	Payments Due for the Twelve Months Ending September 30,
(Dollars in thousands)	2021		2022		2023		2024		2025		Thereafter		September 30, 2020⁽¹⁾		December 31, 2019⁽¹⁾		Interest Rate ⁽²⁾
Deposits⁽³⁾	$	391,562	$	273,210	$	177,060	$	144,040	$	74,015	$	—	$	1,059,887	$	954,245		1.79	%
SBA debentures and borrowings		22,508	—			5,000		5,000		14,000		21,500		68,008		71,746		3.36	%
Retail and privately placed notes		33,625	—		—			36,000	—		—			69,625		69,625		8.61	%
Preferred securities	—		—		—		—		—			33,000		33,000		33,000		2.37	%
Notes payable to banks		31,063		280		280		140	—		—			31,763		33,183		3.67	%
Other borrowings		500		7,405	—		—			747	—			8,652		7,794		1.91	%
Total	$	479,258	$	280,895	$	182,340	$	185,180	$	88,762	$	54,500	$	1,270,935	$	1,169,593		2.31	%

Deposits are raised through the use of investment brokerage firms that package time deposits in denominations of less than $250,000 qualifying for FDIC insurance into larger pools that are sold to the Bank. The rates paid on the deposits are competitive with market rates paid by other financial institutions. Additionally, a brokerage fee is paid, depending on the maturity of the deposits, which averages less than 0.15%. Interest on the deposits is accrued daily and paid monthly, quarterly, semiannually, or at maturity. The Bank did not have any individual time deposits greater than $100,000 as of September 30, 2020. The following table presents the maturity of the broker pools, excluding strategic partner reserve deposits, as of September 30, 2020.

Over the years, the SBA has approved commitments for MCI and FSVC, typically for a four and half year term and a 1% fee, which was paid. During 2017, the SBA restructured FSVC’s debentures with SBA totaling $33,485,000 in principal into a new loan by the SBA to FSVC in the principal amount of $34,024,756, or the SBA Loan. In connection with the SBA Loan, FSVC executed a Note, or the SBA Note, with an effective date of March 1, 2017, in favor of SBA, in the principal amount of $34,024,756. The SBA Loan bears interest at a rate of 3.25% per annum, required a minimum of $5,000,000 of principal and interest to be paid on or before February 1, 2018 (which was paid) and a minimum of $7,600,000 of principal and interest to be paid on or before March 27, 2019 (which was paid), and all remaining unpaid principal and interest on or before February 1, 2020, the final maturity date, which was extended to the maturity date of the Company’s publicly-traded 9.000% Senior Notes, which is currently April 15, 2021; or the Public Debt, provided, however, that (1) upon the Company’s refinancing of such senior notes, the maturity date shall mean the earlier of (a) the maturity date of such refinanced debt or (b) April 30, 2024, and (2) upon the Company’s repayment of such senior notes without refinancing, the maturity date shall mean April 30, 2024. As of September 30, 2020, $175,485,000 of commitments had been fully utilized, there were no commitments available, and $68,008,000 was outstanding, including $14,008,000 under the SBA Note.

On July 31, 2020, MCI accepted a commitment from the SBA for $25,000,000 in debenture financing with a ten-year term. MCI can draw funds under the commitment, in whole or in part, until September 24, 2024. In connection with the commitment, MCI paid the SBA a leverage fee of $250,000, with the remaining $500,000 of the fee to be paid pro rata as MCI draws under the commitment. Of the committed amount, $8,500,000 has been reserved to replace $8,500,000 of debentures which mature in 2021. The remaining balance of $16,500,000 is drawable upon the infusion of $8,250,000 of capital from either the capitalization of retained earnings or capital infusion from the Company. As of September 30, 2020, none of the commitments had been drawn.

The Company and its subsidiaries have entered into note agreements with a variety of local and regional banking institutions over the years. The notes are typically secured by various assets of the underlying borrower.

The table below summarizes the key attributes of the Company’s various borrowing arrangements with these lenders as of September 30, 2020.

Borrower

(Dollars in thousands)

# of

Lenders/

Notes

Note

Dates

Maturity

Dates

Type

Note

Amounts

Balance

Outstanding

at September 30,

2020

Payment

Average

Interest

Rate at

September 30,

2020

Interest

Rate

Index⁽¹⁾

Medallion Financial

Corp.

5/5

4/11 - 8/14

12/20 - 9/21

Term loans

and demand

notes secured

by pledged

loans⁽²⁾

20,096

⁽²⁾

20,096

Interest

only⁽³⁾

3.75

Various⁽³⁾

Medallion Chicago

2/23

11/11 - 12/11

2/21

Term loans

secured by

owned

Chicago

medallions⁽⁴⁾

18,449

10,687

$134 of

principal &

interest

paid

monthly

3.50

N/A

Medallion Funding

1/1

11/18

12/23

Term loan unsecured

1,400

980

$70

principal &

interest

paid

quarterly

4.00

N/A

39,945

31,763

On July 6, 2019, the Company paid $10,819,000 at maturity in satisfaction of all its outstanding obligations under one of its credit facilities. In connection with this payment, the Company obtained a waiver from one of its other lenders, with a term note of $2,040,000, of certain resulting repayment and other obligations, which waiver expires on December 15, 2020.

In March 2019, the Company used some of the proceeds of the privately placed notes to pay off one of the notes payable to banks at a 50% discount, resulting in a gain on debt extinguishment of $4,145,000 in the 2019 first quarter.

In November 2018, MFC entered into a note to the benefit of DZ Bank for $1,400,000 at a 4.00% interest rate due December 2023, as part of the restructuring of the DZ loan. See Note 15 for more information.

As a result of the cash flow shortages due to the slowdown in the taxi industry resulting from the COVID-19 pandemic, the Company received 180 day payment deferrals that terminated in August and modifications to provide for interest only payments from September through the end of this year for the notes payable to banks described above.

In March 2019, the Company completed a private placement to certain institutional investors of $30,000,000 aggregate principal amount of 8.25% unsecured senior notes due 2024, with interest payable semiannually. The Company used the net proceeds from the offering for general corporate purposes, including repaying certain borrowings under its notes payable to banks at a discount which led to a gain of $4,145,000 in the 2019 first quarter. In August 2019, the private placement was reopened and an additional $6,000,000 principal amount of notes was issued to certain institutional investors.

In April 2016, the Company issued a total of $33,625,000 aggregate principal amount of 9.00% unsecured notes due 2021, with interest payable quarterly in arrears. The Company used the net proceeds from the offering of approximately $31,786,000 to make loans and other investments in portfolio companies and for general corporate purposes, including repaying borrowings under its DZ loan in the ordinary course of business.

In June 2007, the Company issued and sold $36,083,000 aggregate principal amount of unsecured junior subordinated notes to Fin Trust which, in turn, sold $35,000,000 of preferred securities to Merrill Lynch International and issued 1,083 shares of common stock to the Company. The notes bear a variable rate of interest of 90 day LIBOR (0.23% at September 30, 2020) plus 2.13%. The notes mature in September 2037 and are prepayable at par. Interest is payable quarterly in arrears. The terms of the preferred securities and the notes are substantially identical. In December 2007, $2,000,000 of the preferred securities were repurchased from a third-party investor. At September 30, 2020, $33,000,000 was outstanding on the preferred securities.

In November and December 2017, RPAC amended the terms of various promissory notes with affiliate Richard Petty. (Refer to Note 11 for more details.) At September 30, 2020, the total outstanding on these notes was $7,405,000 at a 2.00% annual interest rate compounded monthly and due March 31, 2022. Additionally, RPAC has a short term promissory note to an unrelated party for $500,000 due on December 31, 2020.

On June 17, 2020, RPAC was approved for and received a Paycheck Protection Program, or PPP, loan under the CARES Act. As of September 30, 2020, the total outstanding balance of such loan was $747,000 at a 1.00% annual interest rate due in five years. Under the terms of the note, RPAC could be granted forgiveness for all or a portion of the balance if the loan proceeds are used in accordance with the requirements set forth in the PPP. As of September 30, 2020, RPAC had not applied for forgiveness of this loan.

Certain of the Company’s debt agreements contain restrictions that require the Company and its subsidiaries to maintain certain financial ratios, including debt to equity and minimum net worth. The Company was in compliance with such restrictions as of September 30, 2020.