On February 21, 2024, Expensify, Inc., as borrower, the lenders party thereto and Canadian Imperial Bank of Commerce (?CIBC?), as administrative agent, entered into a Second Amended and Restated Loan and Security Agreement. The Second Amended and Restated Loan and Security Agreement amends and restates that certain Amended and Restated Loan and Security Agreement, dated as of September 21, 2021, by and among the Company, the lenders party thereto and CIBC, to, among other things, extend the maturity date of the revolving line of credit by one year to September 21, 2025, remove certain provisions related to the term loan that was repaid in full in October 2023, and make certain changes to the positive and negative covenants intended to better align with the operations of the Company. The Second Amended and Restated Loan and Security Agreement continues to provide for a $25.0 million revolving credit facility, and interest on borrowings continues to accrue at CIBC?s reference rate plus 1.00%.

As of February 21, 2024, $15.0 million was outstanding under the Loan and Security Agreement.