Document:

Third Amended and Restated Promissory Note

 Exhibit 4.1 
 THIRD AMENDED AND RESTATED PROMISSORY NOTE 
  

			
	$375,000,000	  	September 12, 2003
		  	Amended and Restated January 7, 2005
		  	Further Amended and Restated January 9, 2006
		  	Further Amendment and Restated September 5, 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 THREE HUNDRED SEVENTY-FIVE MILLION DOLLARS ($375,000,000) (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, by that certain Amendment No. 3, dated as of January 9, 2006 and by that certain Amendment No. 4, dated as of September 5, 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 Second Amended and Restated Promissory Note dated January 9,
2006, made by the Borrower in favor of the Lender in the original principal amount of Four Hundred Seventy-Five Million Dollars ($475,000,000) (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/ Alvin Murstein

	Name:	 	Alvin Murstein
	Title:	 	Vice PresidentAmendment No. 4 to Amended and Restated Loan and Security Agreement

 Exhibit 10.1 
 Execution Copy 
 AMENDMENT NO. 4 
 TO AMENDED AND RESTATED 
 LOAN AND SECURITY AGREEMENT 
 AMENDMENT NO. 4, dated as of September 5, 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.
Definitions. As used herein, the following definitions shall have the following meanings: 
 “Additional
Account Amount” shall have the meaning set forth in Section 5.02 hereof. 
 “Base Account
Amount” shall mean the aggregate principal balance of the Interest Reserve Deposit Account as of the first Business Date immediately preceding the date hereof. 
 “Base Interest Rate Cap Cost” shall have the meaning set forth in Section 5.01 hereof. 
 “Current Account Amount” shall mean, as of any date of determination, an amount equal to the difference between
(i) the aggregate principal balance of the Interest Reserve Deposit Account as of such date minus (ii) the Base Account Amount. 
 “Debt-to-Total Principal Balance Ratio” shall mean, as of any date of determination, the percentage equivalent of a fraction, the numerator of which is the aggregate principal balance of all Advances
then outstanding and the denominator of which is the Net Principal Balance for all Medallion Loans then outstanding. 

 “Interest Rate Cap” shall have the meaning set forth in
Section 5.01 hereof. 
 “Interest Rate Cap Cost” shall have the meaning set forth in Section 5.01
hereof. 
 “Interest Rate Cap Deficit” shall mean, as of any date of determination, an amount equal to
(i) the Interest Rate Cap Cost, minus (ii) the Interest Rate Cap Spread, (iii) minus the Current Account Amount. 
 “Interest Rate Cap Purchase” shall have the meaning set forth in Section 5.03 hereof. 
 “Interest Rate Cap Spread” shall mean an amount equal to the difference between (i) the Base Interest Rate Cap Cost minus (ii) the Additional Account Amount. 
 “Portfolio Report” shall have the meaning set forth in Section 5.01 hereof. 
 “Strike Rate” shall have the meaning set forth in Section 5.01 hereof. 
 “Unhedged Advances” shall mean the total outstanding principal amount of Medallion Loans that are not covered by an
Interest Rate Cap. 
 “Unhedged Advances Interest Rate Cap Cost” shall have the meaning set forth in
Section 5.03 hereof. 
 SECTION 2. Amendments. 
 (a) Section 1.01 of the Existing Loan Agreement is hereby amended by deleting the definition of “Advance Rate” in its entirety and
inserting in lieu thereof the following new definition: 
 “(a) with respect to each Eligible Medallion Loan that is a
Category I Medallion Loan, the “Advance Rate” set forth in the chart below opposite the applicable Class of such Eligible Medallion Loan: 
  

				
	 Class of Category I Medallion Loans
	  	Advance Rate	 
	Class A Medallion Loans	  	95	%
	Class B Medallion Loans	  	95	%
	Class C Medallion Loans	  	85	%
	Class D Medallion Loans	  	75	%
	Class E Medallion Loans	  	50	%

  

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 (b) with respect to each Eligible Medallion Loan that is a Category IV Medallion Loan or a Category V
Medallion Loan, the “Advance Rate” set forth in the chart below opposite the applicable Class of such Eligible Medallion Loan: 
  

				
	 Class of Category IV or Category V Medallion Loans
	  	Advance Rate	 
	Class A Medallion Loans	  	90	%
	Class B Medallion Loans	  	90	%
	Class C Medallion Loans	  	85	%
	Class D Medallion Loans	  	75	%
	Class E Medallion Loans	  	50	%

 (c) with respect to each Eligible Medallion Loan that is a Category II Medallion Loan, the
“Advance Rate” set forth in the chart below opposite the applicable Class of such Eligible Medallion Loan: 
  

				
	 Category II Medallion Loans
	  	Advance Rate	 
	Class A Medallion Loans	  	100	%
	Class B Medallion Loans	  	80	%
	Class C Medallion Loans	  	75	%
	Class D Medallion Loans	  	67	%
	Class E Medallion Loans	  	45	%

 (d) with respect to each Eligible Medallion Loan that is a Category III Medallion Loan, the
“Advance Rate” set forth in the chart below opposite the applicable Class of such Eligible Medallion Loan: 
  

				
	 Category III Medallion Loans
	  	Advance Rate	 
	Class A Medallion Loans	  	95	%
	Class B Medallion Loans	  	80	%
	Class C Medallion Loans	  	75	%
	Class D Medallion Loans	  	67	%
	Class E Medallion Loans	  	45	%

  

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 provided, however, that, with respect to subsection (a) above, in the
event the aggregate net principal balance of Class A and Class B Category I Medallion Loans exceeds $250,000,000, then the respective Advance Rate for Class A Medallion Loans and Class B Medallion Loans shall be 90% for all amounts in
excess of $250,000,000; and 
 provided, further, that, with respect to both subsections (c) and
(d) above: 
 (i) if the Delinquency Ratio shall exceed 25%, then the Advance Rate applicable to all Eligible Loans that
are not Class A Medallion Loans may, in the sole and absolute discretion of the Lender, be reduced by an amount of up to 2.5 percentage points; or 
 (ii) if 5% or more of the Medallion Loans at any time held by the Borrower are Class D Medallion Loans and Class E Medallion Loans, then the Advance Rate applicable to all Eligible Loans that are Class D Medallion
Loans and Class E Medallion Loans may, in the sole and absolute discretion of the Lender, be reduced by an amount of up to 2.5 percentage points; or 
 (iii) the Cumulative Losses for Medallion Loans financed by the Borrower shall exceed 0.4% of the Maximum Committed Credit set forth in Section 2.18 of the Loan Agreement; or 
 (iv) (A) the average cost of fully liquidating a Medallion, determined as of the last day of each month, based on the cost of liquidating
Medallions during the preceding three months (or if fewer than ten Medallions were liquidated during such three-month period, based on the cost of liquidating the ten most recently liquidated Medallions), exceeds 5% of the original principal
balance, or (B) the average time required to fully liquidate a Medallion in a jurisdiction, determined as of the last day of each month, based on the time of liquidating Medallions during the preceding three months (or if fewer than ten
Medallions were liquidated during such three-month period, based on the time of liquidating the ten most recently liquidated Medallions), exceeds the number of days allotted per jurisdiction as set forth on Schedule 10 to the Borrowing Base
Certificate under “Cannot exceed         days” due to a change in the procedure for liquidating Medallions estimated by the applicable Taxi Commission, in each case as determined by the Lender
in its sole discretion exercised in good faith, in which case the Advance Rate may be reduced only with respect to Medallion Loans secured by Medallions in the jurisdiction in which such average time to liquidate Medallions exceeds the applicable
allotted number of days.” 
 (b) Section 1.01 of the Existing Loan Agreement is hereby amended by deleting the definition of
“Applicable Margin” in its entirety and inserting in lieu thereof the following new definition: 
 ““Applicable Margin” shall mean (i) for each Advance secured by Eligible Medallion Loans, 1.25%; provided that, for so long as no Default or Event of Default shall have occurred and be continuing and all of
the Preferred Pricing Eligibility Criteria 
  

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 shall be satisfied, “Applicable Margin” shall mean, (i) solely for each Advance secured by
Eligible Medallion Loans other than Category III Medallion Loans and Purchased Medallion Loans, 0.75%, (ii) for each Advance secured by Category III Medallion Loans, 1.25% and (iii) for each Advance secured by Purchased Medallion Loans
with a loan to value ratio of not more than 85%, 1.00%.” 
 (c) Section 1.01 of the Existing Loan Agreement is hereby amended by
deleting the definition of “Category III Medallion Loan” in its entirety and inserting in lieu thereof the following new definition: 
 ““Category III Medallion Loan” shall mean a Medallion Loan (other than a Category IV Medallion Loan or a Category V Medallion Loan) having an LTV at the time of origination or of acquisition by the
Borrower greater than 80% but not more than 85%.” 
 (d) Section 1.01 of the Existing Loan Agreement is hereby amended by deleting
the reference to “6.5” in the definition of “Preferred Pricing Eligibility Criteria” and substituting a reference to “7.5” in lieu thereof. 
 (e) Section 1.01 of the Existing Loan Agreement is hereby amended by adding the following definitions in the appropriate alphabetical order: 
 “Fourth Amendment” shall mean that certain Amendment No. 4, dated as of September 5, 2006, to this Agreement,
between the Lender and the Borrower.” 
 “Fourth Amendment Effective Date” shall mean the
“Amendment Effective Date”, as defined in the Fourth Amendment, dated as of September 5, 2006.” 
 ““Purchased Medallion Loan” shall mean a Medallion Loan included in the portfolio of Medallion Loans purchased from a third party and approved by Lender.” 
 (f) 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
$375,000,000, or such other amount as may be in effect pursuant to Section 2.18 hereof.” 
 (g) Section 2.18 of the Existing
Loan Agreement is hereby amended by deleting the reference to “$475,000,000” in Section 2.18(b) and substituting a reference to “$375,000,000” in lieu thereof. 
 (h) Section 3.04 of the Existing Loan Agreement is hereby amended by deleting it in its entirety and inserting in lieu thereof the following:

 “Section 3.04. Non-Usage Fee. The Borrower agrees to pay to the Lender a Non-Usage fee (the “Non-Usage
Fee”), from and including the Fourth Amendment Effective Date to one year prior to the Termination Date (the “Non-Usage Step-Down Date”), in an amount equal to the product of (x) 37.5 basis points (0.375%) per annum on

  

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 the basis of a 360-day year times (y) the positive value, if any, of (1) $250,000,000 minus
(2) the utilized portion of the Maximum Committed Credit, such amount to be calculated daily and due and payable on the first Business Day of each calendar month with respect to the preceding month (the first such payment to be made on
September 1, 2006 with respect to the period from and including the Fourth Amendment Effective Date to August 31, 2006) and on the Non-Usage Step-Down Date, each such payment to be made in Dollars, in immediately available funds, without
deduction, set-off or counterclaim, to the Lender at the account set forth in Section 3.01(a) hereof. The Borrower agrees to pay to the Lender a Non-Usage Fee from and including the Non-Usage Step-Down Date to the Termination Date, computed at
the rate of 12.5 basis points (0.125%) per annum on the average daily amount of the unutilized portion of the Maximum Committed Credit during the period for which payment is made, in each case payable monthly in arrears on the first Business Day of
the following month (the first such payment to be made on October 1, 2007 with respect to the period from and including the Non-Usage Step-Down Date to the Termination Date) and on the Termination Date, each such payment to be made in Dollars,
in immediately available funds, without deduction, set-off or counterclaim, to the Lender at the account set forth in Section 3.01(a) hereof.” 
 (i) Clause (ddd) of Schedule 1 – Eligibility Criteria to the Existing Loan Agreement is hereby deleted in its entirety and replaced with the following: 
 “(ddd) Notwithstanding anything in the Loan Agreement or this Schedule 1 to the contrary (including, without limitation,
clauses (a), (b), (d), (e) and (f) above), for purposes of calculating the LTV of any New York Medallion Loan, the maximum Medallion Valuation Amount attributed to any New York Medallion Loan secured by an Individual Medallion shall not
exceed $405,000 and the maximum Medallion Valuation Amount attributed to any New York Medallion Loan secured by a Corporate Medallion shall not exceed $500,000; provided, however, if for three consecutive months the TLC monthly sales reports
indicate a higher valuation, then each such maximum amount shall increase to the three month average of the amount set forth in such TLC monthly sales reports; and provided further that, if a TLC surcharge is approved within thirty
(30) days after the Fourth Amendment Effective Date, the maximum Medallion Valuation Amount attributed to any New York Medallion Loan secured by an Individual Medallion shall not exceed $420,000.” 
 SECTION 3. 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: 
 3.01 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. 
  

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 (b) Third 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 Opinion. Legal opinion of internal counsel to the Borrower, in form and substance satisfactory to the Lender. 

(e) Fee. A fee in the amount of $750,000, $500,000 payable to the Lender on the Amendment Effective Date and the remainder payable quarterly in
advance thereafter in equal installments of $31,250, commencing on the first quarterly anniversary of the Amendment Effective Date; provided, that, any remaining amounts due and payable hereunder shall be paid on the Termination Date. 
 (f) Other Documents. Such other documents as the Lender or counsel to the Lender may reasonably request. 
 3.02 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 6 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. 
 3.03 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.

  

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 SECTION 4. Collection Account Bank. Following the Amendment Effective Date, the parties
hereto will use their good faith efforts to substitute Citibank N.A. or one of its affiliates (“Citibank”) as the Collection Account Bank and to negotiate an acceptable Collection Account Control Agreement between the Borrower, the
Servicer, the Lender and Citibank, as substitute Collection Account Bank. Following execution and delivery of such new Collection Account Control Agreement, all references in the Loan Agreement to the Collection Account Bank shall refer to Citibank
and all references to the Collection Account Control Agreement shall refer to the agreement contemplated by this Section. 
 SECTION
5. Additional Hedging Strategy. 
 5.01 Interest Rate Cap. On the date hereof, the cost to the Borrower (the
“Interest Rate Cap Cost”) of purchasing an interest rate cap providing for protection against fluctuations in interest rates with respect to the currently outstanding Advances (an “Interest Rate Cap”) is $295,000
(the “Base Interest Rate Cap Cost”). On a monthly basis hereafter, within two (2) Business Days after receipt of the reports delivered under Section 7.21 of the Existing Loan Agreement (each, a “Portfolio
Report”), the Lender shall calculate the Interest Rate Cap Cost for the Advances then outstanding reasonably consistent with the example form attached hereto as Exhibit C, and assuming the following characteristics: the Interest Rate
Cap (a) is fully-amortizing, (b) has a prepay speed rate of 25% and (c) has a strike rate equal to a rate per annum equal to the difference between: (i) the quotient of (A) the weighted average fixed rate (as determined from
the most recent Portfolio Report) divided by (B) the Debt-to-Total Principal Balance Ratio minus (ii) 125 basis points (1.25%) (such rate, the “Strike Rate”). Notwithstanding anything in this
Section 5.01 to the contrary, the Borrower hereby agrees and acknowledges that absent gross negligence or willful misconduct, the calculation of the Interest Rate Cap Cost by the Lender shall be conclusive and binding on the Borrower.

 5.02 Interest Reserve Deposit Account. Within five (5) Business Days of the Amendment Effective Date, the Borrower shall
deposit into the Interest Reserve Deposit Account $295,000 (the “Additional Account Amount”). After each calculation of an Interest Rate Cap Cost, if the Interest Rate Cap Deficit is greater than zero (0), the Borrower shall deposit
into the Interest Reserve Deposit Account an amount equal to such Interest Rate Cap Deficit. After each calculation of an Interest Rate Cap Cost, if the Interest Rate Cap Deficit is less than zero (0) (an “Interest Rate Cap
Surplus”), the Lender shall instruct the Interest Reserve Deposit Account Bank to pay to the Borrower (upon the Borrower’s request) from the Interest Reserve Deposit Account an amount equal to such Interest Rate Cap Surplus. All
amounts deposited in the Interest Reserve Deposit Account pursuant to this section shall be subject to the terms and conditions of the Interest Reserve Deposit Account Control Agreement and the Loan Agreement, including, without limitation,
Section 2.12 of the Existing Loan Agreement. 
 5.03 Interest Rate Cap Purchase. In the event that the Borrower chooses to
voluntarily purchase an Interest Rate Cap, and such Interest Rate Cap is acceptable to the Lender, the Lender shall instruct the Interest Reserve Deposit Account Bank to pay to the Borrower (upon the Borrower’s request) an amount from the
Interest Reserve Deposit Account for such purpose. If an Event of Default shall have occurred and remain uncured after any 
  

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 applicable grace period, the Borrower will promptly, but in no event later than one (1) Business Day subsequent to
such Event of Default, purchase the Interest Rate Cap for the Advances then outstanding. In the event that a new Interest Rate Cap is purchased (either voluntarily or after an Event of Default), on an annual basis thereafter, within two
(2) Business Days after receipt of the Portfolio Report for the twelfth month following such purchase, the Lender shall calculate the Interest Rate Cap Cost for the Unhedged Advances then outstanding (the “Unhedged Advances Interest
Rate Cap Cost”) reasonably consistent with the example form attached hereto as Exhibit C, and assuming the characteristics described in Section 5.01 above. After each calculation of the Unhedged Advances Interest Rate Cap
Cost, the Borrower shall deposit into the Interest Reserve Deposit Account an amount sufficient to bring the balance in the account to an amount equal to the sum of the Base Account Amount plus the Unhedged Advances Interest Rate Cap Cost.
Notwithstanding anything in this Section 5.03 to the contrary, the Borrower hereby agrees and acknowledges that absent gross negligence or willful misconduct, the calculation of the Interest Rate Cap Cost by the Lender shall be
conclusive and binding on the Borrower. 
 5.04 Hedging Not Exclusive. Notwithstanding anything in this Amendment to the contrary,
nothing in this Amendment shall supersede, replace or reduce any of the Borrower’s obligations under Section 7.10 of the Loan Agreement. 
 SECTION 6. Further Assurances. The Lender acknowledges that Medallion Funding may create a separate entity, which shall not be Subsidiary of the Borrower, which would also pledge medallion loans as collateral for financing
under a separate credit facility. The Lender will reasonably cooperate with respect to any intercreditor issues which arise as a result of the new entity entering into the new credit facility; provided, however, that the Lender shall not take
any action that will affect its continuing first priority perfected security interest in the Collateral at all times. 
 SECTION 7.
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 8. 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 9. 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. 
  

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 SECTION 10. 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] 
  

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 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/ Ryan D. Bell

	Name:	 	Ryan D. Bell
	Title:	 	Vice President
	
	LENDER
	
	 MERRILL LYNCH COMMERCIAL
 FINANCE CORP.

		
	By:	 	 /s/ Alvin Murstein

	Name:	 	Alvin Murstein
	Title:	 	Vice President

  

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