Business Context and Reporting Period
Company: Medallion Financial Corp.
Filing Type: Form 8-K (Current Report)
Date of Report: September 6, 2005
Event: Entry into a Material Definitive Agreement (First Amendment of Lease).
Key Financial Metrics
This filing does not report revenue, profit, cash flow, margins, debt, or liquidity metrics. It solely discloses terms related to a lease amendment.
Material Changes and Lease Terms
Medallion Financial Corp. amended its Indenture of Lease with Sage Realty Corporation for office space at 437 Madison Avenue, New York, New York. Key terms include:
- Lease Extension: The term was extended to June 30, 2016.
- Option: An option exists for an additional five-year extension.
- Rent Schedule (July 1, 2006 – June 30, 2011): $910,875 annually.
- Rent Schedule (July 1, 2011 – End of Term): $962,925 annually.
Guidance, Outlook, and Risks
The filing contains no management guidance, outlook, or discussion of risks beyond the commitment to the new lease terms. No unusual items or contingencies were disclosed in this report.
Investor Verification Checklist
- Verify the total remaining lease obligation based on the new 2016 expiration date.
- Confirm the impact of the increased annual rent ($910,875 to $962,925) on future operating expenses.
- Review the attached Exhibit 10.1 for any additional covenants or conditions not summarized in the text.