Document:

Promissory Note

   Exhibit 4.1
  ATLANTIC BANK – BUSINESS PROMISSORY NOTE

	  $
 	  7,000,000.00
 	   
 	  DATE:
 	  April 30, 2003
 NEW YORK, NEW YORK
 

            FOR
VALUE RECEIVED, on November 1, 2003, the undersigned (“Maker”) promises to pay to the order of Atlantic Bank (the “Bank”), at any of its banking offices, the sum of Seven million and 00/100 Dollars ($7,000,000.00), plus interest
as specified herein.
            Interest on unpaid principal shall be charged and payable pursuant to the section checked and completed below and
as follows.  If this is a floating rate loan, then the interest rate will be adjusted according to the annual interest rate designated by the Bank and in effect from time to time as its “Benchmark Rate” and the rate of interest on
this promissory note  (this “Note”) shall be adjusted when the Benchmark Rate changes.  Make acknowledges that the Benchmark Rate does not necessarily represent the lowest rate of interest charged by the Bank to its
customers.  If any payment of principal or interest becomes due on a day on which the Bank is closed (as required or permitted by law or otherwise), such payment shall be made not later than the next succeeding business day on which the Bank is
open, and such extension shall be included in computing interest in connection with such payment.  Prepayment is permitted in whole or in part without penalty.
           Interest after the maturity hereof (whether by acceleration or otherwise) shall be payable upon demand at a rate of three percent (3.00%) per annum in excess of the
interest or discount rate in effect a maturity.  Interest on this Note shall be computed on the basis of a 360 day year, which will result on the payment of more interest than if interest was computed based on the actual number of days in the
year.  Interest shall be apportioned ratably during the period of this Loan.  In the event of prepayment of this Note the Bank will fully rebate to the undersigned any interest actually received which is in excess of the amount of interest
due the Bank as of the rate of prepayment.  Make and each endorser hereof authorizes (but shall not require) the Bank to debit any account maintained by such party with the Bank on or after any date on which a payment is due under this Note, in
an amount equal to any unpaid portion of such payment.
            Upon occurrence with respect to any maker endorser or guarantor of this Note
(herein jointly and severally, a “Party”) or any Party’s assets of any of the following:  default in the payment or performance of the terms and conditions of this Note or any other obligation to the Bank or any other person or
entity (including indebtedness in the nature of a Lease) at any time arising; commencement of bankruptcy or similar proceedings (whether voluntary or involuntary) under federal or state law; death; dissolution or suspension of business; entry of a
material judgment; commencement of any proceeding, procedure, or remedy, supplementary to or in enforcement of any judgment; the indictment for, or becoming a defendant in any criminal proceeding relating to, any offense for which the potential
penalty is forfeiture of assets to any governmental agency or instrumentality thereof; the assignment, mortgage, pledge or grant of security interest in any property; the calling of a meeting of creditors, the sending of notice of an intended bulk
sale; or if at any time in the sole reasonable opinion of the Bank the financial responsibility of any Party shall become unsatisfactory, then this Note and all other obligations now or hereafter existing of any Party of the Bank, whether direct or
contingent, shall at the option of the Bank become due and payable without notice or demand.  The Bank shall at all times have a Lien upon, security interest in and a right of offset against (i) the deposit balances (general or special) of
Maker received by or for the Bank for any purpose including safekeeping, custody, transmission, collection, pledge, or otherwise, and may at any time, without notice, apply the same to payment or reduction of this Note or any other obligations of
such party, direct or contingent.
           Failure by the Bank to exercise any rights hereunder shall not be deemed a waiver of any right. 
All makers hereof shall be jointly and severally liable for all sums due hereunder.  Maker hereby waives presentment for payment, demand, notice of dishonor and protest of this Note and further agrees that this Note shall be governed and
construed in accordance with the laws of the State of New York.  Make authorizes the Bank to complete this Note in any particulars according to the terms of the loan evidenced hereby.  This Note sets forth the entire agreement of Maker and
the Bank with respect to this Note, and may be modified only by a written instrument executed by Maker and the Bank,
            In any litigation
concerning this Note, Maker and each endorser hereof waive the right to interpose any defense, set-off or counterclaim whatsoever, consent to the jurisdiction of any New York State or Federal Court located in New York, New York, waive personal
service of process by manual delivery and agree that any service of process may be made and effective by the mailing of a postpaid certified letter to Maker and/or such endorser at such party’s most recent address provided to the Bank. 
Maker shall reimburse the Bank for all of its costs and expenses, including reasonable attorney’s fees and litigation expenses, incurred in connection with enforcement of its rights hereunder.
            MAKER AND EACH ENDORSER HEREOF WAIVE THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM, OR COUNTERCLAIM, WHETHER IN CONTRACT OR TORT, AT LAW OR IN EQUITY,
ARISING OUT OF OR IN ANY WAY RELATED TO THIS NOTE.
            Interest shall be charged and payable pursuant to the section checked and completed
below:

	 FLOATING RATE
 	  Interest hereon is based on the Benchmark Rate plus one-quarter percent (1/4%).
 
	   
 	   
 
	   
 	   
 	  The Benchmark Rate in effect today is four and one-quarter percent (4 1⁄4 %)
 
	   
 	   
 	   
 
	   
 	   
 	  Interest is payable on: the First day of each month and upon maturity
 
	   
 	   
 
	   
 	   
 	  NAME OF BORROWER: Medallion Financial Corp.
 
	   
 	   
 
	  
 	   
 	  By:
 	  /s/ ALVIN MURSTEIN
 
	   
 	   
 	   
 	 
 
	   
 	   
 	   
 	  Alvin Murstein, Chairman and CEO
 
						

  42Amendment No.5 to Amended and Restated Credit Agreement

 Exhibit 10.38 
  
 AMENDMENT NO. 5 AND AGREEMENT dated as of May 19, 2003 (this “Amendment”), to the CREDIT
AGREEMENT dated as of August 5, 1999, as amended and restated as of June 30, 2000, and as amended by Amendment No. 1 dated as of March 13, 2001, Amendment No. 2 dated as of June 8, 2001, Amendment No. 3, Waiver and Agreement dated as of December 31,
2001, and Amendment No. 4, Waiver and Agreement dated as of May 17, 2002 (the “Credit Agreement”), among CHIPPAC INTERNATIONAL COMPANY LIMITED, a British Virgin Islands company (the “Company”), CHIPPAC, INC., a
Delaware corporation (“ChipPAC”), the Lenders (as defined therein) and CREDIT SUISSE FIRST BOSTON, a bank organized under the laws of Switzerland, acting through its Cayman Islands branch (“CSFB”), as administrative
agent (in such capacity, the “Administrative Agent”), as sole lead arranger and as collateral agent for the Administrative Agent and the Lenders. 
  
 A.    Pursuant to the Credit Agreement, the Lenders and the Issuing Bank have extended, and have agreed
to extend, credit to the Company. 
  
 B.    ChipPAC and the Company have requested that the Credit Agreement be amended as provided herein. The Requisite Lenders are willing to amend the Credit Agreement pursuant to the terms and subject to the conditions
set forth herein. 
  
 C.    Capitalized terms
used but not defined herein shall have the meanings assigned to them in the Credit Agreement. 
  
 Accordingly, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto agree as follows:

  
 SECTION 1.    Amendment to Section
1.  The definition of the term “Consolidated Subordinated Notes” set forth in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 
  
 ““Convertible Subordinated
Notes” means (a) the 8.0% Convertible Subordinated Notes due 2011 of ChipPAC, in an aggregate outstanding principal amount as of May 16, 2003, of $50,000,000, and (b) the convertible subordinated notes due
[            ], to be issued by ChipPAC on or prior to July 18, 2003, in an aggregate principal amount not less than $50,000,000 nor more than
$[                ], and to have substantially the terms described in ChipPAC’s preliminary confidential offering circular dated on or about May 19, 2003 (the
“2003 Convertible Subordinated Notes”).” 
  
 SECTION 2.    Agreement.  The Company and ChipPAC hereby agree that, within one Business Day of the receipt of the proceeds of the 2003 Convertible Subordinated Notes, the Company shall prepay in full
the outstanding Term Loans. 
  

 2 
  

 SECTION 3.    Representations and Warranties.  To induce the other
parties hereto to enter into this Amendment, the Company and ChipPAC represent and warrant to each of the Lenders that, after giving effect to this Amendment, (a) the representations and warranties set forth in Section 5 of the Credit Agreement are
true and correct in all material respects on and as of the date hereof, except to the extent such representations and warranties expressly relate to an earlier date, and (b) no Default or Event of Default has occurred and is continuing. 

 
 SECTION 4.    Effectiveness.  This
Amendment shall become effective as of the date first written above on the date (the “Amendment Effective Date”) on which the Administrative Agent shall received counterparts of this Amendment that, when taken together, bear the
signatures of the Company, the Guarantors, the Requisite Lenders and the Administrative Agent. 
  
 SECTION 5.    Effect of Amendment.  Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise
affect the rights and remedies of the Lenders, the Issuing Bank or the Administrative Agent under the Credit Agreement or any other Loan Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations,
covenants or agreements contained in the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. Nothing herein shall be deemed to entitle any Loan Party to a
consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other Loan Document in similar or different circumstances. This
Amendment shall apply and be effective only with respect to the provisions of the Credit Agreement specifically referred to herein. After the date hereof, any reference to the Credit Agreement shall mean the Credit Agreement, as modified hereby.
This Amendment shall constitute a “Loan Document” for all purposes of the Credit Agreement and the other Loan Documents. 
  
 SECTION 6.    Counterparts.  This Amendment may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same contract. Delivery of an executed counterpart of a signature page of
this Amendment by facsimile transmission shall be as effective as delivery of a manually executed counterpart hereof. 
  
 SECTION 7.    Applicable Law.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK. 
  
 SECTION
8.    Headings.  The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof. 
  
 SECTION 9.    Acknowledgment of Guarantors.  Each of the Guarantors hereby acknowledges
receipt and notice of, and consents to the terms of, this Amendment. 
  

 3 
  

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their duly
authorized officers, all as of the date and year first above written. 
  

	CHIPPAC INTERNATIONAL COMPANY LIMITED,
		
	 by
	 	 /s/    Patricia H. McCall

	 	 	 Name:  Patricia H. McCall
 Title:  Director

	
	CHIPPAC, INC.,
		
	 by
	 	 /s/    Dennis McKenna

	 	 	 Name:  Dennis McKenna
 Title:  Chairman and CEO

	
	CHIPPAC KOREA COMPANY LTD.,
		
	 by
	 	 /s/    BK Sohn

	 	 	 Name:  BK Sohn
 Title:  President, Managing Director

	
	CHIPPAC LIQUIDITY MANAGEMENT HUNGARY LIMITED LIABILITY COMPANY,
		
	 by
	 	 /s/    Michael G. Potter

	 	 	 Name:  Michael G. Potter
 Title:  Managing Director

	
	CHIPPAC LUXEMBOURG S.A.R.L.,
		
	 by
	 	 /s/    

	 	 	 Name:
 Title:

	
	CHIPPAC (BARBADOS) LTD.,
		
	 by
	 	 /s/    Patricia H. McCall

	 	 	 Name:  Patricia H. McCall
 Title:  Director

 4 
  

	CHIPPAC LIMITED,
		
	 by
	 	 /s/    Patricia H. McCall

	 	 	 Name:  Patricia H. McCall
 Title:  Director

	
	CHIPPAC MALAYSIA SDN. BHD.,
		
	 by
	 	 /s/    BK Sohn

	 	 	 Name:  BK Sohn
 Title:  Director

	
	CREDIT SUISSE FIRST BOSTON, acting through its Cayman Islands branch, individually, and as Administrative Agent and an Issuing Bank,
		
	 by
	 	 /s/    Robert Hetu

	 	 	 Name:  Robert Hetu
 Title:  Director

		
	 by
	 	 /s/    David J. Dodd

	 	 	 Name:  David J. Dodd
 Title:  Associate

 5 
  

	SIGNATURE PAGE TO AMENDMENT NO. 5 AND AGREEMENT DATED AS OF MAY 19, 2003, TO THE CHIPPAC CREDIT AGREEMENT DATED AS OF AUGUST 5, 1999, AS AMENDED AND RESTATED AS OF JUNE
30, 2000, AS AMENDED

  

	ARK II CLO 2001-1, LIMITED
	 By:
	 	Patriarch Partners II, LLC, as Collateral Manager
		
	 by
	 	 /s/    Lynn Tilton

	 	 	 Name:  Lynn Tilton
 Title:  Manager

	
	BANK OF THE WEST
		
	 by
	 	 /s/    Clark Foster

	 	 	 Name:  Clark Foster
 Title:  Vice President

	
	CITIZENS BANK OF MASSACHUSETTS
		
	 by
	 	 /s/    Christopher G. Daniel

	 	 	 Name:  Christopher G. Daniel
 Title:  Vice President

	
	HELLER FINANCIAL, INC.
		
	 by
	 	 /s/    Mei Nishiwaki

	 	 	 Name:  Mei Nishiwaki
 Title:  Duly Authorized Signatory

	
	IBM CREDIT LLC (FORMERLY IBM CREDIT CORP.)
		
	 by
	 	 /s/    Steven A. Flanagan

	 	 	 Name:  Steven A. Flanagan
 Title:  Manager, Global Special Handling

 6 
  

	STANFIELD ARBITRAGE CDO, LTD.
	 By:
	 	Stanfield Capital Partners LLC, as Collateral Manager
		
	 by
	 	 /s/    Christopher A. Bondy

	 	 	 Name:  Christopher A. Bondy
 Title:  Partner

	
	STANFIELD CARRERA CLO, LTD.
	 By:
	 	Stanfield Capital Partners LLC, as Asset Manager
		
	 by
	 	 /s/    Christopher A. Bondy

	 	 	 Name:  Christopher A. Bondy
 Title:  Partner

	
	STANFIELD QUATTRO CLO, LTD.
	 By:
	 	Stanfield Capital Partners LLC, as Collateral Manager
		
	 by
	 	 /s/    Christopher A. Bondy

	 	 	 Name:  Christopher A. Bondy
 Title:  Partner

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