Document:

Second Amended and Restated Promissory Note, dated January 9, 2006

 Exhibit 4.1 
  
 SECOND AMENDED AND RESTATED PROMISSORY NOTE 
  

			
	 $475,000,000
	 	September 12, 2003
	 	 	Amended and Restated January 7, 2005
	 	 	Further Amended and Restated January 9, 2006
	 	 	New York, New York

  
 FOR VALUE RECEIVED,
TAXI MEDALLION LOAN TRUST I, a Delaware business trust (the “Borrower”), hereby promises to pay to the order of MERRILL LYNCH COMMERCIAL FINANCE CORP. (the “Lender”), at the principal office of the Lender at 15 W.
South Temple, Suite 300, Salt Lake City, Utah 84101, in lawful money of the United States, and in immediately available funds, the principal sum of FOUR HUNDRED SEVENTY-FIVE MILLION DOLLARS ($475,000,000) (or such lesser amount as shall equal the
aggregate unpaid principal amount of the Advances made by the Lender to the Borrower under the Loan Agreement), on the dates and in the principal amounts provided in the Loan Agreement, and to pay interest on the unpaid principal amount of each such
Advance, at such office, in like money and funds, for the period commencing on the date of such Advance until such Advance shall be paid in full, at the rates per annum and on the dates provided in the Loan Agreement. 
  
 This Note is the Note referred to in that certain Amended and Restated Loan
and Security Agreement, dated as of September 12, 2003 (as modified by that certain Amendment No. 2, dated as of January 7, 2005 and by that certain Amendment No. 3, dated as of January 9, 2006, and as further amended,
restated, supplemented or otherwise modified and in effect from time to time, the “Loan Agreement”), by and between the Borrower and the Lender and evidences the Advances made by the Lender thereunder. Terms used but not defined in
this Note have the respective meanings assigned to them in the Loan Agreement. 
  
 This Note amends and restates in its entirety that certain Amended and Restated Promissory Note dated January 7, 2005, made by the Borrower in favor of the Lender in the original principal amount of Three Hundred
Twenty-Five Million Dollars ($325,000,000) (the “Existing Note”); provided, that this Note is given solely in substitution of the Existing Note and not in repayment or satisfaction thereof. The Borrower hereby acknowledges
and agrees that simultaneously with the Borrower’s execution and delivery of this Note to the Lender, the Lender has agreed to deliver, and has in fact delivered, to the Borrower the Existing Note, marked “cancelled”. 
  
 The date, Type, amount and length of Interest Period of each Advance made by
the Lender to the Borrower (including, without limitation, each “Advance” outstanding under the Existing Loan Agreement on the Restatement Effective Date), each continuation thereof, each conversion of all or a portion thereof to another
Type and each payment made on account of the principal thereof, shall be recorded by the Lender on its books and, prior to any transfer of this Note, endorsed by the Lender on the schedules attached hereto and constituting a part hereof or any
continuation thereof and any such recordation shall constitute Prima facie evidence of the accuracy of the information; provided, that the failure of the Lender to make any such 

 
recordation or endorsement shall not affect the obligations of the Borrower to make a payment when due of any amount owing under the Loan Agreement or
hereunder in respect of the Advances made by the Lender. 
  
 The
Borrower agrees to pay all the Lender’s costs of collection and enforcement (including reasonable attorneys’ fees and disbursements of Lender’s counsel) in respect of this Note in accordance with the Loan Agreement, including, without
limitation, reasonable attorneys’ fees through appellate proceedings. 
  
 Notwithstanding the pledge of the Collateral, the Borrower hereby acknowledges, admits and agrees that the Borrower’s obligations under this Note are recourse obligations of the Borrower to which the Borrower
pledges its full faith and credit. 
  
 The Borrower, and any
indorsers or guarantors hereof, (a) severally waive diligence, presentment, protest and demand and also notice of protest, demand, dishonor and nonpayments of this Note, (b) expressly agree that this Note, or any payment hereunder, may be
extended from time to time, and consent to the acceptance of further Collateral, the release of any Collateral for this Note, the release of any party primarily or secondarily liable hereon, and (c) expressly agree that it will not be necessary
for the Lender, in order to enforce payment of this Note, to first institute or exhaust the Lender’s remedies against the Borrower or any other party liable hereon or against any Collateral for this Note. No extension of time for the payment of
this Note, or any installment hereof, made by agreement by the Lender with any person now or hereafter liable for the payment of this Note, shall affect the liability under this Note of the Borrower, even if the Borrower is not a party to such
agreement; provided, however, that the Lender and the Borrower, by written agreement among them, may affect the liability of the Borrower. 
  
 Any reference herein to the Lender shall be deemed to include and apply to every subsequent holder of this Note. Reference is made to the Loan Agreement
for provisions concerning optional and mandatory prepayments, Collateral, acceleration and other material terms affecting this Note. 
  
 This Note shall be governed by and construed under the laws of the State of New York whose laws the Borrower expressly elects to apply to this Note.
The Borrower agrees that any action or proceeding brought to enforce or arising out of this Note may be commenced in the Supreme Court of the State of New York, Borough of Manhattan, or in the District Court of the United States for the Southern
District of New York. 
  

			
	TAXI MEDALLION LOAN TRUST I
		
	 By:
	 	 /s/ Andrew M. Murstein

	 Name:
	 	 Andrew M. Murstein

	 Title:
	 	 PresidentAmendment No. 3 to Amended and Restated Loan and Security Agreement

 Exhibit 10.1 
  
 AMENDMENT NO. 3 
 TO AMENDED AND RESTATED 
 LOAN AND SECURITY AGREEMENT 
  
 AMENDMENT NO. 3, dated as of January 9, 2006 (this “Amendment”), to the Amended and Restated Loan and
Security Agreement, dated as of September 12, 2003 (as amended, supplemented or otherwise modified prior to the date hereof, the “Existing Loan Agreement”; as amended hereby and as further amended, restated, supplemented or
otherwise modified and in effect from time to time, the “Loan Agreement”), by and between TAXI MEDALLION LOAN TRUST I (the “Borrower”) and MERRILL LYNCH COMMERCIAL FINANCE CORP. (the “Lender”).
Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Existing Loan Agreement. 
  
 RECITALS 
  
 The Borrower and the Lender are parties to the Existing Loan Agreement. 
  
 The Borrower and the Lender have agreed, subject to the terms and conditions hereof, that the Existing Loan Agreement shall
be modified as set forth in this Amendment. 
  
 Accordingly, the
Borrower and the Lender hereby agree, in consideration of the mutual promises and mutual obligations set forth herein, the receipt and sufficiency of which is hereby acknowledged, that the Existing Loan Agreement is hereby amended as follows:

  
 SECTION 1. Amendments. 
  
 (a) Section 1.01 of the Existing Loan Agreement is hereby amended by
deleting clause (b)(ii) of the definition of “Collateral Value” in its entirety and substituting the following clause (b)(ii) in lieu thereof: 
  
 “(b)(ii) made to any one Obligor (or guaranteed by any one guarantor) in an amount that exceeds $20,000,000, or such greater amount
as the Lender may consent to from time to time, on a case-by-case basis, in writing, in the aggregate together with any other Medallion Loans to such Obligor; provided that, if, for any calendar month (to coincide with the delivery of the
Borrowing Base Certificate), the average outstanding balance of the Maximum Committed Credit shall be reduced to an amount less than $325,000,000, the Collateral Value shall be deemed to be zero with respect to each Medallion Loan made to any
one Obligor (or guaranteed by any one guarantor) in an amount that exceeds $12,000,000, or such greater amount as the Lender may consent to from time to time, on a case-by-case basis, in writing, in the aggregate together with any other Medallion
Loans to such Obligor; and provided further that, the foregoing adjustments to the Collateral Value shall not apply to those Medallion Loans listed on Schedule 1 to the Third Amendment;” 
  
 (b) Section 1.01 of the Existing Loan Agreement is hereby amended by
deleting the definition of “Maximum Committed Credit” in its entirety and inserting in lieu thereof the following new definition: 
  
 ““Maximum Committed Credit” shall mean $475,000,000, or such other amount as may be in effect pursuant to
Section 2.18 hereof.” 

 (c) Section 1.01 of the Existing Loan Agreement is hereby amended by deleting the definition of
“Termination Date” in its entirety and inserting in lieu thereof the following new definition: 
  
 ““Termination Date” shall mean the earlier of: (i) September 12, 2008, and (ii) the date on which an
Event of Default occurs, or, in either case, such earlier date on which this Loan Agreement shall terminate in accordance with the provisions hereof or by operation of law.” 
  
 (d) Section 1.01 of the Existing Loan Agreement is hereby amended by adding the following definitions in the
appropriate alphabetical order: 
  
 ““Third Amendment” shall mean that certain Amendment No. 3, dated as of January 9, 2006, to this Agreement, between the Lender and the Borrower.” 
  
 “Third Amendment Effective Date” shall mean
the “Amendment Effective Date”, as defined in the Third Amendment, dated as of January 9, 2006.”” 
  
 (e) Section 2.18 of the Existing Loan Agreement is hereby amended by deleting the reference to “$325,000,000” in Section 2.18(b) and
substituting a reference to “$475,000,000” in lieu thereof. 
  
 (f) Article VII of the Existing Loan Agreement is hereby amended by adding the following Section 7.24 in the appropriate numerical order: 
  
 “7.24. Concerning Portfolio Purchases. The Borrower will use its best efforts to (i) obtain from any third party
servicer that services certain Medallion Loans acquired though a portfolio acquisition acknowledgements of irrevocable instructions, in form and substance satisfactory to the Lender, directing such third-party servicer to follow the Lender’s
irrevocable instructions with respect to the servicing of such Medallion Loans in the event of an Event of Default and (ii) transfer all servicing of Medallion Loans from third party servicers to the Servicer as promptly as practically
possible.” 
  
 SECTION 2. Conditions Precedent.
This Amendment shall become effective on the first date (the “Amendment Effective Date”) on which all of the following conditions precedent shall have been satisfied: 
  
 2.01 Documents. On the Amendment Effective Date, the Lender shall have received all of the following documents, each
of which shall be satisfactory to the Lender in form and substance: 
  
 (a) Amendment. This Amendment, executed and delivered by a duly authorized officer of each of the Borrower and the Lender. 
  

 -2- 

 (b) Second Amended and Restated Note. An amended and restated promissory note, substantially in
the form of Exhibit A hereto, executed and delivered by a duly authorized officer of the Borrower. 
  
 (c) Secretary’s Certificate. A certificate of the Secretary or Assistant Secretary of the Borrower, substantially in the form of Exhibit
B hereto, dated as of the date hereof, and 
  
 (i) certifying that since the Effective Date of the Existing Loan Agreement there have been no changes to any of the organizational documents delivered pursuant to Section 5.01 of the Existing Loan Agreement, 
  
 (ii) attaching a copy of the resolutions of the Borrower
authorizing the execution, delivery and performance of this Amendment, and the borrowings contemplated under the Loan Agreement, 
  
 (iii) attaching certificates dated as of a recent date from the Secretary of State or other appropriate authority, evidencing the good
standing of the Borrower in the jurisdiction of its organization, and 
  
 (iv) certifying as to the incumbency and specimen signature of each officer executing this Amendment on behalf of the Borrower. 
  

(d) Legal Opinions. Legal opinions of internal and outside counsel to the Borrower, in form and substance satisfactory to the Lender.

  
 (e) Upsize Fee. A fee in the amount of $400,000,
payable to the Lender for the increase in the Maximum Committed Credit as follows: (i) $200,000 payable to the Lender upon the Amendment Effective Date and (ii) $200,000 payable to the Lender upon the earlier of (A) February 15,
2006 and (B) the closing of a further amendment to contemplate the purchase of a portfolio of additional Medallion Loans. 
  
 (f) Irrevocable Instructions to Each Third-Party Servicer. Irrevocable instructions, in form and substance satisfactory to the Lender, to each
third-party servicer that services certain Medallion Loans acquired though a portfolio acquisition, directing such third-party servicer to follow the Lender’s irrevocable instructions with respect to the servicing of such Medallion Loans in the
event of an Event of Default. 
  
 (g) Other Documents. Such
other documents as the Lender or counsel to the Lender may reasonably request. 
  
 2.02 No Default. On the Amendment Effective Date, (i) the Borrower shall be in compliance with all of the terms and provisions set forth in the Existing Loan Agreement and the other Loan Documents on its
part to be observed or performed, (ii) the representations and warranties made and restated by the Borrower pursuant to Section 3 of this Amendment shall be true and complete in all material respects on and as of such date with the same
force and effect as if made on and as of such date, and (iii) no Default or Event of Default shall have occurred and be continuing on such date. 
  

 -3- 

 2.03 Fees and Expenses. On the Amendment Effective Date, the Borrower shall have reimbursed the
Lender for, or directly paid, all costs and expenses incurred by the Lender in connection with the negotiation, preparation and execution of this Amendment, including those costs and expenses to be paid by the Borrower pursuant to Section 3.05
of the Loan Agreement, and all other outstanding amounts for which the Borrower is liable pursuant to Section 10.03 of the Loan Agreement, including, without limitation, the fees, disbursements and expenses of Cadwalader, Wickersham &
Taft LLP, counsel to the Lender. 
  
 SECTION 3.
Representations and Warranties. The Borrower hereby represents and warrants to the Lender that it is in compliance with all the terms and provisions set forth in the Loan Documents on its part to be observed or performed and that no Default
or Event of Default has occurred or is continuing, and hereby confirms and reaffirms each of the representations and warranties contained in Article VI of the Loan Agreement. 
  
 SECTION 4. Limited Effect. Except as expressly amended and modified by this Amendment, the Existing Loan
Agreement and each other Loan Document shall continue to be, and shall remain, in full force and effect in accordance with its terms; provided, however, that upon the Amendment Effective Date, all references therein and herein to the
“Loan Documents” shall be deemed to include, in any event, this Amendment and each reference to the Loan Agreement in any of the Loan Documents shall be deemed to be a reference to the Loan Agreement as amended hereby. 
  
 SECTION 5. Counterparts. This Amendment may be executed by each
of the parties hereto on any number of separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument. Delivery of an executed signature page of this Amendment in Portable
Document Format (PDF) or by facsimile transmission shall be effective as delivery of an executed original counterpart of this Amendment. 
  
 SECTION 7. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK. 
  
 [SIGNATURES FOLLOW] 
  

 -4- 

 IN WITNESS WHEREOF, intending to be legally bound, each of the undersigned has caused this Amendment to
be executed on its behalf by its officer hereunto duly authorized, as of the date first above written. 
  

			
	 BORROWER

	
	TAXI MEDALLION LOAN TRUST I
		
	 By:
	 	 /s/Andrew M. Murstein

	 Name:
	 	 Andrew M. Murstein

	 Title:
	 	 President

	
	 LENDER

	
	 MERRILL LYNCH COMMERCIAL
 FINANCE
CORP.

		
	 By:
	 	 /s/ Joshua A. Green

	 Name:
	 	 Joshua A. Green

	 Title:
	 	 Director

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00096-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00096-of-00352.parquet"}]]