Ms. Irene Eddy reports

ACCORD ANNOUNCES AMENDMENTS TO ITS BANKING FACILITY

Accord Financial Corp. has entered into amendments to its primary credit facility with its banking syndicate. As disclosed in its third quarter report, in November, 2023, the company uncovered significant irregularities in collateral reporting by a borrower related to a $14.4-million loan, which led the company to record a specific provision for credit losses relating to this loan. Since that time, the company has been operating under a series of facility agreement waivers, which provided temporary relief from a technical default caused by a reduction in permitted borrowings as a result of the loan. The amendments announced today modify certain elements of the facility agreement, providing a longer-term resolution through to the facility's maturity in July, 2025.

The amendments reset the total facility limit to be more appropriate to the company's current tangible equity and current level of borrowings. The facility limit has been reduced from $375-million to $300-million and will be reduced further to $260-million by January, 2025. In addition, a minimum availability covenant, along with certain financial and operating covenants, will result in more conservative leverage over all, which the company considers prudent in the current economic climate.

About Accord Financial Corp.

Accord Financial is North America's most dynamic commercial finance company providing fast, versatile financing solutions, including asset-based lending, factoring, inventory finance, equipment leasing, trade finance and film/media finance. By leveraging its unique combination of financial strength, deep experience and independent thinking, Accord Financial crafts winning financial solutions for small and medium-sized businesses, simply delivered, so the company's clients can thrive.

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