<SEC-DOCUMENT>0001193125-18-213161.txt : 20180705
<SEC-HEADER>0001193125-18-213161.hdr.sgml : 20180705
<ACCEPTANCE-DATETIME>20180705163138
ACCESSION NUMBER:		0001193125-18-213161
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180702
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180705
DATE AS OF CHANGE:		20180705

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MEDALLION FINANCIAL CORP
		CENTRAL INDEX KEY:			0001000209
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		IRS NUMBER:				043291176
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37747
		FILM NUMBER:		18940927

	BUSINESS ADDRESS:	
		STREET 1:		437 MADISON AVE 38 TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2123282153

	MAIL ADDRESS:	
		STREET 1:		437 MADISON AVENUE
		STREET 2:		38TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d875359d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>Washington, DC&nbsp;20549 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT STYLE="white-space:nowrap">8-K</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT
TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Date of report (Date of earliest event
reported)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>July&nbsp;2, 2018</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>MEDALLION FINANCIAL CORP. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Exact name of registrant as specified in its charter) </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center"><B>Delaware</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center">(State or other jurisdiction of incorporation)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center"><B><FONT STYLE="white-space:nowrap">001-37747</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B><FONT STYLE="white-space:nowrap">04-3291176</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">(Commission File Number)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">(IRS Employer Identification Number)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>437 Madison Avenue</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>New York, New York 10022</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center">(Address of principal executive offices) (Zip Code)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center">Registrant&#146;s telephone number, including area code&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(212) <FONT STYLE="white-space:nowrap">328-2100</FONT></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center">(Former Name or Former Address, if Changed Since Last Report)</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Check the
appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<U>see</U> General Instruction A.2. below):
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">[&nbsp;&nbsp;&nbsp;&nbsp;]</TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">[&nbsp;&nbsp;&nbsp;&nbsp;]</TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">[&nbsp;&nbsp;&nbsp;&nbsp;]</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">[&nbsp;&nbsp;&nbsp;&nbsp;]</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as
defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act. &nbsp;&nbsp;&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;1.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT. </B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Medallion Financial Corp. (the &#147;Company&#148;)
entered into a Loan Modification Agreement, dated July&nbsp;2, 2018, by and among the Company, Medallion Funding LLC, Medallion Fine Art, Inc. and Sterling National Bank (the &#147;Amendment&#148;) to amend its Amended and Restated Loan and Security
Agreement, dated March&nbsp;28, 2011 (the &#147;Credit Agreement&#148;). Under the terms of the Amendment, the maturity date of the facility was extended to July&nbsp;31, 2018 and other technical changes were implemented. The Company and Sterling
National Bank are currently in the process of negotiating a longer term amendment to the Credit Agreement.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The foregoing description of the Amendment is
qualified in its entirety by reference to the Amendment, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%" VALIGN="top" ALIGN="left"><B>ITEM&nbsp;9.01.</B></TD>
<TD ALIGN="left" VALIGN="top"><B>FINANCIAL STATEMENTS AND EXHIBITS. </B></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:39.10pt; display:inline; font-size:8pt; font-family:Times New Roman; "><B>Exhibit&nbsp;No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:39.50pt; display:inline; font-size:8pt; font-family:Times New Roman; "><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Loan Modification Agreement, dated as of July&nbsp;2, 2018, by and among Medallion Financial Corp., Medallion Funding LLC, Medallion Fine Art, Inc. and Sterling National Bank.</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>Exhibit Index </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:39.10pt; display:inline; font-size:8pt; font-family:Times New Roman; "><B>Exhibit&nbsp;No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:39.50pt; display:inline; font-size:8pt; font-family:Times New Roman; "><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d875359dex101.htm">Loan Modification Agreement, dated July&nbsp;2, 2018, by and among Medallion Financial Corp., Medallion Funding LLC, Medallion Fine Art, Inc. and Sterling National Bank. </A></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="10%"></TD>
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<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="75%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">MEDALLION FINANCIAL CORP.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">/s/&nbsp;&nbsp;&nbsp;&nbsp;Larry D. Hall</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Larry D. Hall</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chief Financial Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">July&nbsp;5, 2018</TD></TR>
</TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d875359dex101.htm
<DESCRIPTION>EX-10.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-10.1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>LOAN MODIFICATION AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS LOAN MODIFICATION AGREEMENT, dated as of July&nbsp;2, 2018 and effective as of June&nbsp;30, 2018, by and between MEDALLION FINANCIAL
CORP., a Delaware corporation having an address of 437 Madison Avenue, New York, New York 10022 (the &#147;<U>Borrower</U>&#148;), MEDALLION FUNDING LLC, a New York limited liability company, with its chief executive office located at 437 Madison
Avenue, New York, New York 10022, and MEDALLION FINE ART, INC., a Delaware corporation, with its chief executive office located at 437 Madison Avenue, New York, New York 10022 (individually, a &#147;<U>Guarantor</U>&#148; and collectively the
&#147;<U>Guarantors</U>&#148;), and STERLING NATIONAL BANK, a national banking association having an address of 500 Seventh Avenue, New York, New York 10018 (the &#147;Bank&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>W I T N E S S E T H: </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Borrower and Guarantors have executed and delivered to the Bank various loan documents, instruments and agreements, including, but
not limited to, an Amended and Restated Loan and Security Agreement dated March&nbsp;28, 2011, as amended (as same may be further modified, amended, supplemented or restated from time to time, the &#147;<U>Original Loan Agreement</U>&#148;),
pursuant to which the Bank has agreed to extend certain credit and make certain loans to the Borrower (all such documents, agreements, and instruments executed by the Borrower and Guarantors, including all extensions and/or modifications, if any,
hereinafter collectively referred to as the &#147;<U>Original Loan Documents</U>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, extensions of credit were made by the
Bank pursuant to the Loan Documents; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the term of the Facility A Revolving Loan under the Original Loan Documents matures on
June&nbsp;30, 2018; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Bank has agreed to extend the term of the Original Loan Documents for a 31 day period and modify the
existing financial covenants for a 31 day period to allow the Borrower, the Guarantors and the Bank to negotiate a longer term solution, all in accordance with the following terms and conditions which are agreeable to the Borrower and Guarantors as
evidenced by their execution of this Loan Modification Agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the foregoing, and the respective
agreements, warranties and covenants contained herein, the parties hereto agree, covenant and warrant as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION
1.&nbsp;&nbsp;&nbsp;&nbsp;<U>DEFINITIONS</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.1 <U>Existing Definitions</U>. Capitalized terms used and not otherwise defined herein
shall have the meanings ascribed to them in the Original Loan Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.2 <U>References to Loan Documents</U>. The Original Loan
Documents and this Loan Modification Agreement are collectively referred to hereafter as the &#147;Loan Documents&#148;. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION
2.&nbsp;&nbsp;&nbsp;&nbsp;<U>ACKNOWLEDGMENTS AND FINANCIAL COVENANTS</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.1 <U>Term</U>. Borrower acknowledges, confirms and agrees the
term of the Facility A Maturity Date is hereby extended to July&nbsp;31, 2018. Accordingly, Section&nbsp;11 of Annex 2 to the Loan Agreement is hereby amended and restated in its entirety as follows: </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;11. Maturity Date </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Facility A Maturity Date: July&nbsp;31, 2018.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.2 <U>Acknowledgment of Secured Obligations</U>. Borrower acknowledges, confirms and agrees that (a)&nbsp;as of the close of business on
June&nbsp;28, 2018, the aggregate outstanding principal amount of the Facility A Revolving Loan is $12,579,852.29, (b)&nbsp;such amount, together with all interest accrued and accruing thereon, and all fees, costs, expenses and other charges now or
hereafter payable by Borrower to Bank under the Facility A Revolving Loan, is unconditionally owing by Borrower to Bank without offset, defense or counterclaim of any kind, nature or description whatsoever and (c)&nbsp;its obligation and liability
for the payment and performance of the Obligations pursuant to the Loan Documents is unconditionally owing to Bank without offset, defense or counterclaim of any kind, nature or description whatsoever. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.3 <U>Acknowledgment of Security Interests</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Borrower hereby acknowledges, confirms and agrees that Bank has and shall continue to have valid, enforceable and perfected liens upon and
security interests in the Collateral upon or in which Bank has been granted or holds a lien or security interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) To further secure
the payment and performance of all Obligations owed to the Bank by the Borrower, each Guarantor hereby acknowledges and reaffirms all guarantees previously executed and delivered to the Bank, said guarantees being continuing from the date of
execution thereof until all Obligations have been paid and discharged in full and until released in full by the Bank in writing. If requested by the Bank in its reasonable discretion, each Guarantor shall execute and deliver to the Bank such further
written guarantees as shall be mutually agreeable as between the Bank and the Guarantors. The Bank shall be under no obligation to proceed against the Borrower before proceeding directly against any Guarantor in any order determined by the Bank.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.4 <U>Binding Effect of Documents</U>. Borrower and each Guarantor hereby acknowledges, confirms and agrees that: (i)&nbsp;each Loan
Document to which they are a party has been duly executed and delivered by them to Bank and are in full force and effect as of the date hereof, (ii)&nbsp;the agreements and obligations of Borrower and Guarantors contained in the Loan Documents
constitute the legal, valid and binding obligations of Borrower and Guarantors, enforceable against Borrower and Guarantors in accordance with the terms thereof, and Borrower and Guarantors have no valid defenses to the enforcement of such
obligations, and (iii)&nbsp;Bank is and shall be entitled to the rights, remedies and benefits provided for in the Loan Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.5
<U>Financial Covenants</U>. The Bank hereby agrees that for the period ending on June&nbsp;30, 2018 the Borrower shall not have to comply with the following Financial Covenants in Section&nbsp;5.1 of the Loan Agreement: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Leverage Ratio; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Net Loss; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Tangible Net Worth. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">The
Financial Covenants shall be enforced for the period ending September&nbsp;30, 2018 and all periods thereafter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.6 <U>Monthly
Payments</U>. Paragraph 5 of Amendment No.&nbsp;9 is hereby deleted and Annex 2 of the Loan Agreement is hereby amended as of the date of this Loan Modification Agreement by adding the following new Paragraph 19 at the end of such annex to read as
follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">&#147;19. <U>Monthly Principal Payments</U>. In addition to the payments of interest and other amounts payable under the Loan
Agreement, the Borrower shall pay to the Bank, on the fifteenth (15th)&nbsp;day of each and every calendar month commencing on July&nbsp;15, 2018, an amount equal to the aggregate amount of all principal payments received by the Borrower from
Underlying Borrowers pursuant to Underlying Loans during the preceding calendar month (collectively, &#147;Underlying Principal Payments&#148;); provided, however, that in no event shall the aggregate amount of all such principal payments from the
Borrower to the Bank during any calendar month be less than $75,000 (it being understood and agreed that if the Underlying Principal Payments received by the Borrower are insufficient to satisfy such $75,000 minimum payment requirement during any
calendar month, the Borrower shall be obligated to utilize its own funds to cover any such shortfall in order to make such minimum $75,000 payment to the Bank).&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.7 <U>Principal Payment</U>. In addition to the monthly payment due on July&nbsp;15, 2018, on or before July&nbsp;31, 2018, the Borrower
shall pay to the Bank aggregate principal payments equal to or greater than $1,500,000.00. Bank hereby acknowledges and agrees that upon Bank&#146;s receipt of such $1,500,000.00 principal payment, (A)&nbsp;Bank shall release Bank&#146;s lien on and
security interest in Artwork Collateral 2 pursuant to Section&nbsp;16 of that certain Security Agreement dated as of August&nbsp;11, 2016 made by Medallion Fine Art, Inc. to Bank and (B)&nbsp;that certain Guaranty made as of August&nbsp;11, 2016, by
Medallion Fine Art, Inc. for the benefit of Bank shall terminate pursuant to Section&nbsp;8.1 thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.8 <U>Section&nbsp;3.10 of the
Loan Agreement</U>. Section&nbsp;3.10 of the Loan Agreement is hereby deleted and amended in its entirety to read as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">&#147;3.10.
<U>Non-Regulated Entities</U>. Neither Borrower nor any Guarantors are a &#147;registered investment company&#148; or a company &#147;controlled&#148; by a &#147;registered investment company&#148; or a &#147;principal underwriter&#148; of a
&#147;registered investment company&#148; as such terms are defined in the Investment Company Act of 1940. Neither Borrower nor any Guarantors are subject to regulation under the Federal Power Act or the Investment Company Act of 1940 or under any
other federal or state statute or regulation which may limit its ability to incur Debt or may otherwise render all or any portion of the Obligations unenforceable.&#148; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION 3.&nbsp;&nbsp;&nbsp;&nbsp;<U>REPRESENTATIONS, WARRANTIES AND COVENANTS OF BORROWER</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition to the continuing covenants and agreements at any time made by Borrower to Bank pursuant to the Loan Documents, Borrower
represents, warrants and covenants with and to Bank as follows (which representations, warranties and covenants are continuing and shall survive the execution and delivery hereof): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.1 <U>Authorization, Execution and Delivery</U>. This Loan Modification Agreement has been duly authorized, executed and delivered by all
necessary action on the part of Borrower, and the agreements and obligations of Borrower contained herein constitute legal, valid and binding obligations of Borrower, enforceable in accordance with their respective terms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.2 <U>Accuracy of Existing Representations and Warranties</U>. All of the representations and warranties made by Borrower set forth in the
Loan Documents, each as amended hereby, are true and correct in all material respects on and as of the date hereof as if made on the date hereof, except to the extent any such representation or warranty is made as of a specified date, in which case
such representation or warranty shall have been true and correct in all material respects as of such date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.3 <U>No Default</U>. As of
the date of this Loan Modification Agreement and after giving effect hereto, no Event of Default exists or has occurred and is continuing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION
4.&nbsp;&nbsp;&nbsp;&nbsp;RELEASE AND OTHER MATTERS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.1 <U>Release</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) In consideration of the agreements of Bank contained herein, and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, Borrower and Guarantors, on behalf of themselves and their respective successors, assigns and other legal representatives, hereby absolutely, unconditionally and irrevocably release, remise and forever discharge Bank,
its successors and assigns, and their respective present and former shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents and other representatives (Bank and all such other parties being
hereinafter referred to collectively as the &#147;Releasees&#148; and individually as a &#147;Releasee&#148;), of and from all demands, actions, causes of action, suits, covenants, contracts, controversies, agreements, promises, sums of money,
accounts, bills, reckonings, damages and any and all other claims, counterclaims, defenses, rights of set-off, demands and liabilities whatsoever (individually, a &#147;Claim&#148; and collectively, &#147;Claims&#148;) of every name and nature,
known or unknown, suspected or unsuspected, both at law and in equity, which Borrower, Guarantors, or their respective successors, assigns or other legal representatives, may now or hereafter own, hold, have or claim to have against the Releasees or
any of them for, upon, or by reason of any nature, cause or thing whatsoever which arises at any time on or prior to the day and date of this Loan Modification Agreement, in connection with the Loan Documents, as amended and supplemented through the
date hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Borrower and Guarantors understand, acknowledge and agree that the release set forth above may be pleaded as a full and
complete defense and may be used as a basis for an injunction against any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of such release. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Borrower and Guarantors agree that no fact, event, circumstance, evidence or transaction
which could now be asserted or which may hereafter be discovered shall affect in any manner the final and unconditional nature of the release set forth above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.2 <U>Covenant Not to Sue</U>. Borrower and Guarantors, on behalf of themselves and their respective successors, assigns and other legal
representatives, hereby absolutely, unconditionally and irrevocably covenant and agree with each Releasee that Borrower or such Guarantors will not sue (at law, in equity, in any regulatory proceeding or otherwise) any Releasee on the basis of any
Claim released, remised and discharged pursuant to <U>Section&nbsp;4.1</U> above. If Borrower or Guarantors violates the foregoing covenant, such violating party agrees to pay, in addition to such other damages as any Releasee may sustain as a
result of such violation, all attorneys&#146; fees and costs incurred by any Releasee as a result of such violation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SECTION
5.&nbsp;&nbsp;&nbsp;&nbsp;<U>PROVISIONS OF GENERAL APPLICATION</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.1 <U>Effect of this Loan Modification Agreement</U>. Except as
modified pursuant hereto, no other changes or modifications to the Loan Documents are intended or implied and in all other respects the Loan Documents are hereby specifically ratified, restated and confirmed by all parties hereto as of the effective
date hereof. To the extent of a conflict between the terms of this Loan Modification Agreement and the other Loan Documents, the terms of this Loan Modification Agreement shall control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.2 <U>Binding Agreement; No Third Party Beneficiaries</U>. This Loan Modification Agreement shall be binding upon and inure to the benefit of
Bank, Borrower, Guarantors and their respective successors and assigns. This Loan Modification Agreement is solely for the benefit of Bank, Borrower, Guarantors and their respective successors and assigns, and no other Person shall have any right,
benefit, priority or interest under, or because of the existence of, this Loan Modification Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.3 <U>Costs and Expenses</U>. In
addition to all other fees and expenses payable by Borrower to Bank under the Loan Documents, Borrower shall reimburse Bank for all costs and expenses, including legal fees and expenses, incurred by Bank in the preparation of this Loan Modification
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.4 <U>Further Assurances</U>. The parties hereto shall execute and deliver such additional documents and take such additional
action as may be necessary or desirable to effectuate the provisions and purposes of this Loan Modification Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.5 <U>Governing
Law</U>. The validity, interpretation and enforcement of this Loan Modification Agreement whether in contract, tort, equity or otherwise, shall be governed by the internal laws of the State of New York but excluding any principles of conflicts of
law or other rule of law that would cause the application of the law of any jurisdiction other than the laws of the State of New York. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>5.6 <B><U>Waiver of Jury Trial.</U> To the fullest extent permitted by applicable law,
Borrower and Guarantors each hereby irrevocably waives any right to trial by jury of any claim, demand, action or cause of action arising under this Loan Modification Agreement or in any way connected with or related or incidental to the dealings of
the parties hereto in respect of this Loan Modification Agreement or the transactions contemplated hereby, in each instance whether now existing or hereafter arising and whether in contract, tort, equity or otherwise. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.7 <U>Counterparts</U>. This Loan Modification Agreement may be executed in any number of counterparts, each of which shall be an original,
but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of this Loan Modification Agreement by telefacsimile or other method of electronic transmission shall have the same force and effect as
the delivery of an original executed counterpart of this Loan Modification Agreement. In making proof of this Loan Modification Agreement, it shall not be necessary to produce or account for more than one counterpart thereof signed by each of the
parties thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have caused this Loan Modification Agreement to be duly executed and
delivered by their authorized officers as of the day and year first above written. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">STERLING NATIONAL BANK </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By: <U>/s/ Neal Landerer </U> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Neal Landerer
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">First Vice President </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Acknowledged and
Agreed as of July&nbsp;2, 2018 and effective as of June&nbsp;30, 2018. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">BORROWER: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MEDALLION FINANCIAL CORP. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By: <U>/s/ Alvin Murstein</U> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name: Alvin Murstein </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Title: CEO </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">GUARANTORS: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MEDALLION FUNDING LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By: <U>/s/ Thomas J. Munson</U> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name: Thomas J. Munson </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Title: EVP </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">MEDALLION FINE ART, INC. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">By: <U>/s/ Andrew Murstein </U> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Name: Andrew Murstein </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Title: President </P>
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