Document:

Servicing Agreement

 Exhibit 10.3 
 EXECUTION COPY 
  

 SERVICING AGREEMENT 
 among 
 MEDALLION FUNDING CORP., 
 as Servicer, 
 TAXI MEDALLION LOAN TRUST II, 
 as
Borrower, 
 and 
 CITICORP NORTH AMERICA, INC., 
 as Administrative Agent 
 Dated as of December 19, 2006 
  

 THIS SERVICING AGREEMENT, dated as of December 19, 2006 is entered into by and among TAXI MEDALLION
LOAN TRUST II, having an address at 437 Madison Avenue, New York, New York 10022 (the “Borrower”), MEDALLION FUNDING CORP., having an address at 437 Madison Avenue, New York, New York 10022 (in such capacity, the “Servicer”), and
CITICORP NORTH AMERICA, INC., having an address at 388 Greenwich Street, Floor 19, New York, New York 10013 (the “Administrative Agent”). 
 PRELIMINARY STATEMENTS 
 WHEREAS, the Borrower is the owner of certain Medallion Loans; 
 WHEREAS, certain financial institutions (collectively, the “Lenders”) have agreed to provide revolving credit loans to the Borrower, the
proceeds of which shall be used to finance the purchase and carrying of Medallion Loans by the Borrower pursuant to the Loan and Security Agreement, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to
time, the “Loan Agreement”), by and among the Borrower, the Lenders and the Administrative Agent as contractual representative of the Lenders and other Secured Parties; 
 WHEREAS, the Borrower and the Administrative Agent on behalf of the Secured Parties desire to have the Servicer service and administer the Medallion
Loans, and the Servicer desires to service and administer the Medallion Loans; and 
 WHEREAS, the Custodian has agreed to hold certain
original documents relating to each Medallion Loan pursuant to the Custodial Agreement. 
 NOW THEREFORE, in consideration of the mutual
agreements contained herein, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.01. Defined Terms. (a) Capitalized terms used
and not otherwise defined herein shall have the meanings assigned to such terms in the Loan Agreement. 
 (b) Whenever used in
this Agreement, the following words and phrases, unless the context otherwise requires, shall have the meanings specified in this Article. 
 “Administrative Agent” has the meaning assigned to such term in the Preamble. 
 “Accepted Servicing Practices”
has the meaning assigned to such term in Section 3.01. 
 “Agreement” means this Servicing Agreement, as the same may be
amended, supplemented or otherwise modified from time to time. 
 “Borrower” has the meaning assigned to such term in the Preamble.

 Signature Page to Servicing Agreement 

 “Custodial Fee” has the meaning assigned to such term in the Custodial Agreement. 

“Damages” has the meaning assigned to such term in Section 7.01(b) hereof. 
 “Eligibility Violation Notice” means a written notice from the Borrower to the Administrative Agent in the form of Exhibit 4.02(c). 

“Indemnified Party” has the meaning assigned to such term in Section 7.01(b). 
 “Intangible Assets” means all licenses, franchises, patents, patent applications, trademarks, program rights, good will, and research and
development expense and other like intangible assets shown on the consolidated balance sheet of the Servicer and its Subsidiaries. 
 “IRS” shall mean the Internal Revenue Service. 
 “Lenders” has the meaning assigned to such term in the
Preliminary Statements. 
 “Loan Agreement” has the meaning assigned to such term in the Preliminary Statements. 
 “Material Adverse Effect” shall mean a material adverse effect on (a) the contracts, property, business, condition (financial or
otherwise) or prospects of the Servicer, (b) the ability of the Servicer to perform its obligations under the Servicing Agreement or any of the other Loan Documents to which it is a party, (c) the validity or enforceability of the
Servicing Agreement or any of the other Loan Documents, or (d) the rights and remedies of the Administrative Agent under the Servicing Agreement or any of the other Loan Documents to which it is a party. 
 “Medallion Funding” shall mean Medallion Funding Corp., and its successors and permitted assigns. 
 “Medallion Loan Records” has the meaning assigned to such term in Section 8.02. 
 “Medallion Loan Default” has the meaning assigned to such term in Section 3.03. 
 “Reconciliation” shall have the meaning provided in Section 4.01(b). 
 “Report Date” shall mean (a) each Weekly Report Date, and (b) if an Event of Default or Rapid Amortization Event has occurred and is
continuing, any other “Report Date” designated by the Administrative Agent. 
 “Servicer” has the meaning assigned to
such term in the Preamble. 
 “Servicer Default” means the occurrence of any of the following events: 
 (a) The failure of the Servicer to deliver any payments, collections or proceeds which it is obligated to deliver under the terms hereof
or of any other Loan Documents, at the times it is obligated to make such deliveries under the terms of any Loan Documents to which it is a party; or 
  

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 (b) Upon the earlier of (x) written notice from the Administrative Agent or
(y) the date upon which the Servicer becomes aware thereof, the failure of the Servicer to observe or perform any other covenant hereunder or under the terms of any other Loan Documents, which failure is (i) not curable or
(ii) curable and continues unremedied for a period of thirty (30) calendar days thereafter; or 
 (c) the occurrence
of an Event of Default referred to in paragraphs (a) or (b) of Article VIII under the Loan Agreement, which Default continues unremedied for a period of five (5) Business Days; or 
 (d) any representation, warranty or statement of the Servicer made hereunder or any other Loan Document to which it is a party shall prove
to be incorrect in any material respect when made; or 
 (e) the occurrence of any Bankruptcy Event in respect of the
Servicer, the Borrower, the Parent or any of Subsidiary of the Parent; or 
 (f) the Servicer shall assign, transfer or
delegate any of its duties or obligations hereunder or under any other Loan Documents to a Person that is not a Servicer except as permitted by Section 3.08 or 3.09; or 
 (g) the Servicer shall have suffered any material adverse change, as determined by the Administrative Agent in its sole discretion,
exercised in good faith, to its business, operations, financial condition, properties or prospects that could reasonably be expected to have a material adverse effect on the ability of the Servicer to perform its obligations under this Servicing
Agreement; or 
 (h) the Servicer’s activities are terminated in whole or in part for any reason by (i) any other
Taxi Commission or any regulatory body and such termination has a Material Adverse Effect or (ii) the New York City Taxi Commission; or 
 (i) The ratio of Total Liabilities to Tangible Net Worth shall be greater than 9 to 1 at any time; or 
 (j) The Servicer shall fail to maintain a Tangible Net Worth of not less than $50,000,000 at any time; or 
 (k) a final judgment or judgments for the payment of money in excess of $5,000,000 in the aggregate shall be rendered against the Servicer or any of its Affiliates by one or more courts, administrative tribunals or
other bodies having jurisdiction and the same shall not be satisfied, discharged (or provision shall not be made for such discharge) or bonded, or a stay of execution thereof shall not be procured, within five (5) Business Days from the date of
entry thereof, and the Servicer or any such Affiliate shall not, within said period of five (5) Business Days, or such longer period during which execution of the same shall have been stayed or bonded, appeal therefrom and cause the execution
thereof to be stayed during such appeal; or 
  

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 (l) Medallion Financial shall cease to directly or indirectly own 100% of the equity
interests of Medallion Funding; or 
 (m) any “Servicer Default” as such term is defined in that certain Servicing
Agreement dated as of September 13, 2002 (the “Taxi I Servicing Agreement”) among Medallion Funding, Taxi Medallion Loan Trust I and Merrill Lynch Bank USA, as the Taxi I Servicing Agreement is in effect as of
September 13, 2002 and without giving effect to any amendments, supplements or modifications thereto other than such amendments, supplements or modifications as the Administrative Agent approves in writing; or 
 (n) Medallion Funding shall cease to be the “Servicer” under the Taxi I Loan Agreement for any reason; or 
 (o) the Servicer or any of its Affiliates (other than Taxi Medallion Loan Trust I) shall be in default under any note, indenture, loan
agreement, guaranty, swap agreement or any other contract to which it is a party having an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated
credit arrangement) of $5,000,000 or more, which default (i) involves the failure to pay a matured obligation, or (ii) permits the acceleration of the maturity of obligations by any other party to or beneficiary of such note, indenture,
loan agreement, guaranty, swap agreement or other contract. 
 “Servicing Fee” has the meaning assigned to such term in
Section 3.05(a). 
 “Servicing Fee Rate” shall mean the rate of 40 basis points (0.40%) per annum. 
 “Shared Services Agreement” means that certain Shared Services Agreement, dated as of the date hereof, between Medallion Funding and the
Borrower, together with all instruments, documents and agreements executed in connection therewith, as such Shared Services Agreement may be amended, supplemented or otherwise modified from time to time. 
 “Tangible Net Worth” means, at any date, (i) the amount which, in conformity with GAAP, would be set forth opposite the caption
“shareholder’s equity” (or any like caption, in each case inclusive of preferred stock) on a consolidated balance sheet of the Servicer and its Subsidiaries at such date, minus (ii) the aggregate amount reflected on such balance
sheet of any Intangible Assets at such date. 
 “Total Liabilities” shall mean, for any period, all liabilities of the Servicer and
its Subsidiaries for such period, which in accordance with GAAP, would be classified on a balance sheet of the Servicer as liabilities. 
 “Weekly Collection Period” means a weekly period commencing on (and including) Saturday of a calendar week and ending on (and including) Friday of the following calendar week. 
 “Weekly Report” shall have the meaning provided in Section 4.02(a). 
 “Wet Loan Schedule” shall have the meaning provided in Section 4.02(c). 
  

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 ARTICLE II 
 APPOINTMENT OF SERVICER 
 Section 2.01. Appointment of Servicer. (a) The managing,
servicing, administering and making collections on the Medallion Loans shall be conducted by the Person so designated from time to time as Servicer in accordance with this Agreement. Medallion Funding is hereby designated as, and hereby agrees to
perform, the duties and obligations of the Servicer pursuant to the terms hereof and the other Loan Documents and shall continue to manage, service, administer and collect on the Medallion Loans pursuant to this Agreement, unless and until expressly
agreed otherwise by the Borrower and the Administrative Agent. 
 (b) Medallion Funding acknowledges that the other parties
hereto have relied on Medallion Funding’s agreement to act as Servicer hereunder in making their decision to execute and deliver this Agreement, the Loan Agreement and the other Loan Documents. Accordingly, Medallion Funding agrees that it will
not resign as Servicer except as permitted pursuant to Section 7.02. 
 (c) Medallion Funding, in the case of clause
(i) below, and Borrower, in the case of clause (ii) below, hereby agree that upon the designation of a successor servicer hereunder of the Servicer’s duties and responsibilities in accordance with Section 9.01, (i) Medallion
Funding will terminate its activities as Servicer hereunder in accordance with Section 8.02 and, in any case, in a manner which the Administrative Agent reasonably determines will facilitate the transition of the performance of such activities
to such successor servicer and Medallion Funding shall cooperate with and assist such successor servicer and (ii) such successor servicer shall, without any further action by the Borrower or such successor servicer, be appointed as the
Borrower’s agent and attorney-in-fact for the purpose of exercising such power and authority as is or may from time to time be designated to the Servicer hereunder or under any other Loan Document. 
 ARTICLE III 
 ADMINISTRATION AND SERVICING OF
RECEIVABLES 
 Section 3.01. Duties of Servicer. The Servicer, for the benefit of the Borrower and the Administrative Agent,
shall manage, service, administer and make collections on the Medallion Loans and enforce the Borrower’s rights with respect to the collateral thereunder and any guarantees thereof in accordance with all applicable federal, state and local laws
and regulations and with the degree of skill, care and diligence of prudent lenders in the industry for the servicing of comparable assets, but in no event, with less skill, care and diligence than the Servicer or any of its Affiliates exercises
with respect to all comparable assets that it services for itself or others (such standards, the “Accepted Servicing Practices”). The Servicer’s duties shall include collection and posting of all payments, responding to inquiries of
Obligors on Medallion Loans, investigating delinquencies, sending invoices to Obligors, as appropriate, reporting tax 
  

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 information, if any, to Obligors, preparing and delivering Medallion Loan Files to the Custodian, accounting for
Collections and furnishing statements and reports to the Administrative Agent in accordance with this Agreement and the other Loan Documents. Except to the extent otherwise required pursuant to this Agreement, the Servicer shall follow the Accepted
Servicing Practices in performing its duties as Servicer. To the extent consistent with the Accepted Servicing Practices and the following sentence, the Servicer shall have full power and authority, acting alone, to do any and all things in
connection with management, servicing, administration and collection that it may deem necessary or desirable, including, without limitation, executing and delivering on behalf of itself and the Borrower, any and all instruments of satisfaction or
cancellation, or partial or full release or discharge, and all other comparable instruments, with respect to such Medallion Loans or any Medallion securing such Medallion Loans. The Servicer is authorized to release Liens on Medallions granted
pursuant to the Medallion Loan, (i) if the debt secured thereby has been fully paid and the proceeds of the repayment of such debt are deposited in the Collection Account in accordance with Section 4.01 hereof, and/or (ii) to
liquidate such Medallions in accordance with its customary standards, policies and procedures, Accepted Servicing Practices and the Credit and Collection Policy. If the Servicer shall commence a legal proceeding to enforce a Medallion Loan, the
Borrower shall thereupon be deemed to have automatically assigned, solely for the purpose of collection, such Medallion Loan to the Servicer. If in any enforcement suit or legal proceeding it shall be held that the Servicer may not enforce a
Medallion Loan on the ground that it shall not be a real party in interest or a holder entitled to enforce such Medallion Loan, the Borrower shall, at the Servicer’s expense and direction, take steps to enforce such Medallion Loan, including
bringing suit in the name of the Borrower. The Borrower shall, upon the written request of the Servicer, furnish the Servicer with any powers of attorney and other documents reasonably necessary or appropriate to enable the Servicer to carry out its
servicing and administrative duties hereunder. 
 Section 3.02. Collection and Allocation of Medallion Loan Payments Modifications of
Medallion Loans. (a) Consistent with the standards, policies and procedures required by this Agreement, the Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Medallion Loans as
and when the same shall become due, and shall follow such collection procedures as it follows with respect to comparable medallion loans that it or any of its Affiliates services for itself or others and otherwise act with respect to the Medallion
Loans, the insurance policies and the other Collateral in such manner as will, in the reasonable judgment of the Servicer, maximize the amount to be received by the Administrative Agent for the benefit of the Secured Parties with respect thereto.
The Servicer is authorized in its discretion to waive any prepayment charge, late payment charge or any other similar fees that may be collected in the ordinary course of servicing any Medallion Loan. The Servicer shall allocate Collections relating
to principal and interest in accordance with the terms of the related Medallion Loans. 
 (b) The Medallion Loan and other
Medallion Loan Documents have not been and shall not be extended, waived, amended or modified except (i) if a Default has occurred and is continuing, with the prior written consent of the Administrative Agent, (ii) the Commitment
Termination Date has occurred, with the prior written consent of the Administrative Agent and (iii) at all other times, in accordance with the Servicer’s written Underwriting Guidelines and the Credit and Collection Policy. 
  

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 Section 3.03. Realization upon Medallion Loans. (a) The Servicer shall enforce
compliance with the terms of the Medallion Loans in a manner consistent with the Accepted Servicing Practices. The Servicer shall include in any Report on any Report Date, as applicable, any default under a Medallion Loan (a “Medallion Loan
Default”), which such Report shall include actions the Servicer proposes to take with respect to such Medallion Loan Default, including, without limitation, (1) initiation or continuation of negotiations with the Obligor,
(2) acceleration of such Medallion Loan, (3) repossession of the Medallion related to Medallion Loan, (4) initiation of litigation or collection proceedings, and (5) such other action as the Servicer may deem appropriate in
conformity with the Accepted Servicing Practices. 
 (b) Consistent with the standards, policies and procedures required by
this Agreement and the Credit and Collection Policy, the Servicer shall use its best efforts to repossess (or otherwise comparably convert the ownership of) and liquidate, if necessary, any Medallion securing a Medallion Loan with respect to which
the Servicer has determined that payments thereunder are not likely to be resumed, as soon as practicable after default on such Medallion Loan but in no event later than the date on which any regularly scheduled payment has become more than 360 days
delinquent; provided, however, that the Servicer may elect not to repossess a Medallion within such time period if no Servicer Default has occurred and in its good faith judgment it determines that the proceeds ultimately recoverable with respect to
such Medallion Loan (after giving effect to expenses associated with such repossession and reimbursement to the Servicer hereunder) would be increased by forbearance; and provided, further, that the Servicer shall not be required to repossess a
Medallion if prohibited by law. The Servicer is authorized to follow such customary practices and procedures as it shall deem necessary or advisable, consistent with the Accepted Servicing Practices, which practices and procedures may include the
sale of the related Medallion at a public or private sale, and other actions by the Servicer in order to realize upon a Medallion Loan. 
 Section 3.04. Maintenance of Security Interests. (a) The Servicer shall take such steps as are necessary to maintain perfection of the first priority security interest created by the Loan Documents. The Servicer agrees to
mark its master computer databases and computer files (by way of the creation of a special “field” or otherwise), in a manner acceptable to the Administrative Agent, to evidence the interests granted to the Administrative Agent for the
benefit of the Secured Parties under the Loan Agreement and the other Loan Documents. At any time and from time to time, the Servicer shall, or shall cause the Borrower to, and the Borrower will promptly and duly execute and deliver, or will
promptly cause to be executed and delivered, such further instruments and documents and take such further actions as are necessary (or as are reasonably requested by the Administrative Agent) for the purpose of obtaining or preserving the full
benefits of the Secured Parties under the Loan Agreement and of its rights and powers therein granted, including, without limitation, the filing of any financing or continuation statements under the Uniform Commercial Code in effect in any
jurisdiction with respect to the Liens created by the Loan Agreement or the taking of any other action necessary to preserve the status of the Administrative Agent’s Liens on the Collateral as first priority perfected Liens. A photographic or
other reproduction of the Loan Agreement shall be sufficient as a financing statement for filing in any jurisdiction. 
  

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 (b) Consistent with the policies and procedures required by this Agreement, the Servicer
shall take such steps on behalf of the Borrower and the Administrative Agent as are necessary to maintain perfection of the first priority security interest created by each Medallion Loan in the related Medallion, including the recording,
registering, filing, re-recording, re-filing and re-registering of all security agreements, financing statements and continuation statements as are necessary to maintain the security interest under the respective Medallion Loans. The Borrower hereby
authorizes the Servicer, and the Servicer agrees, to take any and all steps necessary to re-perfect such security interest in the name of Borrower as necessary because of any reason. 
 Section 3.05. Servicing Fee. (a) The Borrower shall pay to the Servicer (the “Servicing Fee”), as compensation for its
activities hereunder, on each Weekly Payment Date, an amount equal to the product of (i) the Servicing Fee Rate multiplied by (ii) a fraction, the numerator of which shall be the number of calendar days since the immediately prior Weekly
Payment Date, and the denominator of which shall be 360, multiplied by (iii) the Net Principal Balance of the Medallion Loans serviced by the Servicer. 
 (b) The accrued and unpaid Servicing Fee shall be paid to the Servicer out of Collections as set forth in Article III of the Loan
Agreement. 
 Section 3.06. Access to Certain Documentation and Information Regarding Medallion Loans. The Servicer shall provide
to federal, state and local regulatory agencies, and their respective examiners, access to the documentation regarding the Medallion Loans required by applicable regulations of such agencies. Such access shall be afforded without charge upon
reasonable prior notice and during normal business hours at the offices of the Servicer designated by it. Nothing in this Section shall derogate from the obligation of the Servicer to observe any applicable law prohibiting disclosure of information
regarding the Obligors and the failure of the Servicer to provide access as provided in this Section as a result of such obligation shall not constitute a breach of this Section. 
 Section 3.07. Servicer Expenses. The Servicer shall be required to pay all expenses incurred by it in connection with its activities
hereunder, including fees and disbursements of independent accountants, taxes imposed on the Servicer and expenses incurred in connection with distributions and reports to the Administrative Agent, and shall be reimbursed for such expenses solely to
the extent expressly provided herein. 
 Section 3.08. Appointment of Subservicer. The Servicer may at any time appoint a
subservicer to perform all or any portion of its obligations as Servicer hereunder; provided, however, that (i) the Administrative Agent shall have approved such appointment in writing; (ii) the Servicer shall remain obligated and be
liable to the Borrower and the Administrative Agent for the servicing and administering of the Medallion Loans in accordance with the provisions hereof without diminution of such obligation and liability by virtue of the appointment of such
subservicer and to the same extent and under the same terms and conditions as if the Servicer alone were servicing and administering the Medallion Loans; and (iii) the agreement with the subservicer provides that it may be terminated by any
successor servicer if the Servicer that had entered into such subservicing agreement is terminated as Servicer hereunder. The fees and expenses of the subservicer shall be as agreed between the Servicer and its subservicer from time to time and
neither of the Borrower nor any Secured Party shall have any responsibility therefor. 
  

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 Section 3.09. Delegation of Duties. The Servicer may at any time perform through
sub-contractors the specific duties of (i) repossession of Medallions, and (ii) pursuing the collection of deficiency balances on defaulted Medallion Loans, in each case without the consent of the Borrower or the Administrative Agent. The
Servicer may also perform other specific duties through such sub-contractors in accordance with its customary servicing policies and procedures without the prior consent of the Borrower or the Administrative Agent. No such delegation or
sub-contracting of duties by the Servicer shall relieve the Servicer of its responsibility with respect to such duties. Any sub-contractor engaged by the Servicer pursuant to this Section 3.09 shall (i) have all licenses and permits
necessary to perform such specific duties, (ii) be a Person experienced in the performance of such specific duties, and (iii) not have been subject to any litigation, civil or criminal penalty, or other similar action, except to the extent
reasonable and ordinary for a Person engaging in activities similar to such specific duties. 
 Section 3.10. Insurance. The
Servicer may sue to enforce or collect upon the insurance policies in its own name or as agent of the Borrower. If the Servicer elects to commence a legal proceeding to enforce an insurance policy, the act of commencement shall be deemed to be an
automatic assignment of the rights of (i) the Administrative Agent for the benefit of the Secured Parties and (ii) the Borrower under such insurance policy to the Servicer for purposes of collection only. If, however, in any enforcement
suit or legal proceeding it is held that the Servicer may not enforce an insurance policy on the grounds that it is not a real party in interest or a holder entitled to enforce the insurance policy, the Administrative Agent or the Borrower, at the
Servicer’s expense, shall take such steps as the Servicer deems reasonably necessary to enforce such insurance policy, including bringing suit in its name, in the name of the Borrower or, with the Administrative Agent’s prior written
consent which may be given or withheld in its sole discretion, in the name of the Administrative Agent on behalf of the Secured Parties. Any amounts collected by the Servicer under an insurance policy shall be deposited in the Collection Account
upon receipt. Any cost incurred by the Servicer in maintaining any such insurance shall not, for the purpose of calculating the outstanding balance of any Medallion Loan under the Loan Agreement or any other Loan Document, be added to the Net
Principal Balance of the related Medallion Loan, notwithstanding that the terms of such Medallion Loan so permit. 
 Section 3.11.
Enforcement of Prohibition on Transfer of Medallion. The Servicer will, to the extent it has knowledge of any sale or Lien, or prospective sale or Lien, by any Obligor of the related Medallion (whether by sale or by contract of sale, and
whether or not the Obligor remains or is to remain liable under the Medallion Loan), exercise or cause to be exercised any rights to accelerate the maturity of such Medallion Loan under the terms thereof. 
 Section 3.12. Conservation and Disposition of Medallion. In the event that any Medallion is repossessed by the Servicer, the Servicer shall
conserve and protect each such Medallion for the Administrative Agent for the benefit of the Secured Parties solely for the purpose of its prompt disposition and sale. The disposition of any such Medallion shall be carried out by the Servicer at
such price and upon such terms and conditions as the Servicer shall determine in accordance with the Accepted Servicing Practices and with a view to maximizing 
  

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 the net present value recovery from such disposition. The Servicer shall deposit the proceeds of any such disposition
into the Collection Account no later than 11:00 a.m. on the Business Day following receipt thereof by the Servicer. Pending such deposit, such funds shall be held in trust by the Servicer for the benefit of the Administrative Agent for the benefit
of the Secured Parties. 
 Section 3.13. Proceeds. If an Event of Default shall occur and be continuing, (a) all proceeds of
Collateral received by the Servicer consisting of cash, checks and other cash equivalents shall be held by the Servicer in trust for the Administrative Agent for the benefit of the Secured Parties, segregated from other funds of the Servicer, and
shall forthwith upon receipt by the Servicer be turned over to the Administrative Agent for the benefit of the Secured Parties in the exact form received by the Servicer (duly endorsed by the Servicer to the Administrative Agent, if required) and
(b) any and all such proceeds received by the Administrative Agent (whether from the Servicer or otherwise) may, in the sole discretion of the Administrative Agent, be held by the Administrative Agent as collateral security for, and/or then or
at any time thereafter may be applied by the Administrative Agent against, the Secured Obligations (whether matured or unmatured) in the order set forth in Section 3.1 of the Loan Agreement. Any balance of such proceeds remaining after the
Secured Obligations shall have been paid in full and the Loan Agreement shall have been terminated shall be paid over to the Servicer or to whomsoever may be lawfully entitled to receive the same. For purposes hereof, proceeds shall include, but not
be limited to, all principal and interest payments, all prepayments and payoffs, insurance claims, recoveries against Obligors, sale and foreclosure proceeds, and any other income and all other amounts received with respect to the Collateral.

 ARTICLE IV 
 COLLECTION ACCOUNT;
WEEKLY REPORTS; RAPID AMORTIZATION EVENT 
 Section 4.01. Collection Account. 
 (a) The Servicer shall instruct all Obligors to remit payments in respect of the Medallion Loans to the Servicer for deposit to the
Collection Account. The Servicer shall deposit to the Collection Account, no later than 11:00 a.m. on the Business Day following receipt thereof by the Servicer, all Collections received by the Servicer. Pending such deposit, such funds shall be
held in trust by the Servicer for the benefit of the Secured Parties. Funds on deposit in the Collection Account on any day shall be held therein in trust for the benefit of the Secured Parties. 
 (b) Funds deposited in the Collection Account in any Weekly Collection Period shall be allocated between Collections in respect of
principal payments on the Medallion Loans and Collections in respect of interest and finance charge payments on the Medallion Loans. The Servicer shall provide Administrative Agent with a reconciliation reasonably acceptable to the Administrative
Agent (a “Reconciliation”) by 2:00 p.m., New York time on the Weekly Report Date immediately following such Weekly Collection Period showing what portion of the collections deposited to the Collection Account during the Weekly Collection
Period are repayments of principal and what portion are payments of interest, finance charges and/or fees. 
  

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 Section 4.02. Reports. 
 (a) The Servicer shall deliver to the Administrative Agent and the Custodian no later than 4:00 p.m., New York time on each Weekly Report
Date a servicing report (the “Weekly Report”) with respect to the Weekly Collection Period then most recently ended, substantially in the form attached hereto as Exhibit 4.02(a). The Servicer shall deliver to the Administrative Agent a
hard copy of any such report upon request of the Administrative Agent. 
 (b) Upon discovery by the Servicer of any Medallion
Loan ceasing to be an Eligible Medallion Loan, if a Borrowing Base Deficiency exists or will result therefrom, the Servicer shall (or shall cause the Borrower to) deliver an Eligibility Violation Notice to the Administrative Agent, substantially in
the form attached hereto as Exhibit 4.02(b), no later than 12:00 (noon) New York time on the Business Day immediately succeeding such discovery. 
 (c) On any day that the Borrower delivers a Notice of Borrowing and Pledge under the Loan Agreement, the Servicer shall deliver to the Administrative Agent a schedule (a “Wet Loan Schedule”) in substantially
the form of Schedule 4.02(c) hereof. 
 (d) On any day upon which the Borrower acquires any Wet Loans, the Servicer shall
deliver to the Administrative Agent a copy of each Medallion Note related to each such Wet Loan. 
 (e) The Servicer shall
deliver to the Administrative Agent and/or permit the Administrative Agent to inspect any property, books, valuations, records, audits or other information as the Administrative Agent may reasonably request upon reasonable prior notice. 

Section 4.03. Rapid Amortization Event. If a Rapid Amortization Event occurs and is continuing, the Servicer shall so notify the
Administrative Agent immediately following the discovery of such Rapid Amortization Event. 
 ARTICLE V 
 SERVICER REPRESENTATIONS AND WARRANTIES 
 As
of the Effective Date and each Funding Date, the Servicer represents and warrants to the Administrative Agent, each Managing Agent and each Lender that: 
 Section 5.01. Existence; Qualification. The Servicer is a New York corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its formation and has the power
and all licenses necessary to own its assets and to transact the business in which it is presently engaged, and is duly qualified and in good standing under the laws of each jurisdiction where the conduct of its business requires such qualification.

  

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 Section 5.02. Authority and Authorization; Enforceability; Approvals; Absence of Adverse
Notice. The Servicer has the power, authority and legal right to make, deliver and perform this Servicing Agreement and each of the Loan Documents to which it is a party and all of the transactions contemplated hereby and thereby, and has taken
all necessary action to authorize the execution, delivery and performance of this Servicing Agreement and each of the Loan Documents to which it is a party. This Servicing Agreement and each of the Loan Documents to which the Servicer is a party
constitutes the legal, valid and binding obligation of the Servicer, enforceable against the Servicer in accordance with their respective terms except as the enforceability hereof and thereof may be limited by bankruptcy, insolvency, moratorium,
reorganization and other similar laws of general application affecting creditors’ rights generally and by general principles of equity (whether such enforceability is considered in a proceeding in equity or at law). No consent of any other
party and no consent, license, approval or authorization of, or registration or declaration with, any governmental authority, bureau or agency (including, without limitation, any Taxi Commission) is required in connection with the execution,
delivery or performance by the Servicer of this Servicing Agreement or any Loan Document to which it is a party, or the validity or enforceability of this Servicing Agreement or any such Loan Document or the Medallion Loans, other than such as have
been met or obtained, except where the failure to obtain such would not have a Material Adverse Effect. The Servicer has not received any notice, nor does the Servicer have any knowledge or reason to believe, that any Taxi Commission or other
Governmental Authority intends to seek the cancellation, termination or modification of any of its licenses or permits, or that valid grounds for such cancellation, termination or modification exist. 
 Section 5.03. No Breach. The execution, delivery and performance of this Servicing Agreement and all other agreements and instruments
executed and delivered or to be executed and delivered pursuant hereto or thereto in connection with the pledge of the Collateral will not (i) create any Adverse Claim on the Collateral other than as contemplated herein or (ii) violate any
provision of any existing law or regulation (including, without limitation, the Investment Company Act of 1940, as amended) or any order or decree of any court, regulatory body or administrative agency or the certificate of formation or by-laws of
the Servicer or any mortgage, indenture, contract or other agreement to which the Servicer is a party or by which the Servicer or any property or assets of the Servicer may be bound. 
 Section 5.04. Litigation. No litigation or administrative proceeding of or before any court, tribunal or governmental body is presently
pending or, to the knowledge of the Servicer, threatened against the Servicer or any properties of the Servicer or with respect to this Servicing Agreement which, if adversely determined, could have a Material Adverse Effect. 
 Section 5.05. Adverse Orders. No injunction, writ, restraining order or other order of any nature adversely affects the Servicer’s
performance of its obligations under this Servicing Agreement or any Loan Document to which the Servicer is a party. 
 Section 5.06.
Taxes. The Servicer has filed (on a consolidated basis or otherwise) on a timely basis all tax returns (including, without limitation, all foreign, federal, state, local and other tax returns) required to be filed, is not liable for taxes
payable by any other Person and has paid or made adequate provisions for the payment of all taxes, assessments and other 
  

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 governmental charges due from the Servicer. No tax lien or similar adverse claim has been filed, and no claim is being
asserted, with respect to any such tax, assessment or other governmental charge. Any taxes, fees and other governmental charges payable by the Servicer in connection with the execution and delivery of this Servicing Agreement and the other Loan
Documents and the transactions contemplated hereby or thereby have been paid or shall have been paid if and when due. 
 Section 5.07.
Chief Executive Office; Jurisdiction of Organization. On the Effective Date, the Servicer’s chief executive office is (and the location of the Servicer’s records regarding the Medallion Loans), and during the four months immediately
preceding July 1, 2001 such office has been, located at 437 Madison Avenue, New York, New York 10022. On the Effective Date, the Servicer’s jurisdiction of organization is New York. In the event of a disaster at the location of the
Servicer’s chief executive office or at the location of the Servicer’s records regarding the Medallion Loans, the Servicer shall maintain its back-up office and records at 11-49 44th Drive, Long Island City, New York 11101. 
 Section 5.08. Legal Name. The Servicer’s legal name is as set forth in this Servicing Agreement; the Servicer has not changed its name
since its formation; the Servicer does not have trade names, fictitious names, assumed names or “doing business as” names. 
 Section 5.09. Solvency. The Servicer is solvent and will not become insolvent after giving effect to the transactions contemplated hereby; the Servicer is paying its debts as they become due; and the Servicer, after giving
effect to the transactions contemplated hereby, will have adequate capital to conduct its business. 
 Section 5.10. True and
Complete Disclosure. The information, reports, financial statements, exhibits and schedules furnished in writing by or on behalf of the Servicer to the Administrative Agent, any Managing Agent any Lender or the Custodian in connection with the
negotiation, preparation or delivery of this Servicing Agreement and the other Loan Documents or included herein or therein or delivered pursuant hereto or thereto are true and correct in every material respect, or (in the case of projections) are
based on reasonable estimates, on the date as of which such information is stated or certified. There is no fact known to a Responsible Officer of the Servicer that, after due inquiry, should reasonably be expected to have a Material Adverse Effect
that has not been disclosed herein, in the other Loan Documents or in a report, financial statement, exhibit, schedule, disclosure letter or other writing furnished to the Administrative Agent, any Managing Agent, any Lender or the Custodian for use
in connection with the transactions contemplated hereby or thereby. 
 Section 5.11. No Servicer Default. No Servicer Default has
occurred and is continuing. 
 Section 5.12. Underwriting and Servicing. Each of the Medallion Loans is being serviced in
conformance with the Servicer’s Credit and Collection Policy and otherwise in accordance with Accepted Servicing Practices. 
 Section 5.13. ERISA. The Servicer is in compliance with ERISA and has not incurred and does not expect to incur any liabilities (except for premium payments arising in the ordinary course of business) to the Pension Benefit
Guaranty Corporation (or any successor thereto) under ERISA. 
  

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 Section 5.14. Sharing of Payments. There is not now, nor will there be at any time in the
future, any agreement or understanding between the Servicer and the Borrower (other than as expressly set forth in the Shared Services Agreement and the Loan Documents) providing for the allocation or sharing of obligations to make payments or
otherwise in respect of any taxes, fees, assessments or other governmental charges. 
 ARTICLE VI 
 COVENANTS OF THE SERVICER 
 The Servicer
covenants and agrees with the Administrative Agent that, so long as any Advance is outstanding and until the later to occur of the payment in full of all Secured Obligations and the termination of this Servicing Agreement: 
 Section 6.01. Existence; etc. 
 (a) The Servicer will observe all corporate procedures required by its certificate of incorporation, by-laws and the laws of its jurisdiction of formation. The Servicer will maintain its corporate existence in good
standing under the laws of its jurisdiction of organization and will promptly obtain and thereafter maintain qualifications to do business as a foreign corporation in any other state in which it does business and in which it is required to so
qualify. 
 (b) The Servicer will comply with the requirements of all applicable laws, rules, regulations and orders of
Governmental Authorities (including, without limitation, all environmental laws, all laws with respect to unfair and deceptive lending practices and predatory lending practices), if failure to comply with such requirements would be reasonably likely
(either individually or in the aggregate) to have a Material Adverse Effect. 
 (c) The Servicer will not move its chief
executive office from the address referred to in Section 5.07 or change its jurisdiction of organization from the jurisdiction referred to in Section 5.01 unless it shall have provided the Administrative Agent thirty (30) days’
prior written notice of such change. 
 (d) The Servicer will pay and discharge all taxes, assessments and governmental
charges or levies imposed on it or on its income or profits or on any of its Property prior to the date on which penalties attach thereto, except for any such tax, assessment, charge or levy the payment of which is being contested in good faith and
by proper proceedings and against which adequate reserves are being maintained. 
 (e) The Servicer will permit
representatives of the Administrative Agent, during normal business hours, to examine, copy and make extracts from its books and records, to inspect any of its Properties, and to discuss its business and affairs with its officers, all to the extent
reasonably requested by the Administrative Agent. 
  

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 (f) The Servicer shall, to the extent required by applicable law, disclose all material
transactions associated with this transaction in appropriate regulatory filings and public announcements. 
 Section 6.02. Accuracy
of Opinions. The Servicer shall take all other actions necessary to maintain the accuracy of the factual assumptions set forth in the legal opinion of Willkie, Farr & Gallagher LLP, counsel to the Servicer, issued in connection with the
Servicing Agreement and other Loan Documents and relating to the issues of substantive consolidation, true contribution and true sale of the Medallion Loans. 
 Section 6.03. Prohibition on Adverse Claims. Except as otherwise provided herein or in any other Loan Document, the Servicer shall not purport to sell, assign (by operation of law or otherwise) or
otherwise dispose of, or create or suffer to exist any Adverse Claim upon or with respect to, any Medallion Loan, any Collections related thereto or any other Collateral related thereto, or upon or with respect to any account to which any
Collections of any Medallion Loan are sent, or assign any right to receive income in respect thereof. 
 Section 6.04. Prohibition on
Fundamental Change. The Servicer will not engage in, or suffer any, change of ownership, dissolution, winding up, liquidation, merger or consolidation with, or convey, transfer, lease or otherwise dispose of (whether in one transaction or in a
series of transactions), all or substantially all of its assets (whether now owned or hereafter acquired), or acquire all or substantially all of the assets or capital stock or other ownership interest of any Person. 
 Section 6.05. Prohibition on Modifications. The Servicer will not amend, modify, waive or terminate any terms or conditions of the Servicing
Agreement without the written consent of the Administrative Agent (which consent shall not be unreasonably withheld in the case of an amendment curing an ambiguity or correcting any inconsistent provisions of the Servicing Agreement), and shall
perform its obligations thereunder. 
 Section 6.06. Amendment to Organizational Documents. The Servicer will not amend, modify
or otherwise make any change to its organizational documents without the consent of the Administrative Agent. 
 Section 6.07.
Financial Statements. 
 (a) The Servicer shall deliver to the Administrative Agent within 30 days after the last day
of each calendar month, (i) unaudited consolidated balance sheets and statements of income and cash flows for the Servicer for such calendar month (including, if such calendar month is the last month of a calendar quarter, consolidated
statements of cash flows for such calendar quarter) and (ii) a certificate of an officer of the Servicer, whose position is vice president or higher, stating that such financial statements are presented fairly in all material respects and in
accordance with GAAP, subject to year-end audit adjustments. 
 (b) The Servicer shall deliver to the Administrative Agent
within 90 days after the end of each fiscal year, the consolidated balance sheets of the Servicer and its consolidated Subsidiaries as at the end of such fiscal year and the related consolidated statements of 
  

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 income and retained earnings and of cash flows for the Servicer and its consolidated Subsidiaries for
such year, setting forth in each case in comparative form the figures for the previous year, accompanied by an opinion thereon of independent certified public accountants of recognized national standing, which opinion shall not be qualified as to
scope of audit or going concern and shall state that said consolidated financial statements fairly present the consolidated financial condition and results of operations of the Servicer and its consolidated Subsidiaries as at the end of, and for,
such fiscal year in accordance with GAAP, and a certificate of such accountants stating that, in making the examination necessary for their opinion, they obtained no knowledge, except as specifically stated, of any Servicer Default. The annual
separate financial statements of the Servicer shall disclose the effects of the transactions contemplated by the Purchase Agreement as a sale and/or contribution of the Medallion Loans and other Collateral. 
 (c) The Servicer will furnish to the Administrative Agent, at the time it furnishes each set of financial statements pursuant to
paragraphs (a) and (b) above, a Compliance Certificate substantially in the form of Exhibit 6.07(c) signed by an Authorized Officer of the Servicer and dated the date of such annual financial statement or such quarterly financial
statement. 
 The Servicer will furnish to the Administrative Agent, at the time it furnishes each set of financial statements pursuant to
paragraphs (a) and (b) above, a certificate of a Responsible Officer of the Servicer (i) stating that, to the best of such Responsible Officer’s knowledge, the Servicer during such fiscal period or year has observed or performed
all of its covenants and other agreements, and satisfied every condition, contained in this Servicing Agreement and the other Loan Documents to be observed, performed or satisfied by it, and that such Responsible Officer has obtained no knowledge of
any Servicer Default except as specified in such certificate (and, if any Servicer Default has occurred and is continuing, describing the same in reasonable detail and describing the action the Servicer has taken or proposes to take with respect
thereto) and (ii) showing in detail the calculations supporting such Responsible Officer’s certification of the Servicer’s compliance with the requirements of the financial covenants found in Section 6.07 hereto. 
 Section 6.08. Litigation. The Servicer will promptly, and in any event within 10 days after service of process on any of the following, give
to the Administrative Agent notice of all litigation, actions, suits, arbitrations, investigations (including, without limitation, any of the foregoing which are pending or threatened) or other legal or arbitrable proceedings affecting the Servicer
or any of its Subsidiaries or affecting any of the Property of any of them before any Governmental Authority that (i) questions or challenges the validity or enforceability of any of the Loan Documents or any action to be taken in connection
with the transactions contemplated hereby, (ii) which, individually or in the aggregate, if adversely determined, could reasonably have a Material Adverse Effect, or (iii) requires filing with the Securities and Exchange Commission in
accordance with the 1934 Act and any rules thereunder. 
  

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 Section 6.09. Notices. The Servicer, in its capacity as Servicer, shall give notice to the
Administrative Agent: 
 (a) promptly upon receipt of notice or knowledge of the occurrence of any Servicer Default or any
Rapid Amortization Event; 
 (b) promptly upon receipt of notice or knowledge of (i) any default related to any
Collateral, (ii) any Lien or security interest (other than security interests created hereby or by the other Loan Documents) on, or claim asserted against, any of the Collateral or (iii) any event or change in circumstances which could
reasonably be expected to have a Material Adverse Effect. 
 (c) promptly upon any material change in the market value of any
or all of the Servicer’s assets. 
 (d) promptly upon receipt of notice or knowledge of any issuance, or possible
issuance, of additional Medallions by New York City, Chicago, Boston, Cambridge, Newark, Philadelphia or any other jurisdiction for which the Administrative Agent has financed the purchase of Medallion Loans by the Borrower or any change in the
regulations relating to Medallion lending, servicing, foreclosure or the financing of medallion loans in any such jurisdictions. 
 (e) within one (1) Business Day, of any and all notices given by the Servicer in connection with any participation agreement in which the related Medallion Loan has been pledged to the Administrative Agent under the Loan Agreement.

 Each notice pursuant to this subsection shall be accompanied by a statement of a Responsible Officer of the Servicer setting forth details
of the occurrence referred to therein and stating what action the Servicer has taken or proposes to take with respect thereto. 
 Section 6.10. Funding Date Documentation. The Servicer shall deliver to the Custodian on or before each Funding Date the Funding Date Documentation with respect to the Medallion Loans (other than Wet Loans) being pledged under
the Loan Agreement on such Funding Date. As soon as possible after the Funding Date upon which any Wet Loans are pledged under the Loan Agreement, the Servicer shall deliver to the Custodian the Funding Date Documentation with respect to such Wet
Loans. 
 Section 6.11. Collection Account. The Servicer shall (a) cause the Collection Account Bank to deliver to the
Administrative Agent copies of monthly statements with respect to the Collection Account or (b) promptly deliver copies of such statements to the Administrative Agent. 
 Section 6.12. Borrowing Base Certificate. On each Borrowing Base Certificate Date, the Servicer shall deliver to the Administrative Agent a
Borrowing Base Certificate showing the Borrowing Base as of the last day of the prior calendar month, certified as complete and correct by a Responsible Officer. 
 Section 6.13. Additional Information. The Servicer shall, from time to time, provide to the Administrative Agent such other information, reports, financial statements and documents as the Administrative
Agent may reasonably request. 
  

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 Section 6.14. Limitation on Liens. The Servicer will defend the Collateral against, and will
take such other action as is necessary to remove, any Lien, security interest or claim on or to the Collateral, other than the security interests created under the Loan Agreement or Permitted Participation Interests, and the Servicer will defend the
right, title and interest of the Secured Parties in and to any of the Collateral against the claims and demands of all persons whomsoever. 
 Section 6.15. Advertising, Origination and Servicing Activities. All servicing activities, procedures and materials used with regard to any Medallion Loan made or accounts acquired, collected or serviced by the Servicer comply
with all applicable Federal, state and local laws, ordinances, rules and regulations, including but not limited to those related to usury, truth in lending, real estate settlement procedures, consumer protection, equal credit opportunity, fair debt
collection, rescission rights and disclosures, except where failure to comply would not have a Material Adverse Effect. 
 Section 6.16.
Maintenance of Insurance. The Servicer will maintain at all times in full force and effect with financially sound and reputable insurance companies insurance covering such risks and liabilities and with such deductibles or self-insured
retentions as are in accordance with normal industry practices for policies of insurance. 
 Section 6.17. Credit and Collection
Policy. The Servicer shall not amend, modify or revise the Credit and Collection Policy without the prior written consent of the Administrative Agent, which consent shall not be unreasonably withheld or delayed. In the event that the Servicer
makes any amendment or modification to the Credit and Collection Policy, the Servicer shall promptly deliver to the Administrative Agent a complete copy of the amended or modified the Credit and Collection Policy. 
 Section 6.18. Capacity as Servicer. The Servicer will, to the extent necessary, maintain separate records on behalf of and for the benefit of
the Administrative Agent, will act in accordance with instructions and directions, delivered in accordance with the terms hereof, from the Borrower and/or the Administrative Agent in connection with its servicing of the Medallion Loans hereunder,
and will ensure that, at all times when it is dealing with or in connection with the Medallion Loans in its capacity as Servicer, it holds itself out as Servicer, and not in any other capacity. 
 Section 6.19. Collections. The Servicer shall, to the extent possible, only accept Collections consisting of checks, wire transfers or
electronic transfers. 
 ARTICLE VII 
 SERVICER INDEMNITIES AND RESIGNATION 
 Section 7.01. Liability of the Servicer; Indemnities of Servicer. (a) The
Servicer shall be contractually liable in accordance herewith only to the extent of the obligations specifically undertaken by the Servicer under this Agreement. 
  

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 (b) The Servicer agrees to hold the Secured Parties, the Custodian and each of its
officers, directors, agents and employees (each, an “Indemnified Party”) harmless from and indemnify each Indemnified Party against all liabilities, losses, damages, judgments, costs and expenses of any kind (including but not limited to
attorneys’ fees and expenses) (collectively, “Damages”) which may be imposed on, incurred by or asserted against such Indemnified Party in any suit, action, claim or proceeding relating to or arising out of or based on any breach of
any representation, warranty, covenant or other term of this Agreement by the Servicer or any subservicer, the failure of the Servicer or any subservicer to meet the Accepted Servicing Practices in connection with any action (or failure to act)
hereunder or under any other Loan Documents, in its capacity as the Servicer, or any negligence or willful misconduct of the Servicer or any subservicer in connection with the performance of its obligations under this Agreement and the other Loan
Documents, in its capacity as the Servicer, except, in each case, to the extent arising from such Indemnified Party’s gross negligence or willful misconduct. Without limiting or being limited by the foregoing, the Servicer shall pay on demand
to each Indemnified Party any and all amounts necessary to indemnify such Indemnified Party from and against any and all Damages resulting from any of the following: 
 (i) the failure of Servicer to correctly report Eligible Medallion Loans in any report or other information provided by the Servicer to
the Administrative Agent or the Custodian, or in any calculation of the Borrowing Base made by the Servicer; 
 (ii) the
failure of any representation or warranty or statement made or deemed made by the Servicer hereunder or under any other Loan Document to have been true and correct when made; 
 (iii) the failure by the Servicer or any subservicer to comply with any applicable law, rule or regulation with respect to any Medallion
Loan or related Medallion; 
 (iv) action, or failure to act, by the Servicer that results in the failure to maintain in favor
of the Administrative Agent as required under this Servicing Agreement and the other Loan Documents a valid and enforceable security interest in the Collateral or the failure to maintain such security interests as first priority perfected security
interests as required under this Servicing Agreement and the other Loan Documents; 
 (v) the commingling of Collections at
any time with other funds; and 
 (vi) any defense, set-off, counterclaim, recoupment or reduction of liability whatsoever of
any Person, arising out of or relating to any action (or failure to act) by the Servicer in accordance with its obligations hereunder. 
 (c) Indemnification under this Section shall survive the resignation or removal of the Servicer or the termination of this Agreement, with respect to any act (or the failure to act) by the Servicer which occurred (or
failed to occur) prior to such resignation, removal or termination and shall include fees and expenses of counsel and expenses of litigation. If the Servicer shall have made any indemnity payments pursuant to this Section and the Person to or on
behalf of whom such payments are made thereafter collects any of such amounts from others, such Person shall promptly repay such amounts to the Servicer, without interest. 
  

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 Section 7.02. Limitation on Resignation of the Servicer. The Servicer shall not resign from
the obligations and duties hereby imposed on it except (a) by mutual agreement among the Servicer, the Borrower and the Administrative Agent or (b) upon determination that its duties hereunder are no longer permissible under applicable
law. Any determination under clause (b) above permitting the resignation of the Servicer shall be evidenced by an opinion of counsel (which counsel shall be acceptable to Administrative Agent) to such effect delivered to the Administrative
Agent and the Borrower. No such resignation shall become effective until a successor servicer shall have assumed the Servicer’s responsibilities, duties, liabilities and obligations hereunder. Any such successor servicer must be an established
servicer of loans secured by taxi medallions and must be approved in writing by the Administrative Agent. 
 Section 7.03. Rights of
the Administrative Agent in Respect of the Servicer. The Servicer shall afford the Administrative Agent, upon reasonable notice, during normal business hours, access to all records maintained by the Servicer in respect of its rights and
obligations hereunder and access to officers of the Servicer responsible for such obligations. Upon request, the Servicer shall furnish the Administrative Agent with such information as the Servicer possesses regarding its business, affairs,
property and condition, financial or otherwise. The Servicer shall permit the Administrative Agent to inspect the Servicer’s servicing facilities for the purpose of satisfying the Administrative Agent that the Servicer has the ability to
service the Medallion Loans as provided in this Servicing Agreement and the other Loan Documents. The Administrative Agent shall not have any responsibility or liability for any action or failure to act by the Servicer, and is not obligated to
supervise the performance of the Servicer under this Agreement or otherwise. 
 ARTICLE VIII 
 DEFAULT AND TERMINATION 
 Section 8.01.
Termination. Upon the occurrence of a Servicer Default, the Administrative Agent may (i) terminate all the rights and obligations of the Servicer under this Agreement as to any or all of the Medallion Loans by delivering notice of
termination to the Servicer with a copy to the Borrower and (ii) appoint any other Person selected by the Administrative Agent in its sole discretion as successor “Servicer” hereunder. 
 Section 8.02. Additional Termination Requirements. 
 (a) In the event (i) that notice of termination of the rights and obligations of the Servicer pursuant to Section 8.01 of this
Agreement is given by the Administrative Agent, or (ii) the Servicer resigns or is removed in accordance with Section 7.02, the Servicer covenants to safeguard the Servicing Records and that all funds and Medallion Loan Documents relating
to the affected Medallion Loans (collectively, the “Medallion Loan Records”) shall, at the option of the Administrative Agent, immediately upon receipt of notice of termination or the resignation or removal of the Servicer, be submitted to
the 
  

 20 

 control of the Administrative Agent or its designee and that, on the date of termination, they will be
transferred to the Administrative Agent or its designee, without prejudice to the rights, if any, of any party against any other party. 
 (b) Notwithstanding any termination of this Agreement, or of all or a portion of the rights and obligations of the Servicer hereunder, the Servicer shall not be relieved of liability for all amounts due, or
responsibilities owed the Borrower or the Administrative Agent in respect of its obligations hereunder while it served as the servicer hereunder. The Servicer forthwith upon such termination or resignation shall (i) pay over to the Collection
Account all Collections held by it or subsequently received by it with respect to the affected Medallion Loans pursuant to this Agreement or pursuant to any other written agreement, letter or arrangement with the Administrative Agent,
(ii) deliver to the Administrative Agent or other designee selected by the Administrative Agent a full accounting in respect of the affected Medallion Loans, including a statement showing the monthly payments and other amounts collected by or
on behalf of it and a statement of moneys held in trust by or on behalf of it for the payment of taxes, insurance premiums or other charges with respect to the affected Medallion Loans, (iii) otherwise use its best efforts to effect the orderly
and efficient transfer of servicing of the affected Medallion Loans to any designee selected by the Administrative Agent, and (iv) arrange for the physical transfer and delivery to any designee selected by the Administrative Agent of all
Medallion Loans and copies thereof in its possession, and all Medallion Loan Records. Any successor servicer hereunder shall meet the requirements and be selected in accordance with the procedures specified in Section 7.02. Notwithstanding any
termination of this Agreement, or any termination of all the rights and obligations of the Servicer hereunder as to all or any number of Medallion Loans, or any resignation of the Servicer, in any case pursuant to any provision of this Agreement,
the Servicer shall be entitled to receive all amounts accrued and owing to it under this Agreement from the Borrower in accordance with Section 3.02 of the Loan Agreement. 
 ARTICLE IX 
 MISCELLANEOUS PROVISIONS 
 Section 9.01. Amendment. This Agreement may be amended or modified from time to time by the parties hereto, but only by an instrument in
writing signed by each of the parties hereto. 
 Section 9.02. Successors and Assigns. The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and to the benefit of their respective permitted successors and assigns. No party may assign any of its rights or obligations hereunder without the consent of the other parties hereto;
provided, that the Administrative Agent may assign any or all of its rights and obligations hereunder with respect to any or all of the Medallion Loans. 
 Section 9.03. No Partnership. Nothing herein contained shall be deemed or construed to create a co-partnership or joint venture between the parties hereto and the services of the Servicer shall be rendered
as an independent contractor and not as an agent for the Borrower or the Administrative Agent. 
  

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 Section 9.04. Governing Law. This Agreement shall be construed according to the laws of the
State of New York, without regard to conflict of laws applied in the State of New York. 
 Section 9.05. Notices. All
demands, notices and communications relating to this Agreement shall be in writing and shall be deemed to have been duly given if mailed, by registered or certified mail, return receipt requested, or by overnight courier, or, if by other means, when
received by the other party or parties at the address shown below, or such other address as may hereafter be furnished to the other party or parties by like notice. Any such demand, notice or communication hereunder shall be deemed to have been
received on the date delivered to or received at the premises of the addressee (as evidenced, in the case of registered or certified mail, by the date noted on the return receipt). 
 The Borrower: 
 Taxi Medallion Loan Trust II

 c/o Medallion Financial Corp. 
 437 Madison Avenue 
 New York, New York 10022 
 Attention: President 
 Facsimile No.: 212-328-2121 
 Telephone No.: 212-328-2100 
 The Servicer:

 Medallion Funding Corp. 
 437
Madison Avenue 
 New York, New York 10022 
 Attention: President 
 Facsimile No.: 212-328-2121 
 Telephone No.: 212-328-2100 
 The
Administrative Agent: 
 Citicorp North America, Inc. 
 Global Securitized Markets 
 Citigroup Global Markets Inc. 
 388 Greenwich Street, 19th Floor 
 New York, NY 10013 
 Attention: Kim Conyngham 
 Facsimile No.: (212) 816-0270 
 Telephone: (212) 816-0456 
 Email:
kimberly.a.conyngham@citigroup.com 
  

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 Section 9.06. Article and Section Headings; Severability of Provisions; Counterparts. The
article and section headings of this Agreement are for convenience only and are not to be used to interpret or define the provisions hereof. In the event that any provision of this Agreement conflicts with applicable law, such conflict shall not
affect the other provisions of this Agreement which can be given effect without the conflicting provision, and to this end the provisions of this Agreement are declared to be severable. This Agreement may be executed in counterparts, each of which
shall be deemed an original, and all counterparts shall constitute one and the same instrument. 
 Section 9.07. Miscellaneous.
Each party agrees to execute and deliver such instruments and take such actions as the other party shall from time to time reasonably request to carry out the terms of this Agreement. 
 Section 9.08. Costs; Expenses. Without duplication of any amounts paid by the Borrower, the Servicer agrees to reimburse the Administrative
Agent as and when billed by the Administrative Agent for all of the Administrative Agent’s costs and expenses incurred in connection with the enforcement or the preservation of the Administrative Agent’s rights under this Servicing
Agreement, or rights against the Servicer in its capacity as Servicer under any other Loan Document to which it is a party, including without limitation the fees and disbursements of its counsel (including all fees and disbursements incurred in any
action or proceeding between the Servicer and an Indemnified Party or between an Indemnified Party and any third party relating hereto). 
 Section 9.09. Periodic Due Diligence Review. The Servicer acknowledges that the Administrative Agent has the right to perform continuing due diligence reviews with respect to the Medallion Loans, for purposes of verifying
compliance with the representations, warranties and specifications made hereunder or under the Loan Agreement, or otherwise, and the Servicer agrees that upon reasonable (but no less than one (1) Business Day’s) prior notice to the
Servicer (which prior notice shall not be required after the occurrence and during the continuation of a Default), the Administrative Agent or its authorized representatives (including independent public accountants) will be permitted during normal
business hours to examine, inspect, and make copies and extracts of, the Medallion Loan Files and any and all documents, records, agreements, instruments or information relating to such Medallion Loans in the possession or under the control of the
Servicer and/or the Custodian. The Servicer also shall make available to the Administrative Agent a knowledgeable financial or accounting officer for the purpose of answering questions respecting the Medallion Loan Files, the Medallion Loans, the
Borrowing Base or other related matters. Without limiting the generality of the foregoing, the Servicer acknowledges that the Administrative Agent may make Advances to the Borrower based solely upon the information provided by the Servicer to the
Administrative Agent and the representations, warranties and covenants contained herein, and that the Administrative Agent, at its option, has the right at any time to conduct a partial or complete due diligence review on some or all of the
Medallion Loans securing such Advance, including without limitation ordering new credit reports and otherwise re-generating the information used to originate such Medallion Loans. The Administrative Agent may underwrite such Medallion Loans itself
or engage a third party underwriter (including an independent audit and consulting firm specializing in securitization transactions) to perform such underwriting, provided that such third party 
  

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 underwriter shall agree in writing with the Borrower to maintain the confidentiality of the information reviewed and only
to use such information in connection with its engagement by the Administrative Agent in connection with this Servicing Agreement or any other Loan Document. The Servicer agrees to cooperate with the Administrative Agent and any third party
underwriter in connection with such underwriting, including, but not limited to, providing the Administrative Agent and any third party underwriter with access to any and all documents, records, agreements, instruments or information relating to
such Medallion Loans in the possession, or under the control, of the Servicer. The Borrower shall reimburse the Administrative Agent for all fees and related out-of-pocket costs and expenses incurred by the Administrative Agent in connection with
the Administrative Agent’s activities pursuant to Section 10.16 of the Loan Agreement and this Section 9.09; provided, however, that, (i) the Borrower shall not be required to reimburse the Administrative Agent for
more than one independent audit for any calendar year so long as (x) no Event of Default shall have occurred and be continuing and (y) the results of the previous audits were complete and reasonably acceptable to the Administrative Agent
and (ii) so long as no Event of Default shall have occurred and be continuing, the Borrower shall not be required to reimburse the Administrative Agent for the fees of the independent audit and consulting firm specializing in securitization
transactions engaged in connection with any such audit to the extent that such fees exceed $36,000 in any calendar year, through December 4, 2009; provided, further, that the $36,000 limit described in the foregoing clause (ii) is not
applicable unless (X) the Medallion Loan Files and any and all documents, records, agreements, instruments or information required to complete the audit, are contained in one location; (Y) the Borrower fully cooperates with the independent
audit and consulting firm specializing in securitization transactions performing any applicable audit contemplated hereunder; and (Z) no material findings are uncovered by or on behalf of the Administrative Agent requiring additional audit
work. 
 Section 9.10. Limitation of Liability. No claim may be made by any Related Party or any other Person against any
Lender, any Managing Agent, the Administrative Agent or their respective Affiliates, directors, officers, employees, attorneys or agents (each a “Lender Party”) for any special, indirect, consequential or punitive damages in respect of any
claim for breach of contract or any other theory of liability arising out of or related to the transactions contemplated by this Servicing Agreement or any other Loan Document, or any act, omission or event occurring in connection herewith or
therewith; and the Servicer hereby waives, releases, and agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not known or suspected to exist in its favor. 
 Section 9.11. Amendments to Taxi I Servicing Agreement and Related Loan Agreement. Each of the Borrower and the Servicer agree to provide
prompt written notice to the Administrative Agent of any amendment, supplement or modification to any of the Taxi I Servicing Agreement or the “Loan Agreement” referenced therein (the “Taxi I Loan Agreement”) that has the effect
of amending, adding, supplementing or otherwise modifying any “Event of Default” or “Servicer Default” under the Taxi I Servicing Agreement or the Taxi I Loan Agreement and, to the extent requested by the Administrative Agent,
amend this Agreement, the Loan Agreement and any other applicable Transaction Document to incorporate such amendments, additions, supplements and modifications to the Taxi I Loan Agreement or the Taxi I Servicing Agreement into this Agreement or the
Loan Agreement, as applicable. 
  

 24 

 IN WITNESS WHEREOF, each party has caused this Servicing Agreement to be executed in its name by its duly
authorized officer, as of the day and year first above written. 
  

			
	MEDALLION FUNDING CORP.,
	    as Servicer
		
	By:	 	 /s/ Michael J. Kowalsky

	Name:	 	Michael J. Kowalsky
	Title:	 	President
		
	By:	 	 /s/ Alvin Murstein

	Name:	 	Alvin Murstein
	Title:	 	Chief Executive Officer
	
	 TAXI MEDALLION LOAN TRUST II,
     as Borrower

		
	By:	 	 /s/ Andrew M. Murstein

	Name:	 	Andrew M. Murstein
	Title:	 	President
		
	By:	 	 /s/ Alvin Murstein

	Name:	 	Alvin Murstein
	Title:	 	Vice President
	
	 CITICORP NORTH AMERICA, INC.,
     as Administrative Agent

		
	By:	 	 /s/ Robert Sheldon

	Name:	 	Robert Sheldon
	Title:	 	Vice President

 Signature Page to Servicing AgreementLoan Sale and Contribution Agreement

 Exhibit 10.4 
 EXECUTION COPY 
  

 MEDALLION LOAN SALE AND CONTRIBUTION AGREEMENT 
 Dated as of December 19, 2006 
 between 
 MEDALLION FUNDING CORP., 

as Transferor, 
 and 
 TAXI MEDALLION LOAN TRUST II, 
 as Transferee

  

 TABLE OF CONTENTS 
  

					
	 Section
	 	 	  	Page
	ARTICLE I.	  	
		
	DEFINITIONS	  	
			
	 SECTION 1.01.
	 	 Certain Defined Terms
	  	1
			
	 SECTION 1.02.
	 	 Other Terms
	  	7
			
	 SECTION 1.03.
	 	 Computation of Time Periods
	  	7
		
	ARTICLE II.	  	
		
	AMOUNTS AND TERMS OF PURCHASES	  	
			
	 SECTION 2.01.
	 	 Purchase Facility
	  	7
			
	 SECTION 2.02.
	 	 Purchases from the Transferor.
	  	8
			
	 SECTION 2.03.
	 	 No Obligations or Taxes
	  	9
			
	 SECTION 2.04.
	 	 Collections.
	  	9
		
	ARTICLE III.	  	
		
	CONDITIONS OF PURCHASES	  	
			
	 SECTION 3.01.
	 	 Conditions Precedent to Initial Purchase
	  	10
			
	 SECTION 3.02.
	 	 Conditions Precedent to All Purchases
	  	11
		
	ARTICLE IV.	  	
		
	REPRESENTATIONS AND WARRANTIES	  	
			
	 SECTION 4.01.
	 	 Representations and Warranties of the Transferor
	  	12
		
	ARTICLE V.	  	
		
	GENERAL COVENANTS OF THE TRANSFEROR	  	
			
	 SECTION 5.01.
	 	 Affirmative Covenants of the Transferor
	  	16
			
	 SECTION 5.02.
	 	 Reporting Requirements of the Transferor
	  	18
			
	 SECTION 5.03.
	 	 Negative Covenants of the Transferor
	  	19

  

 i 

					
	ARTICLE VI.	  	
		
	ADMINISTRATION AND COLLECTION	  	
			
	 SECTION 6.01.
	 	 Designation of the Servicer
	  	20
			
	 SECTION 6.02.
	 	 Rights of the Transferee
	  	20
			
	 SECTION 6.03.
	 	 Responsibilities of the Transferor
	  	21
			
	 SECTION 6.04.
	 	 Maintenance of Perfection
	  	21
		
	ARTICLE VII.	  	
		
	TERMINATION EVENTS	  	
			
	 SECTION 7.01.
	 	 Termination Events
	  	22
	ARTICLE VIII.	  	
		
	INDEMNIFICATION	  	
	 SECTION 8.01.
	 	 Indemnities by the Transferor
	  	23
			
	 SECTION 8.02.
	 	 Retransfer of Medallion Loans
	  	25
		
	ARTICLE IX.	  	
		
	MISCELLANEOUS	  	
			
	 SECTION 9.01.
	 	 Amendments and Waivers
	  	26
			
	 SECTION 9.02.
	 	 Notices, Etc
	  	26
			
	 SECTION 9.03.
	 	 No Waiver; Remedies
	  	27
			
	 SECTION 9.04.
	 	 Binding Effect; Assignability; Survival.
	  	27
			
	 SECTION 9.05.
	 	 Severability of Provisions
	  	28
			
	 SECTION 9.06.
	 	 Costs, Expenses and Taxes
	  	28
			
	 SECTION 9.07.
	 	 Governing Law; Jurisdiction; Consent to Service of Process; Waiver of Jury Trial.
	  	28
			
	 SECTION 9.08.
	 	 No Proceedings
	  	29
			
	 SECTION 9.09.
	 	 Further Assurances
	  	29

  

 ii 

					
	 SECTION 9.10.
	 	Counterparts	  	30
			
	 SECTION 9.11.
	 	Merger and Integration	  	30
			
	 SECTION 9.12.
	 	Headings	  	30

  

 iii 

 EXHIBITS 
  

			
	EXHIBIT A	  	Transfer Agreement
		
	EXHIBIT B	  	Locations Where Records Are Kept; Location of Chief Executive Office
		
	EXHIBIT C	  	Form of Purchase Notice
		
	EXHIBIT D	  	Eligible Medallion Loan Criteria

  

 iv 

 MEDALLION LOAN SALE AND CONTRIBUTION AGREEMENT 
 Dated as of December 19, 2006 
 MEDALLION FUNDING CORP., a New York corporation
(the “Transferor”), and TAXI MEDALLION TRUST II, a Delaware statutory trust (the “Transferee”), agree as follows: 
 PRELIMINARY STATEMENTS 
 (1) The Transferor originates Medallion Loans and, in addition, from time to time may purchase Medallion
Loans and Related Assets from Medallion Financial, Freshstart, Medallion Capital and other Affiliates; 
 (2) The Transferee is a
special-purpose entity that is 100% beneficially owned by the Transferor and has been established to purchase and otherwise acquire Medallion Loans and Related Assets; 
 (3) The Transferor wishes from time to time to offer to sell Medallion Loans and Related Assets to the Transferee; 
 (4) The Transferee desires to procure such Medallion Loans and Related Assets from the Transferor; and 
 (5) The Transferee intends
to finance the cost of purchasing Medallion Loans and Related Assets from the Transferor through borrowings under a Loan and Security Agreement dated as of December 19, 2006 (as amended, restated, supplemented or otherwise modified from time to
time, the “Loan and Security Agreement”), by and among the Transferee, the Lenders from time to time party thereto (collectively, the “Lenders”), the Managing Agents from time to time party thereto and Citicorp
North America, Inc., as Administrative Agent (the “Administrative Agent”); 
 NOW, THEREFORE, the parties agree as follows:

 ARTICLE I. 
 DEFINITIONS

 SECTION 1.01. Certain Defined Terms. As used in this Agreement, the following terms shall have the following meanings (such
meanings to be equally applicable to both the singular and plural forms of the terms defined). Unless otherwise defined in this Agreement, terms defined in the Loan and Security Agreement are used herein as therein defined. 
 “Administrative Agent” shall have the meaning set forth in the Preliminary Statements. 
  

 1 

 “Affiliate” shall mean, with reference to any specified Person, any other Person
controlling or controlled by or under common control with such specified Person. For the purposes of this definition, “control” when used with reference to any specified Person shall mean the power to direct the management and policies of
such specified Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Affiliated Loan Sale Agreement” and “Affiliated Loan Sale Agreements” shall have the meaning set forth in
Section 5.01(i). 
 “Agreement” shall mean this Medallion Loan Sale and Contribution Agreement, including any
schedules or exhibits attached hereto, as the same may be amended or restated from time to time pursuant to the terms of this Agreement. 
 “Business Day” shall mean any day other than a Saturday or Sunday or any other day on which national banking associations or state banking institutions in New York, New York, are authorized or obligated by law, executive
order or governmental decree to be closed. 
 “Capital Medallion Loans” shall mean Medallion Loans and Related Assets
conveyed by Medallion Capital to the Transferor through the Medallion Capital Loan Sale Agreement. 
 “Closing Date” shall
mean December 19, 2006 
 “Collection Account” shall mean a segregated account created and maintained under the Loan
and Security Agreement, governed by the Collection Account Control Agreement, into which Collections of Medallion Loans or Related Assets are remitted. 
 “Collection Date” shall mean the date on which (i) all Medallion Loans have been repaid in full, together with interest thereon and other amounts owing in respect thereof and (ii) all other
amounts owing to the Transferee hereunder shall have been paid in full. 
 “Collections” shall mean all payments by or on
behalf of the Obligors in respect of Medallion Loans or Related Assets, including payments that are received or deemed to have been received from an Obligor in connection with any refinancing of or modification to any Medallion Loan, in the form of
cash, checks, wire transfers, electronic transfers or any other form of cash payment. 
 “Custodial Agreement” shall mean
the Custodial Agreement, dated as of the date hereof, among the Transferee, the Custodian, the Servicer and the Administrative Agent, as the same shall be modified and supplemented and in effect from time to time. 
 “Custodian” shall mean Wells Fargo Bank, National Association and its successors and permitted assigns, as custodian under the Custodial
Agreement. 
 “Debt” of any Person shall mean (i) indebtedness of such Person for borrowed money, (ii) obligations
of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii) obligations of such Person to pay the deferred purchase price of property or 
  

 2 

 services, (iv) obligations of such Person as lessee under leases which shall have been or should be, in accordance
with generally accepted accounting principles, recorded as capital leases, (v) obligations of such Person in connection with any letter of credit issued for the account of such Person, (vi) obligations of such Person under an interest rate
or currency swap, cap or similar agreement, (vii) obligations secured by any lien or other charge upon property or assets owned by such Person, even though such Person has not assumed or become liable for the payment of such obligations, and
(viii) obligations of such Person under direct or indirect guaranties in respect of, and obligations (contingent or otherwise) to purchase or otherwise acquire, or otherwise to assure a creditor against loss in respect of, indebtedness or
obligations of others of the kinds referred to in clauses (i) through (vii). 
 “Eligible Medallion Loan”
shall mean a Medallion Loan that satisfies all of the criteria set forth on Exhibit D to this Agreement. 
 “Financial
Medallion Loans” shall mean Medallion Loans and Related Assets conveyed by Medallion Financial to the Transferor through the Medallion Financial Loan Sale Agreement. 
 “Freshstart” shall mean Freshstart Venture Capital Corp., a New York corporation. 
 “Freshstart Loan Sale Agreement” shall mean the Freshstart Loan Sale Agreement dated as of the date hereof between Freshstart and the
Transferor, as amended and supplemented from time to time, governing the terms and conditions upon which the Transferor shall acquire from Freshstart certain Medallion Loans and Related Assets. 
 “Freshstart Medallion Loans” shall mean Medallion Loans and Related Assets conveyed by Freshstart to the Transferor through the
Freshstart Loan Sale Agreement. 
 “Governmental Authority” shall mean any country or nation, any political subdivision of
such country or nation and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government of any country or nation or political subdivision thereof. 
 “Ineligible Medallion Loan” shall have the meaning set forth in Section 8.02(a) of this Agreement. 
 “Insolvency Event” shall mean with respect to a specified Person, (i) the filing of a decree or order for relief by a court having
jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator,
assignee, custodian, administrator, sequestrator or similar official for such Person or for any substantial part of its property, or ordering the winding up or liquidation of such Person’s affairs, (ii) the commencement against such Person
of an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or selling appointment of a receiver, liquidator, assignee, custodian, administrator, sequestrator or similar official for such
Person or for any substantial portion of its property, or ordering the winding up or liquidation of such Person’s affairs, which case shall remain undismissed for a period of thirty (30) days or 
  

 3 

 more, or (iii) the commencement by such Person of a voluntary case under any applicable bankruptcy, insolvency or
other similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by a receiver,
liquidator, assignee, custodian, administrator, sequestrator or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such
Person generally to pay its debts as such debts become due or the admission by such Person in writing (of which a Responsible Officer of the Custodian shall have written notice) of its inability to pay its debts generally, or the adoption by the
board of directors of such Person of a resolution (of which a Responsible Officer of the Custodian shall have written notice) which authorizes action by such Person in furtherance of any of the foregoing. 
 “Lien” shall mean any mortgage, deed of trust, pledge, hypothecation, assignment, encumbrance, lien (statutory or other), preference,
participation interest, priority or other security agreement or preferential arrangement of any kind or nature whatsoever, including, without limitation, any conditional sale or other title retention agreement, any financing lease having
substantially the same economic effect as any of the foregoing and the filing of any financing statement under the UCC or comparable law of any jurisdiction to evidence any of the foregoing. 
 “Loan and Security Agreement” shall have the meaning set forth in the Preliminary Statements. 
 “Loan Documents” shall mean, with respect to any Medallion Loan, the related Obligor Note and any related loan agreement, security
agreement, mortgage, assignment of indemnity, financing statements and other documents, instruments, certificates or assignments (including amendments or modifications thereof) executed by the Obligor thereof or by another Person on the
Obligor’s behalf in respect of such Medallion Loan and related Obligor Note, including, without limitation, general or limited guaranties. 
 “Medallion” shall mean a medallion or other license (i) that was issued by a municipality in New York, New York, Chicago, Illinois, Boston, Massachusetts, Cambridge, Massachusetts, Newark, New Jersey, Philadelphia,
Pennsylvania or another location which the Administrative Agent has approved in writing, (ii) that gives its owner the right to operate a taxicab in such municipality, (iii) that is perpetually renewable by the issuing municipality and
(iv) that is readily transferable to another person in the secondary market, subject to applicable rules and regulations. 
 “Medallion Capital” shall mean Medallion Capital, Inc., a Minnesota corporation. 
 “Medallion Capital Loan
Sale Agreement” shall mean the Medallion Capital Loan Sale Agreement dated as of the date hereof between the Transferor and Medallion Capital, as amended and supplemented from time to time, governing the terms and conditions upon which the
Transferor shall acquire from Medallion Capital certain Medallion Loans and Related Assets. 
  

 4 

 “Medallion Financial” shall mean Medallion Financial Corp., a Delaware corporation.

 “Medallion Financial Loan Sale Agreement” shall mean the Medallion Financial Loan Sale Agreement dated as of the date
hereof between the Transferor and Medallion Financial, as amended and supplemented from time to time, governing the terms and conditions upon which the Transferor shall acquire from Medallion Financial certain Medallion Loans and Related Assets.

 “Medallion Loan” shall mean a loan purported to be sold or contributed hereunder to the Transferee that is a loan secured
by a collateral assignment of a Medallion and evidenced by an Obligor Note, arising from the extension of credit to an Obligor by an Originator in the ordinary course of its business and appearing on a Medallion Loan Schedule at any time hereafter
submitted to and accepted by the Transferee in connection with a conveyance pursuant to Section 2.02, and shall include, without limitation, all monies due or owing and all Collections and other amounts received from time to time with
respect to such loan and all proceeds (including, without limitation, “proceeds” as defined in the UCC of the jurisdiction the law of which governs the perfection of the interest on Medallion Loans) thereof; provided,
however, that any Medallion Loan retransferred by the Transferor pursuant to Section 8.02 of this Agreement shall cease to be a Medallion Loan as of the date of such retransfer. 
 “Obligor” shall mean, with respect to any Medallion Loan, the Person or Persons obligated to make payments with respect to such
Medallion Loan, including any co-signer or guarantor for a Person so obligated. 
 “Obligor Note” shall mean any promissory
note evidencing the indebtedness of an Obligor under a Medallion Loan, together with any modifications thereto. 
 “Operative
Documents” shall mean this Agreement, the Loan and Security Agreement, the Affiliated Loan Sale Agreements, the Servicing Agreement, the Custodial Agreement and the other agreements and instruments related to any of the foregoing.

 “Opinion of Counsel” shall mean a written opinion of counsel, who, except as otherwise provided herein, may be counsel
for, or an employee of, the Person providing the opinion and who shall be reasonably acceptable to the Transferee. 
 “Originator” shall mean an originator of Medallion Loans in its capacity as such. 
 “Outstanding
Balance” of any Medallion Loan at any time shall mean the then outstanding principal balance thereof. 
 “Payment
Date” shall mean the date on which the Loan and Security Agreement shall have terminated and all amounts owing to all parties providing financing, liquidity support, credit enhancement or other financial accommodations to the Transferee
thereunder shall have been paid in full. 
 “Permitted Participation Interest” shall mean a participation interest in a
Medallion Loan that is (i) subordinated to the rights of the Transferee therein, as the case may 
  

 5 

 be, on terms acceptable to the Transferee and pursuant to an agreement in form and substance acceptable to the
Transferee, in each case in its sole and absolute discretion, and (ii) in the case of a Person that is not an Affiliate of the Transferee, held by a holder that is acceptable to the Transferee in its sole and absolute discretion. 
 “Person” shall mean any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock
company, trust, unincorporated organization, Governmental Authority or any other entity of similar nature. 
 “Purchase”
shall mean any purchase by the Transferee of Medallion Loans and Related Assets from the Transferor pursuant to Article II. 
 “Purchase Price” shall have the meaning set forth in Section 2.02(b). 
 “Records”
shall mean all contracts and other documents, books, records and other information (including, without limitation, computer programs, tapes, discs, punch cards, data processing software and Related Assets and rights), including, without limitation,
all Loan Documents, maintained with respect to Medallion Loans and the related Obligors. 
 “Related Assets” shall mean with
respect to any Medallion Loan: (i) if the Medallion Loan was transferred by Medallion Financial, Freshstart or Medallion Capital to the Transferor under the respective Affiliated Loan Sale Agreement, all of the Transferor’s rights,
remedies, powers and privileges under any of the Affiliated Loan Sale Agreements; (ii) all security interests or liens and property subject thereto from time to time purporting to secure payment of such Medallion Loan, whether pursuant to the
Obligor Note related to such Medallion Loan, any other Loan Document or otherwise, including, without limitation, the applicable Medallion; (iii) all UCC financing statements covering any collateral securing payment of such Medallion Loan;
(iv) all guarantees, indemnities, warranties, insurance policies and proceeds and premium refunds thereof and other agreements or arrangements of whatever character from time to time supporting or securing payment of such Medallion Loan whether
pursuant to the Obligor Note related to such Medallion Loan or otherwise; (v) all Records and all other instruments and rights relating to such Medallion Loan; and (vi) if such Medallion Loan is subject to a Permitted Participation
Interest, all rights, remedies, powers and privileges of the Transferor under the related participation agreement. 
 “Requirements
of Law” shall mean any law, treaty, rule or regulation or final determination of an arbitrator or Governmental Authority and, when used with respect to any Person, the certificate of incorporation and by-laws or other organizational or
governing documents of such Person. 
 “Servicer” shall mean the Transferor in its capacity as servicer under the Servicing
Agreement, or such successor Servicer appointed pursuant to the terms of the Servicing Agreement. 
 “Subsidiary” shall
mean, as to any Person, any corporation or other entity of which securities or other ownership interests having ordinary voting power to elect a majority of the board of directors or other Persons performing similar functions are at the time
directly or indirectly owned by such Person. 
  

 6 

 “Termination Date” shall mean the earlier of (i) the date of the declaration or
automatic occurrence of the Termination Date pursuant to Section 7.01 and (ii) the date specified by the Transferor or the Transferee in a written notice to the other party given at least thirty (30) days prior to such
specified date. 
 “Termination Event” shall have the meaning set forth in Section 7.01. 
 “Transfer Agreement” shall mean an agreement in the form of the agreement included herein as Exhibit A. 
 “Transfer Date” shall mean any day on which Medallion Loans are to be transferred from the Transferor to the Transferee hereunder,
whether by sale or contribution of capital. 
 “Transferee” shall have the meaning set forth in the preamble hereto.

 “Transferor” shall have the meaning set forth in the preamble hereto. 
 “UCC” shall mean the Uniform Commercial Code as from time to time in effect in the specified jurisdiction. 
 “Weekly Settlement Date” shall mean the second Business Day of each calendar week. 
 SECTION 1.02. Other Terms. All accounting terms not specifically defined herein shall be construed in accordance with generally accepted
accounting principles. All terms used in Article 9 of the UCC in the State of New York, and not specifically defined herein, are used herein as defined in such Article 9. 
 SECTION 1.03. Computation of Time Periods. Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word “from” means
“from and including” and the words “to” and “until” each means “to but excluding.” 
 ARTICLE II.

 AMOUNTS AND TERMS OF PURCHASES 
 SECTION 2.01. Purchase Facility. 
 (a) From time to time the Transferor may make available to the Transferee its inventory of
Eligible Medallion Loans for the purpose of the Transferee’s considering whether it wishes to purchase any such loans. On the terms and conditions hereinafter set forth, the Transferee may in its sole discretion purchase Medallion Loans and
Related Assets with respect thereto from the Transferor from time to time during the period from the date the conditions precedent to the initial Purchase in Section 3.01 are satisfied to the Termination Date. Nothing in this Agreement
shall be deemed to be or construed as a commitment by the Transferee to purchase any Medallion Loans or Related Assets at any time. 
  

 7 

 (b) It is the intention of the parties hereto that each Purchase or contribution made hereunder shall
constitute a sale or contribution of such assets, which transfer is absolute and irrevocable and provides the Transferee with the full benefits of ownership of the purchased Medallion Loans and Related Assets. Neither the Transferor nor the
Transferee intends the transfers contemplated hereunder to be, or for any purpose to be characterized as, loans from the Transferee to the Transferor secured by such transferred assets. 
 (c) In the event that, notwithstanding the intent of the parties, any Medallion Loans are held to be the property of the Transferor, or if for any other
reason this Agreement is held or deemed to create a security interest in such Medallion Loans, then this Agreement shall be deemed to be a security agreement, the conveyance provided for in Section 2.01(a) shall be deemed to be a grant
by the Transferor to the Transferee of a security interest in all of the Transferor’s right, title and interest, whether now owned or hereafter acquired, in and to (i) all accounts, contract rights, general intangibles, chattel paper,
instruments, documents, money, deposit accounts, certificates of deposit, goods, letters of credit, advices of credit and uncertificated securities consisting of, arising from or relating to (a) the Medallion Loans, (b) the Related Assets
with respect to such Medallion Loans, including the Obligor Notes, related security agreements and all other Loan Documents, (c) all Collections with respect to such Medallion Loans, including all cash collections and other cash proceeds of
Medallion Loans, as well as other proceeds of such Medallion Loans or (d) all monies from time to time on deposit in, and all securities, instruments and other investments purchased from time to time with monies on deposit in, any Lock-Box
Account or the Collection Account (whether or not allocated to any sub-account thereof) and (ii) all cash and non-cash proceeds of any of the foregoing. 
 (d) In view of the intention of the parties hereto that the Purchases made hereunder shall constitute sales of such Medallion Loans rather than a loan secured by such Medallion Loans, the Transferor agrees to note on
its financial statements that such Medallion Loans and Related Assets have been sold to the Transferee. 
 (e) In furtherance of each
Purchase, the Transferor shall execute and deliver to the Transferee a fully executed Transfer Agreement in the form included herein as Exhibit A in which the Medallion Loans being transferred by the Transferor to the Transferee by such
Purchase shall be identified. 
 SECTION 2.02. Purchases from the Transferor. 
 (a) The initial Purchase shall be made on the Closing Date, provided that a notice requesting such Purchase (such notice to be in substantially the form
of Exhibit C hereto) is received by the Transferee on or before the date of such initial Purchase. Each subsequent Purchase shall be made on a Business Day following the receipt by the Transferee of a written notice from the Transferor (such
notice to be in substantially the form of Exhibit C hereto), with a copy sent to the Administrative Agent, at least one (1) Business Day before such subsequent purchase date. The Transferee shall promptly, after the receipt of such
notice, notify the Transferor whether the Transferee has determined to make such Purchase. 
 (b) The purchase price (the “Purchase
Price”) for Medallion Loans (together with Related Assets) shall be the Outstanding Balance of such Medallion Loans on the Transfer 
  

 8 

 Date (after giving effect to the scheduled payments due (whether or not received) on such Medallion Loans on or before
the Transfer Date) plus accrued interest to but not including the Transfer Date, except that the Transferor may treat a portion of the Medallion Loans as a contribution to the capital of the Transferee in accordance with Section 2.02(d).
No offset of any kind by the Transferee with respect to any Purchase shall be permitted against the Purchase Price. 
 (c) The Transferee
shall pay the Purchase Price for Medallion Loans (together with Related Assets) sold by the Transferor under this Agreement after the Closing Date on the Transfer Date on which such Medallion Loans are purchased, such payment to be made in cash,
subject to Section 2.02(d). On the date of each Purchase, the Transferee shall, upon satisfaction of the applicable conditions set forth in Article III, make available to the Transferor the Purchase Price in same day funds.

 (d) Notwithstanding any provision herein to the contrary, if the Transferor and the Transferee so elect, on any such Transfer Date the
Transferor may designate in writing pursuant to the Form of Purchase Notice attached hereto as Exhibit C, all or a portion of the Medallion Loans (but not a portion of any individual Medallion Loan) proposed to be transferred to the
Transferee on such Transfer Date as a capital contribution to the Transferee. In such an event, the Purchase Price payable with respect to such Purchase shall be reduced by the aggregate amount of the Purchase Price that would be attributable to the
contributed Medallion Loans if such Medallion Loans were sold, rather than contributed, to the Transferee hereunder; provided, however, that Medallion Loans contributed to the Transferee as capital shall otherwise constitute Medallion
Loans for purposes of this Agreement. The Transferor and the Transferee hereby agree to note any such capital contribution on their respective financial statements. 
 SECTION 2.03. No Obligations or Taxes. The Transferor represents and warrants that (i) there will be no obligations of the Transferor under any Medallion Loans conveyed to the Transferee hereunder after
the Closing Date remaining to be performed (and the exercise by the Transferee of any of its rights thereunder or hereunder shall not relieve the Transferor of such obligations if they do exist) and (ii) there will not be payable any taxes,
including, without limitation, sales, excise and personal property taxes, in connection with any Medallion Loans conveyed to the Transferee hereunder after the Closing Date, except for income and similar taxes in connection with any Medallion Loans
payable by the Transferor for periods on and prior to the Closing Date and payable by the Transferee for periods after the Closing Date. 
 SECTION 2.04. Collections. 
 (a) Any Collections of Medallion Loans received (or deemed to have been received) by the
Transferor after the applicable Transfer Date shall not be commingled with other funds and shall be remitted directly to the Transferee by depositing such Collections in the Collection Account within one (1) Business Day of the
Transferor’s receipt thereof. 
 (b) If, after the Transfer Date with respect to a Medallion Loan, the Transferee receives any amounts
in respect of a scheduled payment due on or before the Transfer Date of such Medallion Loan, the Transferee shall remit such amounts to the Transferor within one (1) Business Day of the Transferee’s receipt thereof. 
  

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 ARTICLE III. 
 CONDITIONS OF PURCHASES 
 SECTION 3.01. Conditions Precedent to Initial Purchase. The initial
Purchase hereunder is subject to the condition precedent that the Transferee shall have received on or before the date of such Purchase the following, each (unless otherwise indicated) dated such date, in form and substance satisfactory to the
Transferee: 
 (a) a copy of the resolutions of the Board of Directors of the Transferor approving this Agreement and the other Operative
Documents to be delivered by it hereunder and the transactions contemplated hereby, certified by its secretary or assistant secretary; 
 (b)
(i) a certificate of the secretary or assistant secretary of the Transferor certifying the names and true signatures of the officers authorized on its behalf to sign this Agreement and the other documents to be delivered by it hereunder (on
which certificate the Transferee may conclusively rely until such time as the Transferee shall receive from the Transferor a revised certificate meeting the requirements of this subsection (b)), (ii) a copy of the certificate of
incorporation of the Transferor and (iii) a copy of the Transferor’s by-laws; 
 (c) financing statements (Form UCC 1), in proper
form for filing, naming Medallion Financial as the debtor/seller of the Financial Medallion Loans and Related Assets, the Transferor as secured party/buyer/assignor and the Transferee as assignee thereof, or other documents, as may be necessary or,
in the opinion of the Transferee, desirable under the UCC of all appropriate jurisdictions or any comparable law to perfect the Transferor’s, and therefore, the Transferee’s, interests in the Financial Medallion Loans; 
 (d) financing statements (Form UCC 1), in proper form for filing, naming Freshstart as the debtor/seller of the Freshstart Medallion Loans and Related
Assets, the Transferor as secured party/buyer/assignor and the Transferee as assignee thereof, or other documents, as may be necessary or, in the opinion of the Transferee, desirable under the UCC of all appropriate jurisdictions or any comparable
law to perfect the Transferor’s, and therefore, the Transferee’s, interests in the Freshstart Medallion Loans; 
 (e) financing
statements (Form UCC 1), in proper form for filing, naming Medallion Capital as the debtor/seller of the Capital Medallion Loans and Related Assets, the Transferor as secured party/buyer/assignor and the Transferee as assignee thereof, or other
documents, as may be necessary or, in the opinion of the Transferee, desirable under the UCC of all appropriate jurisdictions or any comparable law to perfect the Transferor’s, and therefore, the Transferee’s, interests in the Capital
Medallion Loans; 
 (f) financing statements (Form UCC 1), in proper form for filing, naming the Transferor as the debtor/seller of the
Medallion Loans and Related Assets and the Transferee as secured party/buyer/assignor and the Administrative Agent as assignee thereof, or other documents, as may be necessary or, in the opinion of the Transferee, desirable under the UCC of all
appropriate jurisdictions or any comparable law to perfect the Transferee’s interests in the Medallion Loans and Related Assets; 
  

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 (g) receipt-stamped copies of proper financing statements (Form UCC 3), if any, necessary to release all
security interests and other rights of any Person in any Medallion Loans and Related Assets previously granted by the Transferor, Medallion Financial, Freshstart or Medallion Capital; 
 (h) an opinion of Willkie Farr & Gallagher LLP, counsel to the Transferor, the Transferee, Medallion Financial, regarding the characterization
of the Financial Medallion Loans sold by Medallion Financial to the Transferor pursuant to the Medallion Financial Loan Sale Agreement, the Freshstart Medallion Loans sold by Freshstart to The Transferor pursuant to the Freshstart Loan Sale
Agreement, the Capital Medallion Loans sold by Medallion Capital to the Transferor pursuant to the Medallion Capital Loan Sale Agreement and the Medallion Loans sold or contributed by the Transferor to the Transferee hereunder as true sales or
contributions of, and not loans secured by, the Financial Medallion Loans, the Freshstart Medallion Loans, the Capital Medallion Loans or the Medallion Loans, as applicable, and as to the substantive nonconsolidation of either the Transferor or
Medallion Financial with the Transferee in a bankruptcy of the Transferor and/or the Transferee; and 
 (i) an opinion of Willkie
Farr & Gallagher LLP, counsel to the Transferor, as to perfection, priority, certain corporate matters and such other matters as the Transferee may reasonably request. 
 SECTION 3.02. Conditions Precedent to All Purchases. Each Purchase (including the initial Purchase) from the Transferor by the Transferee shall be
subject to the further conditions precedent that on the date of such Purchase, the following statements shall be true and the Transferor, by accepting the amount of such Purchase, shall be deemed to have certified that: 
 (a) the representations and warranties contained in Section 4.01 are correct on and as of such day as though made on and as of such date;

 (b) no event has occurred and is continuing, or would result from such Purchase, which constitutes a Termination Event or would constitute
a Termination Event but for the requirement that notice be given or time elapse or both; 
 (c) the Custodian shall have (i) received,
in each case, with respect to each Medallion Loan that is not a Wet Loan, (a) each Obligor Note with respect to each Medallion Loan purchased by the Transferee, together with each other “instrument” (as defined in the UCC of the
jurisdiction the law of which governs the perfection of the interest in such Medallion Loan created hereunder) evidencing such Medallion Loan, duly endorsed in blank, (b) executed originals of each of the other Loan Documents related to the
Medallion Loan included in such Purchase and (c) all Records related to such Medallion Loan and (ii) delivered to the Transferee a “Trust Receipt” (as defined in the Custodial Agreement) for each Medallion Loan; and 

 

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 (d) the Transferee shall have received, in each case, with respect to each Medallion Loan that is a Wet
Loan, a “Wet Loan Schedule” (as defined in the Servicing Agreement) with respect to such Wet Loan. 
 ARTICLE IV. 
 REPRESENTATIONS AND WARRANTIES 
 SECTION 4.01.
Representations and Warranties of the Transferor. The Transferor represents and warrants as follows as of the Closing Date and the date of each Purchase: 
 (a) Eligibility. As of the date on which a Medallion Loan is sold hereunder, such Medallion Loan is an Eligible Medallion Loan. 
 (b) Existence; Qualification. The Transferor is a corporation duly organized, validly existing and in good standing under the laws of the State of New York and has full power and authority to own its properties
and conduct its business as presently owned or conducted and to execute, deliver and perform its obligations under this Agreement and the other Operative Documents to which it is party. The Transferor is duly qualified to do business and is in good
standing as a foreign corporation, and has obtained all necessary licenses and approvals, in each jurisdiction in which failure to so qualify or to obtain such licenses and approvals could have a material adverse effect on the Transferor’s
ability to perform its obligations under the Operative Documents to which it is a party. 
 (c) Authority and Authorization;
Enforceability; Approvals; Absence of Adverse Notice. The Transferor has the power, authority and legal right to make, deliver and perform this Agreement and each of the Operative Documents to which it is a party and all of the transactions
contemplated hereby and thereby, and has taken all necessary action to authorize the execution, delivery and performance of each of the Operative Documents to which it is a party. This Agreement and each of the Operative Documents to which the
Transferor is a party constitute the legal, valid and binding obligations of the Transferor, enforceable against the Transferor in accordance with their respective terms, except as the enforceability hereof and thereof may be limited by bankruptcy,
insolvency, moratorium, reorganization and other similar laws of general application affecting creditors’ rights generally and by general principles of equity (whether such enforceability is considered in a proceeding in equity or at law). No
consent of any other party and no consent, license, approval or authorization of, or registration or declaration with, any Governmental Authority, bureau or agency (including, without limitation, any Taxi Commission) is required in connection with
the execution, delivery or performance by the Transferor of any Operative Document to which it is a party, or the validity or enforceability of any Operative Document or Medallion Loans, other than such as have been met or obtained. The Transferor
has not received any notice, nor does the Transferor have any knowledge or reason to believe, that any Taxi Commission or other Governmental Authority intends to seek the cancellation, termination or modification of any of its licenses or permits,
or that valid grounds for such cancellation, termination or modification exist. 
  

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 (d) No Breach. The execution, delivery and performance of this Agreement and all other agreements
and instruments executed and delivered or to be executed and delivered pursuant hereto will not (i) create any Adverse Claim on Medallion Loans and Related Assets other than as contemplated in this Agreement or (ii) violate any provision
of any existing law or regulation or any order or decree of any court, regulatory body or administrative agency or the certificate of incorporation or by-laws of the Transferor or any mortgage, indenture, contract or other agreement to which the
Transferor is a party or by which the Transferor or any property or assets of the Transferor may be bound. 
 (e) Litigation. No
litigation or administrative proceeding of or before any court, tribunal or governmental body is presently pending or, to the knowledge of the Transferor, threatened against the Transferor or any properties of the Transferor or with respect to this
Agreement which, if adversely determined, could have a material effect on the business, assets or financial condition of the Transferor or which would draw into question the validity of this Agreement, any Operative Document to which the Transferor
is a party or any of the other applicable documents forming part of the Medallion Loans and Related Assets. 
 (f) No Adverse
Selection. In selecting the Medallion Loans to be sold pursuant to this Agreement, no selection procedures were employed which are intended to be, or have the effect of being, adverse to the interests of the Transferee. 
 (g) Bulk Transfer. The sale of Medallion Loans by the Transferor to the Transferee pursuant to this Agreement is in the ordinary course of
business for the Transferor and is not subject to the bulk transfer or any similar statutory provisions in effect in any applicable jurisdiction. 
 (h) Adverse Orders. No injunction, writ, restraining order or other order of any nature adversely affects the Transferor’s performance of its obligations under this Agreement or any Operative Document to which the Transferor is
a party. 
 (i) Chief Executive Office; Jurisdiction of Organization. The Transferor’s chief executive office (and the location
of the Transferor’s records regarding the Medallion Loans) is located at 437 Madison Avenue, New York, New York 10022. On the Effective Date, the Transferor’s jurisdiction of organization is the State of New York. 
 (j) Legal Name. The Transferor’s legal name is as set forth in this Agreement; the Transferor has not changed its name since its formation;
the Transferor does not have trade names, fictitious names, assumed names or “doing business as” names. 
 (k) Valid
Interest. No transfer of any Medallion Loan or Related Asset by the Transferor to the Transferee constitutes a fraudulent transfer or fraudulent conveyance under the United States Bankruptcy Code or applicable state bankruptcy or insolvency laws
or is otherwise void or voidable or subject to subordination under similar laws or principles or for any other reason. The transfer of Medallion Loans and Related Assets by the Transferor to the Transferee under this Agreement constitutes a true and
valid assignment and transfer for consideration of such Medallion Loans and Related Assets under applicable state law (and not merely a pledge of such Medallion Loans and Related Assets for security purposes), enforceable against the creditors of
the Transferor, and any Medallion Loans and Related Assets so purchased will not constitute property of the Transferor. 
  

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 (l) Solvency. The Transferor is solvent and will not become insolvent after giving effect to the
transactions contemplated hereby; the Transferor is paying its debts as they become due; and the Transferor, after giving effect to the transactions contemplated hereby, will have adequate capital to conduct its business. 
 (m) Consideration. The Transferor has received fair consideration and reasonably equivalent value in exchange for the sale of Medallion Loans by
the Transferor hereunder. 
 (n) Adverse Agreements. There are no agreements in effect adversely affecting the rights of the
Transferee to make, or cause to be made, the grant of the security interest in the Medallion Loans and Related Assets contemplated by the Loan and Security Agreement. 
 (o) No Default. No Default or Event of Default has occurred and is continuing. 
 (p) Lock-Box
Accounts. The Transferor has not established, and there do not currently exist for the benefit of the Transferor or any of the Transferor’s creditors, any lock-box accounts for the receipt of payments from Obligors in respect of Medallion
Loans. All Obligors of Medallion Loans transferred by the Transferor to the Transferee hereunder have been, or upon transfer hereunder will be, instructed by invoice to make payments only to the Transferee or its order and such instructions are or
will be in full force and effect at the time of transfer hereunder. 
 (q) Separate Corporate Existence. The Transferor is entering
into the transactions contemplated by this Agreement in reliance on the Transferee’s identity as a separate legal entity from the Transferor and each of its Affiliates other than the Transferee, and acknowledges that the Transferee and the
other parties to the Operative Documents to which the Transferee is a party are similarly entering into the transactions contemplated by such other Operative Documents in reliance on the Transferee’s identity as a separate legal entity from the
Transferor and each such other Affiliate. 
 (r) Underwriting and Servicing. Each Medallion Loan was underwritten in accordance with
the Underwriting Guidelines and is being serviced in conformity with the Transferor’s standard underwriting, credit, collection, operating and reporting procedures and systems and otherwise in accordance with Accepted Servicing Practices and
the Credit and Collection Policy. 
 (s) Liens. The Transferor has not assigned, pledged or otherwise conveyed or encumbered any
Medallion Loan or Related Assets to any other Person, and immediately prior to the sale of any Medallion Loan or Related Assets to the Transferee, the Transferor was the sole owner of such Medallion Loan and Related Assets and had good and
marketable title thereto, free and clear of all Liens other than those created hereunder and in favor of the Transferee, except for Permitted Participation Interests and Liens to be released hereunder. 
  

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 (t) Operative Documents; Transferor Title. The Transferor has delivered to the Transferee true and
correct copies of all material agreements between each Obligor, on the one hand, and the applicable Originator, and any assignee thereof, on the other hand. The Transferor is not in default of any of its obligations under any Operative Document in
any material respect. At the time of transfer of each Medallion Loan by the Transferor to the Transferee, the Transferor shall be the lawful owner of, and have good title to, such Medallion Loan and Related Assets, free and clear of any Liens
(except for Permitted Participation Interests and Liens created hereunder and under the Operative Documents). All such Medallion Loans and Related Assets are transferred to the Transferee without recourse to the Transferor except as described
herein, which in any event shall not include any recourse to the Transferor on account of a credit default under a Medallion Loan. The Obligor is not in default of any of its obligations under any Medallion Document in any material respects.

 (u) Taxes. The Transferor has filed or caused to be filed all federal, state and local tax returns which are required to be filed
by it, and has paid or caused to be paid all taxes shown to be due and payable on such returns or on any assessments received by it, other than any taxes or assessments the validity of which are being contested in good faith by appropriate
proceedings and with respect to which the Transferor has set aside adequate reserves on its books in accordance with generally accepted accounting principles and which have not given rise to any Liens. 
 (v) Anti-Terrorism Laws. The Transferor is not, and no Person who owns a controlling interest in or otherwise controls the Transferor is or shall
be (i) listed on the Specially Designated Nationals and Blocked Persons List maintained by the Office of Foreign Assets Control (“OFAC”), Department of the Treasury, and/or on any other similar list (collectively, the
“Lists”) maintained by the OFAC pursuant to any authorizing statute, Executive Order or regulation (collectively, “OFAC Laws and Regulations”) or (ii) a Person (a “Designated Person”) either
(a) included within the term “designated national” as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (b) designated under Sections 1(a), 1(b), 1(c) or 1(d) of Executive Order No. 13224, 66 Fed. Reg.
49079 (published September 25, 2001) or similarly designated under any related enabling legislation or any other similar Executive Orders (collectively, the “Executive Orders”). The Transferor is not (x) a Person or entity
with which the Transferee is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law or (y) a Person or entity that commits, threatens or conspires to commit or supports “terrorism” as defined in the
Executive Orders or (z) is affiliated or associated with a Person or entity listed in the preceding clause (x) or clause (y). None of the Transferor, its Affiliates, brokers or other agents acting in any capacity in
connection with the transactions contemplated hereunder (I) deals in, or otherwise engages in any transaction relating to, any property or interests in property blocked pursuant to the Executive Orders or (II) engages in or conspires to engage
in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law. 
 (w) No Violation of Anti-Money Laundering Laws. Neither the Transferor nor any holder of a direct or indirect interest in the Transferor (i) is under investigation by any governmental authority for, or has
been charged with, or convicted of, money laundering under 18 U.S.C. §§ 1956 and 1957, drug trafficking, terrorist-related activities or other money laundering predicate crimes, or any violation of the BSA, (ii) has been assessed
civil penalties under any Anti-Money Laundering Laws, or (iii) has had any of its funds seized or forfeited in an action under any Anti-Money Laundering Laws. 
  

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 ARTICLE V. 
 GENERAL COVENANTS OF THE TRANSFEROR 
 SECTION 5.01. Affirmative Covenants of the Transferor. From the
date hereof until the later of the Termination Date or the Collection Date, the Transferor will, unless the Transferee shall otherwise consent in writing: 
 (a) Compliance with Laws, Etc. Comply in all material respects with all applicable laws, rules, regulations and orders with respect to its business and properties or Medallion Loans. 
 (b) Preservation of Corporate Existence. Observe all corporate procedures required by its charter and by-laws and preserve and maintain its
corporate existence, rights, franchises and privileges in the jurisdiction of its incorporation, and qualify and remain qualified in good standing in each jurisdiction in which failure to so qualify or to obtain such licenses and approvals could
have a material adverse effect on (i) the interests of the Transferee hereunder or in Medallion Loans, (ii) the collectibility of any Medallion Loan or (iii) the ability of the Transferor to perform its obligations hereunder or under
any other Operative Document to which it is a party. 
 (c) Inspection of Books and Records. Grant the Transferee and independent
accountants appointed by, or other agents of, either of the foregoing, the right, no more frequently than two (2) times during any period of twelve (12) consecutive months or at any time if a Termination Event, or an event that with the
giving of notice, the lapse of time or both would constitute a Termination Event, has occurred and is continuing, upon reasonable prior written notice to the Transferor, to visit the Transferor, to discuss the affairs, finances and accounts of the
Transferor with, and to be advised as to the same by, its officers, and to examine the books of account and records of the Transferor, and to make or be provided with copies and extracts therefrom, and, upon reasonable notice, to discuss the
affairs, finances and accounts of the Transferor with, and to be advised as to the same by, the independent accountants of the Transferor (and by this provision the Transferor authorizes such accountants to discuss such affairs, finances and
accounts, whether or not a representative of the Transferor is present, it being understood that nothing contained in this Section 5.01(c) is intended to confer any right to exclude any such representative from such discussions), all at
such reasonable times and intervals and to such reasonable extent during regular business hours as the Transferee (or designated representative thereof) or such accountants or agents appointed by any of the foregoing, as applicable, may desire.

 (d) Keeping of Records and Books of Account. Keep proper books of record and account, which shall be maintained or caused to be
maintained by the Transferor (by itself or through its agents) and shall be separate and apart from those of any Affiliate of the Transferor, in which full and correct entries shall be made of all financial transactions and the assets and business
of the Transferor in accordance with generally accepted accounting principles consistently applied. 
  

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 (e) Location of Records. Keep its principal place of business and chief executive office, and the
office where it keeps the books, records and documents regarding Medallion Loans and Related Assets, at the address of the Transferor referred to in Section 9.02 and listed upon Exhibit B or, upon thirty (30) days’ prior
written notice to the Transferee, at any other location within the United States with respect to which all applicable action required by Section 6.04 shall have been taken and completed. 
 (f) Credit and Collection Policies. Comply in all material respects with the Credit and Collection Policy in regard to each Medallion Loan and
Related Assets. 
 (g) Collections. Instruct all Obligors to cause all Collections to be forwarded to the Transferee or to its order
and if the Transferor shall receive any Collections, the Transferor shall hold such Collections in trust and remit such Collections to the Transferee or to its order as soon as practicable, but in no event later than one (1) Business Day after
receipt thereof. 
 (h) Segregation of Collections. Take all necessary actions to prevent the deposit of any funds other than
Collections in respect of Medallion Loans into the account in which the Transferor holds any Collections it may receive. 
 (i) Affiliated
Loan Sale Agreements. At its expense timely perform and comply in all material respects with all provisions, covenants and other promises required to be observed by it under the Medallion Financial Loan Sale Agreement, the Freshstart Loan Sale
Agreement and the Medallion Capital Loan Sale Agreement (each, an “Affiliated Loan Sale Agreement” and collectively, the “Affiliated Loan Sale Agreements”) maintain the Affiliated Loan Sale Agreements in full force
and effect, enforce the Affiliated Loan Sale Agreements in accordance with their terms, and make to any party to the Affiliated Loan Sale Agreements such reasonable demands and requests for information and reports or for action as the Transferor is
entitled to make thereunder. 
 (j) Computer Services. Take such action as may be necessary and commercially reasonable (including,
without limitation, obtaining any necessary consents from licensors or other Persons) to provide the Servicer and the Custodian with such licenses, sublicenses and/or assignments of contracts as the Servicer or the Custodian shall from time to time
require with regard to all services and computer hardware or software that relate to the servicing of Medallion Loans or Related Assets. 
 (k) Separate Corporate Existence. Take all actions required and within its corporate power and consistent with all applicable rules and laws regarding governance to maintain the Transferee’s status as a separate legal entity,
including, without limitation, (i) not holding the Transferee out to third parties as other than an entity with assets and liabilities distinct from the Transferor; (ii) not holding itself out to be responsible for the debts of the
Transferee or, other than by reason of owning capital stock of the Transferee, if any, for any decisions or actions relating to the business and affairs of the Transferee; (iii) causing any financial statements consolidated with those of the
Transferee to state that the Transferee is a 
  

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 separate corporate entity with its own separate creditors who, in any liquidation of the Transferee, will be entitled to
be satisfied out of the Transferee’s assets prior to any value in the Transferee becoming available to the Transferee’s equity holders; (iv) taking such other actions as are necessary on its part to ensure that all corporate
procedures required by its charter and the Transferee’s governing documents are duly and validly taken; (v) keeping, with respect to the Transferor, correct and complete records and books of account and corporate minutes; and (vi) not
acting in any other matter that could foreseeably mislead others with respect to the Transferee’s separate identity. 
 (l)
ERISA. The Transferor is in compliance with ERISA and has not incurred and does not expect to incur any liabilities (except for premium payments arising in the ordinary course of business) to the Pension Benefit Guaranty Corporation (or any
successor thereto) under ERISA. 
 (m) Sharing of Payments. There is not now, nor will there be at any time in the future, any
agreement or understanding between the Transferor and the Transferee (other than as expressly set forth in the Loan Documents) providing for the allocation or sharing of obligations to make payments or otherwise in respect of any taxes, fees,
assessments or other governmental charges. 
 SECTION 5.02. Reporting Requirements of the Transferor. From the date hereof until the
later of the Termination Date or the Collection Date, the Transferor will, unless the Transferee shall otherwise consent in writing, furnish to the Transferee: 
 (a) Notice of Termination Events. Immediately upon the Transferor’s becoming aware of the occurrence of a Termination Event or an event which, with the giving of notice or lapse of time or both, would
constitute a Termination Event, (i) the statement of the chief financial officer or chief accounting officer of the Transferor setting forth details of such event and the action which the Transferor proposes to take with respect thereto and
(ii) as soon as possible and in any event within five (5) Business Days after the occurrence thereof, notice of any other event, development or information which is reasonably likely to materially adversely affect the condition (financial
or otherwise), business, operations, property or prospects of the Transferor or the ability of the Transferor to perform its obligations under this Agreement or any other Operative Document to which it is a party. 
 (b) Affiliated Loan Sale Agreements. Promptly and in any event within one (1) Business Day after the Transferor’s receipt thereof,
copies of all notices, requests, and other documents (excluding regular monthly reports) delivered or received by the Transferor under or in connection with any Affiliated Loan Sale Agreement. 
 (c) Other Information. Promptly, from time to time, such other information, documents, records or reports respecting Medallion Loans or the
conditions or operations, financial or otherwise, of the Transferor (including, without limitation, reports and notices relating to the Transferor’s actions under, and compliance with, ERISA) as the Transferee may from time to time request in
order to perform its obligations hereunder or under any other Operative Document to which it is a party or to protect the interests of the Transferee under or as contemplated by this Agreement and the other Operative Documents. 
  

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 SECTION 5.03. Negative Covenants of the Transferor. From the date hereof until the later of the
Termination Date or the Collection Date, the Transferor will not without the written consent of the Transferee: 
 (a) No Liens. Other
than Permitted Participation Interests or pursuant to a conveyance hereunder or as otherwise contemplated herein or any other Operative Document, sell, pledge, assign or transfer to any Person, or grant, create, incur, assume or suffer to exist any
Lien on, any Medallion Loan or Related Asset, whether now existing or hereafter created, or any interest therein, and the Transferor shall defend the right, title and interest of the Transferee in and to Medallion Loans and Related Assets, whether
now existing or hereafter created, against all claims of third parties claiming through or under the Transferor. 
 (b) Extension or
Amendment of Medallion Loans. Attempt to extend, amend or otherwise modify (or consent or fail to object to any such extension, amendment or modification by any Originator or the Servicer of) the terms of any Medallion Loan, or amend, modify or
waive (or consent or fail to object to any such amendment, modification or waiver by any Originator or the Servicer) any payment term or condition of any invoice related thereto if the effect of such amendment, modification or waiver could
reasonably be expected to impair the collectibility or delay the payment of any then existing Medallion Loan. The Transferor will not attempt to rescind or cancel, or permit the rescission or cancellation of, any Medallion Loan except as ordered by
a court of competent jurisdiction or other Governmental Authority. 
 (c) Instructions to Obligors. The Transferor will not instruct
any Obligor to remit Collections to any Person, address or account other than the Servicer or the Collection Account. 
 (d) Change in
Corporate Name. (i) Make any change to its corporate name or principal place of business or use any trade names, fictitious names, assumed names or “doing business as” names unless, at least thirty (30) days prior to the
effective date of any such name change or use or change in principal place of business, the Transferor delivers to the Transferee and the Custodian such financing statements (Forms UCC-1 and UCC-3) executed by the Transferor which the Transferee or
the Custodian may reasonably request to reflect such name change or use, together with such other documents and instruments that the Transferee or the Custodian may reasonably request in connection therewith or (ii) change its jurisdiction of
incorporation unless the Transferee and the Custodian shall have received from the Transferor (a) written notice of such change at least thirty (30) days prior to the effective date thereof and (b) prior to the effective date thereof,
if the Transferee shall so request, an Opinion of Counsel, in form and substance reasonably satisfactory to the Transferee, as to such incorporation and the Transferor’s valid existence and good standing and as to the matters referred to in
Section 4.01(g). 
 (e) Accounting of Purchases. Prepare any financial statements or other statements which shall account
for the transactions contemplated hereby in any manner other than the sale and/or contribution, as set forth in Section 2.02 of this Agreement, of Medallion Loans by the Transferor to the Transferee. 
  

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 (f) Deposits to Lock Box Accounts. Deposit or otherwise credit, or cause to be so deposited or
credited, or consent or fail to object to any such deposit or credit, to any account in which it holds Collections cash proceeds other than Collections of Medallion Loans. 
 (g) Affiliated Loan Sale Agreements. (i) Cancel or terminate any Affiliated Loan Sale Agreement or consent to or accept any cancellation or
termination thereof, (ii) amend or otherwise modify any term or condition of any Affiliated Loan Sale Agreement or give any consent, waiver or approval thereunder, (iii) waive any default under or breach of any Affiliated Loan Sale
Agreement or (iv) take any other action under any Affiliated Loan Sale Agreement not required by the terms thereof to the extent that it would impair the value of any Medallion Loan or Related Assets or the rights or interests of the Transferor
thereunder. 
 (h) Change in State of Organization. The Transferor will not change its jurisdiction of organization from New York
unless it shall have provided the Transferee thirty (30) days’ prior written notice of such change. 
 ARTICLE VI. 
 ADMINISTRATION AND COLLECTION 
 SECTION 6.01.
Designation of the Servicer. Consistent with the Transferee’s ownership of Medallion Loans and Related Assets, the Transferor agrees that the Transferee shall have the sole right to service, administer and collect Medallion Loans, to
assign such right and to delegate such right to any other Person to the extent permitted under the Loan and Security Agreement. The Transferor hereby acknowledges that the Transferee has appointed the Transferor to be the Servicer with respect to
Medallion Loans under the Servicing Agreement, and the Transferor, in its capacity as Servicer, has accepted such appointment. The Transferor shall deliver all Records to the Custodian, with copies to the Servicer, as agent for the Transferee, and
the Custodian shall hold all such Records in trust for the Transferee in accordance with its interests. 
 SECTION 6.02. Rights of the
Transferee. 
 (a) At any time: 
 (i) the Transferee may notify any or all of the Obligors of Medallion Loans of the Transferee’s ownership interest in Medallion Loans and direct such Obligors, or any of them, that payment of all amounts payable under any Medallion
Loans be made directly to the Servicer, the Collection Account or otherwise as the Transferee shall elect; 
 (ii) the Transferor shall, at
the Servicer’s, the Transferee’s or the Custodian’s request and at the Transferor’s expense, give notice of the Transferee’s interest in Medallion Loans to each Obligor and direct that payments be made directly to the
Servicer, the Collection Account or otherwise as the Transferee shall elect; and 
 (iii) the Transferor shall, at the Servicer’s, the
Transferee’s or the Custodian’s request, assemble all Records which the Transferee reasonably believes are necessary or appropriate for the administration and enforcement of Medallion Loans, and shall make the same available to the
Transferee at a place selected by the Transferee or its designee. 
  

 20 

 (b) The Transferor hereby authorizes the Transferee and the Servicer at any time to take any and all
steps in the Transferor’s name and on behalf of the Transferor necessary or desirable, in the determination of the Transferee and/or the Servicer, to collect all amounts due under any and all Medallion Loans, including, without limitation,
endorsing the Transferor’s name on checks and other instruments representing Collections and enforcing such Medallion Loans. 
 SECTION
6.03. Responsibilities of the Transferor. Anything herein to the contrary notwithstanding, the Transferor represents that none of its obligations under the Loan Documents related to Medallion Loans remains unperformed and that in any event,
the exercise by the Transferee of its rights hereunder shall not relieve the Transferor from such obligations if they do exist. 
 SECTION
6.04. Maintenance of Perfection. 
 (a) The Transferor agrees to take all actions, including conducting lien searches and filing UCC
continuation statements, necessary or desirable to ensure that the Liens arising pursuant to the Loan Documents and securing repayment of any Obligor’s indebtedness evidenced by an Obligor Note, at the time of conveyance of the related
Medallion Loan to the Transferee hereunder, will be perfected (with the first level of priority) security interests (except as otherwise approved by Transferee) in all applicable jurisdictions. To the extent that any Obligor Note with respect to a
Medallion Loan or any other “instrument” (as defined in the UCC of the jurisdiction the law of which governs the perfection of the interest in such Medallion Loan created hereunder) evidencing such Medallion Loan comes into the possession
of the Transferor, the Transferor agrees that it will promptly deliver such item to the Custodian, duly endorsed in favor of the Transferee or in blank at the Transferee’s direction on or before the applicable Purchase hereunder. 
 (b) The Transferor agrees from time to time, at the Transferor’s expense, promptly to execute and deliver, or cause to be executed and delivered,
all further instruments and documents, and take all further action (including the making, or causing to be made, of notations on the records of the Transferor or the Servicer) necessary or desirable or that the Transferee, the Servicer, the
Administrative Agent or the Custodian may reasonably request in order to perfect, maintain perfected, protect or more fully evidence any Purchase by the Transferee hereunder, or to enable the Transferee, the Custodian or the Administrative Agent to
exercise or enforce any of their respective rights hereunder or under any other Operative Document. 
 (c) To the fullest extent permitted by
applicable law, the Transferor hereby grants to the Servicer, the Custodian and the Transferee, an irrevocable power of attorney, with full power of substitution, coupled with an interest, to sign and file in the name of the Transferor, or in its
own name, such financing statements and continuation statements and amendments thereto or assignments thereof as the Transferee deems necessary to protect or perfect the Transferee’s rights in Medallion Loans. 
  

 21 

 (d) Without limiting the generality of the foregoing, the Transferor will upon the request of the
Servicer, the Custodian or the Transferee: (i) execute and file, or cause the applicable Originator to execute and file, such financing or continuation statements, or amendments thereto or assignments thereof, and such other instruments or
notices, as may be necessary or appropriate or as the Servicer, the Custodian or the Transferee may request and (ii) mark, or seek to cause the applicable Originator to mark, its master data processing records evidencing such Medallion Loans
and related Loan Documents, as the Servicer, the Custodian or the Transferee may request. The Transferor, for itself and on behalf of the Originators, hereby authorizes the Servicer, the Custodian or the Transferee to file one or more financing or
continuation statements, and amendments thereto and assignments thereof, relative to all or any Medallion Loans and Related Assets now existing or hereafter arising without the signature of the Transferor or any Originator, as applicable, where
permitted by law. A carbon, photographic or other reproduction of this Agreement or any of the Affiliated Loan Sale Agreements, as applicable, or of any financing statement covering Medallion Loans, Financial Medallion Loans, Freshstart Medallion
Loans or Capital Medallion Loans or any part thereof, shall be sufficient as a financing statement. 
 (e) If the Transferor fails to perform
any of its agreements or obligations under this Agreement, the Transferee, the Custodian or the Servicer may (but shall not be required to) itself perform, or cause performance of, such agreement or obligation, and the expenses of the Transferee,
the Custodian or the Servicer incurred in connection therewith shall be payable by the Transferor upon the Transferee’s, the Custodian’s or the Servicer’s demand therefore. 
 (f) At the expense of the Transferor, the Transferee shall take, in respect of any Ineligible Medallion Loan reacquired by the Transferor pursuant to
Section 8.02 hereof, all such actions reasonably requested by the Transferor that are otherwise to be performed by the Transferor pursuant to Section 6.04(a) through (d). 
 ARTICLE VII. 
 TERMINATION EVENTS 

SECTION 7.01. Termination Events. If any of the following events (each, a “Termination Event”) shall occur: 
 (a) The Transferor shall fail to make any payment, transfer or deposit to be made by it hereunder when due; or 
 (b) Any representation or warranty made or deemed to be made by the Transferor (or any of its officers) under or in connection with this Agreement or
other information or certificate delivered pursuant to this Agreement or any other Operative Document shall prove to have been false or incorrect in any material respect when made or deemed to have been made, provided that such breach shall not give
rise to a Termination Event if the affected Medallion Loans are retransferred by the Transferor or the Servicer pursuant to Section 8.02 of this Agreement or if it does not have a Material Adverse Effect; or 
  

 22 

 (c) The Transferor shall fail to perform or duly observe any other material term, covenant or agreement
contained in this Agreement or any other Operative Document to which it is a party, which failure continues unremedied for fifteen (15) Business Days after the earlier of (i) the date on which the Transferor knew or should have known of
such failure and (ii) the date on which written notice of such failure shall have been given to the Transferor; or 
 (d) Any Purchase
by the Transferee shall for any reason cease to create a valid sale, transfer and assignment of all of the Transferor’s right, title and interest in and to such Medallion Loans and Related Assets, or cease to create a valid and perfected first
priority “security interest” (as defined in the UCC of the jurisdiction the law of which governs the perfection of the interest in Medallion Loans purchased hereunder) in each Medallion Loan and Related Assets with respect thereto;
provided, however, if any such failure relates to a Medallion Loan which is retransferred to the Transferor pursuant to Section 8.02 hereof, then such failure shall not give rise to a Termination Event under this
subsection (d); or 
 (e) The Transferor shall have suffered any material adverse change to its financial condition or operations
which could be reasonably expected to materially adversely affect the collectibility of the Medallion Loans or the ability of the Transferor to conduct its business or perform its obligations hereunder; or 
 (f) The Internal Revenue Service shall file notice of a lien pursuant to Section 6323 of the Code with regard to any of the assets of the Transferor
or any of its Affiliates and such lien shall not have been released within five (5) Business Days or the Pension Benefit Guaranty Corporation shall, or shall indicate its intention to, file notice of a lien pursuant to Section 4068 of
ERISA with regard to any of the assets of the Transferor or any of its Affiliates and such lien shall not have been released within five (5) Business Days; or 
 (g) The Transferor’s activities shall have been terminated in whole or in part for any reason by (i) any Taxi Commission or any regulatory body and such termination has a Material Adverse Effect or
(ii) the New York City Taxi Commission; 
 then, and in any such event, the Transferee may immediately, by notice to the Transferor, declare the
Termination Date to have occurred. Upon any such declaration, the Transferee shall have, in addition to all other rights and remedies under this Agreement or otherwise, all other rights and remedies provided under the UCC of all applicable
jurisdictions and other applicable laws, which rights shall be cumulative. 
 ARTICLE VIII. 
 INDEMNIFICATION 
 SECTION 8.01. Indemnities
by the Transferor. Without limiting any other rights which the Transferee or any Secured Party may have hereunder or under applicable law, the Transferor hereby agrees to indemnify the Transferee and, from and after the time of any pledge or
assignment hereof by the Transferee to the Administrative Agent for the benefit of the Secured Parties under the Loan and Security Agreement, each Secured Party (each, an “Indemnified Party”) from and against any and all damages,
losses, claims, liabilities and related costs and expenses, including reasonable attorneys’ fees and disbursements (all of the foregoing 
  

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 being collectively referred to as “Indemnified Amounts”) awarded against or incurred by an Indemnified
Party arising out of or as a result of the following, excluding, however, (a) Indemnified Amounts to the extent resulting from gross negligence, bad faith, willful misconduct (including breach of covenant or representation) or the reckless
disregard of its own duties on the part of the Transferee or any Secured Party, as the case may be, or (b) recourse for uncollectible Medallion Loans: 
 (i) reliance on any representation or warranty made or deemed made by the Transferor or any of its Affiliates (or any of their respective officers) under or in connection with this Agreement or any other Operative
Document or any other information or report delivered by the Transferor pursuant this Agreement or any other Operative Document (including, without limitation, any representation with respect to a Loan’s classification by the Transferor as an
Eligible Medallion Loan), which shall have been false or incorrect in any material respect when made or deemed made or delivered; 
 (ii)
the failure by the Transferor to comply with any term, provision or covenant contained in this Agreement, or with any applicable law, rule or regulation (including tax laws, rules or regulations) with respect to any Medallion Loan or the related
Loan Documents or any Affiliated Loan Sale Agreement with which compliance is required of the Transferor, or the nonconformity of any Medallion Loan or the related Loan Documents or any Affiliated Loan Sale Agreement with any such applicable law,
rule or regulation; 
 (iii) the failure to vest and maintain vested in the Transferee or to transfer to the Transferee, legal and equitable
title to and ownership of, or security interest in, any Medallion Loans together with all Related Assets, free and clear of any Lien (except for Permitted Participation Interests and as permitted hereunder) whether existing at the time of any
Purchase or at any time thereafter; 
 (iv) the failure to file, or any delay in filing, financing statements, continuation statements or
other similar instruments or documents under the UCC of all applicable jurisdictions or other applicable laws or the failure to make other filings with respect to any Medallion Loans, whether at the time of any Purchase or at any subsequent time,
but in all events as may be required of the Transferor hereunder; 
 (v) the failure of the Transferor or any of its agents and
representatives to remit to the Servicer or the Collection Account Collections of Medallion Loans remitted to the Transferor or such agent or representative; 
 (vi) the failure by the Transferor to be duly qualified to do business, to be in good standing or to have filed appropriate fictitious or assumed name registration documents in any jurisdiction, where such
qualification may be required by applicable law; and 
 (vii) the commingling by the Transferor of Collections of Medallion Loans at any
time with other funds. 
 An Indemnified Party shall promptly notify the Transferor of any claim as to which it seeks indemnification. If any suit, action,
claim or proceeding which might result in indemnification under this Section 8.01 is brought against an Indemnified Party, the Indemnified Party shall, if a 
  

 24 

 claim in respect thereof is to be made against the Transferor hereunder, notify the Transferor in writing of the
commencement thereof. The Transferor may participate in and assume the defense of any such suit, action, claim, proceeding or investigation at its expense, and no settlement thereof shall be made without the approval of the Transferor and the
Indemnified Party. The approval of the Transferor and the Indemnified Party will not be unreasonably withheld or delayed; provided, however, that (i) the Transferor shall agree that any judgment, settlement or other amounts
payable as a result of such suit, action, claim, or proceeding shall be subject to indemnification by the Transferor pursuant to this Section 8.01; (ii) the Transferor must keep the Indemnified Party apprised of the progress of any
such suit, action, claim or proceeding; and (iii) if the Indemnified Party reasonably believes that its failure to participate will adversely affect its interests or that there is a conflict of interest which makes it inadvisable for the
Transferor’s attorney to represent such party, it shall notify the Transferor of such conclusion in writing and may, at its election, participate in such suit, action, claim or proceeding (the legal fees incurred by the Indemnified Party as a
result of such participation to be reimbursed by the Transferor). Any amounts subject to the indemnification provisions of this Section 8.01 shall be paid by the Transferor to the Indemnified Party within two (2) Business Days
following the Indemnified Party’s demand. 
 The agreement contained in this Section 8.01 shall survive the collection of
all Medallion Loans, the termination of this Agreement and the payment of all amounts otherwise payable hereunder. 
 SECTION 8.02.
Retransfer of Medallion Loans. The following rights are in addition to and not in limitation of any other rights or remedies that the Transferee may have hereunder. 
 (a) If, with respect to any Medallion Loan, such Medallion Loan did not constitute an Eligible Medallion Loan on the date of transfer to the Transferee
hereunder (such Medallion Loan being referred to as an “Ineligible Medallion Loan”), and thus, the Transferor shall have breached the representation and warranty contained in Section 4.01(a), then the Transferor shall,
on the next succeeding Weekly Settlement Date, upon the Transferee’s demand, accept a retransfer of such Ineligible Medallion Loan for the retransfer price specified in subsection (b) of this Section 8.02. 
 (b) In the case of a retransfer by the Transferee to the Transferor of a Medallion Loan pursuant to this Section 8.02, the Transferor shall,
on the Weekly Settlement Date coinciding with such retransfer, pay to the Transferee an amount equal to the Outstanding Balance of such Medallion Loan as of such Weekly Settlement Date plus accrued but unpaid interest thereon. The proceeds of any
such retransfer or purchase shall be deemed to be Collections of such Medallion Loan received by the Transferor. Any such retransfer shall be made without recourse or warranty, express or implied. 
  

 25 

 ARTICLE IX. 
 MISCELLANEOUS 
 SECTION 9.01. Amendments and Waivers. Notwithstanding anything to the contrary in the
Agreement, no term or condition of this Agreement shall be amended, modified, waived or terminated without the prior written consent of the Transferee, the Transferor and the Administrative Agent. 
 SECTION 9.02. Notices, Etc. All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing
(including facsimile communication) and mailed, transmitted or delivered, as to each party hereto, at its address set forth under its name below or at such other address as shall be designated by such party in a written notice to the other parties
hereto. All such notices and communications shall be effective upon receipt, or in the case of delivery by mail, three (3) Business Days after being deposited in the mails, postage prepaid, or in the case of notice by facsimile copy, when
verbal confirmation of receipt is obtained, in each case addressed as aforesaid. 
  

	
	 The Transferee:

	
	 Taxi Medallion Loan Trust II
 c/o Medallion Financial Corp.

	 437 Madison Avenue

	 New York, New York 10022

	 Attention: President

	 Facsimile No.: (212) 328-2121

	 Telephone No.: (212) 328-2100

	
	 The Transferor:

	
	 Medallion Funding Corp.

	 437 Madison Avenue

	 New York, New York 10022

	 Attention: President

	 Facsimile No.: (212) 328-2121

	 Telephone No.: (212) 328-2100

	
	 The Servicer:

	
	 Medallion Funding Corp.

	 437 Madison Avenue

	 New York, New York 10022

	 Attention: President

	 Facsimile No.: (212) 328-2121

	 Telephone No.: (212) 328-2100

  

 26 

	
	 The Custodian:

	
	 Wells Fargo Bank, National Association

	 Sixth and Marquette Avenue

	 MAC N9311-161

	 Minneapolis, Minnesota 55479

	 Attention: Corporate Trust Services/Asset-Backed Administration

	 Facsimile No.: (612) 667-3539

	 Telephone No.: (612) 667-8058

	
	 The Administrative Agent:

	
	 Citicorp North America, Inc.

	 Global Securitized Markets

	 Citigroup Global Markets Inc.

	 388 Greenwich Street, 19th Floor

	 New York, NY 10013

	 Attention: Kim Conyngham

	 Facsimile No.: (212) 816-0270

	 Telephone No.: (212) 816-0456

 SECTION 9.03. No Waiver; Remedies. No failure on the part of the Transferee to exercise,
and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein
provided are cumulative and not exclusive of any remedies provided by law. 
 SECTION 9.04. Binding Effect; Assignability; Survival.

 (a) This Agreement shall be binding upon the Transferor, the Transferee and their respective successors and permitted assigns and shall
inure to the benefit of the Transferor, the Transferee, and their respective successors and permitted assigns. Except as provided in Section 9.04(b), neither the Transferor nor the Transferee may assign any of its rights and obligations
hereunder or any interest herein without the prior written consent of the other party hereto and of the Administrative Agent. The Transferor further agrees to send to the Custodian copies of all notices and reports required to be delivered to the
Transferee hereunder. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in full force and effect until the Collection Date; provided, however,
that the indemnification and payment provisions of Article VIII and Section 9.06 shall be continuing and shall survive any termination or assignment of this Agreement. 
 (b) The Transferor acknowledges that the Transferee will assign to the Administrative Agent for the benefit of the Secured Parties (pursuant to the Loan
and Security Agreement) all of its rights, remedies, powers and privileges hereunder (including, without limitation, Section 8.01 hereof). The Transferor agrees that the Administrative Agent, as the 
  

 27 

 assignee of the Transferee, shall, subject to the terms of the Loan and Security Agreement and the other Operative
Documents, have the right to enforce this Agreement and to exercise directly all of the Transferee’s rights and remedies under this Agreement, and the Transferor agrees to cooperate fully with the Administrative Agent in the exercise of such
rights and remedies. 
 SECTION 9.05. Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms
of this Agreement shall for any reason whatsoever be held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way
affect the validity or enforceability of the other covenants, agreements, provisions or terms of this Agreement. 
 SECTION 9.06. Costs,
Expenses and Taxes. 
 (a) Each party hereto agrees to pay its own (i) costs and expenses in connection with the preparation,
execution, delivery and administration (including periodic auditing by the Transferee or its agents or representatives) of this Agreement, the Loan and Security Agreement and the other Operative Documents, including, without limitation, the
reasonable fees and reasonable out of pocket expenses of counsel, and (ii) all costs and expenses, if any (including reasonable counsel fees and expenses), in connection with the enforcement of this Agreement and the other Operative Documents.

 (b) The Transferor shall pay any and all stamp, sales, excise and other taxes and fees payable or determined to be payable in connection
with the execution, delivery, filing and recording of this Agreement, Medallion Loans or the other agreements and documents to be delivered hereunder; provided, however, that the Transferor shall not be responsible for any such payments for which
(i) Medallion Financial is responsible under the Medallion Financial Loan Sale Agreement, (ii) Freshstart is responsible under the Freshstart Loan Sale Agreement and (iii) Medallion Capital is responsible under the Medallion Capital
Loan Sale Agreement. 
 SECTION 9.07. Governing Law; Jurisdiction; Consent to Service of Process; Waiver of Jury Trial. 
 (a) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, AND THE OBLIGATIONS,
RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 (b) Jurisdiction. EACH OF THE
PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF ANY NEW YORK STATE COURT OR FEDERAL COURT LOCATED WITHIN THE SOUTHERN DISTRICT OF THE STATE OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE
COURT OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL 
  

 28 

 COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND
MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. WITH RESPECT TO THE FOREGOING CONSENT TO JURISDICTION, EACH OF THE PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON
CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY THE COURT. 
 (c) Consent to Service of Process. EACH OF THE PARTIES HERETO WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON IT AND CONSENTS THAT ALL SUCH
SERVICE OF PROCESS MAY BE MADE BY REGISTERED MAIL DIRECTED TO SUCH PERSON AT THE ADDRESS SET FORTH ON THE SIGNATURE PAGE HEREOF AND SERVICE SO MADE SHALL BE DEEMED TO BE COMPLETED FIVE (5) DAYS AFTER THE SAME SHALL HAVE BEEN DEPOSITED IN THE
U.S. MAILS, POSTAGE PREPAID. 
 (d) Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE
IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE, BETWEEN THE PARTIES HERETO ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP BETWEEN THEM IN CONNECTION WITH THIS AGREEMENT. INSTEAD, ANY DISPUTE
RESOLVED IN COURT WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY. 
 NOTHING IN THIS SECTION 9.07 SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO
SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR AFFECT THE RIGHT OF ANY PARTY HERETO TO BRING ANY ACTION OR PROCEEDING AGAINST ANY PARTY HERETO OR ITS RESPECTIVE PROPERTY IN THE COURTS OF ANY OTHER JURISDICTION. 
 SECTION 9.08. No Proceedings. The Transferor hereby agrees that it will not institute any proceeding of the type referred to in clause
(ii) of the definition of Insolvency Event against the Transferee so long as any indebtedness issued by the Transferee shall be outstanding or there shall not have elapsed one (1) year plus one (1) day after the last day on which
any such indebtedness of the Transferee shall have been outstanding. 
 SECTION 9.09. Further Assurances. The Transferor agrees to do
and perform, from time to time, any and all acts and to execute any and all further instruments and documents required or reasonably requested by the Transferee to more fully effect the purposes of this Agreement, including, without limitation, the
execution of any appropriate financing statements or continuation statements relating to Medallion Loans for filing under the provisions of the UCC of any applicable jurisdiction. 
  

 29 

 SECTION 9.10. Counterparts. This Agreement may be executed in two or more counterparts and by
different parties on separate counterparts, each of which shall be an original, but all of which together shall constitute one and the same instrument. 
 SECTION 9.11. Merger and Integration. Except as specifically stated otherwise herein, this Agreement sets forth the entire understanding of the parties relating to the subject matter hereof, and all prior
understandings, written or oral, are superseded by this Agreement. This Agreement may not be modified, amended, waived or supplemented except as provided herein. 
 SECTION 9.12. Headings. The headings herein are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof. 
 [SIGNATURE PAGE FOLLOWS] 
  

 30 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their respective officers
thereunto duly authorized, as of the date first above written. 
  

			
	TRANSFEROR:
	MEDALLION FUNDING CORP.
		
	By:	 	 /s/ Michael J. Kowalsky

	Name:	 	Michael J. Kowalsky
	Title:	 	President
		
	By:	 	 /s/ Alvin Murstein

	Name:	 	Alvin Murstein
	Title:	 	Chief Executive Officer
	
	TRANSFEREE:
	TAXI MEDALLION LOAN TRUST II
		
	By:	 	 /s/ Andrew M. Murstein

	Name:	 	Andrew M. Murstein
	Title:	 	President
		
	By:	 	 /s/ Alvin Murstein

	Name:	 	Alvin Murstein
	Title:	 	Vice President

 MEDALLION LOAN SALE AND CONTRIBUTION AGREEMENT

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