Document:

<PAGE>
                                                                   Exhibit 10.28

                                                                  EXECUTION COPY

                    AMENDMENT NUMBER THREE TO LOAN AGREEMENT
                    ----------------------------------------

     Third Amendment entered into as of June 1, 1999, among MEDALLION FUNDING
CORP., a New York corporation ("Borrower"), the banks that are signatories
hereto (collectively, the "Banks" and individually, a "Bank"), FLEET BANK,
NATIONAL ASSOCIATION, as swing line lender (the "Swing Line Lender"), as
Arranger and as Administrative Agent and Collateral Agent for the Banks
(including any successor, the "Agent") and The Bank of New York, as
Documentation Agent for the Banks (including any successor, the "Documentation
Agent");

     WHEREAS, the Borrower, the Banks, the Agent and the Documentation Agent are
parties to an Amended and Restated Loan Agreement dated as of December 24, 1997,
which Amended and Restated Loan Agreement was amended pursuant to Amendment
Number One thereto dated as of February 5, 1998 and Amendment Number Two thereto
dated as of December 11, 1.998 (such Amended and Restated Loan Agreement as so
amended is referred to herein as the "Agreement"); and

     WHEREAS, the Borrower has requested that the Banks and the Agent amend, and
the Banks and the Agent have agreed to amend, certain provisions of the
Agreement;

     NOW, THEREFORE, the parties hereto hereby agree as follows:

     1.   The Agreement is hereby amended as follows:

     (a)  Section l.l is hereby amended by:

          (i) amending the definition of "Borrowing Base Certificate" to read in
     its entirety as follows:

               ""Borrowing Base Certificate" shall mean a certificate
                 --------------------------
          substantially in the form of Exhibit A to the Third Amendment;."
                                       ---------

          (ii) amending the definition of "Edwards Debt" to read in its entirety
     as follows:

               ""Edwards Debt" shall mean the outstanding amount owed by the
                 ------------
          Borrower to the SBA under the following notes, originally given by
          Edwards Capital Corp., a Delaware corporation (which merged with and
          into the Borrower), to the SBA: two debentures dated September 23,
          1992, in the original principal amount of $3,500,000 and $6,050,000,
          respectively; a debenture dated June 29, 1994, in the original
          principal amount of $4,600,000; and a debenture dated September 28,
          1994, in the original principal amount of $5,100,000;"

<PAGE>

          (iii) amending the definition of "Intercreditor Agreement" to read in
     its entirety as follows:

               ""Intercreditor Agreement" shall mean that certain Intercreditor
                 -----------------------
          agreement entered into among the Senior Note Agent, the Agent, on
          behalf of the Banks, the Swing Line Lender and the CP Holders, the
          Banks, the Senior Note Holders and Fleet, as collateral agent on
          behalf of the Banks and the Senior Note Holders, substantially in the
          form of Exhibit B to the Third Amendment, and as such agreement is
                  ---------
          amended from time to time, with the consent of the Agent and the
          Required Banks."

          (iv) amending the definition of "Initial Term" to delete the date
     "June 30, 1999" and substitute therefor the date "June 30, 2001;"

          (v) amending the definition of "Minimum Asset Coverage" to read in its
     entirety as follows:

               ""Minimum Asset Coverage" shall mean, at any time, 120% of the
                 ----------------------
          sum of (i) the aggregate unpaid balance of all Senior Debt at such
          time and (ii) the aggregate unpaid balance of the SBA Debt at such
          time."

          (vi) amending the definition of "Net Finance Assets" to restate clause
     (iv) thereof to read in its entirety as follows:

               "(iv) [intentionally left blank], minus"
                                                 -----

          (vii) amending the definition of the term "Percentage" to add to the
     end thereof the phrase "and/or 2.4 (b) hereof;"

          (viii) amending the definition of "Permitted Debt" to read in its
     entirety as follows:

               ""Permitted Debt" shall mean the Senior Note Debt, all unsecured
                 --------------
          Indebtedness of Borrower owed to Permitted Lenders (other than the SBA
          Debt), all CP Debt and, until September 1, 1999, the SBA Debt."

          (ix) amending the definition of "Senior Debt" to read in its entirety
     as follows:

               ""Senior Debt" shall mean all Indebtedness of Borrower
                 -----------
          (including, without limitation, all CP Debt, all Senior Note Debt and
          the Obligations (as such term is defined in the Borrower Security
          Agreement)), other than Subordinated Debt and the SBA Debt;"

                                       -2-

<PAGE>

          (x) amending the definition of "TCC Debt" to read in its entirety as
     follows:

               ""TCC Debt" shall mean the outstanding amount owed by the
                 --------
          Borrower to the SBA under a debenture dated as of June 24, 1992,
          originally given by Transportation Capital Corp., a New York
          corporation (which merged with and into the Borrower), to the SBA in
          the original principal amount of $5,640,000."

          (xi) amending the definition of "Term Out Date" to read in its
     entirety as follows:

               ""Term Out Date" shall mean, with respect to each Revolving
                 -------------
          Credit Loan, June 30, 2001, subject, however, in each case, to the
          renewal provisions set forth in Section 2.10 hereof;"

          (xii) deleting the following definitions "Maximum SBA Collateral,"
     "SBA Collateral," "SBA Secured Debt" and "SBA Security Agreement" and

          (xiii) adding the following new defined terns in appropriate
     alphabetical position:

               "Medallion SBA Debt" shall mean the outstanding amount owed by
                ------------------
          the Borrower to the SBA under the following notes to the SBA: a
          debenture dated September 26, 1990, in the original principal amount
          of $510,000, a debenture dated December 19, 1990, in the original
          principal amount of $640,000; a debenture dated September 23, 1992, in
          the original principal amount of $1,950,000; a debenture dated June
          29, 1994, in the original principal amount of $900,000; a debenture
          dated March 29, 1995, in the original principal amount of $1,700,000
          and a debenture dated September 27, 1995, in the original principal
          amount of $500,000;

               "Note Purchase Agreements" shall mean, collectively, those
                ------------------------
          certain identical Note Purchase Agreements dated as of June 1, 1999 by
          and between the Borrower and each of the Purchasers listed on Schedule
          A thereto, as the same may hereafter be amended, modified, or
          supplemented from time to time in accordance with Section 8.10 hereof;

               "SBA Debt" shall mean the Edwards Debt, the TCC Debt and the
                --------
          Medallion SBA Debt in an aggregate principal amount as of the date of
          the Third Amendment of $31,090,000, as set forth in greater detail on
          Schedule I to the Third Amendment;

               "Senior Note Agent" shall mean Fleet, in its capacity as
                -----------------
          collateral agent under the Senior Notes Security Agreement;

                                       -3-

<PAGE>

               "Senior Note Debt" shall mean the principal amount of all
                ----------------
          Indebtedness, together with accrued interest thereon, evidenced by the
          Senior Notes and/or the Note Purchase Agreements;

               "Senior Note Holders" shall mean the holders from time to time of
                -------------------
          the Senior Notes;

               "Senior Notes" shall mean (i) the 7.20% Senior Secured Notes,
                ------------
          Series A, Due June 1, 2004, in a maximum principal amount of
          $22,500,000 and (ii) the 7.20% Senior Secured Notes, Series B, Due
          September 1, 2004, in a maximum principal amount of $22,500,000,
          issued by the Borrower pursuant to the Note Purchase Agreements;

               "Senior Notes Security Agreement" shall mean the Security
                -------------------------------
          Agreement, in substantially the form of Exhibit B to the Third
                                                  ---------
          Amendment, between the Borrower and the Senior Notes Agent for the
          benefit of the holders from time to time of the Senior Notes, as such
          agreement is amended from time to time in accordance with the
          Intercreditor Agreement;

               "Third Amendment" shall mean Amendment Number Three to Loan
                ---------------
          Agreement, dated as of June l, 1999, among the Borrower, the Banks,
          the Swing Line Lender, the Agent and the Documentation Agent, relating
          to this Agreement.

     (b) Section 2.4 is hereby amended to (i) change the heading to read
"Termination, Reduction and Increase of Aggregate Revolving Credit Commitment,"
(ii) to add an "(a)" to the beginning of such Section and (iii) to add a new
subsection (b) thereto to read in its entirety as follows:

          "(b) Increase. Provided that no Default or Event of Default exists or
               --------
     would exist immediately before and after giving effect thereto, the
     Borrower may at any time and from time to time, at its sole cost and
     expense, request any one or more of the Banks to increase (such decision to
     increase the Revolving Credit Commitment of a Bank to be within the sole
     and absolute discretion of such Bank) its Revolving Credit Commitment, or
     any other institution reasonably satisfactory to the Agent and the Swing
     Line Lender to provide a new Revolving Credit Commitment, by submitting an
     Increase Supplement in the form of Exhibit C to the Third Amendment (an
     "Increase Supplement"), duly executed by the Borrower and each such Bank
      -------------------
     or other institution, as the case may be. If such Increase Supplement is in
     all respects reasonably satisfactory to the Agent, the Agent shall execute
     such Increase Supplement and deliver a copy thereof to the Borrower and
     each such Bank or other institution, as the case may be. Upon

                                       -4-

<PAGE>

     execution and delivery of such Increase Supplement, (i) in the case of each
     such Bank, such Bank's Revolving Credit Commitment shall be increased to
     the amount set forth in such Increase Supplement, (ii) in the case of each
     such other institution, such other institution shall become a party hereto
     and shall for all purposes of the Loan Documents be deemed a "Bank" with a
     Revolving Credit Commitment in the amount set forth in such Increase
     Supplement, (iii) in each case, the Revolving Credit Commitment of such
     Bank or such other institution, as the case may be, shall be as set forth
     in the applicable Increase Supplement, and (iv) the Borrower shall
     contemporaneously therewith execute and deliver to the Agent (x) for each
     Bank providing an increased Revolving Credit Commitment, a new Revolving
     Credit Note in the amount of such increased Revolving Credit Commitment and
     (y) for each such other institution providing a new Revolving Credit
     Conunitment, a Revolving Credit Note in the amount of its Revolving Credit
     Commitment; provided, however, that:

               (i) immediately after giving effect thereto, the Aggregate
          Revolving Credit Commitment shall not have been increased pursuant to
          this Section by an aggregate amount greater than $30,000,000 (taking
          into account any prior increases);

               (ii) each such increase shall be in an amount not less than
          $5,000,000 or an integral multiple of $1,000,000 in excess thereof,

               (iii) the Aggregate Commitment Amount shall not be increased on
          more than six occasions;

               (iv) if Revolving Credit Loans shall be outstanding immediately
          after giving effect to such increase, each such Bank and each such
          other institution shall enter into a master assignment and acceptance
          agreement with the other Banks in all respects reasonably satisfactory
          to such other Banks, pursuant to which each such other Bank shall
          assign to it a portion of its Revolving Credit Loans necessary to
          reflect proportionately the Revolving Credit Commitments as adjusted
          in accordance with this subsection (b), and in connection with such
          master assignment and acceptance agreement each such other Bank may
          treat the assignment of LIBO Rate Loans as a prepayment of such LIDO
          Rate Loans for purposes of Section 2.11 (a) hereof;

               (v) each such other institution shall have delivered to the Agent
          and the Borrowers all forms, if any, that are required to be delivered
          by such other institution pursuant to Section 3.3 hereof;

               (vi) within five Business Days after the Agent executes and
          delivers each Increase Supplement in accordance with the terms hereof,
          the

                                       -5-

<PAGE>

          Agent shall revise Exhibit A hereto to reflect the adjustments to the
                             ---------
          Revolving Credit Commitments contemplated by clause (iv) above and
          shall promptly send a copy thereof to the Banks; and

               (vii) the Agent shall have received such certificates, legal
          opinions and other items as it shall reasonably request in connection
          with such increase."

     (c) Section 2.10(b) is hereby amended to restate the second parenthetical
thereof to read in its entirety as follows: "(April 30, 2001 in the case of the
hlitial Term)."

     (d) Section 2.11 (a) is hereby amended to restate the first parenthetical
phrase thereof to read in its entirety as follows: "(including, without
limitation, as a consequence of acceleration pursuant to Article IX hereof, a
termination, reduction or increase of the Aggregate Revolving Credit Commitment
pursuant to Section 2.4 hereof, a voluntary or mandatory prepayment pursuant to
Section 2.5 hereof, or a mandatory conversion pursuant to Section 2.13 hereof)."

     (e) Section 6.1(c) is hereby restated to read in its entirety as follows:
"(c) Intentionally Omitted."

     (f) Section 6.1 (d) is hereby amended to delete therefrom the phrase
"reviewed by the Independent Public Accountants and."

     (g) Section 6.15 is hereby amended to delete therefrom the figure "65%" and
to substitute therefor the figure "50%."

     (h) Section 7.3 is hereby restated to read in its entirety as follows:

          "Suffer or permit the ratio of (i) Net Finance Assets to (ii) the sum
     of Senior Debt and the SBA Debt to be less than 1.20:1 at any time."

     (i) Section 8.1(h) is restated to read in its entirety as follows: "(h)
Liens securing the Senior Note Debt, subject to the terms and conditions of the
Intercrediitor Agreement."

     (j) Section 8.10 is hereby amended to delete therefrom the phrase
"(including, without limitation, the SBA Security Agreement)."

     (k) Section 8.15 is hereby restated to read in its entirety as follows:
"Intentionally Omitted."

                                       -6-

<PAGE>

     (l) Section 8.16 is hereby amended to restate the proviso of subsection
(iv)(2) thereof (including the ensuing; clauses (A) and (B) thereof) to read in
its entirety as follows:

          "provided, that, to the extent such Portfolio Purchase does not
           --------  ----
     entirely involve loans secured by New York City taxicab medallions, in
     addition to the foregoing, (A) the aggregate outstanding principal balances
     of all loans included in such Portfolio Purchase that are not secured by
     New York City taxicab medallions, if any, shall not exceed $25,000,000
     during any period of twelve consecutive calendar months with respect to all
     such Portfolio Purchases in the aggregate during such period and (B) such
     loans that are not secured by New York City taxicab medallions may be
     purchased only from a qualified SBIC."

     (m) Section 9.1 (f) is hereby restated to read in its entirety as follows:

          "(f) if Borrower shall (i) default in the payment of any principal,
     interest or premium with respect to any Indebtedness for borrowed money or
     any obligation which is the substantive equivalent thereof in excess of
     $250,000, other than Indebtedness under the Revolving Credit Loans, the
     Swing Line Loans, the Term Loans, or the CP Debt, and such default shall
     continue for more than the period of grace, if any, therein specified, (ii)
     default in the performance or observance of any other term, condition or
     agreement contained in any such obligation or in any agreement relating
     thereto if the effect thereof is to cause, or, with respect to any such
     obligation other than the Senior Note Debt, permit the holder or holders of
     such obligation (or a trustee on behalf of such holder or holders) to
     cause, such obligation to become due prior to its stated maturity or (iii)
     default in the performance of or compliance with Section 10.4 (Minimum
     Tangible Net Worth), 10.5 (Maximum Liability Ratio), 10.6 (Minimum Net
     Finance Assets) or 10.7 (Minimum Net Income to Interest Expense Ratio) of
     the Note Purchase Agreements."

     (n) Section 10.2 (a) is hereby amended by restating clause (i) thereof to
read in its entirety as follows: "(i) increase the Revolving Credit Commitment
or Term Loan Commitment of any Bank or (except as provided in Section 2.4
hereof) the Aggregate Revolving Credit Commitment or the Adjusted Aggregate
Revolving Credit Commitment."

     (o) Section 11.1(i) is hereby restated to read in its entirety as follows:

               "(i) It is understood by all of the parties to this Agreement
     that the Agent is acting simultaneously in its capacity as Agent for the
     Banks and the CP Holders under this Agreement and the Borrower Security
     Agreement and as Agent for the Senior Holders under the Senior Notes
     Security Agreement; and accordingly the Agent shall not be liable to any
     Bank, the Swing Line Lender, any CP Holder, any Paying Agent, the Borrower
     or the Senior Note Holders (or their successors and

                                    -7-

<PAGE>

     assigns) in connection with or in any way directly or indirectly related to
     its acting in such dual capacity (except for the Agent's own gross
     negligence or willful misconduct) and each of the Banks hereby consents
     thereto. All references to the Agent herein shall be construed in
     accordance with the foregoing so long as the Senior Notes Security
     Agreement shall remain in full force and effect and as long as the Borrower
     Security Agreement secures any CP Debt. Furthermore, each Bank expressly
     (i) consents to the Agent's, on behalf of such Bank, entering into the
     Borrower Security Agreement, provided such document is substantially
     similar to the form of the document attached as an Exhibit hereto and the
     Intercreditor Agreement, provided such document is substantially similar to
     the form of the attached as an Exhibit to the Third Amendment and (ii)
     agrees that to the extent either the Borrower Security Agreement or the
     Intercreditor Agreement expressly imposes any, obligation on any Bank it
     shall comply with each such obligation."

     2. The Borrower hereby represents and warrants to the Agent and each Bank
that:

     (a) Each and every of the representations and warranties set forth in the
Agreement is true as of the date hereof and with the same effect as though made
on the date hereof, and is hereby incorporated herein in full by reference as if
fully restated herein in its entirety.

     (b) No Default or Event of Default and no event or condition which, with
the giving of notice or lapse of time or both, would constitute such Default or
Event of Default, now exists or would exist as a result of this Third Amendment.

     3. All capitalized terms used herein, unless otherwise defined herein, have
the same meanings provided therefor in the Agreement.

     4. The amendments set forth herein are limited precisely as written and
shall not be deemed to (a) be a consent to or a waiver of any other term or
condition of the Agreement or any of the documents referred to therein or (b)
prejudice any right or rights which the Agent or any Bank may now have or may
have in the future under or in connection with the Agreement or any documents
referred to therein. Whenever the "Agreement" is referred to in the Agreement
or any of the instruments, agreements or other documents or papers executed and
delivered in connection therewith, it shall be deemed to mean the Agreement as
modified by this Third Amendment.

     5. This Third Amendment shall be effective as of the date first above
written provided that the Borrower and the Agent shall have received
counterparts of this Third Amendment duly signed by the Borrower and each of the
Banks and the Agent and each of the following conditions shall have been
satisfied, unless waived in writing by the Agent with the consent of the
Required Banks:

                                       -8-

<PAGE>

     (i) Intercreditor Agreement. The Intercreditor Agreement, in form and
         -----------------------
substance satisfactory to the Agent and the Required Banks, shall have been
executed and delivered by the parties thereto (the satisfaction of this
condition to be evidenced by the execution and delivery of this Third Amendment
by the Agent and the Banks);

     (ii) Senior Note Documents. The Agent shall have received copies of the
          ---------------------
Note Purchase Agreements (which may consist of one copy of the body thereof,
together with the signature pages of the purchasers party thereto), the form of
Senior Notes (and a copy of each Senior Note to be issued as of the date
hereof), the Senior Notes Security Agreement and all other documents and
instruments delivered at the initial closing contemplated to occur pursuant to
the Note Purchase Agreements on the date hereof, certified as true, complete and
in full force and effect as of the date hereof by an Authorized Representative
of the Borrower (which documents shall be satisfactory in form and substance to
the Agent and the Required Banks, the same to be evidenced by the execution and
delivery of this Third Amendment by the Agent and the Banks) and the First
Closing (as defined in the Note Purchase Agreements), and receipt by the
Borrower of the purchase price for the Senior Notes to be purchased at the First
Closing, shall have occurred or will occur contemporaneously with the execution
of this Third Amendment;

     (iii) Release of SBA Lien. The Agent shall have received evidence
           -------------------
satisfactory to it that (i) the payment of the SBA Secured Debt contemplated to
occur on the date hereof shall have been made from the proceeds of the Senior
Notes and (ii) the security interest created pursuant to the SBA Security
Agreement shall have been released (the satisfaction of this condition to be
evidenced by the execution and delivery of this Third Amendment by the Agent and
the Banks);

     (iv) SBA Guaranty. The Agent shall have received a copy of Guaranty
          ------------
Agreement dated as of June l, 1999 by and between Medallion Financial Corp. and
the SBA relating to the obligations of the Borrower pursuant to the SBA Secured
Debt, certified as true, complete and in full force and effect as of the date
hereof by an Authorized Representative of the Borrower, which document shall be
satisfactory in form and substance to the Agent and the Required Banks (the
satisfaction of this condition to be evidenced by the execution and delivery of
this Third Amendment by the Agent and the Banks); and

     (v) Resolutions and Incumbency. The Agent shall have received a certificate
         --------------------------
of the Secretary or an Assistant Secretary of the Borrower certifying as to (i)
resolutions then in full force and effect of the Board of Directors of the
Borrower authorizing the execution and delivery of this Third Amendment and the
consummation of the transactions contemplated hereby and (ii) the incumbency and
signatures of those of its officers authorized to execute and deliver, and
otherwise act with respect to, this Third Amendment, upon which certificate the
Agent and each Bank may conclusively rely until they shall have received a
further certificate of the Secretary or an Assistant Secretary of the Borrower
canceling or amending such prior certificate.

                                       -9-

<PAGE>

Promptly after the effective date of this Third Amendment, the Agent shall
deliver fully executed counterparts of this Third Amendment to each of the
Banks, and the Agreement shall consist of the Agreement as amended by this Third
Amendment.

     6. This Third Amendment may be executed by the parties hereto individually
or in any combination, in one or more counterparts, each of which shall be an
original and all of which shall together constitute one and the same agreement.

              [BALANCE OF PAGE INTENTIONALLY LEFT BLANK. SIGNATURES
            CONTINUED ON THE FOLLOWING PAGES BEGINNING WITH PAGE 11]

                                      -10-

<PAGE>

     IN WITNESS WHEREOF, Borrower, the Agent, the Documentation Agent, the Swing
Line Lender and the Banks have caused this Third Amendment to be duly executed
by their respective officers hereunto duly authorized as of the day and year
first above written.

                      MEDALLION FUNDING CORP.

                      By:/s/ Alvin Murstein
                         ---------------------------
                      Name: Alvin Murstein
                      Title: Chief Executive Officer

                      By:/s/ Daniel F. Baker
                         ---------------------------
                      Name: Daniel F. Baker
                      Title: Treasurer and Chief
                                Financial Officer

                      FLEET BANK, NATIONAL ASSOCIATION,
                        as Agent, as Swing Line Lender and as one of the Banks

                      By:  Illegible
                         ---------------------------
                        Title: Vice President

                      THE BANK OF NEW YORK,
                        as Documentation Agent and as one of the Banks

                      By:  Illegible
                         ---------------------------
                        Title:

                      BANKBOSTON, N.A.

                      By:  Illegible
                         ---------------------------
                        Title:

                                      -11-

<PAGE>

                      HARRIS TRUST AND SAVINGS BANK

                      By: Illegible
                         ---------------------------
                        Title: Vice President

                      BANK TOKYO - MITSUBISHI TRUST COMPANY

                      By:/s/ JIM BROWN
                         ---------------------------
                        Name: JIM BROWN
                        Title: Vice President

                      ISRAEL DISCOUNT BANK OF NEW YORK

                      By: Illegible
                         ---------------------------
                        Title: Vice President

                      By: Illegible
                         ---------------------------
                        Title: Vice President

                      EUROPEAN AMERICAN BANK

                      By: Illegible
                         ---------------------------
                        Title: Vice President

                      BANK LEUMI USA

                      By: Illegible
                         ---------------------------
                        Title: Vice President

                                      -12-

<PAGE>

                      The Chase Manhattan Bank

                      By: Illegible
                         ---------------------------
                        Title: Vice President

                                      -13-

<PAGE>

                                                                       Exhibit A

                       Form of Borrowing Base Certificate

Sum of:

(i)      Total Investments                                      $
                                                                 --------------
(ii)     Accrued Interest Receivable                            $
                                                                 --------------

(iii) Subtotal (sum of (i) and (ii))                            $
                                                                 --------------

Less:

(iv)     Investments 60 days or more past due                  ($              )
                                                                 --------------
(v)      Accrued Interest 60 days or more past due             ($              )
                                                                 --------------

Plus:

(vi)     75% of New York Medallion Loans
         60 days past due                                       $
                                                                 --------------
(vii)    65% of New York Medallion Loans
         more than 60 but less than 90 days past due            $
                                                                 --------------
(viii)   50% of New York Medallion Loans
         more than 90 but less than 120 days past due
         (provided not in excess of 2% of aggregate
         outstanding principal balance of all
         New York Medallion Loans);                             $
                                                                 --------------

(ix)     Subtotal (sum of (vi) through (viii))                  $
                                                                 --------------

(x)      Total Adjustments ((ix) minus (iv) minus (v))         ($              )
                                                                 --------------

(xi)     Net Finance Assets (excess of (iii) over (x))          $
                                                                 --------------

(xii)    Net Finance Assets x .8333                             $
                                                                 --------------

Plus:

(xiii)   Cash                                                   $
                                                                 --------------

(xiv)    Net Available Borrowing Base                           $
                                                                 --------------

Less:

                                      -14-

<PAGE>

(xv)     Bank Debt                                              $
                                                                 --------------
(xvi)    Senior Note Debt                                       $
                                                                 --------------
(xvii)   CP Debt                                                $
                                                                 --------------
(xviii)  SBA Debt                                               $
                                                                 --------------

(xix)    Combined Debt (sum of (xv) through (xviii))            $
                                                                 --------------

Net Excess Collateral (excess of (xiv) over xix))*              $
                                                                 --------------

----------
     * To the extent this computation yields a number which represents less than
5% of Net Finance Assets (or if such number is negative), a mandatory prepayment
is required pursuant to Section 2.5(c)(ii) of the Loan Agreement.

                                      -15-

<PAGE>

                                                                       Exhibit B

                        Form of Intercreditor Agreement<PAGE>

                                                                   Exhibit 10.31
                         AMENDMENT NO. 6 TO AMENDED AND
                         ------------------------------
               RESTATED LOAN AGREEMENT, LIMITED WAIVER AND CONSENT
               ---------------------------------------------------

     AMENDMENT NO. 6 TO AMENDED AND RESTATED LOAN AGREEMENT, LIMITED WAIVER AND
CONSENT dated as of December 31, 2001 (this "Amendment"), by and among MEDALLION
                                             ---------
FUNDING CORP., a New York corporation ("Borrower"), the lending institutions
                                        --------
that are listed on the signature pages hereto, FLEET NATIONAL BANK (f/k/a Fleet
Bank, National Association), as a Bank ("Fleet"), as Swing Line Lender (the
                                         -----
"Swing Line Lender"), as Arranger and as Agent for the Banks (including any
 -----------------
successor, the "Agent"), amending the Loan Agreement (as defined below).

     WHEREAS, the Borrower, the banks and other lending institutions that from
time to time are signatories thereto (including Assignees, collectively, the
"Banks" and individually, a "Bank"), the Agent and the Swing Line Lender are
 -----                       ----
parties to an Amended and Restated Loan Agreement dated as of December 24, 1997
(as amended and in effect from time to time, the "Loan Agreement", capitalized
                                                  --------------
terms defined therein having the same meanings herein as therein), pursuant to
which the Banks have extended credit to the Borrower on the terms and subject to
the conditions set forth therein;

     WHEREAS, certain Events of Default have occurred; and

     WHEREAS, the Borrower has requested an amendment of, and, subject to the
terms and conditions set forth herein, the Borrower, the Banks, the Agent and
the Swing Line Lender have agreed to amend, certain provisions of the Loan
Agreement and certain other Loan Documents, inter alia, and to waive certain
                                            ----- ----
Events of Default;

     NOW, THEREFORE, in consideration of the foregoing, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree to amend the Loan Agreement and the Borrower
Security Agreement as follows:

     1.  Amendments to Definitions. Section 1.1 of the Loan Agreement is hereby
         -------------------------
amended by:

     (a) inserting the words "first priority" immediately prior to the words
"perfected security interest" in the definition of "Medallion Rights";

     (b) inserting the words "a first priority perfected security interest in"
immediately prior to the words "Medallion Rights" in the definition of "Eligible
Medallion Loan";

     (c) inserting the words "first priority" immediately prior to the words
"mortgage interest" in the definition of "Eligible Real Estate";

     (d) deleting the definition "Eligible Yellow Cab Loan" in its entirety;

     (e) deleting the following definitions in their entirety, and substituting
in lieu thereof the following new definitions:

<PAGE>
                                       -2-

          "Additional Commitment Amount" shall have the meaning set forth in
           ----------------------------
     Section 12.3 hereof.

          "Adjusted Net Investment Income" shall mean, with respect to the
           ------------------------------
     Borrower and its Subsidiaries, the aggregate income (or loss), after
     realized gains on investments have been added thereto and realized losses
     on investments have been subtracted therefrom and net of unrealized
     appreciation or depreciation on investments, of the Borrower and its
     Subsidiaries for such period, which shall be an amount equal to net
     revenues and other proper items of income less the aggregate for the
     Borrower of any and all items that are treated as expenses under GAAP and,
     to the extent applicable thereto, the regulations of the SEC applicable to
     investment companies, after realized gains on investments have been added
     thereto and realized losses on investments have been subtracted therefrom
     and net of unrealized appreciation or depreciation on investments.

          "Applicable LIBO Margin" shall mean, (a) for the period commencing
           ----------------------
     with the Amendment No. 6 Effective Date and ending March 31, 2002, for any
     Payment Period during such period, the respective rates indicated below for
     Revolving Credit Loans and Term Loans which are LIBO Rate Loans opposite
     the applicable Pricing Level indicated below for such Payment Period (or as
     provided in the final paragraph of this definition, for part of a Payment
     Period):

                    Pricing Level             Applicable LIBO Margin
                    -------------             -----------------------
                                                (percent per annum)

                          1                            1.75%

                          2                            2.00%

                          3                            2.25%

     and (b) for the period commencing with April 1, 2002 and thereafter, for
     any Payment Period during such period, the respective rates indicated below
     for Revolving Credit Loans and Term Loans which are LIBO Rate Loans
     opposite the applicable Pricing Level indicated below for such Payment
     Period (or as provided in the final paragraph of this definition, for part
     of a Payment Period):

                    Pricing Level             Applicable LIBO Margin
                    -------------             -----------------------
                                                (percent per annum)

                          1                            2.25%

                          2                            2.50%

<PAGE>
                                       -3-

                          3                            2.75%

     provided that upon the Borrower obtaining either (a) an F3 (or better)
     --------
     rating from Fitch Investor's Services (or the equivalent rating from either
     Standard & Poor's Ratings Group or Moody's Investors Service, Inc.) for the
     Borrower's commercial paper, or (b) a BBB- (or better) rating from Fitch
     Investor's Services (or the equivalent rating from either Standard & Poor's
     Ratings Group or Moody's Investors Service, Inc.) for the Borrower's long
     term debt rating, the Applicable LIBO Margin shall decrease by 25 basis
     points at each Pricing Level, provided that in the event that the
                                   --------
     Applicable LIBO Margin is decreased by 25 basis points pursuant to clause
     (a) or (b) of this definition and following such decrease in the Applicable
     LIBO Margin, the Borrower's commercial paper rating decreases below F3 (or
     its equivalent) or the Borrower's long term debt rating decreases below
     BBB- (or its equivalent), the Applicable LIBO Margin shall increase by 25
     basis points until such time as the Borrower satisfies the ratings required
     in such clause (a) or (b) again.

          Subject to and in accordance with the final paragraph of this
     definition, the Applicable LIBO Margin shall be effective as of the first
     date of each Payment Period (or in the circumstances described in the final
     paragraph of this definition, such portion of a Payment Period), provided
                                                                      --------
     that any change in the Applicable LIBO Margin as a result of the
     circumstances described in clause (a) or (b) above shall be effective upon
     the Agent receiving written notice from the Borrower that such condition
     has been met, whether or not such Payment Period coincides with an Interest
     Period for a LIBO Rate Loan; provided further that any change in the
                                  --------
     Applicable LIBO Margin as a result of the circumstances described in the
     proviso to such clauses (a) and (b) shall be effective upon the decrease of
     the applicable rating of the Borrower.

          Anything in this Agreement to the contrary notwithstanding, the
     Applicable LIBO Margin for a Payment Period shall be the highest rate
     provided for above if the certificate of the Borrower shall not be
     delivered when required by Section 6.1(f) hereof with respect to the
     portion of such Payment Period to which such certificate relates.

          "Borrower Obligations" shall mean, (i) all of the indebtedness,
           --------------------
     obligations and liabilities of the Borrower under any of the Loan
     Documents, (ii) Cash Management Items, and (iii) all indebtedness of the
     Borrower to a Bank permitted to be incurred pursuant to Section 8.2(g) of
     this Agreement, in each case whether direct or indirect, joint or several,
     fixed, absolute or contingent, matured or unmatured, liquidated or
     unliquidated, secured or unsecured, now existing or hereafter arising,
     created, assumed, incurred or acquired including (A) any obligation or
     liability in respect of any breach of any representation or warranty, and
     (B) all post-petition interest and funding losses.

<PAGE>
                                       -4-

          "Collateral" shall mean and include the assets, property or interests
           ----------
     in property of whatever nature whatsoever, real, personal or mixed,
     tangible or intangible, of the Borrower and MFCC, the stock of Media
     pledged by the Parent pursuant to the terms of the Parent Pledge Agreement
     and the stock of MFCC pledged by the Borrower pursuant to the terms of the
     Borrower Pledge Agreement, securing the Revolving Credit Loans, Swing Line
     Loans and/or Term Loans and all other property and interests in personal
     property that shall, from time to time, secure the Revolving Credit Loans,
     Swing Line Loans and/or Term Loans.

          "Dividends" shall mean for both the most recently completed fiscal
           ---------
     quarter of the Borrower and its Subsidiaries and the most recently
     completed four fiscal quarters of the Borrower and its Subsidiaries, the
     sum of all (a) paid cash dividends on Capital Stock of the Borrower and its
     Subsidiaries plus (b) accrued and unpaid cash dividends on Capital Stock of
                  ----
     the Borrower and its Subsidiaries.

          "EBIT" shall mean, with respect to the Borrower and its Subsidiaries
           ----
     for any period, the sum of (i) Adjusted Net Investment Income, plus (ii)
                                                                    ----
     Interest Expense, plus (iii) federal, state and local income taxes, if any,
                       ----
     of the Borrower and its Subsidiaries for such period, computed in
     accordance with GAAP, plus (iv) for the purposes of calculating EBIT of the
                           ----
     Borrower in Section 7.5 hereof for the fiscal quarter ending March 31,
     2002, extraordinary non-recurring charges related to professional fees as
     further described on Schedule V hereto, provided that the aggregate of such
                          -------- -         --------
     charges shall not exceed $538,000.

          "Fee Letter" shall mean that certain letter agreement between the
           ----------
     Borrower and the Agent dated as of the Amendment No. 6 Effective Date.

          "Guarantor(s)" shall mean Media and/or MFCC, as the context requires.
           ------------

          "Guaranty(ies)" shall mean the separate Guaranties from each of the
           -------------
     Guarantors in favor of the Agent and the Banks, guaranteeing the payment
     and performance of the Borrower Obligations owing by the Borrower to the
     Agent and the Banks pursuant to the Loan Documents.

          "Indebtedness" shall mean as to any Person and whether recourse is
           ------------
     secured by or is otherwise available against all or only a portion of the
     assets of such Person and whether or not contingent, but without
     duplication, all items which, in accordance with GAAP, would be included in
     determining total liabilities as shown on the liability side of a balance
     sheet as at the date Indebtedness of such Person is to be determined (other
     than dividends on Capital Stock declared but not paid to the extent such
     dividends are not Restricted Payments), and including:

               (a) every obligation of such Person for money borrowed,

               (b) every obligation of such Person evidenced by bonds,
          debentures, notes or other similar instruments, including obligations
          incurred in connection with the acquisition of property, assets or
          businesses,

<PAGE>
                                       -5-

               (c) every reimbursement obligation (contingent or otherwise) of
          such Person with respect to letters of credit, bankers' acceptances or
          similar facilities issued for the account, or upon the application, of
          such Person,

               (d) every obligation of such Person issued or assumed as the
          deferred purchase price of property or services (including securities
          repurchase agreements but excluding trade accounts payable or accrued
          liabilities arising in the ordinary course of business which are not
          overdue or which are being contested in good faith),

               (e) every obligation of such Person under any Capitalized Lease,

               (f) every obligation of such Person under any Synthetic Lease,

               (g) all sales by such Person of (i) accounts or general
          intangibles for money due or to become due, (ii) chattel paper,
          instruments or documents creating or evidencing a right to payment of
          money or (iii) other receivables (collectively "receivables"), whether
                                                          -----------
          pursuant to a purchase facility or otherwise, other than in connection
          with the disposition of the business operations of such Person
          relating thereto or a disposition of defaulted receivables for
          collection and not as a financing arrangement, and together with any
          obligation of such Person to pay any discount, interest, fees,
          indemnities, penalties, recourse, expenses or other amounts in
          connection therewith,

               (h) every obligation of such Person (an "equity related purchase
                                                        ------ ------- --------
          obligation") to purchase, redeem, retire or otherwise acquire for
          ----------
          value any shares of Capital Stock issued by such Person or any rights
          measured by the value of such Capital Stock,

               (i) every obligation of such Person under any forward contract,
          futures contract, swap, option or other financing agreement or
          arrangement (including, without limitation, caps, floors, collars and
          similar agreements), the value of which is dependent upon interest
          rates, currency exchange rates, commodities or other indices (a
          "derivative contract"),
           ---------- --------

               (j) every obligation in respect of Indebtedness of any other
          entity (including any partnership in which such Person is a general
          partner) to the extent that such Person is liable therefor as a result
          of such Person's ownership interest in or other relationship with such
          entity, except to the extent that the terms of such Indebtedness
          provide that such Person is not liable therefor and such terms are
          enforceable under applicable law,

               (k) every obligation, contingent or otherwise, of such Person
          guaranteeing, or having the economic effect of guarantying or
          otherwise acting as surety for, any obligation of a type described in
          any of clause (a) through (j) (the "primary obligation") of another
                                              ------- ----------
          Person (the "primary obligor"), in any manner, whether directly or
                       ------- -------
          indirectly, and including,

<PAGE>
                                       -6-

          without limitation, any obligation of such Person (i) to purchase or
          pay (or advance or supply funds for the purchase of) any security for
          the payment of such primary obligation, (ii) to purchase property,
          securities or services for the purpose of assuring the payment of such
          primary obligation, or (iii) to maintain working capital, equity
          capital or other financial statement condition or liquidity of the
          primary obligor so as to enable the primary obligor to pay such
          primary obligation, and

               (l) all indebtedness for borrowed money secured by any Lien upon
          property owned by such Person (whether or not the holder of such
          indebtedness has any recourse against such Person).

          The "amount" or "principal amount" of any Indebtedness at any time of
               ------      --------- ------
          determination represented by (s) any letter of credit shall mean its
          face amount (excluding any reimbursement obligations with respect to
          any drawing under such a letter of credit which have been paid), (t)
          any Indebtedness, issued at a price that is less than the principal
          amount at maturity thereof, shall be the amount of the liability in
          respect thereof determined in accordance with GAAP, (u) any
          Capitalized Lease shall be the principal component of the aggregate of
          the rentals obligation under such Capitalized Lease payable over the
          term thereof that is not subject to termination by the lessee, (v) any
          sale of receivables shall be the amount of unrecovered capital or
          principal investment of the purchaser (other than Borrower or any of
          its wholly-owned Subsidiaries) thereof, excluding amounts
          representative of yield or interest earned on such investment, (w) any
          Synthetic Lease shall be the stipulated loss value, termination value
          or other equivalent amount, (x) any derivative contract shall be
          determined by the Agent in a manner consistent with its ordinary
          practices for valuing derivative contracts, (y) any equity related
          purchase obligation shall be the maximum fixed redemption or purchase
          price thereof inclusive of any accrued and unpaid dividends to be
          comprised in such redemption or purchase price and (z) any guaranty or
          other contingent liability referred to in clause (k) shall be an
          amount equal to the stated or determinable amount of the primary
          obligation in respect of which such guaranty or other contingent
          obligation is made or, if not stated or determinable, the maximum
          reasonably anticipated liability in respect thereof (assuming such
          Person is required to perform thereunder) as determined by such Person
          in good faith.

          "Initial Term" shall mean the period from and including the Effective
           ------------
     Date to and including June 28, 2002.

          "Interest Expense" shall mean, for any period with respect to the
           ----------------
     Borrower and its Subsidiaries, and calculated on a consolidated basis, all
     interest paid or scheduled to be paid (including amortization of original
     issue discount and non-cash interest payments or accruals and the interest
     component of Synthetic Leases or Capitalized Leases) by the Borrower and
     its Subsidiaries during such period on Indebtedness of the Borrower and its
     Subsidiaries.

<PAGE>
                                       -7-

          "Investment" in any Person shall mean any loan, advance, or extension
           ----------
     of credit to or for the account of; any guaranty, endorsement or other
     direct or indirect contingent liability in connection with the obligations,
     Capital Stock or dividends of; any ownership, purchase or acquisition of
     any assets, business, Capital Stock, obligations or securities of; or any
     other interest in or capital contribution to; such Person, but shall not
     include (a) any Loan, (b) any Investment permitted by Section 8.14 hereof
     and (c) any Portfolio Purchase. In determining the aggregate amount of
     Investments outstanding at any particular time: (a) the amount of any
     Investment represented by a guaranty shall be taken at not less than the
     principal amount of the obligations guaranteed and still outstanding; (b)
     there shall be included as an Investment all interest accrued with respect
     to Indebtedness constituting an Investment unless and until such interest
     is paid; (c) there shall be deducted in respect of each such Investment any
     amount received as a return of capital (but only by repurchase, redemption,
     retirement, repayment, liquidating dividend or liquidating distribution);
     (d) there shall not be deducted in respect of any Investment any amounts
     received as earnings on such Investment, whether as dividends, interest or
     otherwise, except that accrued interest included as provided in the
     foregoing clause (b) may be deducted when paid; and (e) there shall not be
     deducted from the aggregate amount of Investments any decrease in the value
     thereof.

          "Loan Documents" shall mean and include this Agreement, the Revolving
           --------------
     Credit Notes, the Swing Line Notes, the Security Agreements, any Mortgage
     Assignment, the Financing Statements, the Borrowing Base Certificates, the
     Fee Letter, the Guaranties, the Parent Pledge Agreement, the Borrower
     Pledge Agreement, the Collateral Agency Agreement and the Lockbox
     Agreements and each other document, instrument or agreement executed
     pursuant to, or in connection with, any Loan Document.

          "Media" shall mean Medallion Taxi Media, Inc., a New York corporation.
           -----

          "Net Income" shall mean, for any period, the gross revenues of
           ----------
     Borrower and its Subsidiaries, less (i) all realized and unrealized gains
     and losses on investments, (ii) all changes in loan loss reserve and (iii)
     all operating and nonoperating expenses (including, without limitation,
     Interest Expense and all fees and commissions, however designated, payable
     for management, administrative, or other services) of Borrower and its
     Subsidiaries for such period, derived in the ordinary course of its
     business, including all charges of a proper character (including current
     and deferred taxes on income, provision for taxes on income, and current
     additions to loan loss and other reserves), all determined on a basis
     consistent with prior years.

          "Parent Pledge Agreement" shall mean the Stock Pledge Agreement from
           -----------------------
     the Parent in favor of the Agent and the Banks, pledging the stock of Media
     as security for the obligations owing by the Borrower to the Agent and the
     Banks pursuant to the Loan Documents.

          "Pricing Level" shall mean, for any Payment Period, the respective
           -------------
     Pricing Level indicated below opposite the applicable Debt-Equity Ratio
     indicated below for

<PAGE>
                                       -8-

     such Payment Period (or as provided in the final paragraph of this
     definition, for part of a Payment Period):

     Range of
     Debt-Equity Ratio                              Pricing Level
     -----------------                              -------------

     Less than 2.0 to 1                                   1

     Greater than or equal to 2.0
     but less than 3.0 to 1                               2

     Greater than or equal to 3.0 to 1                    3

     The Debt-Equity Ratio for any Payment Period shall be determined in
     connection with the certificate required to be delivered to the Agent
     pursuant to Section 6.1(f) hereof setting forth, among other things, a
     calculation of the ratio of Total Liabilities to Tangible Net Worth (the
     "Debt-Equity Ratio") as at the last day of the fiscal quarter immediately
     preceding such Payment Period, each of which certificates shall be
     delivered together with the financial statements for the fiscal quarter on
     which such calculation is based; provided, that, in the case of the initial
     Payment Period, the calculation shall be based on the Debt-Equity
     calculation set forth in the certificate delivered by the Borrower to the
     Banks on or prior to the Amendment No. 6 Effective Date.

          "Restricted Payment" shall mean, with respect to the Borrower and its
           ------------------
     Subsidiaries, any of the following: (i) the payment of any dividend on or
     any distribution in respect of any Capital Stock of the Borrower and its
     Subsidiaries (other than the payment of the sum of (a) the minimum amount
     of Dividends required to be paid for the Borrower to retain its status as a
     regulated investment company pursuant to Section 851(a) of the Code, plus
                                                                          ----
     (b) the payment of Dividends required to be paid in order to avoid the
     imposition of income taxes pursuant to the Code), (ii) any defeasance,
     redemption, repurchase or other acquisition or retirement for value prior
     to scheduled maturity of any Indebtedness ranked pari passu or subordinate
                                                      ----------
     in right of payment to the Revolving Credit Notes, the Swing Line Notes or
     the Term Notes or of any Indebtedness having a maturity date prior to the
     maturity of the Revolving Credit Notes, the Swing Line Notes or the Term
     Notes (other than Permitted Debt and Indebtedness permitted by Sections
     8.2(b) and (e) hereof), (iii) when paid (or when the proceeds of which are
     paid) to any Person during the continuance of any Default or Event of
     Default, any defeasance, redemption, repurchase or other acquisition or
     retirement for value prior to scheduled maturity of any Indebtedness
     permitted by Sections 8.2(b) and (e) hereof, (iv) the redemption,
     repurchase, retirement or other acquisition of any Capital Stock of the
     Borrower or any of its Subsidiaries or of any warrants, rights or options
     to purchase or acquire any Capital Stock of the Borrower or any of its
     Subsidiaries (other than pursuant to and in accordance with stock option
     plans and other benefit plans for management or employees of the Borrower
     and its Subsidiaries, in an aggregate amount not in excess of $500,000
     during any 12-month period, provided that any such redemption,
                                 --------

<PAGE>

                                       -9-

     repurchase, retirement or other acquisition of any Capital Stock of the
     Borrower or any of its Subsidiaries or of any warrants, rights or options
     to purchase or acquire any Capital Stock of the Borrower or any of its
     Subsidiaries otherwise permitted by this parenthetical clause shall not be
     permitted following the occurrence and during the continuance of any
     Default or Event of Default), (v) any expenditure or the incurrence of any
     liability to make any expenditure for any Restricted Investment not
     permitted by Section 8.3 hereof, (vi) when incurred during the continuance
     of any Default or Event of Default any expenditure or the incurrence of any
     liability to make any expenditure for any Restricted Investment permitted
     by Section 8.3 hereof (other than Loans made in the ordinary course of
     business), (vii) the payment of any principal of, any interest on, or any
     amounts due in respect of, any Indebtedness not permitted by Section 8.2
     hereof, (viii) the payment of any principal of or interest on, or any other
     amounts due in respect of, any Subordinated Debt (except to the extent
     otherwise approved by the Required Banks and the Agent), and (ix) the
     setting aside of any amount or other property for the payment of
     Indebtedness described above, including by means of a sinking fund,
     defeasance or other such payment.

          "Subsidiary" or "Subsidiaries" of Borrower shall mean any Person more
           ----------      ------------
     than 50% of the outstanding Voting Interests of which is at the time owned,
     directly or indirectly, by Borrower and/or by one or more of its
     Subsidiaries; provided, however, that the term "Subsidiary" shall be deemed
                                                     ----------
     to exclude all Subsidiaries the Tangible Net Worth of which constitute less
     than 5% of the Tangible Net Worth of the Borrower.

          "Tangible Net Worth" shall mean, with respect to the Borrower and its
           ------------------
     Subsidiaries, the sum of capital surplus, earned surplus, capital stock
     minus deferred charges, intangibles (including good will) and treasury
     stock, all determined in accordance with GAAP and, to the extent applicable
     thereto, the regulations of the United States Securities and Exchange
     Commission applicable to investment companies.

          "Total Intercompany Receivables" shall mean, with respect to the
           ------------------------------
     Borrower and its Subsidiaries, the sum of (a) the amount listed as
     "Intercompany Receivables" on the balance sheet of the Borrower and its
     Subsidiaries delivered to the Agent pursuant to Section 6.1(d) hereof, plus
                                                                            ----
     (b) to the extent not otherwise included, all amounts owed to the Borrower
     and any of its Subsidiaries by its Affiliates, plus (c) to the extent not
                                                    ----
     otherwise included, Investments by the Borrower or any of its Subsidiaries
     in its Affiliates.

          "Total Liabilities" shall mean and include, without duplication and
           -----------------
     with respect to the Borrower and its Subsidiaries, as of any date of
     calculation, (i) all items which, in accordance with GAAP, would be
     included in determining total liabilities as shown on the liability side of
     a balance sheet as at the date Indebtedness of the Borrower and its
     Subsidiaries is to be determined, other than dividends on Capital Stock
     declared but not paid to the extent such dividends are not Restricted
     Payments, (ii) any liability secured by any Lien on property owned or
     acquired by the Borrower or any of its Subsidiaries, whether or not such
     liability shall have been

<PAGE>
                                       -10-

     assumed by the Borrower or any of its Subsidiaries, (iii) guaranties,
     endorsements (other than for collection in the ordinary course of
     business), reimbursement obligations in respect of undrawn letters of
     credit and other contingent obligations of the Borrower or any of its
     Subsidiaries in respect of the obligations of others, and (iv) all
     obligations of the Borrower or any of its Subsidiaries in respect of
     derivative contracts (as defined in clause (i) of the definition of
     Indebtedness).

          "Voting Interests" shall mean securities, as defined in Section
           ----------------
     2(a)(1) of the Securities Act of 1933, as amended, of any class or classes,
     the holders of which are ordinarily, in the absence of contingencies,
     entitled to vote for the election of the directors (or Persons performing
     similar functions) of the corporation, association, trust, partnership,
     joint venture or other business entity involved, whether or not the right
     to so vote exists by reason of the happening of a contingency. References
     in this Agreement to percentages of Voting Interests, unless otherwise
     noted, refer to percentages of votes to which such Voting Interests are
     entitled in the election of directors (or Persons performing similar
     functions) rather than to the number of shares.;

     (f) deleting the following definitions in their entirety, and substituting
in lieu thereof the following new definitions:

         "Eligibility Requirements" with respect to any Loan, shall mean the
          ------------------------
     following requirements:

         (a) such Loan is made to, and is a recourse obligation of, the Person
     to whom such Loan is made;

         (b) such Loan is a Domestic Loan;

         (c) such Loan is in compliance with the SBI Act and all SBA
     Regulations promulgated thereunder and, after giving effect to such Loan,
     the Borrower and its business and operations, taken as a whole, are in
     compliance with the SBI Act and all SBA Regulations promulgated thereunder;

         (d) such Loan is pledged in accordance with Section 2.1 of the
     Borrower Security Agreement;

         (e) the representations, warranties and covenants contained in Section
     4.1 of the Borrower Security Agreement are true and correct, and have been
     complied with, with respect to such Loan;

         (f) the Agent, on behalf of the Banks, has a perfected, first priority
     security interest in such Loan; and

         (g) the monetary terms, payment terms, financial covenants, negative
     covenants and any other material terms governing such Loan have not been
     amended, modified or waived more than once in any 12-month period on
     account of the Person to whom such Loan was made being unable to comply
     (for whatever reason) with such terms.

<PAGE>
                                       -11-

          "Net Cash Proceeds" shall mean, with respect to (a) any Debt Offering
           -----------------
     or Equity Offering, the excess of the gross cash proceeds received by the
     Borrower or any of its Subsidiaries from such Debt Offering or Equity
     Offering after deduction of reasonable and customary transaction expenses
     actually incurred in connection with such Debt Offering or Equity Offering,
     and (b) any sale, disposition or transfer of assets by the Borrower or any
     of its Subsidiaries or of any of the Capital Stock of Media by the Parent,
     the net cash proceeds received by the Borrower or any of its Subsidiaries
     or, in the case of any of the Capital Stock of Media, by the Parent in
     respect thereof, less all reasonable out-of-pocket fees, commissions and
     other reasonable and customary expenses actually incurred in connection
     with such asset sale, including the amount of income, franchise, sales and
     other applicable taxes required to be paid by the Borrower, such Subsidiary
     or the Parent in connection with such sale, disposition or transfer.

          "Senior Debt" shall mean the sum of (a) all Indebtedness of the
           -----------
     Borrower under this Agreement, plus (b) all CP Debt of the Borrower, plus
                                    ----                                  ----
     (c) all Senior Note Debt of the Borrower, plus (d) all Indebtedness of the
                                               ----
     Borrower incurred in accordance with Section 8.2(g) hereof, including
     without limitation, the face amount of all letters of credit issued
     pursuant thereto (excluding any reimbursement obligations with respect to
     any drawing under such a letter of credit which have been paid).; and

     (g) inserting, in the places required by alphabetical order, the following
new definitions:

          "Agent's Fee" shall mean all fees due to the Agent pursuant to Section
           -----------
     3.1(b) hereof.

          "Amendment No. 6" shall mean Amendment No. 6 to the Amended and
           ---------------
     Restated Loan Agreement, Limited Waiver and Consent dated as of December
     31, 2001 among the Borrower, the Agent, the Swing Line Lender and the
     Banks.

          "Amendment No. 6 Effective Date" shall mean the "Effective Date", as
           ------------------------------
     defined in Amendment No. 6.

          "Applicable Prime Rate Margin" shall mean, (a) for the period
           ----------------------------
     commencing with the Amendment No. 6 Effective Date and ending March 31,
     2002, zero; and (b) for the period commencing April 1, 2002 and thereafter,
     for any Payment Period during such period, the respective rates indicated
     below for Revolving Credit Loans and Term Loans which are Prime Rate Loans
     opposite the applicable Pricing Level indicated below for such Payment
     Period (or as provided in the final sentence of this definition, for part
     of a Payment Period):

                    Pricing Level              Applicable Prime Rate Margin
                    -------------              ----------------------------
                                                    (percent per annum)

<PAGE>
                                       -12-

                          1                            0.25%

                          2                            0.50%

                          3                            0.75%

     Subject to and in accordance with the final sentence of this definition,
     the Applicable Prime Rate Margin shall be effective as of the first date of
     each Payment Period (or in the circumstances described in the final
     sentence of this definition, such portion of a Payment Period). Anything in
     this Agreement to the contrary notwithstanding, in the event that the
     certificate of the Borrower required by Section 6.1(f) hereof shall not be
     delivered when required by such Section 6.1(f), the Applicable Prime Rate
     Margin for a Payment Period shall be the highest rate provided for in the
     table above until such time as such certificate is actually delivered.

          "Borrower Pledge Agreement" shall mean the Stock Pledge Agreement from
           -------------------------
     the Borrower in favor of the Agent and the Banks, pledging the stock of
     MFCC as security for the obligations owing by the Borrower to the Agent and
     the Banks pursuant to the Loan Documents.

          "Capitalized Lease" shall mean any lease under which the Borrower or
           -----------------
     any of its Subsidiaries is the lessee or obligor, the discounted future
     rental payment obligations under which are required to be capitalized on
     the balance sheet of the lessee or obligor in accordance with GAAP.

          "Cash Equivalents" shall mean as to the Borrower and its Subsidiaries,
           ----------------
     (a) securities issued or directly and fully guaranteed or insured by the
     United States of America and having a maturity of not more than six (6)
     months from the date of acquisition; (b) certificates of deposit, time
     deposits and eurodollar time deposits with maturities of six (6) months or
     less from the date of acquisition, bankers' acceptances with maturities not
     exceeding six (6) months and overnight bank deposits, in each case, (i)
     with any Bank or (ii) with any domestic commercial bank organized under the
     laws of the United States of America or any state thereof, in each case
     having a rating of not less than A or its equivalent by Standard & Poor's
     Ratings Group or any successor and having capital and surplus in excess of
     $1,000,000,000; (c) repurchase obligations with a term of not more than
     seven (7) days for underlying securities of the types described in clauses
     (a) and (b) above; and (d) any commercial paper or finance company paper
     issued by (i) any Bank or any holding company controlling any Bank or (ii)
     any other Person that is rated not less than "P-1" or "A-1" or their
     equivalents by Moody's Investors Service, Inc. or Standard & Poor's Ratings
     Group or their successors.

          "Cash Management Items" shall mean all fees and other amounts owing to
           ---------------------
     the Agent by the Borrower related to cash management and similar services,
     returned checks or other items, or the reversal or withdrawal of any
     provisional or other credits granted by the Agent, or by any other
     financial institution which has entered into a Lockbox Agreement with the
     Agent (including without limitation actual

<PAGE>
                                       -13-

     amounts returned by the Agent as the result of any such return, reversal or
     withdrawal).

          "DeMinimis Accounts" shall have the meaning set forth in Section 6.21
           ------------------
     hereof.

          "Fleet Concentration Account" shall have the meaning set forth in
           ---------------------------
     Section 6.21.1 hereof.

          "Financing Statements" shall mean the Borrower Financing Statements
           --------------------
     and the MFCC Financing Statements.

          "Lockbox Agreements" shall have the meaning set forth in Section
           ------------------
     6.21.1 hereof.

          "MFCC" shall mean Medallion Funding Chicago Corp., a Delaware
           ----
     corporation.

          "MFCC Financing Statements" shall mean financing statements approved
           -------------------------
     for filing in accordance with the Uniform Commercial Code, and all other
     titles, certificates, assignments and other documents, including, but not
     limited to, the Mortgage Assignments, that the Agent or any Bank may
     require to perfect the security interests to be granted under the MFCC
     Security Agreement.

          "MFCC Security Agreement" shall mean the Security Agreement to be
           -----------------------
     entered into by February 20, 2002, between MFCC and the Agent for the
     benefit of the Banks, the Agent and the CP Holders, in form and substance
     satisfactory to the Agent, as the same may be amended or supplemented from
     time to time.

          "Payment Period" shall mean (a) initially, the period commencing on
           --------------
     the Amendment No. 6 Effective Date and ending on the later of February 14,
     2002 or the date of the actual receipt by the Agent of the certificate
     required to be delivered by the Borrower on or before such date pursuant to
     Section 6.1(f) hereof, and (b) thereafter, the period commencing on the
     date immediately succeeding the last day of the prior Payment Period to,
     but not including, the fifth Business Day after the earlier of the due date
     of the next certificate required to be delivered by the Borrower to the
     Agent pursuant to Section 6.1(f) hereof or the date of the actual receipt
     by the Agent of such certificate.

          "Security Agreements" shall mean the Borrower Security Agreement and
           -------------------
     the MFCC Security Agreement.

          "Synthetic Lease" shall mean any lease of goods or other property,
           ---------------
     whether real or personal, which is treated as an operating lease under GAAP
     and as a loan or financing for U.S. income tax purposes.

          "Yellow Cab Transfer" shall have the meaning set forth in Section 8.11
           -------------------
     hereof.

<PAGE>

                                      -14-

     2.  Amendment of Section 2.1 of the Loan Agreement. Section 2.1 of the Loan
         ----------------------------------------------
Agreement is hereby amended by (a) inserting the following new sentence at the
end of Section 2.1(c)(i):

         "Notwithstanding the requirements of the foregoing paragraph, in the
     event that any Cash Management Item is returned, a Swing Line Loan shall be
     deemed to automatically be made in an amount equal to such returned Cash
     Management Item, regardless of whether the conditions for making a Swing
     Line Loan described in the foregoing paragraph are met.";

     (b) deleting the first sentence of Section 2.1(c)(ii) in its entirety and
replacing it with the following new first sentence:

          "Other than Swing Line Loans made with respect to returned Cash
     Management Items, the Swing Line Lender shall not be obligated to make any
     Swing Line Loan at a time when any Bank shall be in default of its
     obligations under this Agreement unless arrangements to eliminate the Swing
     Line Lender's risk with respect to such defaulting Bank's participation in
     such Swing Line Loan shall have been made for the benefit of the Swing Line
     Lender and such arrangements are in all respects satisfactory to the Swing
     Line Lender.";

     and (c) inserting the following new Section 2.1(d) in proper alphabetical
order:

         "(d) Reallocations upon Assignment to New Banks. Any new Revolving
              ------------------------------------------
     Credit Commitment, increase in Revolving Credit Commitment, new Bank Loans
     or increase in Bank Loans provided by any new Bank or Bank which is a Bank
     as of the Amendment No. 6 Effective Date in accordance with Section 12.2
     hereof, shall be used to reduce the Revolving Credit Commitments and
     outstanding Bank Loans of each other Bank desiring to have its Revolving
     Credit Commitment and outstanding Bank Loans reduced, pro rata in
                                                           --- ----
     accordance with such other Bank's Percentage or, in the event that one or
     more Banks opt not to have their Revolving Credit Commitments and
     outstanding Bank Loans reduced, by an amount equal, in the case of each
     Bank desiring to have its Revolving Credit Commitment reduced, to (i)(A)
     such Bank's Revolving Credit Commitment (or outstanding Bank Loans) divided
     by (B) the sum of the Revolving Credit Commitments (or outstanding Bank
     Loans) of all Banks desiring to have their Revolving Credit Commitments and
     outstanding Bank Loans reduced, multiplied by (ii) the amount of the
     Revolving Credit Commitment (or outstanding Bank Loans) of such new Bank
     or, as the case may be, any increase in an existing Bank's Revolving Credit
     Commitment (or outstanding Bank Loans); provided that the Banks'
                                             --------
     Percentages shall be correspondingly adjusted, each new Bank or existing
     Bank increasing its Revolving Credit Commitment (or outstanding Bank Loans)
     shall make all (if any) such payments to the other Banks as may be
     necessary to result in the Bank Loans made by such Bank being equal to such
     Bank's new Percentage (as then in effect) of the aggregate principal amount
     of all Bank Loans outstanding to the Borrower as of such date), and Notes
     shall be issued or amended and such other changes shall be made to the Loan

<PAGE>
                                       -15-

     Documents, as necessary, to reflect any such changes to the Banks'
     Revolving Credit Commitments and outstanding Bank Loans."

     3.  Amendment of Section 2.2 of the Loan Agreement. Section 2.2 of the Loan
         ----------------------------------------------
Agreement is hereby amended by adding the words "plus the Applicable Prime Rate
Margin" immediately following the words "Prime Rate" in clauses (c)(i)(a) and
(c)(iii)(a) of Section 2.2, respectively.

     4.  Amendment of Section 2.3 of the Loan Agreement. Section 2.3 of the Loan
         ----------------------------------------------
Agreement is hereby amended by adding the following new paragraph immediately
following the final paragraph of Section 2.3(a) of the Loan Agreement:

          "Notwithstanding the foregoing, the Borrower shall give the Agent
     fifty (50) days prior written notice of the requested borrowing date for
     any Revolving Credit Loan or Swing Line Loan, the amount of which would,
     when added to the amount of all Bank Loans outstanding and all other Bank
     Loans requested (in each case as of the date of request), exceed
     $160,000,000."

     5.  Amendment of Section 2.4 of the Loan Agreement. Section 2.4 of the Loan
         ----------------------------------------------
Agreement is hereby amended by deleting Section 2.4(b) in its entirety and
substituting the following new Section 2.4(b) in lieu thereof:

          "(b) (i) On July 1, 2001 (the "First Revolver Reduction Date"), the
                                         -----------------------------
     Aggregate Revolving Credit Commitment shall be irrevocably reduced to
     $208,000,000, (ii) on October 1, 2001 (the "Second Revolver Reduction
                                                 -------------------------
     Date"), the Aggregate Revolving Credit Commitment shall be irrevocably
     ----
     reduced to $200,000,000, (iii) on January 1, 2002 (the "Third Revolver
                                                             --------------
     Reduction Date"), the Aggregate Revolving Credit Commitment as in effect on
     --------------
     such date shall be irrevocably reduced to $190,000,000, (iv) on the date on
     which this Section 2.4(b) becomes effective pursuant to Section 45(b) of
     Amendment No. 6 (the "Fourth Revolver Reduction Date"), the Aggregate
                           ------------------------------
     Revolving Credit Commitment as in effect on such date shall be
     $160,000,000, and (v) on April 1, 2002 (the "Fifth Revolver Reduction
                                                  ------------------------
     Date", and together with the First Revolver Reduction Date, the Second
     ----
     Revolver Reduction Date, the Third Revolver Reduction Date and the Fourth
     Revolver Reduction Date, the "Revolver Reduction Dates"), the Aggregate
     Revolving Credit Commitment as in effect on such date shall be irrevocably
     reduced to $150,000,000. The reductions in the Aggregate Revolving Credit
     Commitment required by this subsection (b) shall be in addition to any
     reductions in the Aggregate Revolving Credit Commitment resulting from
     mandatory prepayments required to be paid in accordance with Section 2.5(e)
     hereof or from any other prepayments (whether voluntary or otherwise) made
     by the Borrower. Each such reduction shall be accompanied by repayment of
     the Bank Loans, together with accrued interest thereon, to the extent (if
     any) that the aggregate principal amount of the Revolving Credit Loans and
     Swing Line Loans outstanding exceeds the amount of the Aggregate Revolving
     Credit Commitment after taking into account the Aggregate Revolving Credit
     Commitment as then reduced. All such repayments shall be applied to the
     Bank Loans in accordance with the terms of Section 2.5(e)(v) hereof. Each

<PAGE>

                                      -16-

     reduction of the Aggregate Revolving Credit Commitment pursuant to this
     Section 2.4(b) shall be applied pro rata among the Banks in proportion to
                                     --- ----
     their Percentages in order to reduce each Bank's Revolving Credit
     Commitment and to reduce the aggregate principal amount of the Revolving
     Credit Loans then outstanding and owing to such Bank."

     6.  Amendment of Section 2.5 of the Loan Agreement. Section 2.5 of the Loan
         ----------------------------------------------
Agreement is hereby amended by:

     (a) deleting the first sentence of Section 2.5(c)(ii) in its entirety and
substituting the following new sentence in lieu thereof:

         "If, at any time, (A) the aggregate unpaid balance of all Swing Line
     Loans plus the aggregate unpaid balance of all Revolving Credit Loans plus
           ----                                                            ----
     the aggregate unpaid balance of all Term Loans made to the Borrower shall
     exceed the Borrowing Base, or (B) the aggregate unpaid balance of all
     Senior Debt shall exceed the Borrowing Base, within five days of the first
     day there exists any such deficiency the Borrower shall (1) make payment to
     the Agent (to be applied against Borrower's Swing Line Loans first, then
     Revolving Credit Loans and then Term Loans in such order or preference as
     the Agent shall determine) in an amount necessary to eliminate such excess,
     together with accrued interest thereon to the date of prepayment as
     provided in Section 2.2(c) hereof, and (2) deliver a Borrowing Base
     Certificate showing compliance with Section 7.3 hereof, as well as a
     borrowing base certificate under the Financial Agreement showing Medallion
     Financial's compliance with Section 7.3 of the Financial Agreement, as of
     the date such excess is repaid."; and

     (b) deleting Section 2.5(e) in its entirety and substituting the following
new Section 2.5(e) in lieu thereof:

     "(e)(i) Promptly following the occurrence of any Equity Offering or Debt
     Offering of the Borrower or any of its Subsidiaries (following the
     obtaining of any necessary consents or approvals hereunder or under any
     other applicable agreements, including the Financial Agreement, the Note
     Purchase Agreement and the Collateral Agency Agreement, for such Equity
     Offering or Debt Offering), the Borrower shall repay (or cause any of its
     applicable Subsidiaries to repay) (1) outstanding Bank Loans (with the
     Revolving Credit Commitment of each Bank being irrevocably reduced by an
     amount equal to the amount of the repayment to be made to it pursuant to
     this Section 2.5(e)(i) and in accordance with the terms of Section
     2.5(e)(v) hereof, and the Aggregate Revolving Credit Commitment being
     irrevocably reduced by an aggregate amount equal to the sum of the
     reductions of individual Revolving Credit Commitments required to be made
     by this parenthetical), (2) the principal amounts outstanding under the
     Senior Notes, (3) the principal amounts outstanding of the CP Debt, and (4)
     the outstanding principal amount of Indebtedness of the Borrower permitted
     pursuant to Section 8.2(g) hereof, in an amount equal to one hundred
     percent (100%) of the Net Cash Proceeds of such Equity Offering or Debt
     Offering, with such Net Cash Proceeds being allocated among the Banks, the
     Swing Line

<PAGE>
                                       -17-

     Lender, the Agent, the CP Holders, the Senior Noteholders and the holders
     of the Indebtedness described in clause (4) of this paragraph (e)(i) on a
     pro rata basis in accordance with the provisions of Section 5 of the
     --- ----
     Intercreditor Agreement. In the event that any Net Cash Proceeds remain
     after applying the Net Cash Proceeds in the manner contemplated above
     ("Excess Funding Proceeds"), such Excess Funding Proceeds shall be
     transferred to the Operating Account.

          (ii)  Promptly following the occurrence of any sale, transfer or
     disposition of Media's Capital Stock by the Parent (following the obtaining
     of any necessary consents or approvals hereunder or under any other
     applicable agreements, including the Financial Agreement, the Note Purchase
     Agreement and the Collateral Agency Agreement, for such sale, transfer or
     disposition), the Borrower shall cause the Parent to transfer the Net Cash
     Proceeds thereof to the Borrower in order to enable the Borrower to repay,
     if and to the extent permitted by the Financial Agreement and the
     Collateral Agency Agreement, (1) outstanding Bank Loans (with the Revolving
     Credit Commitment of each Bank being irrevocably reduced by an amount equal
     to the amount of the repayment to be made to it pursuant to this Section
     2.5(e)(ii) and in accordance with the terms of Section 2.5(e)(v) hereof and
     the Aggregate Revolving Credit Commitment being irrevocably reduced by an
     aggregate amount equal to the sum of the reductions of individual Revolving
     Credit Commitments required to be made by this parenthetical), (2)
     outstanding loans under the Financial Agreement, (3) the principal amounts
     outstanding under the Senior Notes, (4) the principal amounts outstanding
     with respect to the CP Debt, and (5) the outstanding principal amount of
     Indebtedness of the Borrower permitted pursuant to Section 8.2(g) hereof,
     in an amount equal to one hundred percent (100%) of the Net Cash Proceeds
     of such sale, transfer or disposition, with such Net Cash Proceeds being
     allocated among the Banks, the Swing Line Lender, the Agent, the Senior
     Noteholders, the CP Holders and the holders of the Indebtedness described
     in clause (5) of this Section 2.5(e)(ii) on a pro rata basis in accordance
                                                   --- ----
     with the provisions of Section 5.3 of the Collateral Agency Agreement.

          (iii) Promptly following the occurrence of any sale, transfer or
     disposition of Loans or other assets of the Borrower or any of its
     Subsidiaries (following the obtaining of any necessary consents or
     approvals hereunder or under any other applicable agreements, including the
     Financial Agreement, the Note Purchase Agreement and the Collateral Agency
     Agreement, for such sale, transfer or disposition), the Borrower shall
     repay (1) outstanding Bank Loans (and, except for transfers permitted by
     Section 8.3(f)(i) hereof with the Revolving Credit Commitment of each Bank
     being irrevocably reduced by an amount equal to the amount of the repayment
     to be made to it pursuant to this Section 2.5(e)(iii) and in accordance
     with the terms of Section 2.5(e)(v) hereof, and the Aggregate Revolving
     Credit Commitment being irrevocably reduced by an aggregate amount equal to
     the sum of the reductions of individual Revolving Credit Commitments
     required to be made by this parenthetical), (2) the principal amounts
     outstanding under the Senior Notes, (3) the principal amounts outstanding
     of the CP Debt, and (4) the outstanding principal amount of Indebtedness of
     the Borrower permitted pursuant to Section

<PAGE>
                                       -18-

     8.2(g) hereof, in an amount equal to one hundred percent (100%) of the Net
     Cash Proceeds of such sale, transfer or disposition, with such Net Cash
     Proceeds being allocated among the Banks, the Swing Line Lender, the Agent,
     the CP Holders, the Senior Noteholders and the holders of the Indebtedness
     described in clause (4) of this Section 2.5(e)(iii) on a pro rata basis in
                                                              --- ----
     accordance with the provisions of Section 5 of the Intercreditor Agreement.
     In the event that any Net Cash Proceeds remain after applying the Net Cash
     Proceeds in the manner contemplated above ("Excess Asset Proceeds"), such
     Excess Asset Proceeds shall be transferred to the Operating Account.

          (iv) In the event that, with respect to any fiscal quarter ending on
     or after December 31, 2001, the Borrower seeks to pay Dividends in excess
     of ninety percent (90%) of the Adjusted Net Investment Income of the
     Borrower for such fiscal quarter (the amount of such excess Dividends is
     hereafter referred to as the "Excess Dividends"), the Borrower shall give
     14 days prior written notice to the Agent of such intention, and
     concurrently with the payment of such Excess Dividends, the Borrower shall
     repay (1) outstanding Bank Loans (with the Revolving Credit Commitment of
     each Bank being irrevocably reduced by an amount equal to the amount of any
     repayment to be made to it pursuant to this Section 2.5(e)(iv) and in
     accordance with the terms of Section 2.5(e)(v) hereof, and the Aggregate
     Revolving Credit Commitment being irrevocably reduced by an aggregate
     amount equal to the sum of the reductions of individual Revolving Credit
     Commitments required to be made by this parenthetical), (2) the principal
     amounts outstanding under the Senior Notes, and (3) outstanding
     Indebtedness of the Borrower permitted pursuant to Section 8.2(g) hereof,
     in an amount equal to the greater of Payment Amount One or Payment Amount
     Two (the "Dividend Prepayment"), with such Dividend Prepayment being
     allocated among the Banks, the Agent, the Senior Noteholders and the
     holders of the Indebtedness described in clause (3) of this paragraph
     (e)(iv) on a pro rata basis in accordance with the percentage interest that
                  --- ----
     each such Person holds of the sum of the outstanding Term Loans, plus the
                                                                      ----
     Swing Line Commitment, plus the sum of the Revolving Credit Commitment for
                            ----
     each Bank whose Revolving Credit Commitment is not $0, plus the principal
                                                            ----
     amounts outstanding under the Senior Notes, plus the outstanding principal
                                                 ----
     amount of Indebtedness of the Borrower permitted pursuant to Section
     8.2(g). Together with the payment of any Dividend Prepayment, the Borrower
     shall deliver to the Agent and the Banks a certificate in substantially the
     form of Exhibit X hereto demonstrating compliance with the calculations set
             ------- -
     forth above.

          (v)  With respect to all payments pursuant to subsections (i) through
     (iv) above, each such payment shall be applied first, to outstanding Swing
     Line Loans, second, to outstanding Prime Rate Loans of the Borrower,
     whether Revolving Credit Loans or Term Loans, in accordance with the
     provisions of Section 2.5(d) hereof, and third, to outstanding LIBO Rate
     Loans of the Borrower, whether Revolving Credit Loans or Term Loans, in
     accordance with the provisions of Section 2.5(d) hereof, with any
     prepayment of LIBO Rate Loans being subject to Section 2.11 hereof;
     provided, however, that the Borrower may request to avoid such breakage
     --------  -------
     costs (with the determination as to whether to agree with such request
     being made by

<PAGE>

                                      -19-

     the Agent in its sole discretion) that one or more such payments be made by
     providing to the Agent cash in an amount sufficient to cash collateralize
     such LIBO Rate Loans (with the Borrower not to be deemed to have paid such
     LIBO Rate Loans until such cash has been applied to such LIBO Rate Loans)
     and otherwise in accordance with Section 2.B.1.3(b) hereof. Each payment
     pursuant to this Section 2.5(e) shall be applied pro rata among the Banks
                                                      --- ----
     in proportion to their Percentages, and, with respect to payments made
     pursuant to Section 2.5(e)(i), Section 2.5(e)(ii), Section 2.5(e)(iii), and
     Section 2.5(e)(iv) hereof, with the Revolving Credit Commitment of any Bank
     whose Revolving Credit Commitment is not $0 being irrevocably reduced by an
     amount equal to the amount of the repayment made to it pursuant to this
     Section 2.5(e) and the Aggregate Revolving Credit Commitment being
     irrevocably reduced by an aggregate amount equal to the sum of the
     reductions of individual Revolving Credit Commitments (if any) being made
     in accordance with the requirements of this Section 2.5(e)."

     7.  Amendment of Section 2.6 of the Loan Agreement. Section 2.6 of the Loan
         ----------------------------------------------
Agreement is hereby amended by deleting Section 2.6 in its entirety and
substituting the following new Section 2.6 in lieu thereof:

         "Section 2.6. Interest after Default.
                       ----------------------

         2.6.1. Overdue Amounts. Overdue principal and (to the extent permitted
                ---------------
     by applicable law) interest on the Bank Loans and all other overdue amounts
     payable hereunder or under any of the other Loan Documents shall bear
     interest compounded monthly and payable on demand at a rate per annum equal
     to two percent (2%) plus the rate of interest then applicable thereto (or,
                         ----
     if no rate of interest is then applicable thereto, the Prime Rate) until
     such amount shall be paid in full (after as well as before judgment).

         2.6.2. Amounts Not Overdue. During the continuance of a Default or an
                -------------------
     Event of Default under Section 9.1(a), (b) or (c) hereof, the principal of
     the Bank Loans not overdue shall, until such Default or Event of Default
     has been cured or remedied or such Default or Event of Default has been
     waived pursuant to Section 10.2 hereof, bear interest at a rate per annum
     equal to two percent (2%) plus the rate of interest otherwise applicable to
                               ----
     such Bank Loans pursuant to Section 2.2(c) hereof.

         2.6.3. Calculation of Default Interest. The rate of interest to be
                -------------------------------
     charged under Section 2.6.1 or Section 2.6.2 hereof (in either case, a
     "Default Rate") shall be computed on the basis of a 360-day year for the
     actual number of days elapsed. If the Default Rate is to be based on the
     Prime Rate, the Prime Rate to be charged shall change when and as the Prime
     Rate is changed, and any such change in the Prime Rate shall become
     effective at the opening of business on the day on which such change is
     adopted. At the end of the applicable Interest Period for a LIBO Rate Loan
     on which the Default Rate is being charged, such LIBO Rate Loan shall be
     automatically converted to a Prime Rate Loan, and the Default Rate to be
     charged in respect of such Loan shall be computed based on the Prime Rate.

<PAGE>
                                       -20-

          2.6.4. Special Provisions. Notwithstanding the foregoing, the Default
                 ------------------
     Rate shall not be charged for the period commencing with the day following
     the Amendment No. 6 Effective Date through March 15, 2002, provided that no
     Default or Event of Default shall occur and be continuing other than those
     described in Section 33 of Amendment No. 6."

     8.  Amendment of Section 2.14 of the Loan Agreement. Section 2.14 of the
         -----------------------------------------------
Loan Agreement is hereby amended by adding the following new sentence at the end
thereof:

          "Notwithstanding the foregoing, the Borrower shall not grant a
     participation to any Subsidiary or Affiliate of the Borrower in any
     Medallion Loan originated by the Borrower."

     9.  Amendment of Article 2A of the Loan Agreement. Article 2A of the Loan
         ---------------------------------------------
Agreement is hereby deleted in its entirety and the following new Article 2A is
substituted in lieu thereof:

         "Article 2A. Collateral Security; Guaranties. The Borrower Obligations
                      -------------------------------
     under this Agreement shall be secured by a perfected first priority
     security interest (subject only to Liens permitted hereunder and entitled
     to priority under applicable law (including Liens in favor of the "Agent"
     (as defined in the Financial Agreement) under the Financial Agreement to
     secure the obligations thereunder) and to the requirements of the
     Collateral Agency Agreement and the Intercreditor Agreement) in
     substantially all of the assets of the Borrower and MFCC, whether now owned
     or hereafter acquired and wherever located, pursuant to the terms of (1)
     the Security Agreements, including a pledge by the Borrower of one hundred
     percent (100%) of the capital stock owned by the Borrower of each of its
     Subsidiaries, subject to limitations imposed by applicable law with respect
     to any particular Subsidiary, and to the receipt of consents (including
     lender consents) as may be required under other loan documents for any
     particular Subsidiary, provided that the Borrower shall have used its best
                            --------
     efforts to obtain such consents, with the Borrower acknowledging that the
     pledge of (and subsequent enforcement of the security interest in) the
     stock of Media requires no such consent, and (2) the Lockbox Agreements
     upon the Borrower's compliance with Section 6.21.1 hereof. The Borrower
     Obligations under this Agreement and the other Loan Documents shall also be
     guaranteed by the Guarantors pursuant to the terms of the Guaranties
     (subject, in the case of Media, to the terms of the Collateral Agency
     Agreement and in the case of MFCC, to the terms of the Intercreditor
     Agreement); provided, however, that the Guaranty with respect to Media
                 --------  -------
     shall provide that, with the prior written consent of the Agent and the
     Required Banks, which consent shall not be conditioned on any requirement
     to repay Indebtedness, such Guaranty of Media shall be released upon any
     sale, transfer, public offering, merger, consolidation or other similar
     event involving the change of at least 33% of the legal and beneficial
     ownership of Media."

     10. Addition of Article 2B of the Loan Agreement. The Loan Agreement is
         --------------------------------------------
hereby amended by adding the following new Article 2B:

<PAGE>
                                       -21-

          "Article 2B.1. Allocation of Funds in the Fleet Concentration Account
                         ------------------------------------------------------
     and Repayments of Revolving Credit Loans Prior to Event of Default.
     ------------------------------------------------------------------

               2B.1.1. Credit for Funds Received in Concentration Account. (a)
                       --------------------------------------------------
          All funds and cash proceeds in the form of money, checks and like
          items received in the Fleet Concentration Account as contemplated by
          Section 6.21 hereof shall be credited, on the same Business Day on
          which the Agent determines that good collected funds have been
          received, and, prior to the receipt of good collected funds, on a
          provisional basis until final receipt of good collected funds, and
          applied as contemplated by Section 2B.1.2 or 2B.1.3 hereof, as the
          case may be, (b) all funds and cash proceeds in the form of a wire
          transfer received in the Fleet Concentration Account as contemplated
          by Section 6.21 hereof shall be credited on the same Business Day as
          the Agent's receipt of such amounts (or on such later date as the
          Agent determines that good collected funds have been received), and
          transferred as contemplated by Section 2B.1.2 hereof or, as the case
          may be, applied as contemplated by Section 2B.1.3 hereof, and (c) all
          funds and cash proceeds in the form of an automated clearing house
          transfer received in the Fleet Concentration Account as contemplated
          by Section 6.21 hereof shall be credited, on the next Business Day
          following the Agent's receipt of such amounts (or on such later date
          as the Agent determines that good collected funds have been received),
          and transferred as contemplated by Section 2B.1.2 hereof or, as the
          case may be, applied as contemplated by Section 2B.1.3 hereof. For
          purposes of the foregoing provisions of this Section 2B.1.1, the Agent
          shall not be deemed to have received any such funds or cash proceeds
          on any day unless received by the Agent before 2:30 p.m. (Boston time)
          on such day. The Borrower further acknowledges and agrees that any
          such provisional credits or credits in respect of wire or automatic
          clearing house funds transfers shall be subject to reversal if final
          collection in good funds of the related item is not received by, or
          final settlement of the funds transfer is not made in favor of, the
          Agent in accordance with the Agent's customary procedures and
          practices for collecting provisional items or receiving settlement of
          funds transfers.

               2B.1.2. Transfer to Operating Account Prior to Event of Default
                       -------------------------------------------------------
          and Request of the Agent that Such Transfers Cease. Amounts received
          --------------------------------------------------
          in the Fleet Concentration Account which are determined by the Agent
          in its sole discretion to be good collected funds shall be transferred
          to the Operating Account on a daily basis, so long as neither (a) an
          Event of Default has occurred of which the account officers of the
          Agent active on the Borrower's accounts have knowledge, nor (b) has a
          determination been made by the Agent that the funds contained in the
          Fleet Concentration Account shall be applied to the Borrower
          Obligations as contemplated by Section 2B.1.3 or Section 2B.2 hereof.
          The Borrower shall be permitted to invest funds transferred to the
          Operating Account pursuant to this Section 2B.1.2 in Cash Equivalents.

<PAGE>
                                       -22-

               2B.1.3. Application of Payments Prior to Event of Default, but
                       ------------------------------------------------------
          Following The Agent's Determination That Funds Contained In the Fleet
          ---------------------------------------------------------------------
          Concentration Account Are To Be Applied To The Borrower Obligations.
          -------------------------------------------------------------------

               (a) Prior to the occurrence of an Event of Default of which the
          account officers of the Agent active on the Borrower's accounts have
          knowledge, but following the Agent's determination (which may be made
          by the Agent in its sole discretion) that funds contained in the Fleet
          Concentration Account are to be applied to the Borrower Obligations,
          all funds transferred to the Fleet Concentration Account and for which
          the Borrower has received credits shall be allocated among the Banks,
          the Swing Line Lender, the Agent, the Senior Noteholders, the CP
          Holders and the holders of the outstanding Indebtedness permitted
          pursuant to Section 8.2(g) hereof, with the portion of such funds
          allocated to the Banks, the Swing Line Lender and the Agent being
          applied to the Borrower Obligations as follows:

                   (i)   first, to pay amounts then due and payable under this
               Agreement, the Notes and the other Loan Documents;

                   (ii)  second, to reduce Swing Line Loans made by the Swing
               Line Lender;

                   (iii) third, to reduce Revolving Credit Loans and/or Term
               Loans which are Prime Rate Loans;

                   (iv)  fourth, to reduce Revolving Credit Loans and/or Term
               Loans which are LIBO Rate Loans; and

                   (v)   fifth, to the Operating Account.

               (b) All prepayments of LIBO Rate Loans prior to the end of an
          Interest Period shall obligate the Borrower to pay any breakage costs
          associated with such LIBO Rate Loans in accordance with Section 2.11
          hereof. Prior to the occurrence of an Event of Default, the Borrower
          may request that it be permitted (with the Agent determining whether
          to agree to such request in its sole discretion) to avoid such
          breakage costs by providing to the Agent cash in an amount sufficient
          to cash collateralize such LIBO Rate Loans, but in no event shall the
          Borrower be deemed to have paid such LIBO Rate Loans until such cash
          has been applied to such LIBO Rate Loans. In the event that the Agent
          agrees to such request, the Agent may elect to cause such cash
          collateral to be deposited into either (i) a cash collateral account
          pursuant to the terms of a cash collateral agreement executed by the
          Borrower and the Agent and in form and substance satisfactory to the
          Agent or (ii) the Operating Account with appropriate instructions
          prohibiting the Borrower's withdrawal of such funds so long as they
          remain cash collateral. In each such case, the Borrower agrees to
          execute and deliver to the Agent

<PAGE>
                                       -23-

         such instruments and documents, including Uniform Commercial Code
         financing statements and agreements with any third party depository
         banks, as the Agent may request.

              (c) All prepayments of the Revolving Credit Loans pursuant to this
         Section 2B.1.3 shall be allocated among the Banks making such Revolving
         Credit Loans, in proportion, as nearly as practicable, to the
         respective unpaid principal amount of such Revolving Credit Loans
         outstanding, with adjustments to the extent practicable to equalize
         any prior payments or repayments not exactly in proportion. All
         prepayments of the Revolving Credit Loans shall be applied in
         accordance with this Section 2B.1.3. No prepayment made in accordance
         with this Section 2B.1.3 shall reduce the Aggregate Revolving Credit
         Commitment.

         2B.2. Repayments of Revolving Credit Loans After Event of Default.
               -----------------------------------------------------------
     Following (a) the occurrence and during the continuance of an Event of
     Default of which the account officers of the Agent active on the Borrower's
     accounts have knowledge, and (b) the determination of either the Agent or
     the Required Banks (which determination may be made in the sole discretion
     of the Person or Persons making such determination) that funds contained in
     the Fleet Concentration Account shall be applied to the Borrower
     Obligations, all funds transferred to the Fleet Concentration Account and
     for which the Borrower has received credits shall be allocated among the
     Banks, the Swing Line Lender, the Agent, the Senior Noteholders, the CP
     Holders and the holders of the outstanding Indebtedness permitted pursuant
     to Section 8.2(g) hereof, with the portion of such funds allocated to the
     Banks, the Swing Line Lender and the Agent being applied to the obligations
     of the Borrower under the Loan Documents in accordance with Section 9.5
     hereof."

     11. Amendment of Section 3.1 of the Loan Agreement. Section 3.1 of the Loan
         ----------------------------------------------
Agreement is hereby amended by adding the following new Sections 3.1(c), (d),
(e) and (f) in proper alphabetical order therein:

         "(c) Delinquency Fee. Without limiting the provisions of Section 9.1
              ---------------
     hereof, the Borrower agrees to pay to the Agent, for the pro rata account
     of each Bank (based on each Bank's Percentage), on the last Business Day of
     each calendar month for any Delinquency Fee accrued during such calendar
     month, a delinquency fee of $12,000 for each and every five (5) consecutive
     Business Days that the Borrower fails to deliver any statement,
     certificate, report or other information required to be delivered to the
     Agent or the Banks in accordance with the requirements of Section 6.1
     hereof (the "Delinquency Fee"). For purposes hereof, consecutive Business
                  ---------------
     Days shall mean one Business Day following another Business Day, with
     intervening Saturdays, Sundays and holidays excluded. The Borrower
     authorizes the Agent to deduct the Delinquency Fee from the Operating
     Account on the last Business Day of each calendar month for any Delinquency
     Fee accrued during such calendar month.

<PAGE>

                                      -24-

         (d) Amendment Fee. The Borrower agrees to pay to the Agent, for the
             -------------
     pro rata account of each Bank (based on each Bank's Percentage), on the
     --- ----
     Term-Out Date, an amendment fee equal in the aggregate to 0.20% of the
     Aggregate Revolving Credit Commitment in effect on the Term-Out Date;
     provided, however, that in the event that prior to the Term-Out Date, the
     --------  -------
     Aggregate Revolving Credit Commitment has been terminated and the Borrower
     Obligations have been paid in full, the Borrower shall not be obligated to
     pay the amendment fee described in this Section 3.1(d).

         (e) Waiver Fee. The Borrower agrees to pay to the Agent, for the pro
             ----------                                                   ---
     rata account of each Bank (based on each Bank's Percentage), on the
     ----
     Amendment No. 6 Effective Date, a waiver fee equal in the aggregate to
     0.20% of the Aggregate Revolving Credit Commitment in effect on the
     Amendment No. 6 Effective Date.

         (f) Nature of Fees. All fees hereunder shall, except for the amendment
             --------------
     fee described in Section 3.1(d) hereof, be fully earned as of the Amendment
     No. 6 Effective Date, and shall in any case be non-refundable when paid."

     12. Amendment of Article 4 of the Loan Agreement. Article 4 of the Loan
         --------------------------------------------
Agreement is hereby amended by:

     (a) inserting immediately following the text "the Borrower Security
Agreement" in the second sentence of Section 4.22 the following new text: "and
the Lockbox Agreements"; and

     (b) adding the following new Section 4.26:

         "4.26. Bank Accounts. Schedule IV sets forth the account numbers,
                -------------  -------- --
     locations and descriptions of purpose of all bank accounts of the
     Borrower."

     13. Amendment of Section 5.2 of the Loan Agreement. Section 5.2 of the Loan
         ----------------------------------------------
Agreement is hereby amended by deleting the initial paragraph of Section 5.2 in
its entirety and replacing it with the following new initial paragraph:

         "The obligation of the Banks to make any Revolving Credit Loans
     (including the Initial Revolving Credit Loan) and any Term Loans and the
     obligation of the Swing Line Lender to make any Swing Line Loan (including
     any initial Swing Line Loan, but excluding any Swing Line Loan made with
     respect to a returned Cash Management Item) is further subject to the
     satisfaction of the following conditions precedent:"

     14. Amendment of Article 6 of the Loan Agreement. Article 6 of the Loan
         --------------------------------------------
Agreement is hereby amended by:

     (a) deleting Section 6.1(f) in its entirety and substituting the following
new Section 6.1(f) in lieu thereof:

         "(f) concurrently with the delivery of the schedules or financial
     statements required to be furnished under Section 6.1(a) or 6.1(d) hereof,
     a certificate signed by

<PAGE>
                                       -25-

     the chief executive officer, chief operating officer, chief financial
     officer, or chief accounting officer of Borrower and M.R. Weiser, Inc., or
     another consultant satisfactory to Borrower and the Agent, and concurrently
     with the delivery of the financial statements required to be furnished
     under Section 6.1(e) hereof, a certificate signed by the Independent Public
     Accountants, and promptly upon the occurrence of any Default or Event of
     Default, a certificate signed by the chief executive officer, chief
     operating officer, chief financial officer, or chief accounting officer of
     Borrower or such Independent Public Accountants, if a Default or Event of
     Default shall have occurred during the period of their review, in each case
     stating (i) that a review of the activities of Borrower during such period
     has been made under his or their, as the case may be, immediate supervision
     with a view to determining whether Borrower has observed, performed and
     fulfilled all of its obligations under this Agreement, and (ii) that there
     existed during such period no Default or Event of Default (provided that,
     as to a certificate prepared by the Independent Public Accountants, such
     period, as it relates to the compliance by Borrower with covenants
     contained in Section 2.5(e)(iv) and Articles VII and VIII hereof shall
     apply to the fiscal period covered by their review) or if any such Default
     or Event of Default exists, specifying the nature thereof, the period of
     existence thereof and what action the Borrower proposes to take, or have
     taken, with respect thereto; each such certificate to be accompanied by a
     schedule setting forth the computations as of the end of such period of
     each of the financial ratios, tests or covenants specified in Section
     2.5(e)(iv) (with such computations being made substantially in the form
     attached hereto as Exhibit X), Article VII and Sections 6.15, 8.2, 8.3, and
                        ------- -
     8.14 hereof; "

     (b) deleting Sections 6.1(i), (j), (k) and (o), Section 6.6, Section 6.16,
Section 6.18 and Section 6.20 in their entirety and substituting the following
new Sections 6.1(i), (j), (k), (o) and (p), Section 6.6, Section 6.16, Section
6.18 and Section 6.20 in proper alphabetical and numerical order in lieu
thereof:

         "(i) (A) within fifteen (15) Business Days after each of January 31,
     2002, February 28, 2002, March 29, 2002, April 30, 2002, May 31, 2002, and
     June 28, 2002, and at any other time upon the Agent's request, a Borrowing
     Base Certificate indicating a separate computation of the Borrowing Base,
     signed by each of the chief financial officer of the Borrower and M.R.
     Weiser, Inc., or another consultant satisfactory to the Borrower and the
     Agent, covering the period commencing with the first day following the last
     day of the period covered by the preceding Borrowing Base Certificate; and
     (B) following the Term-Out Date, a Borrowing Base Certificate or similar
     evidence of the computation of the Borrowing Base satisfactory in form and
     content to the Agent, with such certificate or other evidence being
     provided once every two weeks or at any other time upon the Agent's
     request; "

         "(j) not later than fifteen (15) days after the last day of each
     month, a delinquency report listing the Loans delinquent over 60 days and
     detailing the top ten delinquent Loans;"

<PAGE>
                                       -26-

          "(k) not later than fifteen (15) Business Days after the last day of
     each calendar month, monthly underwater reports with respect to all
     Medallion Loans, monthly loan loss reserve reports, monthly delinquency
     reports, monthly portfolio aging reports, and monthly charge off reports,
     in each case in form and scope acceptable to the Agent;"

          "(o) upon the making of any payment required by Section 2.5(c)(ii)(B)
     hereof, the Borrowing Base Certificates required by Section 2.5(c)(ii)(B)
     hereof, evidencing the Borrower's compliance with Section 7.3 hereof and
     Medallion Financial's compliance with Section 7.3 of the Financial
     Agreement as of the date such payment is made; and

          (p) with reasonable promptness, such other information respecting the
     business, operations and financial condition of the Borrower (including,
     without limitation periodic commercial finance examinations) as the Agent
     or any of the Banks from time to time reasonably may request."

          "Section 6.6. Inspection by the Banks. The Borrower shall allow any
                        -----------------------
     representative of the Agent or any of the Banks to visit and inspect any of
     the properties of the Borrower, to examine and audit the books of account
     and other records and files of the Borrower, to make copies thereof and to
     discuss the affairs, business, finances and accounts of the Borrower with
     its officers and employees, all at such reasonable times and as often as
     the Agent or any of the Banks may request. Reasonable expenses incurred in
     connection with all such audits and inspections shall be paid by the
     Borrower. "

          "Section 6.16. Post-Closing Matters. (a) The Borrower shall, on or
                         --------------------
     prior to (i) February 19, 2002, execute and deliver to the Agent the
     Lockbox Agreements pursuant to which the Borrower shall direct all
     depository institutions to cause all funds of the Borrower to be
     transferred daily to, and only to, the Fleet Concentration Account,
     together with such other items, or take such other actions, as the Agent
     may require in order to effectuate arrangements contemplated by Section
     6.21.1 hereof, and (ii) February 20, 2002, execute and deliver to the Agent
     the Guaranty of MFCC, the MFCC Security Agreement and the Borrower Pledge
     Agreement, together with such other items, or take such other actions, as
     the Agent may require in connection with the execution of such Loan
     Documents, including, but not limited to opinions of counsel, authorizing
     resolutions and officers' certificates, each in form and substance
     satisfactory to the Agent, (b) by January 31, 2002, Medallion Business
     Credit, LLC and Freshstart Venture Capital Corp. shall repay to the
     Borrower an amount equal to the Investments made by the Borrower in each
     such entity as set forth on Schedule III to this Agreement, and (c) no
                                 -------- ---
     later than March 15, 2002, the Borrower shall deliver to the Agent
     evidence, in form and substance satisfactory to the Agent, (i) of the
     consent of the Senior Note Holders (A) under the Collateral Agency
     Agreement, the Intercreditor Agreement and the Note Purchase Agreement to
     the provisions of Amendment No. 6 requiring such consent and the
     transactions contemplated thereby, and (B) under the Collateral Agency
     Agreement and the Note Purchase Agreement to the provisions of Amendment
     No. 3 (as such term is defined in the Financial

<PAGE>
                                       -27-

     Agreement) requiring such consent and the transactions contemplated
     thereby, and (ii) of the waiver of any and all defaults (including defaults
     occurring under Sections 9.5, 10.7, 10.8(e), 10.10, 10.13 and 10.14 of the
     Note Purchase Agreement) under the Note Purchase Agreement existing
     immediately prior to the date such consents and waiver are given."

          "Section 6.18. M.R. Weiser, etc. The Borrower agrees to retain M.R.
                         ----------------
     Weiser, Inc., or another independent firm satisfactory to the Agent, to
     assist in the preparation of each Borrowing Base Certificate and each
     certificate of a financial officer of the Borrower required by Section
     6.1(f) hereof, and to provide reporting requested by the Agent with respect
     thereto, and assist and fully cooperate with M.R. Weiser, Inc., or such
     other independent firm satisfactory to the Agent, to provide all necessary
     or appropriate information promptly following any request therefor."

          "Section 6.20. Effectiveness of Loan Documents. The Borrower shall
                         -------------------------------
     ensure that each of the Loan Documents, including, once executed and
     delivered, the Guaranties, shall be in full force and effect, and not
     cancelled, terminated, revoked or rescinded, in each case otherwise than in
     accordance with the terms thereof or Section 4.5 hereof or with the express
     prior written agreement, consent or approval of the Banks, and shall
     further ensure that neither the Borrower nor any of its Subsidiaries or
     respective stockholders shall commence any action at law or in equity or
     other legal proceeding to cancel, revoke or rescind any of the Loan
     Documents."

and (c) adding in proper numerical order therein the following new Sections 6.21
and 6.22:

     "6.21. Bank Accounts.
            -------------

            6.21.1. General. The Borrower agrees to establish a depository
                    -------
     account (the "Fleet Concentration Account") under the control of the Agent
     for the benefit of the Banks, the CP Holders and the Agent, in the name of
     the Borrower. The Borrower further agrees that it shall cause all account
     debtors and other obligors of the Borrower to remit all cash proceeds of
     Accounts Receivable, the Net Cash Proceeds of any Debt Offering, Equity
     Offering or sale, disposition or transfer of assets described in the
     definition of Net Cash Proceeds, Excess Dividend Payments and all other
     amounts paid or to be paid to the Borrower to be transferred to the Agent
     and the Banks hereunder to (i) concentration, depository or other accounts
     with financial institutions which have entered into lock box or agency
     account agreements with the Agent (collectively, the "Lockbox Agreements")
     with respect to such accounts, with each such agreement to be in form and
     substance satisfactory to the Agent, or (ii) the Fleet Concentration
     Account for transfer to the Operating Account or for application to the
     Bank Loans in accordance with Section 2B.1.2, Section 2B.1.3 or, as the
     case may be, Section 2B.2 hereof. The Borrower (a) on or prior to February
     19, 2002, will deliver to the Agent fully executed Lockbox Agreements
     pursuant to which the Borrower shall direct all depository institutions to
     cause all funds of the Borrower to be transferred daily to, and only to,
     the Fleet Concentration Account, and (b) will at all times ensure that
     immediately upon the Borrower's receipt of any funds constituting cash
     proceeds of any Collateral, including Accounts Receivable, the Net

<PAGE>
                                       -28-

     Cash Proceeds of any Debt Offering, Equity Offering or sale, disposition or
     transfer of assets described in the definition of Net Cash Proceeds, all
     such amounts shall have been deposited in the Fleet Concentration Account.
     In the event that the arrangements described in the foregoing sentence are
     not established by February 19, 2002, and without limiting any Event of
     Default arising from any such failure or the provisions of Section 2.3(c)
     hereof, the Borrower shall not be permitted to request LIBO Rate Loans
     until such time as the arrangements described in this paragraph have been
     established in form and substance satisfactory to the Agent.
     Notwithstanding the foregoing, the Borrower shall not be required by this
     Section 6.21.1 to enter into any Lockbox Agreement with those financial
     institutions with which it maintains a depository account the daily balance
     in which account is at all times less than $25,000, provided that the
     aggregate balance of all such accounts is at all times less than $150,000
     (the "DeMinimis Accounts").
           ------------------

          6.21.2. Acknowledgment of Application. The Borrower hereby agrees that
                  -----------------------------
     all amounts received by the Agent in the Fleet Concentration Account and
     the Operating Account will be the sole and exclusive property of the Agent,
     for the accounts of the Banks and the Agent, to be applied, in accordance
     with Section 2B.1.2 hereof, Section 2B.1.3 hereof or, as the case may be,
     Section 2B.2 hereof.

         Section 6.22. Independent Firm, etc. The Borrower agrees (a) not later
                       ---------------------
     than the dates set forth in subsections (b)(i) and (ii) below for the
     delivery and presentation of the CMG Report (as defined below), to likewise
     deliver and present to the Agent and the Banks a six-month cash flow
     projection prepared by the Borrower and the Carl Marks Group ("CMG"),
     (b)(i) to deliver to the Agent a draft comprehensive business plan (to
     include, among other things, plans for refinancing the Indebtedness under
     both this Agreement and the Financial Agreement by May 15, 2002 (including
     anticipated lending institutions)) prepared by the Borrowers with the
     assistance of CMG (the "CMG Report") on or prior to February 21, 2002, and
     (ii) to deliver to the Agent and the Banks the final CMG Report on or prior
     to February 25, 2002, which shall also be presented by the Borrower's
     management and CMG to the Banks and the Agent on or prior to March 1, 2002,
     as well as to the Board of Directors at the Board of Directors meeting on
     March 12, 2002 and March 13, 2002, and (c) not later than January 1, 2002,
     to deliver to the Agent and the Banks a written report detailing the scope
     of the work and level of the tasks to be performed by CMG. The Required
     Banks and the Agent shall be reasonably satisfied with the scope and level
     of the work performed by CMG in connection with each of the items required
     by subsections (a), (b) and (c) of this Section 6.22. The Borrower further
     agrees to deliver to the Agent and the Banks, on or prior to February 25,
     2002, a report detailing the actions the Borrower is taking in response to
     the CMG Report. If the Borrower does not intend to implement any of CMG's
     recommendations, such report by the Borrower shall include the Borrower's
     reasons for not implementing such recommendations. The Banks and the Agent
     shall have access to CMG at all times for, among other things, updates on
     the status of CMG's work and questions about the scope and substance
     thereof and shall have the right to hire at any time their own consulting
     firm at the request of the Agent (with the expenses of such other

<PAGE>
                                       -29-

     consulting firm to be for the account of the Borrower following the
     occurrence of a Default or Event of Default)."

     15. Amendment of Article 7 of the Loan Agreement. Article 7 of the Loan
         --------------------------------------------
Agreement is hereby amended by deleting Article 7 in its entirety and
substituting the following new Article 7 in lieu thereof:

         "ARTICLE 7. FINANCIAL COVENANTS.
                     -------------------

         The Borrower covenants and agrees that, until the Notes, together with
     interest and all other Indebtedness of Borrower to the Agent, the Swing
     Line Lender or the Banks under this Agreement and the other Loan Documents,
     are paid in full and the Aggregate Revolving Credit Commitment, the Swing
     Line Commitment and all Term Loan Commitments are terminated, Borrower and
     its Subsidiaries shall not, without the prior written consent of the Agent
     and the Required Banks:

         Section 7.1. Minimum Tangible Net Worth. Suffer or permit Tangible Net
                      --------------------------
     Worth to be less than $65,000,000 at any time.

         Section 7.2. Maximum Liability Ratio. Suffer or permit the ratio of
                      -----------------------
     (a) Total Liabilities to (b) Tangible Net Worth to be more than 4.00:1 at
     any time.

         Section 7.3. Borrowing Base. Suffer or permit at any time (a) the
                      --------------
     aggregate unpaid balance of all Swing Line Loans plus the aggregate unpaid
                                                      ----
     balance of all Revolving Credit Loans plus the aggregate unpaid balance of
                                           ----
     all Term Loans to exceed the Borrowing Base, or (b) the aggregate unpaid
     balance of all Senior Debt to exceed the Borrowing Base.

         Section 7.4. [Intentionally Omitted].
                       ---------------------

         Section 7.5. Minimum EBIT to Interest Expense Ratio. Suffer or permit
                      --------------------------------------
     the ratio, at the end of (a) each fiscal quarter of the Borrower ending
     during the period commencing October 1, 2001 and ending on June 30, 2002,
     of (i) EBIT of the Borrower for such fiscal quarter to (ii) Interest
     Expense of the Borrower for such fiscal quarter to be less than 1.2:1, and
     (b) any fiscal quarter of the Borrower ending after July 1, 2002, of (i)
     EBIT of the Borrower for such fiscal quarter to (ii) Interest Expense of
     the Borrower for such fiscal quarter to be less than 1.3:1.

         Section 7.6. Intercompany Receivables. Suffer or permit the aggregate
                      ------------------------
     principal amount of Total Intercompany Receivables to exceed $12,000,000
     (comprised of the sum of $3,000,000 plus $9,000,000 of Yellow Cab Loans
                                         ----
     transferred to MFCC) at any time."

     16. Amendment of Article 8 of the Loan Agreement. Article 8 of the Loan
         --------------------------------------------
Agreement is hereby amended by deleting the initial paragraph of Article 8 in
its entirety and substituting the following new initial paragraph in lieu
thereof:

         "ARTICLE 8. NEGATIVE COVENANTS.
                     ------------------

<PAGE>
                                       -30-

         The Borrower covenants and agrees that until the Notes together with
     interest and all other Indebtedness of the Borrower to the Agent, the Swing
     Line Lender and the Banks under this Agreement are paid in full and the
     Aggregate Revolving Credit Commitment, the Swing Line Commitment and all
     Term Loan Commitments are terminated, the Borrower shall not, and shall not
     permit any of its Subsidiaries to:".

     17. Amendment of Section 8.1 of the Loan Agreement. Section 8.1 of the Loan
         ----------------------------------------------
Agreement is hereby amended by deleting subsection (a) thereof in its entirety
and substituting in lieu thereof the following new subsection (a):

         "(a) (i) Liens created under the Borrower Security Agreement and other
     Liens in favor of the Agent or any of the Banks (including the Agent's Lien
     for the benefit of the Agent, the CP Holders and the Banks on Yellow Cab
     Loans which shall be retained following the Yellow Cab Transfer), and (ii)
     Liens with respect to Indebtedness permitted by Section 8.2(g) hereof,
     subject to the terms of the Intercreditor Agreement, and, if applicable,
     the terms of the Collateral Agency Agreement, and only to the extent that
     the Indebtedness secured thereby is permitted to be incurred by the
     Borrower;".

     18. Amendment of Section 8.2 of the Loan Agreement. Section 8.2 of the Loan
         -----------------------------------------------
Agreement is hereby amended by adding the following new final paragraph at the
end of Section 8.2:

         "Notwithstanding the foregoing, no additional Indebtedness not
     incurred prior to the Amendment No. 6 Effective Date (other than
     Indebtedness permitted by Section 8.2(a) hereof and Section 8.2(e) hereof)
     shall be incurred by the Borrower following the Amendment No. 6 Effective
     Date without the prior written consent of the Agent."

     19. Amendment of Section 8.3 of the Loan Agreement. Section 8.3 of the Loan
         ----------------------------------------------
Agreement is hereby amended by:

     (a) deleting subsection (e) thereof in its entirety and substituting in
  lieu thereof the following new subsection (e):

         "(e)(i) Make any Investment (including by way of the acquisition of
     any Person) in any Subsidiary or Affiliate, or any Person that after taking
     into account such Investment would become a Subsidiary or Affiliate, other
     than (i) Investments in the Parent in an aggregate amount not to exceed
     $4,200,000, and (ii) Investments existing on the Amendment No. 6 Effective
     Date and listed on Schedule III hereto. For the avoidance of doubt, the
     Borrower shall not make, nor shall the Borrower permit any of its
     Subsidiaries to make, any Investment in Media or Business Lenders, LLC
     following the Amendment No. 6 Effective Date.";

     (b) deleting subsection (f) thereof in its entirety and substituting in
  lieu thereof the following new subsection (f):

         "(f) Sell, discount or otherwise dispose of Loans or any Collateral or
     sell, discount or otherwise dispose of other Receivables or obligations
     owing to a

<PAGE>

                                      -31-

     Borrower or any of its Subsidiaries, with or without recourse, other than
     (i) in connection with the grant of any participation in accordance with
     and to the extent permitted by Section 2.14 hereof, and consistent in any
     event with past practices, (ii) for collection in the ordinary course of
     business, (iii) to the Agent for the benefit of the Banks and, with respect
     to the pledged shares of Media and for so long as the Collateral Agency
     Agreement is in effect, the Collateral Agent, for the benefit of the Banks,
     the Senior Noteholders and the CP Holders, (iv) Loans disposed of to
     Affiliates in compliance with Section 8.6 hereof and for cash for a price
     at least equal to the outstanding principal amount thereof (without
     discount thereon), and (v) with respect to the sales of Loans by the
     Borrower (A) to its Affiliates made prior to the Amendment No. 6 Effective
     Date and described on Schedule 8.3(f) hereto, and (B) to the Parent to
                           ---------------
     repay to the Parent intercompany receivables and other amounts owed by the
     Borrower to the Parent in an aggregate amount not to exceed $5,090,378.";
     and

     (c)  inserting, after subsection (h) thereof, the following new subsection
(i):

          "(i) Acquire or commit to acquire any Loan from any Affiliate other
     than Loans acquired for a price no greater than the outstanding principal
     amount thereof.".

     20.  Amendment of Section 8.4 of the Loan Agreement. Section 8.4 of the
          ----------------------------------------------
Loan Agreement is hereby deleted in its entirety and the following new Section
8.4 is hereby substituted in lieu thereof:

          "Section 8.4. Limitation on Subsidiaries. Own, beneficially or of
                        --------------------------
     record, or obligate itself to own, beneficially or of record, directly or
     indirectly, 50% or more of the Voting Interests of any Subsidiary, the
     Tangible Net Worth of which constitutes more than 5% of the Tangible Net
     Worth of Borrower."

     21.  Amendment of Section 8.6 of the Loan Agreement. Section 8.6 of the
          ----------------------------------------------
Loan Agreement is hereby amended by:

     (a)  deleting subsection (b) thereof in its entirety and substituting in
lieu thereof the following new subsection (b):

          "(b) Sell or otherwise dispose of an amount of Loans which, in
     aggregate principal amount, exceeds 10% of the aggregate principal amount
     of all Loans of the Borrower then outstanding unless, immediately upon such
     sale or disposition, the Borrower makes, in accordance with the provisions
     of Section 2.5(b) hereof, a mandatory prepayment of the outstanding
     Revolving Credit Loans (with the Revolving Credit Commitments being
     irrevocably reduced by an aggregate amount equal to the amount of such
     repayment) and Term Loans in an amount equal to the aggregate principal
     amount, plus accrued interest, of the Loans so sold or disposed of;"; and

     (b)  deleting subsection (c) thereof in its entirety and substituting in
lieu thereof the following new subsection (c):

<PAGE>

                                      -32-

          "(c) Enter into any transaction of merger or consolidation or
     transfer, sell, assign, lease or otherwise dispose of all or substantially
     all of its properties or assets to any one or more Persons, without in each
     case, the prior written consent of the Agent and the requisite Banks in
     accordance with Section 10.2 hereof.".

     22.  Amendment of Section 8.10 of the Loan Agreement. Section 8.10 of the
          -----------------------------------------------
Loan Agreement is hereby deleted in its entirety and the following new Section
8.10 is hereby substituted in lieu thereof:

          "Section 8.10. Amendment of Agreements. Consent to any amendment,
                         -----------------------
     supplement, waiver or other modification of any of the terms (including
     acceleration, covenant, default, subordination, sinking fund, repayment,
     interest rate or redemption provisions) contained in, or applicable to, or
     any security for, any Permitted Debt, any instrument evidencing or
     applicable to Permitted Debt, including the Note Purchase Agreement, except
     to the extent that any such amendment, waiver or other modification shall
     not have a material adverse effect on the interests of the Banks and the
     Agent."

     23.  Amendment of Section 8.11 of the Loan Agreement. Section 8.11 of the
          -----------------------------------------------
Loan Agreement is hereby deleted in its entirety and the following new Section
8.11 is hereby substituted in lieu thereof:

          "Section 8.11. Transactions with Affiliates. (a) Enter into, or cause,
                         ----------------------------
     suffer, or permit to exist, any material transactions, including, without
     limitation, the purchase, sale, lease or exchange of any property or the
     rendering of any service, with any Affiliate on terms that are less
     favorable to the Borrower than those that would be obtainable at the time
     from any Person who is not an Affiliate; or (b) become an Affiliated Person
     of any Bank or any Affiliated Person of any Bank known to the Borrower; and
     the Borrower shall use its best efforts to ensure that none of its
     Affiliated Persons is or becomes an Affiliated Person of any Bank or an
     Affiliated Person of any Bank known to the Borrower. Notwithstanding the
     foregoing, the Borrower shall be permitted to transfer Yellow Cab Loans to
     MFCC in an aggregate outstanding principal amount not to exceed $9,000,000,
     provided that the Agent shall retain its security interest for the benefit
     --------
     of the Agent, the CP Holders and the Banks in the Yellow Cab Loans (the
     "Yellow Cab Transfer")."
      -------------------

     24.  Amendment of Section 8.15 of the Loan Agreement. Section 8.15 of the
          -----------------------------------------------
Loan Agreement is hereby deleted in its entirety, and the following new Section
8.15 is hereby substituted in lieu thereof:

          "Section 8.15. Bank Accounts. (i) Establish any bank accounts other
                         -------------
     than those listed on Schedule IV hereto, without the Agent's prior written
                          -------- --
     consent, with any such new bank account being subject, at the Agent's
     request, to Lockbox Agreements, and with Schedule IV hereto being deemed to
                                              -------- --
     be revised to include any such additional accounts which are approved by
     the Agent and subject (if requested by the Agent) to the Lockbox
     Agreements, (ii) violate directly or indirectly any Lock

<PAGE>

                                      -33-

     Box Agreement or any similar agreement in favor of the Agent for the
     benefit of the Banks, the CP Holders and the Agent with respect to any such
     account, (iii) deposit into any of the payroll accounts listed on Schedule
                                                                       --------
     IV hereto any amounts in excess of amounts necessary to pay current payroll
     --
     obligations from such accounts, or (iv) maintain a daily balance in any
     DeMinimis Account greater than $25,000, or an aggregate daily balance in
     all DeMinimis Accounts greater than $150,000."

     25.  Amendment of Section 8.16 of the Loan Agreement. Section 8.16 of the
          -----------------------------------------------
Loan Agreement is hereby deleted in its entirety and the following new Section
8.16 is hereby substituted in lieu thereof:

          "Section 8.16. Portfolio Purchases and Acquisitions. Make or effect,
                         ------------------------------------
     or obligate itself to make or effect, any Portfolio Purchase or other asset
     acquisition (other than the acquisition of assets in the ordinary course of
     business consistent with past practices) or stock (or other equity
     interest) acquisition, other than the acquisition by MFCC of Yellow Cab
     Loans pursuant to the Yellow Cab Transfer."

     26.  Amendment of Section 8.17 of the Loan Agreement. Section 8.17 of the
          -----------------------------------------------
Loan Agreement is hereby deleted in its entirety and the following new Section
8.17 is hereby substituted in lieu thereof:

          "Section 8.17. Securitizations. Enter into any securitization or
                         ---------------
     similar transaction (i.e., any transfer of its assets in connection with
     any sale, assignment or other transfer of any receivables, including
     accounts receivable, loan receivables, lease receivables or other payment
     obligations or any interest in any of the foregoing, which may in each case
     include any collections and other proceeds thereof, any collection or
     deposit accounts related thereto, or any collateral, guarantees or other
     property or claims supporting or securing payment by the obligor thereon
     of, or otherwise related to, any such receivables) without the prior
     written consent of the Agent and the requisite Banks (as determined by
     reference to Section 10.2 hereof) or as otherwise permitted by Sections
     8.3(f)(i) and (iii) hereof. Notwithstanding the foregoing, the Borrower may
     transfer Yellow Cab Loans to MFCC pursuant to the Yellow Cab Transfer."

     27.  Amendment of Section 8.18 of the Loan Agreement. Section 8.18 of the
          -----------------------------------------------
Loan Agreement is hereby deleted in its entirety and the following new Section
8.18 is hereby substituted in lieu thereof:

          "Section 8.18. Subsidiaries, etc. Form, acquire, create or otherwise
                         -----------------
     suffer to exist any Subsidiary other than MFCC, provided, however, that the
                                                     --------  -------
     Borrower and MFCC comply with the requirements of Section 6.16 hereof."

     28.  Amendment of Section 9.1 of the Loan Agreement. Section 9.1 of the
          ----------------------------------------------
Loan Agreement is hereby amended by:

     (a)  deleting Section 9.1(b) in its entirety and substituting the following
new Section 9.1(b) in lieu thereof:

<PAGE>

                                      -34-

          "(b) if default shall be made in the performance or observance of, or
     shall occur under, any covenant, agreement or provision contained in
     Article VII or Section 6.9(d), 6.13, 6.16, 6.19, 6.20, 6.21 or 6.22 or
     Article 8 hereof, provided that if the excess repayment required by Section
                       --------
     2.5(c)(ii) of this Agreement is made in accordance with the time period and
     other requirements set forth in such Section 2.5(c)(ii), no default shall
     occur as a result of the violation of Section 7.3(b) hereof resulting from
     the occurrence of the underlying violations with respect to which such
     excess repayment is made;"; and

     (b)  deleting Section 9.1(f) in its entirety and substituting the following
new Section 9.1(f) in lieu thereof:

          "(f) (i) if Borrower shall default in the payment of any principal,
     interest or premium with respect to any Indebtedness for borrowed money or
     any obligation which is the substantive equivalent thereof in excess of
     $250,000, other than Indebtedness in respect of the Revolving Credit Loans,
     the Swing Line Loans, the Term Loans, or the CP Debt, and such default
     shall continue for more than the period of grace, if any, therein
     specified, (ii) if Borrower shall default in the performance or observance
     of any other term, condition or agreement contained in any such obligation
     or in any agreement relating thereto if the effect thereof is to cause, or,
     with respect to any such obligation other than the Senior Note Debt, permit
     the holder or holders of such obligation (or a trustee on behalf of such
     holder or holders) to cause, such obligation to become due prior to its
     stated maturity, (iii) if Borrower shall default in the performance of or
     compliance with Section 10.4 (Minimum Tangible Net Worth), 10.5 (Maximum
     Liability Ratio), 10.6 (Minimum Net Finance Assets), 10.7 (Minimum Net
     Income to Interest Expense Ratio) or 10.13 (Net Finance Assets) of the Note
     Purchase Agreement, or (iv) if a Default or an Event of Default as defined
     in the Financial Agreement shall occur and continue."

     29.  Amendment of Section 10.2 of the Loan Agreement. Section 10.2 of the
          -----------------------------------------------
Loan Agreement is hereby amended by deleting Section 10.2(a)(iv) in its entirety
and substituting the following new Section 10.2(a)(iv) in lieu thereof:

          "(iv) release all or substantially all of the Collateral (it being
     understood that release of either Guarantor from its guaranty obligations
     under the Guaranties, other than in accordance with the terms of this
     Agreement or any other Loan Document, shall require only the approval of
     the Agent and the Required Banks) (excluding, if the Borrower becomes a
     debtor under the federal Bankruptcy Code, the release of "cash collateral",
     as defined in Section 363(a) of the federal Bankruptcy Code pursuant to a
     cash collateral stipulation with the debtor approved by the Required
     Banks);".

     30.  Amendment of Section 10.6 of the Loan Agreement. Section 10.6 of the
          -----------------------------------------------
Loan Agreement is hereby amended by:

     (a)  deleting subsection (b) thereof in its entirety and substituting in
lieu thereof the following new subsection (b):

<PAGE>

                                      -35-

          "(b) The Borrower further agrees to indemnify and save harmless each
     Bank, the Swing Line Lender and the Agent and each of their respective
     officers, directors, employees, agents and Affiliates (each an "Indemnified
                                                                     -----------
     Party" and collectively the "Indemnified Parties") from and against any and
     -----                        -------------------
     all actions, causes of action, suits, losses, liabilities and damages and
     expenses (including, without limitation, reasonable attorneys' fees
     actually incurred) in connection therewith (herein called the "Indemnified
                                                                    -----------
     Liabilities") incurred by any Indemnified Party as a result of, or arising
     -----------
     out of or relating to: (i) any of the transactions contemplated hereby or
     by the other Loan Documents, (ii) any Indemnified Party's providing payroll
     and other cash management services to the Borrower or its Subsidiaries, or
     (iii) the use of any proceeds of the Bank Loans made hereunder or any of
     the other Loan Documents, except for any Indemnified Liabilities arising on
     account of the gross negligence or willful misconduct of the Indemnified
     Party seeking indemnity under this Section 10.6(b); provided, however,
                                                         --------  -------
     that, if and to the extent such agreement to indemnify may be unenforceable
     for any reason, the Borrower shall make the maximum contribution to the
     payment and satisfaction of each of the Indemnified Liabilities which shall
     be permissible under applicable law. The parties hereto further hereby
     agree that such indemnification obligations provided in this Section
     10.6(b) shall be Borrower Obligations under the Loan Documents. The
     agreements in this Section 10.6(b) shall survive the payment of the
     Revolving Credit Notes, the Swing Line Notes and the Term Notes and related
     obligations and the termination of the Revolving Credit Commitments, Swing
     Line Commitment and Term Loan Commitments."; and

     (b)  adding in proper alphabetical order therein the following new
subsection (c):

          "(c) The Borrower agrees to pay any Cash Management Item, fees, costs,
     expenses and bank charges, including bank charges for returned checks,
     incurred by the Agent in establishing, maintaining or handling lock box
     accounts and other accounts for the collection of any of the Collateral."

     31.  Amendment of Article 12 of the Loan Agreement. Article 12 of the Loan
          ---------------------------------------------
Agreement is hereby amended by:

     (a)  deleting Section 12.1(b)(iii) of the Loan Agreement in its entirety
and substituting in lieu thereof the following new Section 12.1(b)(iii):

          "(iii) [intentionally omitted].";

     (b)  deleting Section 12.2 in its entirety and substituting in lieu thereof
the following new Section 12.2:

          "Section 12.2. New Banks. Without limiting the Banks' respective
           ------------  ---------
     rights to assign their interests pursuant to Section 12.1 hereof, any
     financial institution approved by the Borrower, the Agent and the Required
     Banks may join this Agreement as an additional Bank (such Person being
     herein referred to as the "New Bank") and be entitled to all the rights and
                                --- ----
     interests and obligated to perform all of

<PAGE>
                                       -36-

         the obligations and duties of a Bank with respect to a specified
         additional amount of Revolving Credit Commitment and outstanding Bank
         Loans hereunder, with the Revolving Credit Commitment and outstanding
         Bank Loans of each other Bank desiring to have its Revolving Credit
         Commitment and outstanding Bank Loans proportionately reduced being
         reallocated in accordance with Section 2.1(d) hereof, provided, that
                                                               --------
         (a) the Borrower shall, in its sole discretion, have given its prior
         written consent to the addition of the New Bank as a party to this
         Agreement, (b) the Agent, the Swing Line Lender and the Required Banks
         shall have given their prior written consent (which consent shall not
         be unreasonably withheld). At the request of the Borrower, any Bank may
         elect to increase its Revolving Credit Commitment and outstanding Bank
         Loans, with the Revolving Credit Commitment and outstanding Bank Loans
         of each other Bank desiring to have its Revolving Credit Commitment and
         outstanding Bank Loans proportionately reduced being reallocated in
         accordance with Section 2.1(d) hereof; provided that (x) the Borrower
         shall, in its sole discretion, have given its prior written consent to
         the increase of such Bank's Revolving Credit Commitment and outstanding
         Bank Loans, and (y) the Agent, the Swing Line Lender and the Required
         Banks shall have given their prior written consent (which consent shall
         not be unreasonably withheld); and provided further that the Aggregate
                                            -------- -------
         Revolving Credit Commitment and aggregate outstanding Bank Loans may
         not be increased pursuant to this Section 12.2."; and

         (c)    adding the following new Section 12.3 in proper numerical order:

                "Section 12.3. Requirements for New Banks. Whether a New Bank as
                 ------------  --------------------------
         a result of Section 12.1 or Section 12.2 hereof, the joinder of any New
         Bank or assignee under Section 12.1 hereof may not result in an
         increase to the Aggregate Revolving Credit Commitment and aggregate
         outstanding Bank Loans (with the maximum amount of Bank Loans that such
         New Bank or assignee under Section 12.1 hereof agrees to provide
         hereunder (the "Additional Commitment Amount") being allocated to
                         ---------- ---------- ------
         reduce the Revolving Credit Commitment and outstanding Bank Loans of
         the other Banks in accordance with Section 2.1(d) hereof. Such New Bank
         or assignee under Section 12.1 hereof and the Borrower shall execute
         and deliver an instrument of adherence (the "Instrument of Adherence")
                                                      -----------------------
         in form and substance satisfactory to the Borrower and the Agent
         pursuant to which such New Bank or assignee under Section 12.1 hereof
         shall agree to be bound as a Bank by the terms and conditions hereof
         and the other Loan Documents, and to make Bank Loans to the Borrower in
         accordance with this Agreement. Such Instrument of Adherence shall
         specify the Additional Commitment and outstanding Bank Loans and such
         New Bank's or assignee's address for notices. In addition, the
         Additional Commitment Amount provided by any New Bank or assignee under
         Section 12.1 hereof must be at least $5,000,000, and (a) such New Bank
         or assignee under Section 12.1 hereof shall have received such opinions
         of counsel to the Borrower, such evidence of proper corporate
         organization, existence, authority and appropriate corporate
         proceedings with respect to the Borrower, and such other certificates,
         instruments, and documents, as it shall have requested in connection
         with such Instrument of Adherence, (b) such New Bank or assignee under
         Section 12.1 hereof shall have paid to the Agent an administrative fee
         in the sum of $3,500 for the account of the Agent,

<PAGE>
                                       -37-

         and (c) such New Bank or assignee under Section 12.1 hereof shall have
         confirmed to and agreed with the Agent, the Swing Line Lender, the
         Banks and the Borrower as follows:

                         (i)   the Agent, the Swing Line Lender and the Banks
                  have made no representation or warranty and shall have no
                  responsibility with respect to any statements, warranties or
                  representations made in or in connection with this Agreement
                  or the other Loan Documents or the execution, legality,
                  validity, enforceability, genuineness, sufficiency,
                  collectability or value of this Agreement, the other Loan
                  Documents, and Collateral, or any other instrument or document
                  furnished pursuant hereto;

                         (ii)  the Agent, the Swing Line Lender and the Banks
                  have made no representation or warranty and shall have no
                  responsibility with respect to the financial condition of the
                  Borrower and its Subsidiaries or any other Person primarily or
                  secondarily liable in respect of any of their obligations
                  under this Agreement or any of the other Loan Documents, or
                  the performance or observance by the Borrower and its
                  Subsidiaries or any other Person primarily or secondarily
                  liable in respect of their obligations under this Agreement or
                  any of the other Loan Documents or any other instrument or
                  document furnished pursuant hereto or thereto;

                         (iii) such New Bank or assignee under Section 12.1
                  hereof confirms that it has received a copy of this Agreement
                  and the other Loan Documents, together with copies of the most
                  recent financial statements referred to in or delivered
                  pursuant to Sections 4.18 and 6.1 hereof and such other
                  documents and information as it has deemed appropriate to make
                  its own credit analysis and decision to enter into such
                  Instrument of Adherence;

                         (iv)  such New Bank or assignee under Section 12.1
                  hereof will, independently and without reliance upon the other
                  Banks, the Swing Line Lender, or the Agent and based on such
                  documents and information as it shall deem appropriate at the
                  time, continue to make its own credit decisions in taking or
                  not taking action under this Agreement;

                         (v)   such New Bank or assignee under Section 12.1
                  hereof appoints and authorizes the Agent to take such action
                  as Agent on its behalf and to exercise such powers under this
                  Agreement and the other Loan Documents as are delegated to the
                  Agent by the terms hereof or thereof, together with such
                  powers as are reasonably incidental thereto;

                         (vi)  such New Bank or assignee under Section 12.1
                  hereof agrees that it will perform in accordance with their
                  terms all of the obligations that by the terms of this
                  Agreement are required to be performed by it as a Bank; and

<PAGE>
                                       -38-

                    (vii)  such New Bank or assignee under Section 12.1 hereof
               represents and warrants that it is legally authorized to enter
               into such Instrument of Adherence.

               Upon any New Bank's or assignee's execution of an Instrument
         of Adherence and the Borrower's, the Agent's, the Swing Line Lender's
         and the Required Banks' consent thereto (to the extent that any of the
         same may be required hereunder), the Percentage of each Bank shall be
         adjusted appropriately. Promptly thereafter, the Borrower shall notify
         each of the Banks and the Agent of the joinder hereunder of such New
         Bank or assignee under Section 12.1 hereof, and each Bank's new
         Percentage and provide each of the Banks and the Agent with a copy of
         the executed Instrument of Adherence and a copy of Exhibit A hereto
                                                            ---------
         reflecting the necessary adjustments.

               Upon the effective date of any Instrument of Adherence, the New
         Bank or assignee under Section 12.1 hereof shall make all (if any)
         such payments to the other Banks as may be necessary to result in the
         Bank Loans made by such New Bank or assignee under Section 12.1 hereof
         being equal to such New Bank's or assignee's Percentage (as then in
         effect) of the aggregate principal amount of all Bank Loans outstanding
         to the Borrower as of such date. The Borrower hereby agrees that any
         New Bank or assignee so paying any such amount to the other Banks
         pursuant to this Section 12.3 shall be entitled to all the rights of a
         Bank hereunder and such payments to the other Banks shall constitute
         Bank Loans held by such New Bank or assignee hereunder and that such
         New Bank or assignee may, to the fullest extent permitted by law,
         exercise all of its right of payment (including the right of set-off)
         with respect to such amounts as fully as if such New Bank or assignee
         had initially advanced the Borrower the amount of such payments."

         32.   Amendments to Exhibits and Schedules to the Loan Agreement. The
               ----------------------------------------------------------
Exhibits and Schedules to the Loan Agreement are hereby amended by adding (a)
the attached new Exhibit X in proper alphabetical order, and (b) the attached
                 ---------
new Schedules III, IV, V and 8.3(f) in proper numerical order.
    --------- ---  --  -     ------

         33.   Forbearance and Waivers.
               -----------------------

         (a)   Subject to the terms and conditions hereof, each of the Banks
hereby waives the Borrower's compliance with the covenant set forth in Section
7.3 of the Loan Agreement (as in effect prior to the Effective Date) for (i) the
fiscal quarter of the Borrower ended September 30, 2001 and (ii) the month ended
November 30, 2001 (if and to the extent any non-compliance with Section 7.3 of
the Loan Agreement occurred as of such date); provided, however, that the
                                              --------  -------
aggregate unpaid balance of Senior Debt shall have exceeded the Borrowing Base
(i) by no more than $486,684 for the fiscal quarter of the Borrower ended
September 30, 2001 and (ii) by no more than $600,000 for the month ended
November 30, 2001.

         (b)   Subject to the terms and conditions hereof, each of the Banks
hereby waives the Borrower's compliance with the covenant set forth in Section
7.5 of the Loan Agreement (as

<PAGE>
                                       -39-

     in effect prior to the Effective Date) for the fiscal quarter of the
     Borrower ended September 30, 2001; provided, however, that as of September
                                        --------  -------
     30, 2001, the ratio of (i) the sum of EBIT for the Second FQ01 plus EBIT
                                                                    ----
     for the Third FQ01 to (ii) the sum of Interest Expense for such fiscal
     quarters was no less than 0.76:1.

           (c)   Subject to the terms and conditions hereof, each of the Banks
     hereby waives the Borrower's compliance with the covenants set forth in
     Sections 4.2, 8.3(e)(ii), 8.11 and 8.16 through 8.18 of the Loan Agreement
     (as in effect prior to the Effective Date) for the fiscal quarter of the
     Borrower ended December 31, 2001 solely with respect to the formation of
     MFCC and the implementation of the Yellow Cab Transfer; provided, however,
                                                             --------  -------
     that the Yellow Cab Loans transferred pursuant to the Yellow Cab Transfer
     shall remain subject to the Lien and security interest of the Agent, for
     the benefit of the Agent, the CP Holders and the Banks, and that the
     Borrower and MFCC comply with the requirements of Section 6.16 of the Loan
     Agreement.

           (d)   Subject to the terms and conditions hereof, each of the Banks
     hereby waives the Borrower's compliance with the covenant set forth in
     Section 8.3(e) of the Loan Agreement solely with respect to the Investments
     made by the Borrower in Medallion Business Credit, LLC and in Freshstart
     Venture Capital Corp. as set forth on Schedule III to the Loan Agreement
                                           -------- ---
     (as in effect following the Effective Date); provided however, that by
                                                  -------- -------
     January 31, 2002, Medallion Business Credit, LLC and Freshstart Venture
     Capital Corp. shall have repaid to the Borrower an amount equal to the
     Investments made by the Borrower in each such entity as set forth on
     Schedule III to the Loan Agreement (as in effect following the Effective
     -------- ---
     Date) and in compliance with Section 6.16 of the Loan Agreement.

           (e)   The Note Purchase Agreement requires the Borrower to ensure
     that the aggregate unpaid balance of all Senior Debt does not exceed Net
     Finance Assets (each as defined in the Note Purchase Agreement). The
     Borrower has reported that (i) as of September 30, 2001 Senior Debt
     exceeded Net Finance Assets (each as defined in the Note Purchase
     Agreement) by $486,684, and (ii) as of November 30, 2001, Senior Debt may
     have exceeded Net Finance Assets (each as defined in the Note Purchase
     Agreement) by no more than $600,000 (the defaults in clauses (i) and (ii)
     collectively referred to as the "Specified Noteholder Defaults"). Subject
                                      -----------------------------
     to the terms and conditions hereof, each of the Agent and the Banks:

                 (i) until the earliest of (A) March 15, 2002, (B) the
           effectiveness of the Senior Note Holders' waiver and consents
           required by Section 45(b)(w) hereof, and (C) the occurrence of a
           Default or Event of Default other than those expressly waived or
           forborne pursuant to this Section 33, hereby agrees (w) to forbear
           from enforcing any of its rights and remedies under Section 9.2 of
           the Loan Agreement or under any of the other Loan Documents arising
           solely as a result of the occurrence of any Default or Event of
           Default which may have occurred or may occur under Section 9.1(f) of
           the Loan Agreement as a result of the Specified Noteholder Defaults,
           (x) that the Agent and the Banks will not demand accelerated payment
           of the obligations under Section 9.1 of the Loan Agreement or
           otherwise cause any of such obligations to become immediately due and
           payable, except that the Borrower shall in any event continue to be
           required to make any and all payments that are provided for in the
           Loan

<PAGE>
                                       -40-

     Documents and this Amendment when and as the same are due and payable
     pursuant to the terms of the Loan Documents and this Amendment, (y) that
     compliance with Sections 5.2 (a) and (b) of the Loan Agreement (solely with
     respect to Section 4.20 of the Loan Agreement as a result of any Default or
     Event of Default which may have occurred or may occur under Section 9.1(f)
     of the Loan Agreement as a result of the Specified Noteholder Defaults)
     shall be determined without regard to any Default or Event of Default which
     may have occurred or may occur under Section 9.1(f) of the Loan Agreement
     as a result of the Specified Noteholder Defaults, and (z) that the Agent
     and the Banks will not terminate the lending and other credit commitments
     of the Agent and the Banks under the Loan Agreement prior to the scheduled
     expiration and termination thereof upon the Maturity, except that all such
     lending and other credit commitments of the Agent and the Banks under the
     Loan Documents shall in any event terminate and expire when and as the same
     are scheduled to do so pursuant to the terms of the Loan Agreement and this
     Amendment, provided that (1) as of September 30, 2001, Senior Debt exceeded
                --------
     Net Finance Assets (each as defined in the Note Purchase Agreement) by no
     more than $486,684, and (2) as of November 30, 2001, Senior Debt exceeded
     Net Finance Assets (each as defined in the Note Purchase Agreement) by no
     more than $600,000; and

            (ii) following the effectiveness of the Senior Note Holders' waiver
     and consents required by Section 45(b)(w) hereof, hereby waives any Default
     or Event of Default which may have occurred or may occur under Section
     9.1(f) of the Loan Agreement as a result of the Specified Noteholder
     Defaults, provided that (A) as of September 30, 2001, Senior Debt exceeded
               --------
     Net Finance Assets (each as defined in the Note Purchase Agreement) by no
     more than $486,684, (B) as of November 30, 2001, Senior Debt exceeded Net
     Finance Assets (each as defined in the Note Purchase Agreement) by no more
     than $600,000, and (C) the Senior Note Holders shall have given the waiver
     and consents required by Section 45(b)(w) hereof no later than March 15,
     2002.

     (f)    The Note Purchase Agreement requires the Borrower to ensure that
the ratio of (i) Net Income plus Interest Expense to (ii) Interest Expense (each
as defined in the Note Purchase Agreement) is not less than 1.20:1. The Borrower
has reported that as of September 30, 2001, the ratio of (i) Net Income plus
Interest Expense to (ii) Interest Expense (each as defined in the Note Purchase
Agreement) was 0.76:1 (such default referred to as the "Financial Noteholder
                                                        --------------------
Default"). Subject to the terms and conditions hereof, each of the Agent and the
------- Banks:

            (i) until the earliest of (A) March 15, 2002, (B) the effectiveness
     of the Senior Note Holders' waiver and consents required by Section
     45(b)(w) hereof, and (C) the occurrence of a Default or Event of Default
     other than those expressly waived or forborne pursuant to this Section 33,
     hereby agrees (w) to forbear from enforcing any of its rights and remedies
     under Section 9.2 of the Loan Agreement or under any of the other Loan
     Documents arising solely as a result of the occurrence of any Default or
     Event of Default which may have occurred or may occur under Section 9.1(f)
     of the Loan Agreement as a result of the Financial Noteholder Default, (x)
     that the Agent and the Banks will not demand accelerated payment of the
     obligations under Section

<PAGE>

                                       -41-

       9.1 of the Loan Agreement or otherwise cause any of such obligations to
       become immediately due and payable, except that the Borrower shall in any
       event continue to be required to make any and all payments that are
       provided for in the Loan Documents and this Amendment when and as the
       same are due and payable pursuant to the terms of the Loan Documents and
       this Amendment, (y) that compliance with Sections 5.2 (a) and (b) of the
       Loan Agreement (solely with respect to Section 4.20 of the Loan Agreement
       as a result of any Default or Event of Default which may have occurred or
       may occur under Section 9.1(f) of the Loan Agreement as a result of the
       Financial Noteholder Default) shall be determined without regard to any
       Default or Event of Default which may have occurred or may occur under
       Section 9.1(f) of the Loan Agreement as a result of the Financial
       Noteholder Default, and (z) that the Agent and the Banks will not
       terminate the lending and other credit commitments of the Agent and the
       Banks under the Loan Agreement prior to the scheduled expiration and
       termination thereof upon the Maturity, except that all such lending and
       other credit commitments of the Agent and the Banks under the Loan
       Documents shall in any event terminate and expire when and as the same
       are scheduled to do so pursuant to the terms of the Loan Agreement and
       this Amendment, provided that as of September 30, 2001, the ratio of (1)
                       --------
       Net Income plus Interest Expense to (2) Interest Expense (each as defined
       in the Note Purchase Agreement) was no less than 0.76:1; and

              (ii)   following the effectiveness of the Senior Note Holders'
       waiver and consents required by Section 45(b)(w) hereof, hereby waives
       any Default or Event of Default which may have occurred or may occur
       under Section 9.1(f) of the Loan Agreement as a result of the Financial
       Noteholder Default, provided that (A) as of September 30, 2001, the ratio
                           --------
       of (i) Net Income plus Interest Expense to (ii) Interest Expense (each as
       defined in the Note Purchase Agreement) was no less than 0.76:1, and (B)
       the Senior Note Holders shall have given the waiver and consents required
       by Section 45(b)(w) hereof no later than March 15, 2002.

       (g)    Pursuant to Section 2.2(b) of the Financial Agreement, all
outstanding Revolving Credit Loans and Swing Line Loans matured on or before the
Term-Out Date (November 5, 2001) (each term as defined in the Financial
Agreement). As of the date hereof, such outstanding Revolving Credit Loans and
Swing Line Loans (each term as defined in the Financial Agreement), and interest
thereon, have not been repaid (the "Financial Non-Payment"). Subject to the
terms and conditions hereof, each of the Agent and the Banks:

              (i)    until the earliest of (A) March 15, 2002, (B) the
       effectiveness of the Senior Note Holders' waiver and consents required by
       Section 45(b)(w) hereof, and (C) the occurrence of a Default or Event of
       Default other than those expressly waived or forborne pursuant to this
       Section 33, hereby agrees (w) to forbear from enforcing any of its rights
       and remedies under Section 9.2 of the Loan Agreement or under any of the
       other Loan Documents arising solely as a result of the occurrence of any
       Default or Event of Default which may occur under Section 9.1(f)(iv) of
       the Loan Agreement as a result of the Financial Non-Payment, (x) that the
       Agent and the Banks will not demand accelerated payment of the
       obligations under Section 9.1 of the Loan Agreement or otherwise cause
       any of such obligations to become immediately due and payable, except
       that the Borrower shall in any event continue to be required to make any
       and

<PAGE>

                                      -42-

       all payments that are provided for in the Loan Documents and this
       Amendment when and as the same are due and payable pursuant to the terms
       of the Loan Documents and this Amendment, (y) that compliance with
       Sections 5.2 (a) and (b) of the Loan Agreement (solely with respect to
       Section 4.20 of the Loan Agreement as a result of any Default or Event of
       Default which occurred under Section 9.1(f)(iv) of the Loan Agreement as
       a result of the Financial Non-Payment) shall be determined without regard
       to any Default or Event of Default which occurred under Section
       9.1(f)(iv) of the Loan Agreement as a result of the Financial
       Non-Payment, and (z) that the Agent and the Banks will not terminate the
       lending and other credit commitments of the Agent and the Banks under the
       Loan Agreement prior to the scheduled expiration and termination thereof
       upon the Maturity, except that all such lending and other credit
       commitments of the Agent and the Banks under the Loan Documents shall in
       any event terminate and expire when and as the same are scheduled to do
       so pursuant to the terms of the Loan Agreement and this Amendment,
       provided that Medallion Financial and Medallion Business Credit, LLC
       --------
       shall pay interest on such outstanding Revolving Credit Loans and Swing
       Line Loans at the Default Rate (each term as defined in the Financial
       Agreement) to the banks party to the Financial Agreement for the period
       from November 5, 2001 through February 20, 2002; and

              (ii)   following the effectiveness of the Senior Note Holders'
       waiver and consents required by Section 45(b)(w) hereof, hereby waives
       any Default or Event of Default which occurred under Section 9.1(f)(iv)
       of the Loan Agreement as a result of the Financial Non-Payment, provided
                                                                       --------
       that (A) Medallion Financial and Medallion Business Credit, LLC shall
       have paid interest on such outstanding Revolving Credit Loans and Swing
       Line Loans at the Default Rate (each term as defined in the Financial
       Agreement) to the banks party to the Financial Agreement for the period
       from November 5, 2001 through February 20, 2002, and (B) the Senior Note
       Holders shall have given the waiver and consents required by Section
       45(b)(w) hereof no later than March 15, 2002.

       (h)    Section 8.16 of the Loan Agreement does not permit the Borrower to
make any Portfolio Purchases. The Borrower has reported that as of January 31,
2002, the Borrower purchased $8,085,294.10 of Loans from Medallion Financial
(such default referred to as the "Borrower Portfolio Default" and such purchase
                                  --------------------------
referred to as the "Borrower Portfolio Purchase"). Subject to the terms and
                    ---------------------------
conditions hereof, each of the Agent and the Banks:

              (i)    until the earliest of (A) March 15, 2002, (B) the
       effectiveness of the Senior Note Holders' waiver and consents required by
       Section 45(b)(w) hereof, and (C) the occurrence of a Default or Event of
       Default other than those expressly waived or forborne pursuant to this
       Section 33, hereby agrees (w) to forbear from enforcing any of its rights
       and remedies under Section 9.2 of the Loan Agreement or under any of the
       other Loan Documents arising solely as a result of the occurrence of any
       Default or Event of Default which may have occurred or may occur under
       Section 9.1(c) of the Loan Agreement as a result of the Borrower
       Portfolio Default, (x) that the Agent and the Banks will not demand
       accelerated payment of the obligations under Section 9.1 of the Loan
       Agreement or otherwise cause any of such obligations to become
       immediately due and payable, except that the Borrower shall in any event
       continue to

<PAGE>

                                      -43-

       be required to make any and all payments that are provided for in the
       Loan Documents and this Amendment when and as the same are due and
       payable pursuant to the terms of the Loan Documents and this Amendment,
       (y) that compliance with Sections 5.2 (a) and (b) of the Loan Agreement
       (solely with respect to Section 4.20 of the Loan Agreement as a result of
       any Default or Event of Default which may have occurred or may occur
       under Section 9.1(c) of the Loan Agreement as a result of the Borrower
       Portfolio Default) shall be determined without regard to any Default or
       Event of Default which may have occurred or may occur under Section
       9.1(c) of the Loan Agreement as a result of the Borrower Portfolio
       Default, and (z) that the Agent and the Banks will not terminate the
       lending and other credit commitments of the Agent and the Banks under the
       Loan Agreement prior to the scheduled expiration and termination thereof
       upon the Maturity, except that all such lending and other credit
       commitments of the Agent and the Banks under the Loan Documents shall in
       any event terminate and expire when and as the same are scheduled to do
       so pursuant to the terms of the Loan Agreement and this Amendment,
       provided that as of January 31, 2002, the Borrower shall not have made
       --------
       any Portfolio Purchase other than the Borrower Portfolio Purchase; and

              (ii)   following the effectiveness of the Senior Note Holders'
       waiver and consents required by Section 45(b)(w) hereof, hereby waives
       any Default or Event of Default which may have occurred or may occur
       under Section 9.1(c) of the Loan Agreement as a result of the Borrower
       Portfolio Purchase, provided that (A) as of January 31, 2002, the
                           --------
       Borrower shall not have made any Portfolio Purchase other than the
       Borrower Portfolio Purchase, and (B) the Senior Note Holders shall have
       given the waiver and consents required by Section 45(b)(w) hereof no
       later than March 15, 2002.

       (i)    Subject to the terms and conditions hereof, each of the Banks
hereby waives the Borrower's compliance with the covenant set forth in Section
8.5 of the Loan Agreement; provided, however, that the Borrower shall have made
                           --------  -------
no Restricted Payments other than the prepayment of the Senior Note Debt as of
February 11, 2002 in an aggregate amount not to exceed $1,000,000.

       34.    Amendment to Section 1.1 of the Security Agreement. Section 1.1 of
              --------------------------------------------------
the Borrower Security Agreement is hereby amended by (a) deleting the first
paragraph of the definition of "Collateral" in its entirety and substituting in
lieu thereof the following new first paragraph:

              "Collateral" shall mean all assets, including all of the following
               ----------
       property and to the extent otherwise not included, all other personal and
       fixture property of every kind and nature, now owned or at any time
       hereafter acquired by the Borrower or in which the Borrower now has or at
       any time in the future may acquire any right, title or interest:";

(b) deleting the word "and" at the end of subsection (u) of the definition of
"Collateral";

(c) adding the following new subsection (v) of the definition of "Collateral" in
proper alphabetical order therein and relettering the current subsection (v) as
subsection (w):

<PAGE>

                                      -44-

              "(v) commercial tort claims (the Agent acknowledges that the
       attachment of its security interest in any commercial tort claim as
       original collateral is subject to the Borrower's compliance with Section
       2.3(c) hereof); and";

and (d) deleting the first sentence of the definition of "Obligations" in its
entirety and substituting in lieu thereof the following new first sentence:

              "Obligations" shall mean (i) all of the indebtedness, obligations
               -----------
       and liabilities of the Borrower under any of the Loan Documents, and (ii)
       all Indebtedness of the Borrower to a Bank permitted to be incurred
       pursuant to Section 8.2(g) of the Loan Agreement, in each case whether
       direct or indirect, joint or several, fixed, absolute or contingent,
       matured or unmatured, liquidated or unliquidated, secured or unsecured,
       now existing or hereafter arising, created, assumed, incurred or acquired
       including (A) any obligation or liability in respect of any breach of any
       representation or warranty, and (B) all post-petition interest and
       funding losses.

       35.    Amendment to Section 2.3 of the Security Agreement. Section 2.3 of
              --------------------------------------------------
the Security Agreement is hereby amended by (a) deleting the word "and" at the
end of Section 2.3(b) of the Security Agreement, and (b) adding the following
new Section 2.3(c) of the Security Agreement in proper alphabetical order
therein and relettering the current Section 2.3(c) of the Security Agreement as
Section 2.3(d):

              "(c) If the Borrower shall, now or at any time hereafter, hold or
       acquire a commercial tort claim, the Borrower shall immediately notify
       the Agent in a writing signed by the Borrower of the particulars thereof
       and grant to the Agent, for the benefit of the CP Holders, the Banks and
       the Agent, in such writing a security interest therein and in the
       proceeds thereof, all upon the terms of this Agreement, with such writing
       to be in form and substance satisfactory to the Agent; and".

       36.    Amendment to Section 4.1 of the Security Agreement. Section 4.1 of
              --------------------------------------------------
the Security Agreement is hereby amended by (a) deleting the word "and" at the
end of Section 4.1(j) of the Security Agreement, and (b) adding the following
new Section 4.1(k) of the Security Agreement in proper alphabetical order
therein and relettering the current Section 4.1(k) of the Security Agreement as
Section 4.1(l):

              "(k) The Borrower holds no commercial tort claim except as
indicated in writing to the Agent and the Banks; and".

       37.    Amendment to Section 5.2 of the Security Agreement. Section 5.2 of
              --------------------------------------------------
the Security Agreement is hereby amended by deleting the first paragraph of
Section 5.2(d) of the Security Agreement and substituting in lieu thereof the
following new first paragraph of Section 5.2(d) of the Security Agreement:

              "(d) Without limiting the provisions of Article 2B and Sections
       6.21 and 8.15 of the Loan Agreement, upon the occurrence of an Event of
       Default, the Agent shall have the right to, and upon the direction of the
       Required Banks shall, require the Borrower to establish and maintain a
       lockbox service (which may be the Collateral Account) with such bank or
       banks as may be acceptable to the Agent. In the event the

<PAGE>

                                      -45-

       Borrower (or any of its Affiliates, subsidiaries, stockholders,
       directors, officers, employees or agents) shall receive any monies,
       checks, notes, drafts or any other items of payment relating to, or
       proceeds of, the Loans, the Borrower agrees with the Agent as follows:".

       38.    Amendment to Section 5.3 of the Security Agreement. Section 5.3 of
              --------------------------------------------------
the Security Agreement is hereby amended by deleting the first paragraph of
Section 5.3(a) thereof and substituting in lieu thereof the following new first
paragraph of Section 5.3(a) thereof:

              "(a) Upon receipt thereof in accordance with the terms of Section
       5 of the Intercreditor Agreement, any proceeds of any lockbox collection
       or sale of, or other realization upon, all or any part of the Collateral
       shall be applied by the Agent in the following order of priority:".

       39.    Amendment to Section 5.4 of the Security Agreement. Section 5.4 of
              --------------------------------------------------
the Security Agreement is hereby amended by deleting the first sentence of
Section 5.4 of the Security Agreement and substituting in lieu thereof the
following new first sentence of Section 5.4 of the Security Agreement:

              "To the extent permitted by the Loan Agreement and the
       Intercreditor Agreement, the Agent, for the benefit of itself, the Banks
       and the CP Holders is hereby authorized, upon receipt of a request from
       the Company, to release any Collateral and to provide such releases and
       termination statements with respect to any Collateral in connection with
       any sale, exchange or other disposition thereof permitted under the Loan
       Agreement so long as (i) the Agent, for the benefit of itself, the Banks
       and the CP Holders, obtains a first priority perfected security interest
       in any non-cash proceeds of such sale, exchange or other disposition and
       (ii) any net cash proceeds of such sale, exchange or other disposition
       are paid in accordance with the provisions hereunder."

       40.    Amendment to Section 7.2 of the Parent Pledge Agreement. Section
              -------------------------------------------------------
7.2 of the Parent Pledge Agreement is hereby amended by deleting the last
sentence of the first paragraph of Section 7.2 of the Parent Pledge Agreement
and substituting in lieu thereof the following new last sentence of the first
paragraph of Section 7.2 of the Parent Pledge Agreement:

              "The proceeds of any collection or sale of, or other realization
       upon, all or any part of the Stock Collateral shall be applied by the
       Agent, following application of such proceeds in accordance with the
       terms of Section 5 of the Intercreditor Agreement, in the following order
       of priority:".

       41.    Amendment to Section 8 of the Parent Pledge Agreement. Section 8
              -----------------------------------------------------
of the Parent Pledge Agreement is hereby amended by deleting the last sentence
of the first paragraph of Section 8 of the Parent Pledge Agreement and
substituting in lieu thereof the following new last sentence of the first
paragraph of Section 8 of the Parent Pledge Agreement:

<PAGE>

                                      -46-

                  "To the extent permitted by the Loan Agreement and the
         Intercreditor Agreement, the Agent, for the benefit of itself, the
         Banks, the Administrative Agent and the CP Holders is hereby
         authorized, upon receipt of a request from either the Company or
         Funding, to release any Stock Collateral and to provide such releases
         with respect to any Stock Collateral in connection with any sale,
         exchange or other disposition thereof permitted under the Loan
         Agreement so long as (i) the Agent, for the benefit of itself, the
         Banks, the Administrative Agent and the CP Holders obtains a first
         priority perfected security interest in any non-cash proceeds of such
         sale, exchange or other disposition and (ii) any net cash proceeds of
         such sale, exchange or other disposition are paid in accordance with
         the provisions hereunder. Whether or not so instructed by the Required
         Banks, the Agent may release any Stock Collateral and may provide any
         release, termination statement or instrument of subordination required
         by order of a court of competent jurisdiction or otherwise required by
         applicable law."

         42.      Amendment to Section 10 of the Guaranty.  Section 10 of the
                  ---------------------------------------
Guaranty is hereby amended by deleting Section 10 in its entirety and
substituting in lieu thereof the following new Section 10:

                  "10. Termination; Reinstatement. This Guaranty shall remain in
                       --------------------------
         full force and effect until the Agent and the Required Banks release
         the Guarantor from the Guaranty or until all Borrower Obligations have
         been paid in full and all commitments to lend under the Loan Agreement
         have been terminated. Notwithstanding the foregoing, this Guaranty
         shall continue to be effective or be reinstated, notwithstanding any
         such repayment in full of the Obligations, and termination of all
         commitments to lend under the Loan Agreement, if at any time any
         payment made or value received with respect to any Obligation is
         rescinded or must otherwise be returned by the Agent or any Bank upon
         the insolvency, bankruptcy or reorganization of the Borrower, or
         otherwise, all as though such payment had not been made or value
         received."

         43.      Consent to Financial Amendment, etc. (a) Each of the Agent and
                  -----------------------------------
the Banks hereby consents to the amendment of the Financial Agreement dated as
of the date hereof for purposes of Section 2 of the Collateral Agency Agreement,
Section 2 of the Intercreditor Agreement and Section 8.10 of the Loan Agreement,
and (b) the Agent, in its capacity as Collateral Agent under each of the
Intercreditor Agreement and the Collateral Agency Agreement, hereby consents to
the amendment of the Financial Agreement dated as of the date hereof for
purposes of Section 2 of the Collateral Agency Agreement, Section 2 of the
Intercreditor Agreement and Section 8.10 of the Loan Agreement.

         44.      Representations and Warranties, Etc.
                  -----------------------------------

                  (a) Each of the Borrower and the Guarantor hereby represents
         and warrants to the Agent and the Banks as of the date hereof, and as
         of any date on which the conditions set forth in Section 45 below are
         met, as follows:

                           (i) The execution and delivery by each of the
                  Borrower and the Guarantor of this Amendment and all other
                  instruments and agreements required to be

<PAGE>
                                      -47-

                  executed and delivered by each of the Borrower and the
                  Guarantor in connection with the transactions contemplated
                  hereby or referred to herein (collectively, the "Amendment
                                                                   ---------
                  Documents"), and the performance by each of the Borrower and
                  ---------
                  the Guarantor of any of its obligations and agreements under
                  the Amendment Documents and the Loan Agreement and the other
                  Loan Documents, as amended hereby, are within the corporate or
                  other authority of each of the Borrower and the Guarantor, as
                  the case may be, have been duly authorized by all necessary
                  proceedings on behalf of each of the Borrower and the
                  Guarantor, as the case may be, and do not and will not
                  contravene any provision of law or of any judgment, order or
                  decree applicable to or binding on the Borrower or the
                  Guarantor, or of the Borrower's or the Guarantor's charter,
                  other incorporation or organizational papers, or by-laws or
                  any stock provision or any amendment thereof or of any
                  indenture, agreement, instrument or undertaking binding upon
                  the Borrower or the Guarantor.

                           (ii)  Each of the Amendment Documents and the Loan
                  Agreement and other Loan Documents, as amended hereby, to
                  which the Borrower or the Guarantor is a party constitutes a
                  legal, valid and binding obligation of such Person,
                  enforceable in accordance with its terms, except as limited by
                  bankruptcy, insolvency, reorganization, moratorium or similar
                  laws relating to or affecting generally the enforcement of
                  creditors' rights.

                           (iii) No approval or consent of, or filing with, any
                  Governmental Authority is required to make valid and legally
                  binding the execution, delivery or performance by each of the
                  Borrower and the Guarantor of the Amendment Documents or the
                  Loan Agreement or other Loan Documents, as amended hereby, or
                  the consummation by each of the Borrower and the Guarantor of
                  the transactions among the parties contemplated hereby and
                  thereby or referred to herein or therein.

                           (iv)  The representations and warranties contained in
                  Article 4 of the Loan Agreement and in the other Loan
                  Documents were true and correct at and as of the date made.
                  Except to the extent of changes resulting from transactions
                  contemplated or permitted by the Loan Agreement and the other
                  Loan Documents, changes occurring in the ordinary course of
                  business (which changes, either singly or in the aggregate,
                  have not been materially adverse) and to the extent that such
                  representations and warranties relate expressly to an earlier
                  date and after giving effect to the provisions hereof, such
                  representations and warranties, after giving effect to this
                  Amendment, also are correct at and as of the date hereof.

                           (v)   Each of the Borrower and the Guarantor has
                  performed and complied in all material respects with all terms
                  and conditions herein and in the Loan Documents required to be
                  performed or complied with by it prior to or at the time
                  hereof, and as of the date hereof, after giving effect to the
                  provisions of this

<PAGE>

                                      -48-

                  Amendment and the other Amendment Documents, there exists no
                  Event of Default or Default.

                  (b) Each of the Borrower and the Guarantor acknowledges and
         agrees that the representations and warranties contained in this
         Amendment shall constitute representations and warranties referred to
         in Section 4 of the Loan Agreement, a breach of which shall constitute
         an Event of Default.

         45.      Effectiveness.
                  -------------

                  (a) Section 1(e), Section 1(g), Sections 2 - 4, Section 6(a),
         Sections 7 - 13, Sections 14(b) - 28(b) (other than the revisions to
         Section 9.1(f)(iii) of the Loan Agreement described therein), Sections
         29 - 31, Sections 32(b) - 43(a), and Sections 44 - 47 of this Amendment
         shall become effective as of the date first written above (the
         "Effective Date") upon the satisfaction of each of the following
          --------------
         conditions, in each case in a manner satisfactory to, and in form and
         substance satisfactory to, the Agent:

                           (i)   This Amendment shall have been duly executed
                  and delivered by the Borrower, the Guarantor, the Agent and
                  the Banks and shall be in full force and effect.

                           (ii)  The Agent shall have received from the
                  Secretary of each of the Borrower and the Guarantor a copy,
                  certified by such Secretary to be true and complete as of such
                  date, of (A) its charter or other organizational documents as
                  in effect on such date of certification, (B) its by-laws as in
                  effect on such date, and (C) the resolutions of its Board of
                  Directors or other management authorizing, to the extent it is
                  a party thereto, the execution, delivery and performance of
                  the Amendment Documents; provided, however, that in lieu of
                                           --------  -------
                  providing the items required by subsections (A) and (B) of
                  this subsection (ii), such Secretary may certify, to the
                  extent true and correct, that charter documents and by-laws
                  previously provided to the Agent are true and correct as of
                  such date and have not been amended, rescinded or revoked.

                           (iii) The Agent shall have received from each of the
                  Borrower and the Guarantor an incumbency certificate, dated as
                  of such date, signed by a duly authorized officer of such
                  Person and giving the name and bearing a specimen signature of
                  each individual who shall be authorized to sign, in the name
                  and on behalf of such Person, the Amendment Documents.

                           (iv)  The Agent shall have received from each of the
                  Borrower and the Guarantor a good standing certificate for
                  such Person, issued by the Secretary of State of New York, and
                  evidence that such Person is duly licensed and qualified as a
                  foreign organization in good standing under the laws of each
                  jurisdiction where the failure to qualify as such would have a
                  Material Adverse Effect.

<PAGE>

                                      -49-

                           (v)    The Agent shall have received a favorable
                  legal opinion addressed to the Agent and the Banks, dated as
                  of such date, in form and substance satisfactory to the Agent,
                  from counsel to the Borrower and the Guarantor, concerning
                  corporate or other applicable entity authority matters and the
                  enforceability of each of the Amendment Documents, and the
                  Loan Agreement and the other Loan Documents as amended
                  thereby, and such other matters as the Agent may request.

                           (vi)   The Agent shall have received, for the pro
                                                                         ---
                  rata account of each Bank which executes and delivers its
                  ----
                  signature pages to the Agent, by February 20, 2002 in
                  facsimile (to be followed by originals) or original form,
                  waiver fees equal, in the case of each such Bank, to 0.20%
                  multiplied by such Bank's Revolving Credit Commitment as in
                  effect immediately prior to the effectiveness of this
                  Amendment, provided that amounts previously received by the
                             --------
                  Banks as negotiation fees pursuant to the Fee Letter dated as
                  of January 31, 2002, between the Borrower and the Agent shall
                  be credited against such waiver fees.

                           (vii)  Bingham Dana LLP shall have received payment
                  of all fees and expenses outstanding as of the date hereof,
                  including, but not limited to, fees and expenses in connection
                  with the preparation of this Amendment and ancillary
                  documentation.

                           (viii) All reports, statements, schedules,
                  certificates and other documents required to be delivered to
                  the Agent and each Bank pursuant to Section 6.1 of the Loan
                  Agreement, as amended by this Amendment, shall have been so
                  delivered.

                           (ix)   The Fee Letter (as defined in the Loan
                  Agreement, as amended hereby) shall have been duly executed
                  and delivered by each of the Borrower and the Agent and shall
                  be in full force and effect, provided that amounts previously
                                               --------
                  received by the Agent as an agent's fee pursuant to the Fee
                  Letter dated as of January 31, 2002, between the Borrower and
                  the Agent shall be credited against such agent's fee.

                           (x)    The Agent shall have received evidence of the
                  consent of the Financial Agreement banks under the Collateral
                  Agency Agreement to this Amendment and the transactions
                  contemplated hereby, and of the waiver of any defaults
                  existing immediately prior to the Effective Date under the
                  Financial Agreement.

                           (xi)   The Agent shall have received projections for
                  the Borrower showing quarterly profits and loss, balance
                  sheets and covenant calculations.

                           (xii)  The Agent shall have received a copy of the
                  signed engagement letter dated as of December 14, 2001, and
                  evidencing the hiring of the Carl Marks Group.

<PAGE>

                                      -50-

                           (xiii) The Agent shall have received such other
                  items, documents, agreements or actions as the Agent may
                  reasonably request in order to effectuate the transactions
                  contemplated hereby.

                  (b)(i) Sections 1(a) - (d), Section 1(f), Section 5, Section
         6(b), Section 14(a), Section 32(a) and Section 43(b) of this Amendment
         shall become effective as of the Effective Date, and (ii) the revisions
         to Section 9.1(f)(iii) of the Loan Agreement described in Section 28(b)
         of this Amendment shall become effective as of the Effective Date; in
         each case described in clauses (i) and (ii) of this subsection (b),
         upon the satisfaction of each of the following conditions, in a manner
         satisfactory to, and in form and substance satisfactory to, the Agent:

                           (v)    The satisfaction of all conditions precedent
                  set forth in Section 45(a) of this Amendment.

                           (w)    The Agent shall have received evidence of (A)
                  the consent of the Senior Note Holders (1) under the
                  Collateral Agency Agreement, the Intercreditor Agreement and
                  the Note Purchase Agreement to this Amendment and the
                  transactions contemplated hereby, and (2) under the Collateral
                  Agency Agreement and the Note Purchase Agreement to Amendment
                  No. 3 (as such term is defined in the Financial Agreement) and
                  the transactions contemplated thereby, and (B) the waiver of
                  any defaults (including defaults occurring under Sections 9.5,
                  10.7, 10.8(e), 10.10, 10.13 and 10.14 of the Note Purchase
                  Agreement) existing under the Note Purchase Agreement
                  immediately prior to the date such consents and waiver are
                  given, provided that such waiver and consents are given no
                         --------
                  later than March 15, 2002.

                           (x)    The Agent shall have received evidence of the
                  effectiveness of an amendment to the Financial Agreement and
                  an amendment to the Intercreditor Agreement.

                           (y)    The Agent (in its capacity as Agent under the
                  Loan Agreement, in its capacity as Collateral Agent under the
                  Intercreditor Agreement, and in its capacity as Collateral
                  Agent under the Collateral Agency Agreement) and the Banks
                  shall have consented to the amendment of the Note Purchase
                  Agreement for purposes of Section 2 of the Collateral Agency
                  Agreement, Section 2 of the Intercreditor Agreement and
                  Section 8.10 of the Loan Agreement.

                           (z)    Bingham Dana LLP shall have received payment
                  of all fees and expenses outstanding as of the date the
                  conditions in this Section 45(b) are satisfied, including, but
                  not limited to, fees and expenses in connection with the
                  preparation of necessary documentation.

                  (c) Each of the parties signatory hereto agrees that the
         failure to obtain the waiver and consents of the Senior Note Holders
         required by Section 45(b)(w) hereof by

<PAGE>

                                       -51-

         March 15, 2002 shall cause all amounts owing under the Loan Agreement
         to be immediately due and payable and shall accordingly constitute a
         payment Default under Section 9.1(a) of the Loan Agreement, as well as
         a covenant Default under Section 9.1(b) of the Loan Agreement.

                  (d) For the avoidance of doubt, each of the parties signatory
         hereto acknowledges that any acceleration by the Senior Note Holders of
         the Senior Note Debt will constitute a new Event of Default under
         Section 9.1(f)(ii) of the Loan Agreement.

                  (e) For the avoidance of doubt, each of the parties signatory
         hereto acknowledges and agrees that any proceeds of any lockbox
         collection held by the Agent for the benefit of the Agent and the Banks
         pursuant to this Amendment, any credit enhancement and any additional
         Collateral granted to the Agent for the benefit of the Agent and the
         Banks pursuant to this Amendment (including the stock of MFCC and the
         assets of MFCC), shall constitute "Collateral" as defined in the
         Intercreditor Agreement and shall be subject to the provisions of the
         Intercreditor Agreement for so long as the Intercreditor Agreement may
         be in effect.

                  (f) Until such time as the Senior Note Holders provide the
         waiver and consents required by Section 45(b)(w) hereof, the Borrower
         hereby agrees that if the Borrower makes any prepayment of Senior Note
         Debt (other than the prepayment permitted to be made pursuant to
         Section 33(i) hereof), the Borrower shall simultaneously make a
         prepayment of the Borrower Obligations owing to the Agent and the Banks
         under the Loan Agreement and the other Loan Documents in an amount
         equal to (i)(x) the amount of the prepayment of Senior Note Debt
         divided by (y) the principal amount outstanding of the Senior Note Debt
         ------- --
         multiplied by (ii) the Aggregate Revolving Credit Commitment, which
         ---------- --
         prepayment shall be shared pro rata by the Banks in accordance with
                                    --- ----
         their respective Percentages. Simultaneously with any such prepayment,
         the Borrower hereby agree to voluntarily reduce the Aggregate Revolving
         Credit Commitment in accordance with Section 2.4 of the Loan Agreement,
         with the Aggregate Revolving Credit Commitment being irrevocably
         reduced by an amount equal to the amount of the prepayment to be made
         to the Agent and the Banks pursuant to this clause (f), and each Bank's
         Revolving Credit Commitment being irrevocably reduced by an amount
         equal to its pro rata share of such prepayment. In the event that no
                      --- ----
         Bank Loans or other Borrower Obligations are outstanding at the time of
         such a prepayment of Senior Note Debt, no prepayment shall be made to
         the Banks, provided that the Borrower voluntarily reduces the Aggregate
                    --------
         Revolving Credit Commitment as set forth above in this subsection (f).

         46.      Release. In order to induce the Agent and the Banks to enter
                  -------
into this Amendment, the Borrower, on behalf of itself and its Subsidiaries,
acknowledges and agrees that: (a) such Person does not have any claim or cause
of action against the Agent, the Swing Line Bank, the Collateral Agent or any
Bank (or any of its respective directors, officers, employees or agents); (b)
such Person does not have any offset right, counterclaim or defense of any kind
against any of its respective obligations, indebtedness or liabilities to the
Agent, the Swing Line Bank, the Collateral Agent or any Bank; and (c) each of
the

<PAGE>

                                      -52-

Agent, the Swing Line Bank, the Collateral Agent and the Banks has heretofore
properly performed and satisfied in a timely manner all of its obligations to
such Person. The Borrower, on behalf of itself and its Subsidiaries, wishes to
eliminate any possibility that any past conditions, acts, omissions, events,
circumstances or matters would impair or otherwise adversely affect any of the
Agent's, the Swing Line Bank's, the Collateral Agent's and the Banks' rights,
interests, contracts, collateral security or remedies. Therefore, the Borrower,
on behalf of itself and its Subsidiaries, unconditionally releases, waives and
forever discharges (x) any and all liabilities, obligations, duties, promises or
indebtedness of any kind of the Agent, the Swing Line Bank, the Collateral Agent
or any Bank to such Person, except the obligations to be performed by the Agent,
the Swing Line Bank, the Collateral Agent or any Bank on or after the date
hereof as expressly stated in this Amendment, the Loan Agreement and the other
Loan Documents, and (y) all claims, offsets, causes of action, suits or defenses
of any kind whatsoever (if any), whether arising at law or in equity, whether
known or unknown, which such Person might otherwise have against the Agent, the
Swing Line Bank, the Collateral Agent, any Bank or any of its directors,
officers, employees or agents, in either case (x) or (y), on account of any past
or presently existing condition, act, omission, event, contract, liability,
obligation, indebtedness, claim, cause of action, defense, circumstance or
matter of any kind.

         47.  Miscellaneous Provisions.
              ------------------------

         (a)  The Borrower hereby ratifies and confirms all of its obligations
to the Agent and the Banks under the Loan Agreement and the other Loan
Documents, in each case as amended hereby, including, without limitation, the
Bank Loans, and the Borrower hereby affirms its absolute and unconditional
promise to pay to the Banks and the Agent the Revolving Credit Loans, the Term
Loans, the Swing Line Loans, reimbursement obligations and all other amounts due
or to become due and payable to the Banks and the Agent under the Loan Agreement
and the other Loan Documents, as amended hereby. Except as expressly amended
hereby, each of the Loan Agreement and the other Loan Documents shall continue
in full force and effect. This Amendment and the Loan Agreement shall hereafter
be read and construed together as a single document, and all references to the
Loan Agreement in the Loan Agreement, any other Loan Document or any agreement
or instrument related to the Loan Agreement shall hereafter refer to the Loan
Agreement as amended by this Amendment.

         (b)  No consent or waiver herein granted shall extend to or affect any
obligations not expressly herein consented to or waived or shall impair any
right of the Agent or the Banks consequent thereon. No consent or waiver herein
granted shall extend beyond the term expressly set forth herein for such consent
or waiver, nor shall anything contained herein be deemed to imply any
willingness of the Agent or the Banks to agree to, or otherwise prejudice any
rights of the Agent and the Banks with respect to, any similar or dissimilar
consents or waivers that may be requested for any future period.

         (c)  Without limiting the expense reimbursement requirements set forth
in Section 10.6 of the Loan Agreement, the Borrower agrees to pay on demand all
costs and expenses, including reasonable attorneys' fees, of the Agent incurred
in connection with this Amendment.

<PAGE>

                                      -53-

         (d) THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO CONFLICT OF LAWS).

         (e) This Amendment may be executed in any number of counterparts, and
all such counterparts shall together constitute but one instrument. In making
proof of this Amendment it shall not be necessary to produce or account for more
than one counterpart signed by each party hereto by and against which
enforcement hereof is sought.

                      [signature pages immediately follow]

<PAGE>

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

                                     MEDALLION FUNDING CORP.

                                     By: /s/ Alvin Murstein
                                        ----------------------------------------
                                        Name:    Alvin Murstein
                                        Title:   Chief Executive Officer

                                     By: /s/ James E. Jack
                                        ----------------------------------------
                                        Name:    James E. Jack
                                        Title:   Executive Vice President &
                                                 Chief Financial Officer

                                     FLEET NATIONAL BANK (f/k/a Fleet Bank,
                                     National Association), as Agent, as Swing
                                     Line Lender and as one of the Banks

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

                                     THE BANK OF NEW YORK, as Documentation
                                     Agent and as one of the Banks

                                     By: /s/ Edward J. DeSalvio
                                        ----------------------------------------
                                        Name:    Edward J. DeSalvio
                                        Title:   Vice President

<PAGE>

                                     HARRIS TRUST AND SAVINGS BANK

                                     By: /s/ Michael S. Camell
                                        ----------------------------------------
                                        Name:    Michael S. Camell
                                        Title:   Vice President

                                     BANK OF TOKYO-MITSUBISHI TRUST COMPANY

                                     By: /s/ Jeff Millar
                                        ----------------------------------------
                                        Name:    Jeff Millar
                                        Title:   Vice President

                                     By: /s/ Glenn D. Kreutzer
                                        ----------------------------------------
                                        Name:    Glenn D. Kreutzer
                                        Title:   Vice President

                                     JPMORGAN CHASE BANK (f/k/a The Chase
                                     Manhattan Bank)

                                     By: /s/ Carol A. Kernblath
                                        ----------------------------------------
                                        Name:    Carol A. Kernblath
                                        Title:   Vice President

                                     ISRAEL DISCOUNT BANK OF NEW YORK

                                     By: /s/ Howard Weinberg
                                        ----------------------------------------
                                        Name:    Howard Weinberg
                                        Title:   Senior Vice President

                                     By: /s/ Matilde Reyes
                                        ----------------------------------------
                                        Name:    Matilde Reyes
                                        Title:   Vice President

<PAGE>

                               CITIBANK, N.A. (f/k/a European American Bank)

                                     By: /s/ George L. Stirling
                                        ----------------------------------------
                                        Name:    George L. Stirling
                                        Title:   Vice President

                               BANK LEUMI USA

                                     By: /s/ Paul Tine
                                        ----------------------------------------
                                        Name:    Paul Tine
                                        Title:   Vice President

                               HSBC BANK USA

                                     By: /s/ Bruce Wicks
                                        ----------------------------------------
                                        Name:    Bruce Wicks
                                        Title:   Vice President

<PAGE>

ACKNOWLEDGED AND AGREED,
------------------------
including for purposes of amendments
------------------------------------
to the Guaranty by Medallion Taxi Media, Inc.:
----------------------------------------------

MEDALLION TAXI MEDIA, INC.

By: /s/ Alvin Murstein
    --------------------
   Name:  Alvin Murstein
   Title: President

By: /s/ James E. Jack
    -------------------
   Name:  James E. Jack
   Title: Executive Vice President &
          Chief Financial Officer

<PAGE>

                                                                       EXHIBIT X
                                                                       ---------

                          Excess Dividend Calculations
                          ----------------------------

For the Fiscal Quarter Ended:
---------------------------- _________________

A.      Excess Dividends
        ------ ---------

        1.    Adjusted Net Investment Income                          $_________
              Multiplied by
              ---------- --

        2.    Ninety Percent (90%)
                     $____________

        3.    Amount of Dividends Paid During
               the Prior Quarter                                      $_________

        4.    Excess Dividends (Line A(3) minus Line A(1))            $_________
                                          -----

              If Line 4 is positive, proceed to Part B; if $0 or a negative
        number, no Dividend Prepayment is Required.

B.      Dividend Prepayment
        -------- ----------

        1.    Payment Amount One
              a.     $2,400,000                                       $2,400,000

              b.     (i)      .009
                     (ii)     Amount of Section 8.2(g) Indebtedness
                                  $_________
                     (iii)    Line (B)(1)(b)(i) multiplied by
                                                ---------- --
                              Line B(1)(b)(ii)
                              $_________

              c.     Total of Payment Amount One (Line B(1)(a)
                       plus Line (B)(1)(b)(iii))                      $_________
                       ----

        2.    Payment Amount Two
              a.     (i)      4
                     (ii)     Line A(4)(a)
                     (iii)    Total (Line B(2)(a)(i) multiplied by Line
                                                     ---------- --
                              B(2)(a)(ii))
                                  $___________

<PAGE>

                                      -2-

     b.   (i)      0.8
          (ii)     Excess Dividends (Line A(4))                    $___________
          (iii)    Total (Line B(2)(b)(i) multiplied by Line
                                          ---------- --
                        B(2)(b)(ii))                               $___________

     c.   (i)      Section 8.2(g) Indebtedness
          $___________

          (ii)     $220,000,000                                    $220,000,000

          (iii)    Line B(2)(c)(i) divided by Line B(2)(c)(ii)     $___________
                                   ------- --

          (iv)     Line B(2)(c)(iii) multiplied by 4 multiplied by
                                     ---------- --   ---------- --
                        Line A(4)                                  $___________

     d.   Payment Amount Two
            (Line B(2)(a)(iii) plus Line B(2)(b)(iii) plus
                               ----                   ----
                   Line B(2)(c)(iv))
                   $___________

3.   Dividend Prepayment- The greater of
       Line (B)(1)(c) and Line B(2)(c)
            $___________

<PAGE>

                             Medallion Funding Corp
                             ----------------------
                                  Schedule III
                                  ------------

Investment in Medallion Funding Chicago Corp                  $   8,951,000
                                                              -------------

Intercompany Receivables
         Medallion Financial Corp                                 1,339,508
         Medallion Business Credit                                    7,274
                                                              -------------
Total Intercompany Receivables                                    1,346,782
                                                              -------------
                                                              -------------
Total Investments in Affiliates                               $  10,297,782
                                                              =============

Balances subject to year-end audit

<PAGE>

MEDALLION FUNDING CORP

Schedule IV                 Bank Accounts
-----------                 -------------

<TABLE>
<CAPTION>
                            Account

            Bank             Number       Purpose                        Location
----------------------------------------------------------------------------------------------
<S>                   <C>              <C>                <C>                            <C>
Fleet Bank            2189-006536      Operating          100 Federal Street, Boston, MA 02110
Fleet Bank            259802-1322      Zero balance       Golden Bridge, NY 10526
Chase Bank            007-097387       Depository         11 West 51 ST NY, NY 10019
Chase Bank            023-059742       Depository         349 5th Ave at 34th Str NY 10016
                                                          420 Lexington Avenue New York, NY
Bank of Leumi         124152401        De Minimis         10170
HSBC Bank USA         006-87823-7      De Minimis         250 Park Ave, NY, NY 10177
                                                          PO Box 5870,Grand Central Station,
Citibank              028-07357-5      De Minimis         NY, NY 10163
</TABLE>

<PAGE>

SCHEDULE 5
ADDBACK TO EBIT CALCULATION FOR EXTRAORDINARY PROFESSIONAL FEES
RECORDED DURING THE QUARTER ENDING MARCH 31, 2002

                                                                Combined
                                                                    Medallion
                                               Medallion           Financial &
              Company           Total                Funding     Business Credit
--------------------------------------------------------------------------------
Kaye Scholer                    125,000          125,000           0

Bingham Dana                    188,000          38,000            150,000

Willkie Farr & Gallagher        156,000          31,000            125,000

Carl Marks Group                250,000          0                 250,000

Nightingale                     344,000          344,000           0
                              --------------------------------------------------
                              1,063,000          538,000           525,000

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

<PAGE>

                                 Schedule 8.3(f)

 SALES OF LOANS MADE BY THE BORROWER TO AN AFFILIATE PRIOR TO THE AMENDMENT NO.
 ------------------------------------------------------------------------------
                                6 EFFECTIVE DATE
                                ----------------

                                                                   Transaction
                                                                   -----------
 Month       Sale #         Seller               Purchaser            Amount
 -----       ------         ------               ---------            ------

January

February

March           1     Medallion Capitol     Medallion Funding     $   625,000.00
                2     Business Lenders      Medallion Financial   $29,747,702.49
                3     Business Lenders      Medallion Financial   $10,726,850.30

April           4     Medallion Capitol     Medallion Funding     $   950,000.00
                5     Business Lenders      Medallion Financial   $ 1,578,800.00

May             6     Business Lenders      Medallion Financial   $ 1,371,566.12

June            7     Medallion Capitol     Medallion Funding     $ 7,000,000.00
                8     Business Lenders      Medallion Financial   $ 3,690,616.39

July            9     Business Credit       Medallion Funding     $ 2,500,000.00

August         10     Medallion Capitol     Medallion Funding     $ 1,500,000.00
               11     Business Lenders      Medallion Financial   $ 1,145,788.83

September      12     Business Lenders      Medallion Financial   $ 3,225,125.21
               13     Medallion Financial   Medallion Funding     $ 5,984,455.25
               14     Medallion Financial   Medallion Funding     $   668,070.96
               15     Medallion Financial   Medallion Funding     $ 5,325,710.82

October        16     Freshstart            Medallion Funding     $ 6,071,858.27
               17     Business Lenders      Medallion Financial   $ 2,336,056.16

November       18     Business Lenders      Medallion Financial   $ 1,250,675.00
               19     Medallion Financial   Medallion Funding     $ 4,412,778.02

December       20     Business Lenders      Medallion Financial   $ 5,180,175.45
               21     Medallion Funding     Freshstart            $ 4,172,682.00
               22     Medallion Funding     Medallion Capitol     $ 3,525,054.00
               23     Medallion Financial   Medallion Funding     $   387,828.80
               24     Medallion Financial   Medallion Funding     $   624,021.42

January        25     Business Lenders      Medallion Financial   $ 1,674,031.65
               26     Medallion Funding     Freshstart            $   571,849.66

<PAGE>

                                      -2-

February       27      Business Lenders      Medallion Financial  $    79,500.00
               28      Medallion Funding     Freshstart           $ 1,074,489.37

March          29      Business Lenders      Medallion Financial  $   313,532.15

May            30      Medallion Funding     Medallion Capital    $   950,000.00

June           31      Medallion Funding     Medallion Capital    $   450,000.00
               32      Medallion Funding     Medallion Capital    $ 6,691,423.44

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00037-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00037-of-00352.parquet"}]]