MEDALLION FINANCIAL CORP. (NASDAQ:MFIN) Files An 8-K Entry into a Material Definitive AgreementItem 1.01.
Medallion Financial Corp. (the “Company”) entered into a Loan Modification Agreement, dated July2, 2018, by and among the Company, Medallion Funding LLC, Medallion Fine Art, Inc. and Sterling National Bank (the “Amendment”) to amend its Amended and Restated Loan and Security Agreement, dated March28, 2011 (the “Credit Agreement”). Under the terms of the Amendment, the maturity date of the facility was extended to July31, 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.
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.
| Item 1.01. | FINANCIAL STATEMENTS AND EXHIBITS. |
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ExhibitNo. |
Description |
| 10.1 | Loan Modification Agreement, dated as of July2, 2018, by and among Medallion Financial Corp., Medallion Funding LLC, Medallion Fine Art, Inc. and Sterling National Bank. |
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Exhibit Index
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MEDALLION FINANCIAL CORP ExhibitEX-10.1 2 d875359dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 LOAN MODIFICATION AGREEMENT THIS LOAN MODIFICATION AGREEMENT,…To view the full exhibit click here
About MEDALLION FINANCIAL CORP. (NASDAQ:MFIN)
Medallion Financial Corp. is a closed-end, non-diversified management investment company. The Company is a specialty finance company, which is engaged in originating, acquiring and servicing loans that finance taxicab medallions and various types of commercial businesses. The Company operates in lending and investing operations segment. It originates and services medallion, secured commercial, and consumer loans, and invests in both marketable and nonmarketable securities. The Company’s subsidiary, Medallion Bank, also originates consumer loans for the purchase of recreational vehicles, boats, motorcycles, trailers, and to finance small-scale home improvements. The Company also conducts business through its asset-based lending division, Medallion Business Credit, an originator of loans to small businesses for the purpose of financing inventory and receivables.
