TABLE>

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                             Stock Pledge Agreement

     This Stock Pledge Agreement ("Agreement") is made as of April 30, 2001, by
and between Medallion Financial Corp., a Delaware corporation (the "Company"),
and Fleet National Bank, a national banking association, as collateral agent
(hereinafter in such capacity, the "Collateral Agent") for the holders of the
Notes from time to time (herein, the "Noteholders") pursuant to those certain
Note Purchase Agreements each dated as of June 1, 1999 (as amended pursuant to
that certain First Amendment Agreement dated as of March 30, 2001 (the "First
Amendment Agreement") and in effect from time to time, the "Note Agreements"),
among Medallion Funding Corp. ("Funding") and the purchasers of Notes
thereunder.

     Whereas, the Company is the direct legal and beneficial owner of all of the
issued and outstanding shares of each class of the capital stock of the
corporation described on Annex A (the "Subsidiary"); and

     Whereas, it is a condition to the effectiveness of the First Amendment that
the Company execute and deliver to the Collateral Agent, for the benefit of the
Noteholders, a pledge agreement in substantially the form hereof; and

     Whereas, the Company wishes to grant pledges and security interests in
favor of the Collateral Agent, for the benefit of the Noteholders, as herein
provided;

     Now, Therefore, in consideration of the premises contained herein and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

Section 1.   Pledge of Stock, Etc.

     Section 1.1. Pledge of Stock. The Company hereby pledges, assigns, grants a
security interest in, and delivers to the Collateral Agent, for the benefit of
the Noteholders, all of the shares of capital stock of the Subsidiary of every
class, as more fully described on Annex A hereto, to be held by the Collateral
Agent, for the ratable benefit of the Noteholders, subject to the terms and
conditions hereinafter set forth. The certificates for such shares, accompanied
by undated stock powers or other appropriate instruments of assignment thereof
duly executed in blank by the Company, have been delivered to the Collateral
Agent.

     Section 1.2. Additional Stock. In case the Company shall acquire any
additional shares of the capital stock of the Subsidiary or corporation which is
the successor of the Subsidiary, or any securities exchangeable for or
convertible into shares of such capital stock of any class of the Subsidiary, by
purchase, stock dividend, stock split or otherwise, then the Company shall
forthwith deliver to and pledge such shares or other securities to the
Collateral Agent, for the benefit of the Noteholders, under this Agreement and
shall deliver to the Collateral Agent forthwith any certificates therefor,
accompanied by undated stock powers or other appropriate

<PAGE>

instruments of assignment duly executed by the Company in blank. The Company
agrees that the Collateral Agent may from time to time attach as Annex A hereto
an updated list of the shares of capital stock or securities at the time pledged
with the Collateral Agent hereunder.

     Section 1.3. Pledge of Cash Collateral Account. The Company also hereby
pledges, assigns, grants a security interest in, and delivers to the Collateral
Agent, for the benefit of the Noteholders, the Cash Collateral Account and all
of the Cash Collateral as such terms are hereinafter defined.

Section 2.      Definitions.

     Terms used herein and not defined herein that are defined in the Note
Agreements shall have the respective meanings provided in the Note Agreements,
unless the context otherwise indicated or requires, and the following terms
shall have the following meanings:

     "Cash Collateral." See (S)4.

     "Cash Collateral Account." See (S)4.

     "Notes" shall have the meaning set forth for such term in the Note
Agreements.

     "Obligations" shall mean any and all present and future indebtedness and
all performance obligations which may at any time be owing by the Company to the
Collateral Agent or any Noteholder, however arising, under the Note Agreements,
this Agreement or any other Note Document between the Collateral Agent and/or
any Noteholder and the Company in connection with any of the foregoing or in
connection with any Note Document, whether now in existence or incurred
hereafter, whether incurred directly or incurred by others and assumed by the
Company, whether secured by mortgage, pledge, or lien upon or security interest
in any property of the Company, or any other person, whether such indebtedness
or other obligation is absolute or contingent, joint or several, matured or
unmatured, direct or indirect, and whether the Company is liable for such
indebtedness or other obligation as principal, surety, endorser, guarantor, or
otherwise. Without limiting the generality of the foregoing, the Obligations
shall include the liability of the Company to any Noteholder for all balances
owing to any Noteholder under the Note Agreements or under any other agreement
or arrangement now or hereafter entered into between the Company and the
Collateral Agent or any Noteholder in connection therewith, and, solely in
connection with this Agreement or the Note Agreements, the following: (i)
indebtedness owing by the Company to the Collateral Agent or any Noteholder,
(ii) the liability of the Company to the Collateral Agent or any Noteholder as
maker or endorser of any promissory note or other instrument for the payment of
money, and (iii) the liability of the Company to the Collateral Agent or any
Noteholder under any instrument of guaranty or indemnity, or arising under any
guarantee, endorsement, or undertaking which the Collateral Agent or any
Noteholder may make or issue to others for the account of the Company. The
Obligations shall also include interest, premium (if any), Make-Whole Amount (if
any), commissions, financing and service charges, and expenses and fees,
including but not limited to the costs and expenses of collection of the
Obligations (including the fees and disbursements of accountants), the costs and
expenses of the Collateral Agent and the costs and expenses of filing,

                                      -2-

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perfecting, preserving, retaking, holding, and preparing any of the Collateral
for sale chargeable to the Company and due from the Company under this
Agreement, the Note Agreements or under any other agreement or arrangement which
may be now or hereafter entered into between the Company and the Collateral
Agent or the Noteholders.

     "Stock" The shares of stock described in Annex A attached hereto and any
additional shares of stock at the time pledged with the Collateral Agent
hereunder.

     "Stock Collateral." The property at any time pledged to the Collateral
Agent hereunder (whether described herein or not) and all income therefrom,
increases therein and proceeds thereof, including without limitation that
included in Cash Collateral, but excluding from the definition of "Stock
Collateral" any income, increases or proceeds received by the Company to the
extent expressly permitted by (S)6.

     "Time Deposits." See (S)4.

Section 3.   Security for Obligations.

     This Agreement and the security interest in and pledge of the Stock
Collateral hereunder are made with and granted to the Collateral Agent, for the
benefit of the Noteholders, as security for the payment and performance in full
of all the Obligations.

Section 4.   Liquidation, Recapitalization, Etc.

     Section 4.1. Distributions Paid to Collateral Agent. Any sums or other
property paid or distributed upon or with respect to any of the Stock, whether
by dividend or redemption or upon the liquidation or dissolution of the issuer
thereof or otherwise, shall, except to the limited extent provided in (S)6, be
paid over and delivered to the Collateral Agent to be held by the Collateral
Agent, for the benefit of the Noteholders, as security for the payment and
performance in full of all of the Obligations. In case, pursuant to the
recapitalization or reclassification of the capital of the issuer thereof or
pursuant to the reorganization thereof, any distribution of capital shall be
made on or in respect of any of the Stock or any property shall be distributed
upon or with respect to any of the Stock, the property so distributed shall be
delivered to the Collateral Agent, for the benefit of the Noteholders, to be
held by it as security for the Obligations. Except to the limited extent
provided in (S)6, all sums of money and property paid or distributed in respect
of the Stock, whether as a dividend or upon such a liquidation, dissolution,
recapitalization or reclassification or otherwise, that are received by the
Company shall, until paid or delivered to the Collateral Agent, be held in trust
for the Collateral Agent, for the benefit of the Noteholders, as security for
the payment and performance in full of all of the Obligations.

     Section 4.2. Cash Collateral Account. All sums of money that are delivered
to the Collateral Agent pursuant to this (S)4 shall be deposited into an
interest bearing account with the Collateral Agent (the "Cash Collateral
Account"). Some or all of the funds from time to time in the Cash Collateral
Account may be invested in time deposits, including, without limitation,
certificates of deposit issued by the Collateral Agent (such certificates of
deposit or other time deposits being hereinafter referred to, collectively, as
"Time Deposits"), that are satisfactory to

                                      -3-

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the Collateral Agent after consultation with the Company, provided, that, in
each such case, arrangements satisfactory to the Collateral Agent are made and
are in place to perfect and to insure the first priority of the Collateral
Agent's security interest therein. Interest earned on the Cash Collateral
Account and on the Time Deposits, and the principal of the Time Deposits at
maturity that is not invested in new Time Deposits, shall be deposited in the
Cash Collateral Account. The Cash Collateral Account, all sums from time to time
standing to the credit of the Cash Collateral Account, any and all Time
Deposits, any and all instruments or other writings evidencing Time Deposits and
any and all proceeds or any thereof are hereinafter referred to as the "Cash
Collateral."

     Section 4.3. Company's Rights to Cash Collateral, etc. Except as otherwise
expressly provided in (S)16, the Company shall have no right to withdraw sums
from the Cash Collateral Account, to receive any of the Cash Collateral or to
require the Collateral Agent to part with the Collateral Agent's possession of
any instruments or other writings evidencing any Time Deposits.

Section 5.     Warranty of Title; Authority.

     The Company hereby represents and warrants that: (i) the Company has good
and marketable title to, and is the sole record and beneficial owner of, the
Stock described in (S)1, subject to no pledges, liens, security interests,
charges, options, restrictions or other encumbrances except the pledge and
security interest created by this Agreement and Permitted Liens, (ii) all of the
Stock described in (S)1 is validly issued, fully paid and non-assessable, (iii)
the Company has full power, authority and legal right to execute, deliver and
perform its obligations under this Agreement and to pledge and grant a security
interest in all of the Stock Collateral pursuant to this Agreement, and the
execution, delivery and performance hereof and the pledge of and granting of a
security interest in the Stock Collateral hereunder have been duly authorized by
all necessary corporate or other action and do not contravene any law, rule or
regulation or any provision of the Company's charter documents or by-laws or of
any judgment, decree or order of any tribunal or of any agreement or instrument
to which the Company is a party or by which it or any of its property is bound
or affected or constitute a default thereunder, and (iv) the information set
forth in Annex A hereto relating to the Stock is true, correct and complete in
all respects. The Company covenants that it will defend the rights of the
Noteholders and security interest of the Collateral Agent, for the benefit of
the Noteholders, in such Stock against the claims and demands of all other
persons whomsoever. The Company further covenants that it will have the like
title to and right to pledge and grant a security interest in the Stock
Collateral hereafter pledged or in which a security interest is granted to the
Collateral Agent hereunder and will likewise defend the rights, pledge and
security interest thereof and therein of the Noteholders and the Collateral
Agent.

Section 6.     Dividends, Voting, Etc., Prior to Maturity.

     So long as no Default or Event of Default shall have occurred and be
continuing, the Company shall be entitled to receive all cash dividends paid in
respect of the Stock, to vote the Stock and to give consents, waivers and
ratifications in respect of the Stock; provided, however, that no vote shall be
cast or consent, waiver or ratification given by the Company if the effect

                                      -4-

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thereof would in the reasonable judgment of the Required Holders impair any of
the Stock Collateral or be inconsistent with or result in any violation of any
of the provisions of the Note Agreements, or any of the other Note Documents.
All such rights of the Company to receive cash dividends shall cease in case a
Default or an Event of Default shall have occurred and be continuing. All such
rights of the Company to vote and give consents, waivers and ratifications with
respect to the Stock shall, at the Collateral Agent's option, as evidenced by
the Collateral Agent's notifying the Company of such election, cease in case a
Default or an Event of Default shall have occurred and be continuing.

Section 7.     Remedies.

     Section 7.1. In General. If a Default or an Event of Default shall have
occurred and be continuing, the Collateral Agent shall thereafter have the
following rights and remedies (to the extent permitted by applicable law) in
addition to the rights and remedies of a secured party under the Uniform
Commercial Code of the State of New York (the "New York UCC"), all such rights
and remedies being cumulative, not exclusive, and enforceable alternatively,
successively or concurrently, at such time or times as the Collateral Agent
deems expedient:

               (a) if the Collateral Agent so elects and gives notice of such
          election to the Company, the Collateral Agent may vote any or all
          shares of the Stock (whether or not the same shall have been
          transferred into its name or the name of its nominee or nominees) for
          any lawful purpose, including, without limitation, if the Collateral
          Agent so elects, for the liquidation of the assets of the issuer
          thereof, and give all consents, waivers and ratifications in respect
          of the Stock and otherwise act with respect thereto as though it were
          the outright owner thereof (the Company hereby irrevocably
          constituting and appointing the Collateral Agent the proxy and
          attorney-in-fact of the Company, with full power of substitution, to
          do so);

               (b) the Collateral Agent may demand, sue for, collect or make any
          compromise or settlement the Collateral Agent deems suitable in
          respect of any Stock Collateral;

               (c) the Collateral Agent may sell, resell, assign and deliver, or
          otherwise dispose of any or all of the Stock Collateral, for cash or
          credit or both and upon such terms at such place or places, at such
          time or times and to such entities or other persons as the Collateral
          Agent thinks expedient, all without demand for performance by the
          Company or any notice or advertisement whatsoever except as expressly
          provided herein or as may otherwise be required by law;

               (d) the Collateral Agent may cause all or any part of the Stock
          held by it to be transferred into its name or the name of its nominee
          or nominees; and

               (e) the Collateral Agent may set off against the Obligations any
          and all sums deposited with it or held by it, including without
          limitation, any sums standing to the credit of the Cash Collateral
          Account and any Time Deposits issued by the Collateral Agent.

                                      -5-

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          (f)  Each of the Noteholders acknowledges and agrees that (i) it shall
     only have recourse to the Collateral through the Collateral Agent and that
     it shall have no independent recourse to the Collateral and (ii) the
     Collateral Agent shall have no obligation to take any action, or refrain
     from taking any action, except upon instructions from the Required Holders
     in accordance with the provisions hereunder.

     Section 7.2. Sale of Stock Collateral. In the event of any disposition of
the Stock Collateral as provided in clause (c) of (S)7.1, the Collateral Agent
shall give to the Company at least five Business Days prior written notice of
the time and place of any public sale of the Stock Collateral or of the time
after which any private sale or any other intended disposition is to be made.
The Company hereby acknowledges that five Business Days prior written notice of
such sale or sales shall be reasonable notice. The Collateral Agent may enforce
its rights hereunder without any other notice and without compliance with any
other condition precedent now or hereunder imposed by statute, rule of law or
otherwise (all of which are hereby expressly waived by the Company, to the
fullest extent permitted by law). The Collateral Agent may buy any part or all
of the Stock Collateral at any public sale and if any part or all of the Stock
Collateral is of a type customarily sold in a recognized market or is of the
type which is the subject of widely-distributed standard price quotations, the
Collateral Agent may buy at private sale and may make payments thereof by any
means. The Collateral Agent may apply the cash proceeds actually received from
any sale or other disposition to the reasonable expenses of retaking, holding,
preparing for sale, selling and the like, to reasonable attorneys' fees, travel
and all other expenses which may be incurred by the Collateral Agent in
attempting to collect the Obligations or to enforce this Agreement or in the
prosecution or defense of any action or proceeding related to the subject matter
of this Agreement, and then to the Obligations in accordance with this (S)7.2.
The proceeds of any collection or sale of, or other realization upon, all or any
part of the Stock Collateral shall be applied by the Collateral Agent in the
following order of priority:

          first, to payment of the expenses of sale or other realization,
     including reasonable compensation to the Collateral Agent and its agents
     and counsel and all expenses, liabilities, advances incurred or made by the
     Collateral Agent in connection therewith, and any other unreimbursed
     expenses for which the Collateral Agent is to be reimbursed under this
     Agreement;

          second, to the payment of the Obligations (after taking into account
     amounts not then due and payable), pro rata in accordance with the
     respective outstanding balances thereof (including principal, interest,
     fees and all other amounts due thereunder); and

          third, after indefeasible payment in full of all Obligations, to
     payment to the Company or Funding or their successors and assigns, or as a
     court of competent jurisdiction may direct, of any surplus then remaining
     from such proceeds.

     The Collateral Agent may make distributions hereunder in cash or in kind,
but such distributions to the Noteholders shall in all events be made pro rata
on the basis of the outstanding principal amount of the Obligations.
Distributions made under clause "second" above may also be made in a combination
of cash or property, but distributions to the Noteholders shall be made pro rata
on the basis of the outstanding principal amount of the

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Obligations. Distributions made under clauses "first" and "third" may also be
made in a combination of cash or property. Any deficiency remaining, after
application of such cash or cash proceeds to the Obligations, shall continue to
be Obligations for which Funding remains liable.

     In making the determinations and allocations required by this (S)7.2 or
otherwise by this Agreement, the Collateral Agent may rely upon information
supplied by the Noteholders as to the amounts of the Obligations, or as to other
matters (with each such matter being conclusively deemed to be proved or
established by a certificate executed by an officer of such person), and the
Collateral Agent shall have no liability to any of the Noteholders for actions
taken in reliance upon such information. All distributions made by the
Collateral Agent pursuant to this (S)7.2 shall be final, and the Collateral
Agent shall have no duty to inquire as to the application by the Noteholders of
any amount distributed to them. However, if at any time the Collateral Agent
determines that an allocation was based upon a mistake of fact (including
without limitation, mistakes based on an assumption that principal or interest
or any other amount has been paid by payments that are subsequently recovered
from the recipient thereof through the operation of any bankruptcy,
reorganization, insolvency or other laws or otherwise), the Collateral Agent may
in its discretion, but shall not, subject to this (S)7.2, be obligated to,
adjust subsequent allocations and distributions hereunder so that, on a
cumulative basis, the Noteholders receive the distributions to which they would
have been entitled if such mistake of fact had not been made. If any dispute or
disagreement shall arise as to the allocation of any sum of money received by
the Collateral Agent hereunder or under any Security Document, the Collateral
Agent shall have the right to deliver such sum to a court of competent
jurisdiction and therein commence an action for interpleader. If, through the
operation of any bankruptcy, reorganization, insolvency or other laws or
otherwise, the security interests created hereby are enforced with respect to
some, but not all, of the Obligations, the Collateral Agent shall nonetheless
apply the proceeds for the benefit of the Noteholders in the proportion and
subject to the priorities of (S)7.2 hereof. Only after such applications, and
after payment by the Collateral Agent of any amount required by (S)9-504(1)(c)
of the New York UCC, need the Collateral Agent account to the Company for any
surplus. To the extent that any of the Obligations are to be paid or performed
by a person other than the Company, the Company waives and agrees not to assert
any rights or privileges which it may have under (S)9-112 of the New York UCC.

     If any Noteholder acquires custody, control or possession of any Stock
Collateral or proceeds therefrom, other than pursuant to the terms of this
Agreement, such Noteholder shall promptly cause such Stock Collateral or
proceeds to be delivered to or put in the custody, possession or control of the
Collateral Agent or, if the Collateral Agent shall so designate, an agent of the
Collateral Agent (which Collateral Agent may be a branch or affiliate of the
agent, the Administrative Collateral Agent or any Bank) in the same form of
payment received, with appropriate endorsements, in the country in which such
Stock Collateral is held for distribution in accordance with the provisions of
this Section. Until such time as the provisions of the immediately preceding
sentence have been complied with, such Noteholder shall be deemed to hold such
Stock Collateral and proceeds in trust for the Collateral Agent.

     Section 7.3. Registration of Stock. If the Collateral Agent shall determine
to exercise its right to sell any or all of the Stock pursuant to this (S)7, and
if in the opinion of counsel for the

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<PAGE>

Collateral Agent it is necessary, or if in the reasonable opinion of the
Collateral Agent it is advisable, to have the Stock, or that portion thereof to
be sold, registered under the provisions of the Securities Act of 1933, as
amended (the "Securities Act"), the Company agrees to use its best efforts to
cause the issuer of the Stock contemplated to be sold, to execute and deliver,
and cause the directors and officers of such issuer to execute and deliver, all
at the Company's expense, all such instruments and documents, and to do or cause
to be done all such other acts and things as may be necessary or, in the
reasonable opinion of the Collateral Agent, advisable to register such Stock
under the provisions of the Securities Act and to cause the registration
statement relating thereto to become effective and to remain effective for a
period of 9 months from the date such registration statement became effective,
and to make all amendments thereto or to the related prospectus or both that, in
the reasonable opinion of the Collateral Agent, are necessary or advisable, all
in conformity with the requirements of the Securities Act and the rules and
regulations of the Securities and Exchange Commission applicable thereto. The
Company agrees to use its best efforts to cause such issuer to comply with the
provisions of the securities or "Blue Sky" laws of any jurisdiction which the
Collateral Agent shall designate and to cause such issuer to make available to
its security holders, as soon as practicable, an earnings statement (which need
not be audited) which will satisfy the provisions of (S)11(a) of the Securities
Act.

     Section 7.4. Private Sales. The Company recognizes that the Collateral
Agent may be unable to effect a public sale of the Stock by reason of certain
prohibitions contained in the Securities Act, federal banking laws, and other
applicable laws, but may be compelled to resort to one or more private sales
thereof to a restricted group of purchasers. The Company agrees that any such
private sales may be at prices and other terms less favorable to the seller than
if sold at public sales and that such private sales shall not by reason thereof
be deemed not to have been made in a commercially reasonable manner. The
Collateral Agent shall be under no obligation to delay a sale of any of the
Stock for the period of time necessary to permit the issuer of such securities
to register such securities for public sale under the Securities Act, or such
other federal banking or other applicable laws, even if the issuer would agree
to do so. Subject to the foregoing, the Collateral Agent agrees that any sale of
the Stock shall be made in a commercially reasonable manner, and the Company
agrees to use its best efforts to cause the issuer of the Stock contemplated to
be sold, to execute and deliver, and cause the directors and officers of such
issuer to execute and deliver, all at the Company's expense, all such
instruments and documents, and to do or cause to be done all such other acts and
things as may be necessary or, in the reasonable opinion of the Collateral
Agent, advisable to exempt such Stock from registration under the provisions of
the Securities Act, and to make all amendments to such instruments and documents
which, in the opinion of the Collateral Agent, are necessary or advisable, all
in conformity with the requirements of the Securities Act and the rules and
regulations of the Securities and Exchange Commission applicable thereto. The
Company further agrees to use its best efforts to cause such issuer to comply
with the provisions of the securities or "Blue Sky" laws of any jurisdiction
which the Collateral Agent shall designate and, if required, to cause such
issuer or issuers to make available to its security holders, as soon as
practicable, an earnings statement (which need not be audited) which will
satisfy the provisions of (S)11(a) of the Securities Act.

     Section 7.5. Company's Agreements, etc. The Company further agrees to do or
cause to be done all such other acts and things as may be reasonably necessary
to make any sales of any

                                      -8-

<PAGE>

portion or all of the Stock pursuant to this (S)7 valid and binding and in
compliance with any and all applicable laws (including, without limitation, the
Securities Act, the Securities Exchange Act of 1934, as amended, the rules and
regulations of the Securities and Exchange Commission applicable thereto and all
applicable state securities or "Blue Sky" laws), regulations, orders, writs,
injunctions, decrees or awards of any and all courts, arbitrators or
governmental instrumentalities, domestic or foreign, having jurisdiction over
any such sale or sales, all at the Company's expense. The Company further agrees
that a breach of any of the covenants contained in this (S)7 will cause
irreparable injury to the Collateral Agent and the Noteholders, that the
Collateral Agent and the Noteholders have no adequate remedy at law in respect
of such breach and, as a consequence, agrees that each and every covenant
contained in this (S)7 shall be specifically enforceable against the Company by
the Collateral Agent and the Company hereby waives and agrees not to assert any
defenses against an action for specific performance of such covenants.

     Section 7.6  Waiver by Collateral Agent or Noteholders. The Collateral
Agent's or any Noteholder's failure at any time or times hereafter to require
strict performance by either the Company or Funding of any of the provisions,
warranties, terms and conditions contained in this Agreement or any of the Note
Documents shall not waive, affect or diminish any right of the Collateral Agent
or any Noteholder at any time or times hereafter to demand strict performance
therewith and with respect to any other provisions, warranties, terms and
conditions contained in this Agreement or any of the Note Documents, and any
waiver of any Default or Event of Default shall not waive or affect any other
Default or Event of Default, whether prior or subsequent thereto, and whether of
the same or a different type. None of the warranties, conditions, provisions and
terms contained in this Agreement or any other Note Documents shall be deemed to
have been waived by any act or knowledge of the Collateral Agent or any
Noteholder, or their respective agents, officers or employees except by an
instrument in writing signed by an officer of the Collateral Agent or such
Noteholder and directed to the Company or Funding specifying such waiver.

Section 8.     Release of Collateral; Subordination of Lien.

     The Collateral Agent, for the benefit of itself and the Noteholders is
hereby authorized, upon receipt of a request from either the Company or Funding,
to release any Stock Collateral and to provide such releases with respect to any
Stock Collateral in connection with any sale, exchange or other disposition
thereof permitted under the Note Agreements so long as (i) the Collateral Agent
obtains a first priority perfected security interest in any non-cash proceeds of
such sale, exchange or other disposition and (ii) any net cash proceeds of such
sale, exchange or other disposition are paid in accordance with the provisions
hereunder. Whether or not so instructed by the Required Holders, the Collateral
Agent may release any Stock Collateral and may provide any release, termination
statement or instrument of subordination required by order of a court of
competent jurisdiction or otherwise required by applicable law. To the extent
permitted by the Note Agreements, the Collateral Agent shall, on the written
instructions of the Required Holders, subordinate by written instrument the lien
on all or any portion of the Stock Collateral to any other lender extending to
the Company or Funding indebtedness permitted by the terms of the Note
Agreements.

                                      -9-

<PAGE>

Section 9.    Marshalling; Obligations Secured by Property Other Than Stock
              Collateral.

     None of the Collateral Agent or any Noteholder shall be required to marshal
any present or future collateral security for (including but not limited to this
Agreement and the Stock Collateral), or other assurances of payment of, the
Obligations, or to resort to such collateral security or other assurances of
payment in any particular order. All of the Collateral Agent's rights hereunder
and of the Noteholders in respect of such collateral security and other
assurances of payment shall be cumulative and in addition to all other rights,
however existing or arising. To the extent that it lawfully may, the Company
hereby agrees that it will not invoke any law relating to the marshalling of
collateral that might cause delay in or impede the enforcement of the Collateral
Agent's rights under this Agreement or under any other instrument evidencing any
of the Obligations or under which any of the Obligations is outstanding or by
which any of the Obligations is secured or payment thereof is otherwise assured,
and to the extent that it lawfully may the Company hereby irrevocably waives the
benefits of all such laws. To the extent that the Obligations are now or
hereafter secured by property other than the Stock Collateral, or by a
guarantee, endorsement or property of any other person, then the Collateral
Agent shall have the right to, and upon the direction of the Required Holders
shall, proceed against such other property, guarantee or endorsement upon the
occurrence of a Default and during the continuance of an Event of Default, and
the Collateral Agent shall have the right, with the consent of the Required
Holders, to determine which rights, security, liens, security interests or
remedies the Collateral Agent shall at any time pursue, relinquish, subordinate,
modify or take any other action with respect thereto, without in any way
modifying or affecting any of them or any of the Collateral Agent's rights or
any of the Noteholders' rights under the Obligations, this Agreement or any
other Note Document.

Section 10.   Company's Obligations Not Affected.

     The obligations of the Company hereunder shall remain in full force and
effect without regard to, and shall not be impaired by (i) any exercise or
nonexercise, or any waiver, by the Collateral Agent or any Noteholder of any
right, remedy, power or privilege under or in respect of any of the Obligations
or any security therefor (including this Agreement); (ii) any amendment to or
modification of the Note Agreements, the other Note Documents or any of the
Obligations; (iii) any amendment to or modification of any instrument (other
than this Agreement) securing any of the Obligations, including, without
limitation, any of the Security Documents; or (iv) the taking of additional
security for, or any other assurances of payment of, any of the Obligations or
the release or discharge or termination of any security or other assurances of
payment or performance for any of the Obligations; whether or not the Company
shall have notice or knowledge of any of the foregoing.

Section 11.   Transfer, etc., by Company.

     Without the prior written consent of the Collateral Agent, the Company will
not sell, assign, transfer or otherwise dispose of, grant any option with
respect to, or pledge or grant any security interest in or otherwise encumber or
restrict any of the Stock Collateral or any interest therein, except for the
pledge thereof and security interest therein provided for (i) in this

                                      -10-

<PAGE>

Agreement in that certain Stock Pledge dated as of April 30, 2001 between the
Company and Fleet National Bank, as agent, pursuant to that certain Amended and
Restated Loan Agreement dated as of December 24, 1997, as amended from time to
time and (ii) in that certain Security Agreement dated as of September 22, 2000,
as amended as of October 27, 2000, among Medallion Financial Corp., Medallion
Business Credit, LLC and the banks parties thereto.

Section 12.    Further Assurances.

     The Company will do all such acts, and will furnish to the Collateral Agent
all such financing statements, certificates, legal opinions and other documents
and will obtain all such governmental consents and corporate approvals and will
do or cause to be done all such other things as the Collateral Agent or any
Noteholder may reasonably request from time to time in order to give full effect
to this Agreement and to secure the rights of the Noteholders, all without any
cost or expense to the Collateral Agent or any if the Noteholders. If the
Collateral Agent so elects, a photocopy of this Agreement may at any time and
from time to time be filed by the Collateral Agent as a financing statement in
any recording office in any jurisdiction.

Section 13.    Collateral Agent's Exoneration.

     (a)   Under no circumstances shall the Collateral Agent be deemed to assume
any responsibility for or obligation or duty with respect to any part or all of
the Stock Collateral of any nature or kind or any matter or proceedings arising
out of or relating thereto, other than (i) to exercise reasonable care in the
physical custody of the Stock Collateral and (ii) after a Default or an Event of
Default shall have occurred and be continuing to act in a commercially
reasonable manner. Neither the Collateral Agent nor any Noteholder shall be
required to take any action of any kind to collect, preserve or protect its or
the Company's rights in the Stock Collateral or against other parties thereto.
The Collateral Agent's prior recourse to any part or all of the Stock Collateral
shall not constitute a condition of any demand, suit or proceeding for payment
or collection of any of the Obligations.

     (b)   If at any time or times hereafter the Collateral Agent employs
counsel for advice with respect to this Agreement, or to intervene, file a
petition, answer, motion or other pleading in any suit or proceeding relating to
this Agreement (including, without limitation, the interpretation or
administration, or the amendment, waiver or consent with respect to any term, of
this Agreement), or relating to any Stock Collateral; or to protect, take
possession of, or liquidate any Stock Collateral, or to attempt to enforce any
security interest or lien in any Stock Collateral, or to represent the
Collateral Agent in any pending or threatened litigation with respect to the
affairs of Funding in any way relating to any of the Stock Collateral or to the
Obligations or to enforce any rights of the Collateral Agent or any Noteholder
or liabilities of Funding, any person to whom Funding has made a Loan, or any
person which may be obligated to the Collateral Agent or such Noteholder by
virtue of this Agreement or any other agreement, instrument or document now or
hereafter delivered to the Collateral Agent or any Noteholder by or for the
benefit of Funding, then in any of such events, all of the reasonable attorneys'
fees actually incurred arising from such services, and any expenses, costs and
charges relating thereto, shall be Obligations.

                                      -11-

<PAGE>

Section 14.    Indemnity.

     Each of the Noteholders severally agree (i) to reimburse the Collateral
Agent, on demand, in the amount of its pro rata share, for any expenses referred
to in this ss.14 which shall not have been reimbursed or paid by Funding or paid
from the proceeds of Stock Collateral as provided herein and (ii) to indemnify
and hold harmless the Collateral Agent and its directors, officers, employees
and agents, on demand, in the amount of such pro rata share, from and against
any and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements referred to in this ss.14, to
the extent the same shall not have been reimbursed by Funding or paid from the
proceeds of Stock Collateral as provided herein; provided that no Noteholder
shall be liable to the Collateral Agent for any portion of such liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements resulting solely from the gross negligence or willful
misconduct of the Collateral Agent or any of its directors, officers, employees
or agents as determined by a final non-appealable order of a court of competent
jurisdiction. For the purposes of this ss.14, pro rata shares at any time shall
be determined based upon the outstanding principal amount of the Notes at the
time such expenses were incurred.

Section 15.    Compensation of the Collateral Agent.

     The Collateral Agent shall be entitled to reasonable compensation (which
shall not be limited by any provision of law in regard to the compensation of a
trustee of an express trust) for all services rendered, and to reimbursement for
all reasonable expenses, disbursements and advances incurred or made by the
Collateral Agent, in and about the administration of the trusts herein provided
for and in and about foreclosure, enforcement or other protection of this
Agreement or the lien and security interest hereof or thereof (including
reasonable compensation and expenses and disbursements of its counsel and of all
persons not regularly in their employ). The Company and Funding, jointly and
severally, agree to pay such compensation for services of the Collateral Agent
and to reimburse the Collateral Agent for such expenses, disbursements and
advances. The Company and Funding, jointly and severally, agree to indemnify and
save harmless the Collateral Agent from and against all loss, liability and
expense incurred in good faith and without negligence on its part in the
exercise or performance of any rights, remedies or duties under this Agreement.

Section 16.    Collateral Agent May Perform; Actions of Collateral Agent.

     If the Company or Funding fails to perform any agreement contained herein,
the Collateral Agent may (but shall not be required to) itself perform, or cause
performance of, such agreement, and the expenses of the Collateral Agent
incurred in connection therewith shall be payable by Funding, together with
interest thereon at the rate of 9.20% per annum, determined on a basis of a
360-day year of twelve 30-day months, and until so paid shall be deemed part of
the Obligations. The Collateral Agent shall not be obligated to take any action
under this Agreement except for the performance of such duties as are
specifically set forth herein. Subject to the other provisions of this
Agreement, the Note Agreement and the other Note Documents, the Collateral Agent
shall take any action under or with respect to this Agreement which is requested
by the Required Holders and which is not inconsistent with or contrary to the

                                      -12-

<PAGE>

provisions of this Agreement or the Note Documents. The Collateral Agent shall
have the right to decline to follow any such direction if the Collateral Agent,
being advised by counsel, determines that the directed action is not permitted
by the terms of this Agreement or the other Note Documents, may not lawfully be
taken or would involve it in personal liability, and the Collateral Agent shall
not be required to take any such action unless any indemnity which is required
hereunder in respect of such action has been provided. Subject to the other
requirements of this Agreement, the Collateral Agent may rely on any such
direction given to it by the Required Holders and shall be fully protected, and
shall under no circumstances (absent the gross negligence or willful misconduct
of the Collateral Agent) be liable to the Company, Funding, any Noteholder or
any other person for taking or refraining from taking action in accordance
therewith. The Collateral Agent may consult with counsel and shall be fully
protected in taking any action hereunder in accordance with any advice of such
counsel. The Collateral Agent shall have the right but not the obligation at any
time to seek instructions concerning the administration of this Agreement, the
duties created hereunder, or any of the Stock Collateral from any court of
competent jurisdiction.

Section 17.    Collateral Agent's Duties.

     The powers conferred on the Collateral Agent hereunder are solely to
protect its interest and the interests of the Noteholders in the Stock
Collateral and shall not impose any duty upon it to exercise any such powers
except as provided herein. Except for the safe custody of any Stock Collateral
in its possession and the accounting for monies actually received by it
hereunder and performing its other express duties hereunder, the Collateral
Agent shall have no duty as to any Stock Collateral or as to the taking of any
necessary steps to preserve rights against prior parties or any other rights
pertaining to any Stock Collateral. The Collateral Agent shall not be
responsible in any manner whatsoever for the correctness of any recitals,
statements, representations or warranties contained herein, except for those
made by it herein. The Collateral Agent makes no representation as to the value
or condition of the Stock Collateral or any part thereof, as to the title of the
Company to the Stock Collateral, as to the security afforded by this Agreement
or as to the validity, execution, enforceability, legality or sufficiency of
this Agreement, and the Collateral Agent shall incur no liability or
responsibility in respect of any such matters. The Collateral Agent shall not be
responsible for insuring the Stock Collateral, for the payment of taxes,
charges, assessments or liens upon the Stock Collateral or otherwise as to the
maintenance of the Stock Collateral.

     The Collateral Agent may execute any of the powers granted under this
Agreement and perform any duty hereunder or thereunder either directly or by or
through Agents or attorneys-in-fact, and shall not be responsible for the
negligence or misconduct of any agents or attorneys-in-fact selected by it with
reasonable care. In no event will the Collateral Agent or any officer, agent or
representative thereof be responsible for the consequences of any oversight or
error of judgment whatsoever, or personally liable for any action taken or
omitted to be taken, except that such person may be liable due to its willful
misconduct or gross negligence. Neither the Collateral Agent nor any officer,
agent or representative thereof shall be personally liable for any action taken
by any such person in accordance with any notice given by the Required Holders
pursuant to the terms of this Agreement even if, at the time such action is
taken by any such person, the Required Holders are not entitled to give such
notice, except where the account

                                      -13-

<PAGE>

officer of the Collateral Agent active upon Funding's accounts has actual
knowledge that such Required Holders are not entitled to give such notice.

Section 18.    Resignation of Collateral Agent; Successor Collateral Agent.

     The Collateral Agent may at any time (i) be removed upon at least 30 days'
prior written notice to the Collateral Agent provided by the Required Holders or
(ii) resign by giving thirty (30) days prior written notice thereof to each
Noteholder, the Company and Funding, provided that no resignation shall be
effective until a successor for the Collateral Agent is appointed. Upon such
resignation or removal, the Required Holders shall have the right to appoint a
successor Collateral Agent. If no successor Collateral Agent shall have been so
appointed and shall have accepted such appointment within thirty (30) days after
the retiring Collateral Agent's giving of notice of resignation, then the
retiring Collateral Agent may, on behalf of the Required Holders, as applicable,
appoint a successor Collateral Agent, which shall be a bank or trust company
incorporated and doing business within the United States of America having a
combined capital and surplus of at least $250,000,000. Upon the acceptance of
any appointment as Collateral Agent hereunder by a successor Collateral Agent,
such successor Collateral Agent shall thereupon succeed to and become vested
with all the rights, powers, privileges and duties of the retiring Collateral
Agent, and the retiring Collateral Agent shall be discharged from its duties and
obligations hereunder. After any retiring Collateral Agent's resignation or
removal, the provisions of this Agreement shall continue in effect for its
benefit in respect of any actions taken or omitted to be taken by it while it
was acting as Collateral Agent.

Section 19.    No Waiver, etc.

     Neither this Agreement nor any term hereof may be changed, waived,
discharged or terminated except by a written instrument expressly referring to
this Agreement and to the provisions so modified or limited, and executed by the
Collateral Agent, with the consent of the Required Holders (or, if required by
the Note Agreements, with the consent of all of the Noteholders), and the
Company. No act, failure or delay by the Collateral Agent shall constitute a
waiver of its rights and remedies hereunder or otherwise. No single or partial
waiver by the Collateral Agent of any default or right or remedy that it may
have shall operate as a waiver of any other default, right or remedy or of the
same default, right or remedy on a future occasion. The Company hereby waives
presentment, notice of dishonor and protest of all instruments, included in or
evidencing any of the Obligations, and any and all other notices and demands
whatsoever (except as expressly provided herein or in the Note Agreements).

Section 20.    Notice, etc.

     All notices, requests and other communications hereunder shall be made in
the manner set forth in ss.18 of the Note Agreements.

                                      -14-

<PAGE>

Section 21.    Termination.

     Upon final payment and performance in full of the Obligations, this
Agreement shall terminate and the Collateral Agent shall, at the Company's
request and expense, return such Stock Collateral in the possession or control
of the Collateral Agent as has not theretofore been disposed of pursuant to the
provisions hereof, together with any moneys and other property at the time held
by the Collateral Agent hereunder.

Section 22.    Overdue Amounts.

     Until paid, all amounts due and payable by the Company hereunder shall be a
debt secured by the Stock Collateral and shall bear, whether before or after
judgment, interest at the rate of interest for overdue principal set forth in
the Note Agreements.

Section 23.    Governing Law; Consent to Jurisdiction.

     This Agreement is intended to take effect as a sealed instrument and shall
be governed by, and Construed in Accordance With, the Laws of the State of New
York. The Company agrees that any suit for the enforcement of this Agreement may
be brought in the courts of the State of New York or any federal court sitting
therein and consents to the non-exclusive jurisdiction of such court and to
service of process in any such suit being made upon the Company by mail at the
address specified in ss.18 of the Note Agreements. The Company hereby waives any
objection that it may now or hereafter have to the venue of any such suit or any
such court or that such suit is brought in an inconvenient court.

Section 24.    Waiver of Jury Trial.

     The Company waives its right to a jury trial with respect to any action or
claim arising out of any dispute in connection with this Agreement, any rights
or obligations hereunder or the performance of any such rights or obligations.
Except as prohibited by law, the Company waives any right which it may have to
claim or recover in any litigation referred to in the preceding sentence any
special, exemplary, punitive or consequential damages or any damages other than,
or in addition to, actual damages. The Company (i) certifies that neither the
Collateral Agent or any Noteholder nor any representative, agent or attorney of
the Collateral Agent or any Noteholder has represented, expressly or otherwise,
that the Collateral Agent or any Noteholder would not, in the event of
litigation, seek to enforce the foregoing waivers and (ii) acknowledges that, in
entering into the Note Agreements and the other Note Documents to which the
Collateral Agent is a party and the Noteholders are relying upon, among other
things, the waivers and certifications contained in this (S)25.

Section 25.    Miscellaneous.

     The headings of each section of this Agreement are for convenience only and
shall not define or limit the provisions thereof. This Agreement and all rights
and obligations hereunder

                                      -15-

<PAGE>

shall be binding upon the Company and its respective successors and assigns, and
shall inure to the benefit of the Collateral Agent and the Noteholders and their
respective successors and assigns. If any term of this Agreement shall be held
to be invalid, illegal or unenforceable, the validity of all other terms hereof
shall be in no way affected thereby, and this Agreement shall be construed and
be enforceable as if such invalid, illegal or unenforceable term had not been
included herein. The Company may not assign any of its obligations hereunder
without the prior written consent of the Noteholders (and any such assignment
without such consent shall be null and void). The Company acknowledges receipt
of a copy of this Agreement.

                                      -16-

<PAGE>

     In Witness Whereof, intending to be legally bound, the Company and the
Collateral Agent have caused this Agreement to be executed as of the date first
above written.

                                       Medallion Financial Corp.

                                       By /s/ Andrew M. Murstein
                                          ----------------------
                                          Andrew M. Murstein
                                          President

                                       By /s/ Larry D. Hall
                                          -----------------
                                          Larry D. Hall
                                          Corporate Controller

                                       Fleet National Bank, as Collateral Agent

                                       By /s/ Kevin J. Foley
                                          ------------------
                                          Name:  Kevin J. Foley
                                          Title: Sr. VP

     The undersigned Subsidiary hereby joins in the above Agreement for the sole
purpose of consenting to and being bound by the provisions of ss.ss.4.1, 6 and 7
thereof, the undersigned hereby agreeing to cooperate fully and in good faith
with the Collateral Agent and the Company in carrying out such provisions.

                                       Medallion Taxi Media, Inc.

                                       By /s/ Andrew M. Murstein
                                          ----------------------
                                          Andrew M. Murstein
                                          President

                                       By /s/ Larry D. Hall
                                          -----------------
                                          Larry D. Hall
                                          Corporate Controller

                                      -17-

<PAGE>

                           Annex A to Pledge Agreement

     The issuer has no authorized, issued or outstanding shares of its capital
stock of any class or any commitments to issue any shares of its capital stock
of any class or any securities convertible into or exchangeable for any shares
of its capital stock of any class except as otherwise stated in this Annex A.

<TABLE>
<CAPTION>
                                                  Number of        Number of         Number of          Par or
                     Record        Class of       Authorized        Issued          Outstanding       Liquidation
     Issuer           Owner         Shares          Shares          Shares            Shares             Value
<S>               <C>            <C>              <C>              <C>              <C>               <C>
Medallion Taxi    Medallion      Common              100              100               100              .001
Media, Inc.       Financial
                  Corp.
</TABLE><PAGE>
                                                                   Exhibit 10.44

--------------------------------------------------------------------------------

                             STOCK PLEDGE AGREEMENT
                             ----------------------

                           DATED as of April 30, 2001

                                     between

                            MEDALLION FINANCIAL CORP.

                                       and

                          FLEET NATIONAL BANK, as Agent
                               and secured party,
                               for the benefit of

                                  THE BANKS AND

        THE HOLDERS OF COMMERCIAL PAPER ISSUED BY MEDALLION FUNDING CORP.

--------------------------------------------------------------------------------

<PAGE>

                                TABLE OF CONTENTS
                                -----------------

<TABLE>
<S>                                                                             <C>
1.    Pledge of Stock, etc. ...................................................  2
      ---------------------
1.1.    Pledge of Stock .......................................................  2
        ---------------
1.2.    Additional Stock ......................................................  2
        ----------------
1.3.    Pledge of Cash Collateral Account .....................................  3
        ---------------------------------
2.    Definitions .............................................................  3
      -----------
3.    Security for Obligations ................................................  3
      ------------------------
4.    Liquidation, Recapitalization, etc. .....................................  4
      -----------------------------------
4.1.    Distributions Paid to Agent ...........................................  4
        ---------------------------
4.2.    Cash Collateral Account ...............................................  4
        -----------------------
4.3.    Company's Rights to Cash Collateral, etc. .............................  5
        -----------------------------------------
5.    Warranty of Title; Authority ............................................  5
      ----------------------------
6.    Dividends, Voting, etc., Prior to Maturity ..............................  6
      ------------------------------------------
7.    Remedies ................................................................  6
      --------
7.1.    In General ............................................................  6
        ----------
7.2.    Sale of Stock Collateral ..............................................  8
        ------------------------
7.3.    Registration of Stock ................................................. 11
        ---------------------
7.4.    Private Sales ......................................................... 12
        -------------
7.5.    Company's Agreements, etc. ............................................ 12
        -------------------------
7.6.    Waiver by Agent or Banks .............................................. 13
        ------------------------
8.    Release of Collateral; Subordination of Lien ............................ 13
      --------------------------------------------
9.    Marshalling ............................................................. 14
      -----------
10.     Company's Obligations Not Affected .................................... 15
        ----------------------------------
11.   Transfer, etc., by Company .............................................. 15
      --------------------------
12.   Further Assurances ...................................................... 16
      ------------------
13.   Agent's Exoneration ..................................................... 16
      -------------------
14.   Indemnity ............................................................... 17
      ---------
15.   Banks' Freedom of Dealing ............................................... 18
      -------------------------
16.   Agent May Perform; Actions of Agent ..................................... 18
      -----------------------------------
17.   Agent's Duties .......................................................... 19
      --------------
18.   Resignation of Agent; Successor Agent ................................... 20
      -------------------------------------
19.   No Waiver, etc. ......................................................... 21
      ---------------
20.   Notice, etc. ............................................................ 21
      ------------
21.   Termination ............................................................. 21
      -----------
22.   Overdue Amounts ......................................................... 21
      ---------------
23.   CP Holders .............................................................. 21
      ----------
24.   Governing Law; Consent to Jurisdiction .................................. 22
      --------------------------------------
25.   Waiver of Jury Trial .................................................... 22
      --------------------
26.   Miscellaneous ........................................................... 22
      -------------
</TABLE>

<PAGE>

                             STOCK PLEDGE AGREEMENT
                             ----------------------

     This STOCK PLEDGE AGREEMENT is made as of April 30, 2001, by and between
MEDALLION FINANCIAL CORP., a Delaware corporation (the "Company"), and FLEET
NATIONAL BANK, a national banking association, as agent (hereinafter in such
capacity, the "Administrative Agent") for itself and the other banking
institutions (hereinafter, collectively, the "Banks") which are or may become
parties to an Amended and Restated Loan Agreement dated as of December 24, 1997
(as amended and in effect from time to time, the "Loan Agreement"), among
Medallion Funding Corp. ("Funding"), the Banks and the Administrative Agent and
as collateral agent for the Administrative Agent, the Banks and the CP Holders
(as defined in the Loan Agreement) (in such capacity, the "Agent").

     WHEREAS, the Company is the direct legal and beneficial owner of all of the
issued and outstanding shares of each class of the capital stock of the
corporation described on Annex A (the "Subsidiary"); and
                         ----- -
     WHEREAS, it is a condition to the effectiveness of Amendment No. 1 that the
Company execute and deliver to the Agent, for the benefit of the Banks and the
Agent, a pledge agreement in substantially the form hereof; and

     WHEREAS, the Banks are willing to consent to the grant of the security
interest in the Collateral to the Agent for the benefit of the CP Holders (in
addition to the Banks and the Agent), provided that in the case of each of the
CP Holders such security interest granted to the Agent for such CP Holder's
benefit shall only be effective to the extent that such CP Holder has (a)
designated the Agent as collateral agent for such CP Holder for purposes of this
Agreement on terms and conditions satisfactory to the Agent and with duties
consistent with those necessary to enable the Agent (in its opinion) to perform
its duties as collateral agent under this Agreement, (b) consented to and agreed
to be bound by the terms of this Agreement and to the Agent, entering into this
Agreement on such CP Holder's behalf, and (c) agreed to indemnify the Agent, in
a manner satisfactory to the Agent, with respect to the Agent's responsibilities
as collateral agent under this Agreement on such CP Holder's behalf; and

     WHEREAS, by accepting the security granted by, and the other benefits of,
this Agreement, each CP Holder shall be deemed to have

<PAGE>

                                      -2-

(a) designated the Agent as collateral agent for such CP Holder for purposes of
this Agreement on the terms and conditions set forth herein, (b) consented to
the terms of this Agreement and to the Agent, entering into this Agreement on
such CP Holder's behalf, and (c) agreed to indemnify the Agent, pursuant to the
terms of this Agreement, as collateral agent under this Agreement on such CP
Holder's behalf; and

     WHEREAS, the Company wishes to grant pledges and security interests in
favor of the Agent, for the benefit of the Banks, the CP Holders and the Agent,
as herein provided;

     NOW, THEREFORE, in consideration of the premises contained herein and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

     1. Pledge of Stock, etc.

          1.1. Pledge of Stock. The Company hereby pledges, assigns, grants a
               ---------------
     security interest in, and delivers to the Agent, for the benefit of the
     Banks, the CP Holders, the Administrative Agent and the Agent, all of the
     shares of capital stock of the Subsidiary of every class, as more fully
     described on Annex A hereto, to be held by the Agent, for the ratable
                  ----- -
     benefit of the Banks, the CP Holders, the Administrative Agent and the
     Agent, subject to the terms and conditions hereinafter set forth. The
     certificates for such shares, accompanied by undated stock powers or other
     appropriate instruments of assignment thereof duly executed in blank by the
     Company, have been delivered to the Agent.

          1.2. Additional Stock. In case the Company shall acquire any
               ----------------
     additional shares of the capital stock of the Subsidiary or corporation
     which is the successor of the Subsidiary, or any securities exchangeable
     for or convertible into shares of such capital stock of any class of the
     Subsidiary, by purchase, stock dividend, stock split or otherwise, then the
     Company shall forthwith deliver to and pledge such shares or other
     securities to the Agent, for the benefit of the Banks, the CP Holders, the
     Administrative Agent and the Agent, under this Agreement and shall deliver
     to the Agent forthwith any certificates therefor, accompanied by undated
     stock powers or other appropriate instruments of assignment duly executed
     by the Company in blank. The Company agrees that the Agent may from time to

<PAGE>

                                      -3-

     time attach as Annex A hereto an updated list of the shares of capital
                    ----- -
     stock or securities at the time pledged with the Agent hereunder.

          1.3. Pledge of Cash Collateral Account. The Company also hereby
               ---------------------------------
     pledges, assigns, grants a security interest in, and delivers to the Agent,
     for the benefit of the Banks, the CP Holders, the Administrative Agent and
     the Agent, the Cash Collateral Account and all of the Cash Collateral as
     such terms are hereinafter defined.

     2. Definitions. The term "Obligations" shall have the meaning provided
        -----------
therefor in the Borrower Security Agreement (as defined in the Loan Agreement);
all other capitalized terms used herein without definition shall have the
respective meanings provided therefor in the Loan Agreement. Terms used herein
and not defined in the Loan Agreement or otherwise defined herein that are
defined in the Loan Agreement have such defined meanings herein, unless the
context otherwise indicated or requires, and the following terms shall have the
following meanings:

     Cash Collateral. See (S).4.
     ---------------

     Cash Collateral Account. See (S).4.
     -----------------------

     Stock. The shares of stock described in Annex A attached hereto and any
     -----                                   ----- -
additional shares of stock at the time pledged with the Agent hereunder.

     Stock Collateral. The property at any time pledged to the Agent hereunder
     ----------------
(whether described herein or not) and all income therefrom, increases therein
and proceeds thereof, including without limitation that included in Cash
Collateral, but excluding from the definition of "Stock Collateral" any income,
increases or proceeds received by the Company to the extent expressly permitted
by (S).6.

     Time Deposits.  See (S).4.
     -------------

     3. Security for Obligations. This Agreement and the security interest in
        ------------------------
and pledge of the Stock Collateral hereunder are made with and granted to the
Agent, for the benefit of the Banks, the CP Holders, the Administrative Agent
and the Agent, as security for the payment and performance in full of all the
Obligations and of the obligations in respect of the Permitted Debt owing to the
CP Holders.

<PAGE>

                                      -4-

4.   Liquidation, Recapitalization, etc.
     ----------------------------------

          4.1. Distributions Paid to Agent. Any sums or other property paid or
               ---------------------------
distributed upon or with respect to any of the Stock, whether by dividend or
redemption or upon the liquidation or dissolution of the issuer thereof or
otherwise, shall, except to the limited extent provided in (S).6, be paid over
and delivered to the Agent to be held by the Agent, for the benefit of the
Banks, the CP Holders, the Administrative Agent and the Agent, as security for
the payment and performance in full of all of the Obligations and of the
obligations in respect of the Permitted Debt owing to the CP Holders. In case,
pursuant to the recapitalization or reclassification of the capital of the
issuer thereof or pursuant to the reorganization thereof, any distribution of
capital shall be made on or in respect of any of the Stock or any property shall
be distributed upon or with respect to any of the Stock, the property so
distributed shall be delivered to the Agent, for the benefit of the Banks, the
CP Holders, the Administrative Agent and the Agent, to be held by it as security
for the Obligations and of the obligations in respect of the Permitted Debt
owing to the CP Holders. Except to the limited extent provided in (S).6, all
sums of money and property paid or distributed in respect of the Stock, whether
as a dividend or upon such a liquidation, dissolution, recapitalization or
reclassification or otherwise, that are received by the Company shall, until
paid or delivered to the Agent, be held in trust for the Agent, for the benefit
of the Banks, the CP Holders, the Administrative Agent and the Agent, as
security for the payment and performance in full of all of the Obligations and
of the obligations in respect of the Permitted Debt owing to the CP Holders.

          4.2. Cash Collateral Account. All sums of money that are delivered to
               -----------------------
the Agent pursuant to this (S).4 shall be deposited into an interest bearing
account with the Agent (the "Cash Collateral Account"). Some or all of the funds
from time to time in the Cash Collateral Account may be invested in time
deposits, including, without limitation, certificates of deposit issued by the
Agent (such certificates of deposit or other time deposits being hereinafter
referred to, collectively, as "Time Deposits"), that are satisfactory to the
Agent after consultation with the Company, provided, that, in each such case,
                                           --------
arrangements satisfactory to the Agent are made and are in place to perfect and
to insure the first priority of the Agent's security interest

<PAGE>

                                      -5-

     therein. Interest earned on the Cash Collateral Account and on the Time
     Deposits, and the principal of the Time Deposits at maturity that is not
     invested in new Time Deposits, shall be deposited in the Cash Collateral
     Account. The Cash Collateral Account, all sums from time to time standing
     to the credit of the Cash Collateral Account, any and all Time Deposits,
     any and all instruments or other writings evidencing Time Deposits and any
     and all proceeds or any thereof are hereinafter referred to as the "Cash
     Collateral."

          4.3. Company's Rights to Cash Collateral, etc. Except as otherwise
               ----------------------------------------
     expressly provided in (S).16, the Company shall have no right to withdraw
     sums from the Cash Collateral Account, to receive any of the Cash
     Collateral or to require the Agent to part with the Agent's possession of
     any instruments or other writings evidencing any Time Deposits.

     5. Warranty of Title; Authority. The Company hereby represents and warrants
        ----------------------------
that: (i) the Company has good and marketable title to, and is the sole record
and beneficial owner of, the Stock described in (S).1, subject to no pledges,
liens, security interests, charges, options, restrictions or other encumbrances
except the pledge and security interest created by this Agreement and Permitted
Liens, (ii) all of the Stock described in (S).1 is validly issued, fully paid
and non-assessable, (iii) the Company has full power, authority and legal right
to execute, deliver and perform its obligations under this Agreement and to
pledge and grant a security interest in all of the Stock Collateral pursuant to
this Agreement, and the execution, delivery and performance hereof and the
pledge of and granting of a security interest in the Stock Collateral hereunder
have been duly authorized by all necessary corporate or other action and do not
contravene any law, rule or regulation or any provision of the Company's charter
documents or by-laws or of any judgment, decree or order of any tribunal or of
any agreement or instrument to which the Company is a party or by which it or
any of its property is bound or affected or constitute a default thereunder, and
(iv) the information set forth in Annex A hereto relating to the Stock is true,
                                  ----- -
correct and complete in all respects. The Company covenants that it will defend
the rights of the Banks, the CP Holders, the Administrative Agent and the Agent
and security interest of the Agent, for the benefit of the Banks, the CP
Holders, the Administrative Agent and the Agent, in such Stock against the
claims and demands of all other persons whomsoever. The Company further
covenants that it will have the like title to and right to pledge and grant a
security interest in the Stock Collateral

<PAGE>

                                      -6-

hereafter pledged or in which a security interest is granted to the Agent
hereunder and will likewise defend the rights, pledge and security interest
thereof and therein of the Banks, the CP Holders, the Administrative Agent and
the Agent.

     6.   Dividends, Voting, etc., Prior to Maturity. So long as no Default or
          ------------------------------------------
Event of Default shall have occurred and be continuing, the Company shall be
entitled to receive all cash dividends paid in respect of the Stock, to vote the
Stock and to give consents, waivers and ratifications in respect of the Stock;
provided, however, that no vote shall be cast or consent, waiver or ratification
--------  -------
given by the Company if the effect thereof would in the reasonable judgment of
the Required Banks impair any of the Stock Collateral or be inconsistent with or
result in any violation of any of the provisions of the Loan Agreement or any of
the other Loan Documents. All such rights of the Company to receive cash
dividends shall cease in case a Default or an Event of Default shall have
occurred and be continuing. All such rights of the Company to vote and give
consents, waivers and ratifications with respect to the Stock shall, at the
Agent's option, as evidenced by the Agent's notifying the Company of such
election, cease in case a Default or an Event of Default shall have occurred and
be continuing.

     7.   Remedies.
          --------

               7.1. In General. If a Default or an Event of Default shall have
                    ----------
     occurred and be continuing, the Agent shall thereafter have the following
     rights and remedies (to the extent permitted by applicable law) in addition
     to the rights and remedies of a secured party under the Uniform Commercial
     Code of the State of New York (the "New York UCC"), all such rights and
     remedies being cumulative, not exclusive, and enforceable alternatively,
     successively or concurrently, at such time or times as the Agent deems
     expedient:

                    (a) if the Agent so elects and gives notice of such election
               to the Company, the Agent may vote any or all shares of the Stock
               (whether or not the same shall have been transferred into its
               name or the name of its nominee or nominees) for any lawful
               purpose, including, without limitation, if the Agent so elects,
               for the liquidation of the assets of the issuer thereof, and give
               all consents, waivers and ratifications in respect of the Stock
               and otherwise act with respect thereto as though it were the
               outright owner

<PAGE>

                                      -7-

     thereof (the Company hereby irrevocably constituting and appointing the
     Agent the proxy and attorney-in-fact of the Company, with full power of
     substitution, to do so);

          (b) the Agent may demand, sue for, collect or make any compromise or
     settlement the Agent deems suitable in respect of any Stock Collateral;

          (c) the Agent may sell, resell, assign and deliver, or otherwise
     dispose of any or all of the Stock Collateral, for cash or credit or both
     and upon such terms at such place or places, at such time or times and to
     such entities or other persons as the Agent thinks expedient, all without
     demand for performance by the Company or any notice or advertisement
     whatsoever except as expressly provided herein or as may otherwise be
     required by law;

          (d) the Agent may cause all or any part of the Stock held by it to be
     transferred into its name or the name of its nominee or nominees; and

          (e) the Agent may set off against the Obligations and of the
     obligations in respect of the Permitted Debt owing to the CP Holders any
     and all sums deposited with it or held by it, including without limitation,
     any sums standing to the credit of the Cash Collateral Account and any Time
     Deposits issued by the Agent.

          (f) Each of the Banks and CP Holders (with the CP Holders being deemed
     to so agree by accepting the security interests granted hereunder and the
     other benefits provided hereby) acknowledges and agrees that (i) it shall
     only have recourse to the Collateral through the Agent and that it shall
     have no independent recourse to the Collateral and (ii) the Agent shall
     have no obligation to take any action, or refrain from taking any action,
     except upon instructions from the Required Banks in accordance with the
     provisions hereunder. To the extent that the Agent, acting as Agent
     hereunder, exercises any rights or omits to exercise any rights under this
     Agreement at any time for the benefit of the Administrative Agent or the
     Banks (whether requested by the Required Banks thereunder or otherwise)
     with respect to any of the Collateral, such exercise or omission shall
     likewise be deemed to be authorized by the CP Holders

<PAGE>

                                      -8-

     and the Paying Agent for performance (or omission) by the Agent hereunder
     for the benefit of the CP Holders. In furtherance of the foregoing, the
     Agent may exercise (or omit to exercise) all rights requested by the
     Required Banks under this Agreement without first giving notice or
     consulting with any CP Holder or the Paying Agent.

     7.2. Sale of Stock Collateral. In the event of any disposition of the Stock
          ------------------------
Collateral as provided in clause (c) of (S).7.1, the Agent shall give to the
Company at least five Business Days prior written notice of the time and place
of any public sale of the Stock Collateral or of the time after which any
private sale or any other intended disposition is to be made. The Company hereby
acknowledges that five Business Days prior written notice of such sale or sales
shall be reasonable notice. The Agent may enforce its rights hereunder without
any other notice and without compliance with any other condition precedent now
or hereunder imposed by statute, rule of law or otherwise (all of which are
hereby expressly waived by the Company, to the fullest extent permitted by law).
The Agent may buy any part or all of the Stock Collateral at any public sale and
if any part or all of the Stock Collateral is of a type customarily sold in a
recognized market or is of the type which is the subject of widely-distributed
standard price quotations, the Agent may buy at private sale and may make
payments thereof by any means. The Agent may apply the cash proceeds actually
received from any sale or other disposition to the reasonable expenses of
retaking, holding, preparing for sale, selling and the like, to reasonable
attorneys' fees, travel and all other expenses which may be incurred by the
Agent in attempting to collect the Obligations and of the obligations in respect
of the Permitted Debt owing to the CP Holders or to enforce this Agreement or in
the prosecution or defense of any action or proceeding related to the subject
matter of this Agreement, and then to the Obligations and of the obligations in
respect of the Permitted Debt owing to the CP Holders in accordance with this
(S).7.2. The proceeds of any collection or sale of, or other realization upon,
all or any part of the Stock Collateral shall be applied by the Agent in the
following order of priority:

     first, to payment of the expenses of sale or other realization, including
reasonable compensation to the Agent and its agents and counsel and all
expenses, liabilities, advances incurred or made by the Agent in connection

<PAGE>

                                      -9-

therewith, and any other unreimbursed expenses for which the Agent is to be
reimbursed under this Agreement;

     second, to the payment of the Obligations (after taking into account
amounts not then due and payable) and of the obligations in respect of the
Permitted Debt owing to the CP Holders and the CP Debt (to the extent it
constitutes Permitted Debt), pro rata in accordance with the respective
                             --- ----
outstanding balances thereof (including principal, interest, fees and all other
amounts due thereunder); and

     third, after indefeasible payment in full of all Obligations and of the
obligations in respect of the Permitted Debt owing to the CP Holders and all CP
Debt, to payment to the Company or Funding or its successors and assigns, or as
a court of competent jurisdiction may direct, of any surplus then remaining from
such proceeds.

     The Agent may make distributions hereunder in cash or in kind, but such
distributions to the Banks shall in all events be made pro rata on the basis of
the respective Exposure Percentages of the Obligations and of the obligations in
respect of the Permitted Debt owing to the CP Holders. Distributions made under
clause "second" above may also be made in a combination of cash or property, but
distributions to the Banks shall be made pro rata on the basis of the respective
Exposure Percentages of the Obligations and of the obligations in respect of the
Permitted Debt owing to the CP Holders. Distributions made under clauses "first"
and "third" may also be made in a combination of cash or property. Any
deficiency remaining, after application of such cash or cash proceeds to the
Obligations and of the obligations in respect of the Permitted Debt owing to the
CP Holders, shall continue to be Obligations and of the obligations in respect
of the Permitted Debt owing to the CP Holders for which the Company or Funding
remains liable.

     In making the determinations and allocations required by this (S).7.2 or
otherwise by this Agreement, the Agent may rely upon information supplied by the
Banks as to the amounts of the Obligations and of the obligations in respect of
the Permitted Debt owing to the CP Holders held by them and supplied by the CP
Holders or the Paying Agent as to the

<PAGE>

                                      -10-

amounts owed on the CP Debt, or as to other matters (with each such matter being
conclusively deemed to be proved or established by a certificate executed by an
officer of such Person), and the Agent shall have no liability to any of the
Banks, the Paying Agent or any of the CP Holders for actions taken in reliance
upon such information. All distributions made by the Agent pursuant to this
(S).7.2 shall be final, and the Agent shall have no duty to inquire as to the
application by the Banks, the Paying Agent or the CP Holders of any amount
distributed to them. However, if at any time the Agent determines that an
allocation was based upon a mistake of fact (including without limitation,
mistakes based on an assumption that principal or interest or any other amount
has been paid by payments that are subsequently recovered from the recipient
thereof through the operation of any bankruptcy, reorganization, insolvency or
other laws or otherwise), the Agent may in its discretion, but shall not,
subject to this (S).7.2, be obligated to, adjust subsequent allocations and
distributions hereunder so that, on a cumulative basis, the Banks and the CP
Holders receive the distributions to which they would have been entitled if such
mistake of fact had not been made. If any dispute or disagreement shall arise as
to the allocation of any sum of money received by the Agent hereunder or under
any Security Document, the Agent shall have the right to deliver such sum to a
court of competent jurisdiction and therein commence an action for interpleader.
If, through the operation of any bankruptcy, reorganization, insolvency or other
laws or otherwise, the security interests created hereby are enforced with
respect to some, but not all, of the Obligations and of the obligations in
respect of the Permitted Debt owing to the CP Holders and the CP Debt, the Agent
shall nonetheless apply the proceeds for the benefit of the Banks and the CP
Holders in the proportion and subject to the priorities of (S).7.2 hereof. Only
after such applications, and after payment by the Agent of any amount required
by (S).9-504(1)(c) of the New York UCC, need the Agent account to the Company
for any surplus. To the extent that any of the Obligations and of the
obligations in respect of the Permitted Debt owing to the CP Holders are to be
paid or performed by a person other than the Company, the Company waives and
agrees not to assert any rights or privileges which it may have under (S).9-112
of the New York UCC.

     If any Bank, the Paying Agent or any CP Holder (with the CP Holders being
deemed to so agree by accepting the security

<PAGE>

                                      -11-

interests granted hereunder and the other benefits provided hereby) acquires
custody, control or possession of any Stock Collateral or proceeds therefrom,
other than pursuant to the terms of this Agreement, such Bank, the Paying Agent
or such CP Holder shall promptly cause such Stock Collateral or proceeds to be
delivered to or put in the custody, possession or control of the Agent or, if
the Agent shall so designate, an agent of the Agent (which agent may be a branch
or affiliate of the Agent, the Administrative Agent or any Bank) in the same
form of payment received, with appropriate endorsements, in the country in which
such Stock Collateral is held for distribution in accordance with the provisions
of this Section. Until such time as the provisions of the immediately preceding
sentence have been complied with, such Bank, the Paying Agent or such CP Holder
shall be deemed to hold such Stock Collateral and proceeds in trust for the
Agent.

     7.3. Registration of Stock. If the Agent shall determine to exercise its
          ---------------------
right to sell any or all of the Stock pursuant to this (S).7, and if in the
opinion of counsel for the Agent it is necessary, or if in the reasonable
opinion of the Agent it is advisable, to have the Stock, or that portion thereof
to be sold, registered under the provisions of the Securities Act of 1933, as
amended (the "Securities Act"), the Company agrees to use its best efforts to
cause the issuer of the Stock contemplated to be sold, to execute and deliver,
and cause the directors and officers of such issuer to execute and deliver, all
at the Company's expense, all such instruments and documents, and to do or cause
to be done all such other acts and things as may be necessary or, in the
reasonable opinion of the Agent, advisable to register such Stock under the
provisions of the Securities Act and to cause the registration statement
relating thereto to become effective and to remain effective for a period of 9
months from the date such registration statement became effective, and to make
all amendments thereto or to the related prospectus or both that, in the
reasonable opinion of the Agent, are necessary or advisable, all in conformity
with the requirements of the Securities Act and the rules and regulations of the
Securities and Exchange Commission applicable thereto. The Company agrees to use
its best efforts to cause such issuer to comply with the provisions of the
securities or "Blue Sky" laws of any jurisdiction which the Agent shall
designate and to cause such issuer to make available to its security holders, as
soon as practicable, an

<PAGE>

                                      -12-

earnings statement (which need not be audited) which will satisfy the provisions
of (S).11(a) of the Securities Act.

     7.4. Private Sales. The Company recognizes that the Agent may be unable to
          -------------
effect a public sale of the Stock by reason of certain prohibitions contained in
the Securities Act, federal banking laws, and other applicable laws, but may be
compelled to resort to one or more private sales thereof to a restricted group
of purchasers. The Company agrees that any such private sales may be at prices
and other terms less favorable to the seller than if sold at public sales and
that such private sales shall not by reason thereof be deemed not to have been
made in a commercially reasonable manner. The Agent shall be under no obligation
to delay a sale of any of the Stock for the period of time necessary to permit
the issuer of such securities to register such securities for public sale under
the Securities Act, or such other federal banking or other applicable laws, even
if the issuer would agree to do so. Subject to the foregoing, the Agent agrees
that any sale of the Stock shall be made in a commercially reasonable manner,
and the Company agrees to use its best efforts to cause the issuer of the Stock
contemplated to be sold, to execute and deliver, and cause the directors and
officers of such issuer to execute and deliver, all at the Company's expense,
all such instruments and documents, and to do or cause to be done all such other
acts and things as may be necessary or, in the reasonable opinion of the Agent,
advisable to exempt such Stock from registration under the provisions of the
Securities Act, and to make all amendments to such instruments and documents
which, in the opinion of the Agent, are necessary or advisable, all in
conformity with the requirements of the Securities Act and the rules and
regulations of the Securities and Exchange Commission applicable thereto. The
Company further agrees to use its best efforts to cause such issuer to comply
with the provisions of the securities or "Blue Sky" laws of any jurisdiction
which the Agent shall designate and, if required, to cause such issuer to make
available to its security holders, as soon as practicable, an earnings statement
(which need not be audited) which will satisfy the provisions of (S).11(a) of
the Securities Act.

     7.5. Company's Agreements, etc. The Company further agrees to do or cause
          -------------------------
to be done all such other acts and things as may be reasonably necessary to make
any sales of any portion or all of the Stock pursuant to this (S)7 valid and
binding and in

<PAGE>

                                      -13-

     compliance with any and all applicable laws (including, without limitation,
     the Securities Act, the Securities Exchange Act of 1934, as amended, the
     rules and regulations of the Securities and Exchange Commission applicable
     thereto and all applicable state securities or "Blue Sky" laws),
     regulations, orders, writs, injunctions, decrees or awards of any and all
     courts, arbitrators or governmental instrumentalities, domestic or foreign,
     having jurisdiction over any such sale or sales, all at the Company's
     expense. The Company further agrees that a breach of any of the covenants
     contained in this (S)7 will cause irreparable injury to the Agent, the CP
     Holders, the Administrative Agent and the Banks, that the Agent, the CP
     Holders, the Administrative Agent and the Banks have no adequate remedy at
     law in respect of such breach and, as a consequence, agrees that each and
     every covenant contained in this (S)7 shall be specifically enforceable
     against the Company by the Agent and the Company hereby waives and agrees
     not to assert any defenses against an action for specific performance of
     such covenants.

         7.6 Waiver by Agent or Banks. The Agent's or any Bank's failure at any
             ------------------------
     time or times hereafter to require strict performance by either the Company
     or Funding of any of the provisions, warranties, terms and conditions
     contained in this Agreement or any of the Loan Documents shall not waive,
     affect or diminish any right of the Agent, the Administrative Agent or any
     Bank at any time or times hereafter to demand strict performance therewith
     and with respect to any other provisions, warranties, terms and conditions
     contained in this Agreement or any of the Loan Documents, and any waiver of
     any Default or Event of Default shall not waive or affect any other Default
     or Event of Default, whether prior or subsequent thereto, and whether of
     the same or a different type. None of the warranties, conditions,
     provisions and terms contained in this Agreement or any other Loan
     Documents shall be deemed to have been waived by any act or knowledge of
     the Agent, the Administrative Agent or any Bank, or their respective
     agents, officers or employees except by an instrument in writing signed by
     an officer of the Agent, the Administrative Agent or such Bank and directed
     to the Company or Funding specifying such waiver.

     8. Release of Collateral; Subordination of Lien. The Agent, for the benefit
        --------------------------------------------
of itself, the Banks, the Administrative Agent and the CP Holders is hereby
authorized, upon receipt of a request from either the

<PAGE>

                                      -14-

Company or Funding, to release any Stock Collateral and to provide such releases
with respect to any Stock Collateral in connection with any sale, exchange or
other disposition thereof permitted under the Loan Agreement so long as (i) the
Agent obtains a first priority perfected security interest in any non-cash
proceeds of such sale, exchange or other disposition and (ii) any net cash
proceeds of such sale, exchange or other disposition are paid in accordance with
the provisions hereunder. Whether or not so instructed by the Required Banks,
the Agent may release any Stock Collateral and may provide any release,
termination statement or instrument of subordination required by order of a
court of competent jurisdiction or otherwise required by applicable law. To the
extent permitted by the Loan Agreement, the Agent shall, on the written
instructions of the Required Banks, subordinate by written instrument the lien
on all or any portion of the Stock Collateral to any other lender extending to
the Company or Funding indebtedness permitted by the terms of the Loan
Agreement.

     9. Marshalling; Obligations Secured by Property Other Than Stock
        -------------------------------------------------------------
Collateral. None of the Agent, the Administrative Agent, any Bank, or any CP
----------
Holder shall be required to marshal any present or future collateral security
for (including but not limited to this Agreement and the Stock Collateral), or
other assurances of payment of, the Obligations and of the obligations in
respect of the Permitted Debt owing to the CP Holders or any of them, or to
resort to such collateral security or other assurances of payment in any
particular order. All of the Agent's rights hereunder and of the Banks, the CP
Holders, the Administrative Agent and the Agent in respect of such collateral
security and other assurances of payment shall be cumulative and in addition to
all other rights, however existing or arising. To the extent that it lawfully
may, the Company hereby agrees that it will not invoke any law relating to the
marshalling of collateral that might cause delay in or impede the enforcement of
the Agent's rights under this Agreement or under any other instrument evidencing
any of the Obligations and of the obligations in respect of the Permitted Debt
owing to the CP Holders or under which any of the Obligations and of the
obligations in respect of the Permitted Debt owing to the CP Holders is
outstanding or by which any of the Obligations and of the obligations in respect
of the Permitted Debt owing to the CP Holders is secured or payment thereof is
otherwise assured, and to the extent that it lawfully may the Company hereby
irrevocably waives the benefits of all such laws. To the extent that the
Obligations are now or hereafter secured by property other than the Stock
Collateral, or by a guarantee, endorsement or property of any other Person, then
the

<PAGE>

                                      -15-

Agent shall have the right to, and upon the direction of the Required Banks
shall, proceed against such other property, guarantee or endorsement upon the
occurrence of a Default and during the continuance of an Event of Default, and
the Agent shall have the right, with the consent of the Required Banks, to
determine which rights, security, liens, security interests or remedies the
Agent shall at any time pursue, relinquish, subordinate, modify or take any
other action with respect thereto, without in any way modifying or affecting any
of them or any of the Agent's rights or any of the Banks' rights under the
Obligations, this Agreement or any other Loan Document.

     10. Company's Obligations Not Affected. The obligations of the Company
         ----------------------------------
hereunder shall remain in full force and effect without regard to, and shall not
be impaired by (i) any exercise or nonexercise, or any waiver, by the Agent, any
CP Holder, the Administrative Agent or any Bank of any right, remedy, power or
privilege under or in respect of any of the Obligations and of the obligations
in respect of the Permitted Debt owing to the CP Holders or any security
therefor (including this Agreement); (ii) any amendment to or modification of
the Loan Agreement, the other Loan Documents or any of the Obligations or of the
obligations in respect of the Permitted Debt owing to the CP Holders; (iii) any
amendment to or modification of any instrument (other than this Agreement)
securing any of the Obligations or of the obligations in respect of the
Permitted Debt owing to the CP Holders, including, without limitation, any of
the Security Documents; or (iv) the taking of additional security for, or any
other assurances of payment of, any of the Obligations and of the obligations in
respect of the Permitted Debt owing to the CP Holders or the release or
discharge or termination of any security or other assurances of payment or
performance for any of the Obligations or of the obligations in respect of the
Permitted Debt owing to the CP Holders; whether or not the Company shall have
notice or knowledge of any of the foregoing.

     11. Transfer, etc., by Company. Without the prior written consent of the
         --------------------------
Agent, the Company will not sell, assign, transfer or otherwise dispose of,
grant any option with respect to, or pledge or grant any security interest in or
otherwise encumber or restrict any of the Stock Collateral or any interest
therein, except for the pledge thereof and security interest therein provided
for in this Agreement, the Security Agreement dated as of September 22, 2000, as
amended as of October 27, 2000, among the Company, Medallion Business Credit,
LLC and Fleet National Bank, as agent, for the benefit of itself, certain other
financial institutions and certain commercial paper

<PAGE>

                                      -16-

holders named therein, and the Stock Pledge Agreement dated as of April 30,
2001, by and between the Company and Fleet National Bank as collateral agent for
the holders of certain notes pursuant to those certain Note Purchase Agreements
each dated as of June 1, 1999.

     12. Further Assurances. The Company will do all such acts, and will furnish
         ------------------
to the Agent all such financing statements, certificates, legal opinions and
other documents and will obtain all such governmental consents and corporate
approvals and will do or cause to be done all such other things as the Agent may
reasonably request from time to time in order to give full effect to this
Agreement and to secure the rights of the CP Holders, the Banks, the
Administrative Agent and the Agent hereunder, all without any cost or expense to
the Agent, any CP Holder, the Administrative Agent or any Bank. If the Agent so
elects, a photocopy of this Agreement may at any time and from time to time be
filed by the Agent as a financing statement in any recording office in any
jurisdiction.

     13. Agent's Exoneration.
         -------------------

          (a) Under no circumstances shall the Agent be deemed to assume any
responsibility for or obligation or duty with respect to any part or all of the
Stock Collateral of any nature or kind or any matter or proceedings arising out
of or relating thereto, other than (i) to exercise reasonable care in the
physical custody of the Stock Collateral and (ii) after a Default or an Event of
Default shall have occurred and be continuing to act in a commercially
reasonable manner. Neither the Agent, any CP Holder, the Administrative Agent
nor any Bank shall be required to take any action of any kind to collect,
preserve or protect its or the Company's rights in the Stock Collateral or
against other parties thereto. The Agent's prior recourse to any part or all of
the Stock Collateral shall not constitute a condition of any demand, suit or
proceeding for payment or collection of any of the Obligations and of the
obligations in respect of the Permitted Debt owing to the CP Holders

          (b) If at any time or times hereafter the Agent employs counsel for
advice with respect to this Agreement or any Other Agreements, or to intervene,
file a petition, answer, motion or other pleading in any suit or proceeding
relating to this Agreement or any Other Agreements (including, without
limitation, the interpretation or administration, or the amendment, waiver or
consent with respect to any term, of this Agreement or any Other Agreements), or
relating to any Stock Collateral; or to protect, take possession of, or
liquidate

<PAGE>

                                      -17-

any Stock Collateral, or to attempt to enforce any security interest or lien in
any Stock Collateral, or to represent the Agent in any pending or threatened
litigation with respect to the affairs of Funding in any way relating to any of
the Stock Collateral or to the Obligations and of the obligations in respect of
the Permitted Debt owing to the CP Holders or to enforce any rights of the
Agent, the Administrative Agent, any Bank, the Paying Agent or the CP Holders or
liabilities of Funding, any Person to whom Funding has made a Loan, or any
Person which may be obligated to the Agent, the Administrative Agent, the CP
Holders or such Bank by virtue of this Agreement or any Other Agreement,
instrument or document now or hereafter delivered to the Agent, any Bank, the
Paying Agent, the Administrative Agent, the CP Holders or any CP Holder by or
for the benefit of Funding, then in any of such events, all of the reasonable
attorneys' fees actually incurred arising from such services, and any expenses,
costs and charges relating thereto, shall be Obligations and of the obligations
in respect of the Permitted Debt owing to the CP Holders secured by the Stock
Collateral.

     14. Indemnity. Each of the Banks and the CP Holders (with the CP Holders
         ---------
being deemed to so agree by accepting the security interests granted hereunder
and the other benefits provided hereby) severally agree (i) to reimburse the
Agent, on demand, in the amount of its pro rata share, for any expenses referred
                                       --- ----
to in this (S)14 which shall not have been reimbursed or paid by Funding or paid
from the proceeds of Stock Collateral as provided herein and (ii) to indemnify
and hold harmless the Agent and its directors, officers, employees and agents,
on demand, in the amount of such pro rata share, from and against any and all
                                 --- ----
liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements referred to in this (S)14, to the extent the
same shall not have been reimbursed by Funding or paid from the proceeds of
Stock Collateral as provided herein; provided that no Bank or CP Holder shall be
                                     --------
liable to the Agent for any portion of such liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements
resulting solely from the gross negligence or willful misconduct of the Agent or
any of its directors, officers, employees or agents as determined by a final
non-appealable order of a court of competent jurisdiction. For the purposes of
this (S)14, pro rata shares at any time shall be determined based upon the
            --- ----
aggregate exposures (in the case of the Banks), or the Commercial Paper (in the
case of the CP Holders) at the time such expenses were incurred.

<PAGE>

                                      -18-

     15. Banks' Freedom of Dealing. Each CP Holder agrees, with respect to the
         -------------------------
Obligations and the obligations in respect of the Permitted Debt owing to the CP
Holders, any and all guaranties thereof and any and all Stock Collateral, that
Funding and the Banks may agree to increase the amount of the Obligations and of
the obligations in respect of the Permitted Debt owing to the CP Holders or
otherwise modify or waive the terms of any of the Loan Agreement, the
Obligations and of the obligations in respect of the Permitted Debt owing to the
CP Holders or the other Loan Documents, and the Banks may grant extensions of
the time of payment or performance to and make compromises, including releases
of guaranties, collateral which is not Stock Collateral, and settlements with
Funding and all other Persons, in each case without the consent of any CP Holder
or the Paying Agent for which it acts and without affecting the agreements of
the CP Holders or Funding contained in this Agreement.

     16. Agent May Perform; Actions of Agent. If Funding fails to perform any
         -----------------------------------
agreement contained herein, the Agent may (but shall not be required to) itself
perform, or cause performance of, such agreement, and the expenses of the Agent
incurred in connection therewith shall be payable by Funding, together with
interest thereon at the rate specified in (S)2.6 of the Loan Agreement, and
until so paid shall be deemed part of the Obligations. The Agent shall not be
obligated to take any action under this Agreement except for the performance of
such duties as are specifically set forth herein. Subject to the other
provisions of this Agreement, the Loan Agreement and the other Loan Documents,
the Agent shall take any action under or with respect to this Agreement which is
requested by the Required Banks and which is not inconsistent with or contrary
to the provisions of this Agreement or the Loan Documents. The Agent shall have
the right to decline to follow any such direction if the Agent, being advised by
counsel, determines that the directed action is not permitted by the terms of
this Agreement or the other Loan Documents, may not lawfully be taken or would
involve it in personal liability, and the Agent shall not be required to take
any such action unless any indemnity which is required hereunder in respect of
such action has been provided. Subject to the other requirements of this
Agreement the Agent may rely on any such direction given to it by the Required
Banks and shall be fully protected, and shall under no circumstances (absent the
gross negligence or willful misconduct of the Agent) be liable to Funding, any
Bank, the Administrative Agent, any CP Holder, the Paying Agent or any other
Person for taking or refraining from taking action in accordance therewith. The
Agent may consult with counsel and shall be fully protected in taking any

<PAGE>

                                      -19-

action hereunder in accordance with any advice of such counsel. The Agent shall
have the right but not the obligation at any time to seek instructions
concerning the administration of this Agreement, the duties created hereunder,
or any of the Stock Collateral from any court of competent jurisdiction.

     At such time as all Obligations have been repaid in full and there are no
commitments to incur further Obligations, the Agent shall take instructions from
the holders of a majority of the CP Debt or their representative.

     17. Agent's Duties. The powers conferred on the Agent hereunder are solely
         --------------
to protect its interest and the interests of the Banks and the CP Holders in the
Stock Collateral and shall not impose any duty upon it to exercise any such
powers except as provided herein. Except for the safe custody of any Stock
Collateral in its possession and the accounting for monies actually received by
it hereunder and performing its other express duties hereunder, the Agent shall
have no duty as to any Stock Collateral or as to the taking of any necessary
steps to preserve rights against prior parties or any other rights pertaining to
any Stock Collateral. The Agent shall not be responsible in any manner
whatsoever for the correctness of any recitals, statements, representations or
warranties contained herein, except for those made by it herein. The Agent makes
no representation as to the value or condition of the Stock Collateral or any
part thereof, as to the title of the Company to the Stock Collateral, as to the
security afforded by this Agreement or as to the validity, execution,
enforceability, legality or sufficiency of this Agreement, and the Agent shall
incur no liability or responsibility in respect of any such matters. The Agent
shall not be responsible for insuring the Stock Collateral, for the payment of
taxes, charges, assessments or liens upon the Stock Collateral or otherwise as
to the maintenance of the Stock Collateral.

     The Agent may execute any of the powers granted under this Agreement and
perform any duty hereunder or thereunder either directly or by or through agents
or attorneys-in-fact, and shall not be responsible for the negligence or
misconduct of any agents or attorneys-in-fact selected by it with reasonable
care. In no event will the Agent or any officer, agent or representative thereof
be responsible for the consequences of any oversight or error of judgment
whatsoever, or personally liable for any action taken or omitted to be taken,
except that such Person may be liable due to its willful misconduct or gross
negligence. Neither the Agent nor any officer,

<PAGE>

                                      -20-

agent or representative thereof shall be personally liable for any action taken
by any such Person in accordance with any notice given by the Required Banks
pursuant to the terms of this Agreement even if, at the time such action is
taken by any such Person, the Required Banks are not entitled to give such
notice, except where the account officer of the Agent active upon Funding's
accounts has actual knowledge that such Required Banks are not entitled to give
such notice.

     18. Resignation of Agent; Successor Agent.
         -------------------------------------

     (a) The Agent may at any time resign by giving ten (10) days prior written
notice thereof to each Bank, the Administrative Agent, the Paying Agent, the
Company and Funding, provided that no resignation shall be effective until a
successor for the Agent is appointed. Upon such resignation, the Required Banks
(or, if the Obligations have been paid in full and the Revolving Credit
Commitments have terminated, the Paying Agent) shall have the right to appoint a
successor Agent. If no successor Agent shall have been so appointed and shall
have accepted such appointment within thirty (30) days after the retiring
Agent's giving of notice of resignation, then the retiring Agent may, on behalf
of the Required Banks or the Paying Agent, as applicable, appoint a successor
Agent, which shall be a bank or trust company incorporated and doing business
within the United States of America having a combined capital and surplus of at
least $250,000,000. Upon the acceptance of any appointment as Agent hereunder by
a successor Agent, such successor Agent shall thereupon succeed to and become
vested with all the rights, powers, privileges and duties of the retiring Agent,
and the retiring Agent shall be discharged from its duties and obligations
hereunder. After any retiring Agent's resignation, the provisions of this
Agreement shall continue in effect for its benefit in respect of any actions
taken or omitted to be taken by it while it was acting as Agent.

     (b) In the event a successor agent is appointed pursuant to the provisions
of (S)11.4 of the Loan Agreement, such successor agent shall succeed to the
rights, powers and duties of the Agent hereunder, and the term "Agent" shall
mean such successor agent effective upon its appointment, and the former Agent's
rights, powers and duties as Agent shall be terminated, without any other or
further act or deed on the part of such former Agent or any of the parties to
the Loan Agreement or any holders of the Revolving Credit Notes or Term Notes.
Such former Agent agrees to take such actions as are

<PAGE>

                                      -21-

reasonably necessary to effectuate the transfer of its rights, powers and duties
to such successor agent.

     19. No Waiver, etc. Neither this Agreement nor any term hereof may be
         --------------
changed, waived, discharged or terminated except by a written instrument
expressly referring to this Agreement and to the provisions so modified or
limited, and executed by the Agent, with the consent of the Required Banks (or,
if required by the Loan Agreement, with the consent of all of the Banks), and
the Company. No act, failure or delay by the Agent shall constitute a waiver of
its rights and remedies hereunder or otherwise. No single or partial waiver by
the Agent of any default or right or remedy that it may have shall operate as a
waiver of any other default, right or remedy or of the same default, right or
remedy on a future occasion. The Company hereby waives presentment, notice of
dishonor and protest of all instruments, included in or evidencing any of the
Obligations and of the obligations in respect of the Permitted Debt owing to the
CP Holders or the Stock Collateral, and any and all other notices and demands
whatsoever (except as expressly provided herein or in the Loan Agreement).

     20. Notice, etc. All notices, requests and other communications hereunder
         -----------
shall be made in the manner set forth in (S)10.4 of the Loan Agreement.

     21. Termination. Upon final payment and performance in full of the
         -----------
Obligations and of the obligations in respect of the Permitted Debt owing to the
CP Holders, this Agreement shall terminate and the Agent shall, at the Company's
request and expense, return such Stock Collateral in the possession or control
of the Agent as has not theretofore been disposed of pursuant to the provisions
hereof, together with any moneys and other property at the time held by the
Agent hereunder.

     22. Overdue Amounts. Until paid, all amounts due and payable by the Company
         ---------------
hereunder shall be a debt secured by the Stock Collateral and shall bear,
whether before or after judgment, interest at the rate of interest for overdue
principal set forth in the Loan Agreement.

     23. CP Holders. By accepting the security granted by, and the other
         ----------
benefits of, this Agreement, each CP Holder is hereby deemed to have (a)
designated the Agent as collateral agent for such CP Holder for purposes of this
Agreement on the terms and conditions set forth herein, (b) consented to and
agreed to be bound by the terms of this

<PAGE>

                                      -22

Agreement and to the Agent, in its capacity as collateral agent, entering into
this Agreement on such CP Holder's behalf, and (c) agreed to indemnify the
Agent, in its capacity as collateral agent, pursuant to the terms of this
Agreement, with respect to the Agent's responsibilities as collateral agent
under this Agreement on such CP Holder's behalf.

     24. Governing Law; Consent to Jurisdiction. THIS AGREEMENT IS INTENDED TO
         --------------------------------------
TAKE EFFECT AS A SEALED INSTRUMENT AND SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. The Company agrees that any
suit for the enforcement of this Agreement may be brought in the courts of the
State of New York or any federal court sitting therein and consents to the
non-exclusive jurisdiction of such court and to service of process in any such
suit being made upon the Company by mail at the address specified in (S)10.4 of
the Loan Agreement. The Company hereby waives any objection that it may now or
hereafter have to the venue of any such suit or any such court or that such suit
is brought in an inconvenient court.

     25. Waiver of Jury Trial. THE COMPANY WAIVES ITS RIGHT TO A JURY TRIAL WITH
         --------------------
RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH
THIS AGREEMENT, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THE PERFORMANCE OF ANY
SUCH RIGHTS OR OBLIGATIONS. Except as prohibited by law, the Company waives any
right which it may have to claim or recover in any litigation referred to in the
preceding sentence any special, exemplary, punitive or consequential damages or
any damages other than, or in addition to, actual damages. The Company (i)
certifies that neither the Agent, the Administrative Agent, any CP Holder or any
Bank nor any representative, agent or attorney of the Agent, the Administrative
Agent, any CP Holder or any Bank has represented, expressly or otherwise, that
the Agent, the Administrative Agent, any CP Holder or any Bank would not, in the
event of litigation, seek to enforce the foregoing waivers and (ii) acknowledges
that, in entering into the Loan Agreement and the other Loan Documents to which
the Agent is a party, the Agent, the Administrative Agent, the CP Holders and
the Banks are relying upon, among other things, the waivers and certifications
contained in this (S)25.

     26. Miscellaneous. The headings of each section of this Agreement are for
         -------------
convenience only and shall not define or limit the provisions thereof. This
Agreement and all rights and obligations

<PAGE>

                                      -23-

hereunder shall be binding upon the Company and its respective successors and
assigns, and shall inure to the benefit of the Agent, the Administrative Agent,
the CP Holders and the Banks and their respective successors and assigns. If any
term of this Agreement shall be held to be invalid, illegal or unenforceable,
the validity of all other terms hereof shall be in no way affected thereby, and
this Agreement shall be construed and be enforceable as if such invalid, illegal
or unenforceable term had not been included herein. The Company may not assign
any of its obligations hereunder without the prior written consent of the Agent
and the Banks (and any such assignment without such consent shall be null and
void). The Company acknowledges receipt of a copy of this Agreement.

<PAGE>

                                      -24-

         IN WITNESS WHEREOF, intending to be legally bound, the Company and the
Agent have caused this Agreement to be executed as of the date first above
written.

                                         MEDALLION FINANCIAL CORP.

                                         By: /s/ Andrew M. Murstein
                                             ---------------------------------
                                               Andrew M. Murstein
                                               President

                                         By: /s/ Larry D. Hall
                                             ---------------------------------
                                               Larry D. Hall
                                               Corporate Controller

                                         FLEET NATIONAL BANK, as Agent

                                         By: /s/ Kevin J. Foley
                                             ---------------------------------
                                             Name: Kevin J. Foley
                                             Title: Senior Vice President

     The undersigned Subsidiary hereby joins in the above Agreement for the sole
purpose of consenting to and being bound by the provisions of (S)(S)4.1, 6 and 7
thereof, the undersigned hereby agreeing to cooperate fully and in good faith
with the Agent and the Company in carrying out such provisions.

                                         MEDALLION TAXI MEDIA, INC.

                                         By: /s/ Andrew M. Murstein
                                             ---------------------------------
                                               Andrew M. Murstein
                                               President

<PAGE>

                                      -25-

                                        By: /s/ Larry D. Hall
                                            ----------------------------------
                                              Larry D. Hall
                                              Corporate Controller

<PAGE>

                           ANNEX A TO PLEDGE AGREEMENT
                           ---------------------------

     The issuer has no authorized, issued or outstanding shares of its capital
stock of any class or any commitments to issue any shares of its capital stock
of any class or any securities convertible into or exchangeable for any shares
of its capital stock of any class except as otherwise stated in this Annex A.
                                                                     ----- -

<TABLE>
<CAPTION>
                                                  Number of      Number of      Number of       Par or
                     Record        Class of      Authorized       Issued       Outstanding    Liquidation
     Issuer           Owner         Shares         Shares         Shares         Shares          Value
     ------          ------        --------      ----------     ----------     -----------    --------
<S>               <C>            <C>            <C>            <C>            <C>            <C>
Medallion Taxi    Medallion      Common         100            100            100            $0.001
Media, Inc.       Financial
                  Corp.
</TABLE>

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