Amendment to Warehouse Credit Facility Agreement between TFC Enterprises, Inc. and Lender

Summary

TFC Enterprises, Inc., through its subsidiary THE Finance Company, has renegotiated one of its warehouse credit facilities, reducing the available credit line from $75 million to $40 million. The amended facility will expire in July 2003. The company states that this credit line, along with other facilities, will support its current business plan. The announcement also notes that future results may differ due to various risks, and further details will be provided in upcoming SEC filings.

EX-10.1 3 dex101.txt PRESS RELEASE EXHIBIT 10.1 TO FORM 8K TFC ENTERPRISES, INC. CONTACT: RON TRAY NEWS RELEASE ###-###-#### *FOR IMMEDIATE RELEASE* WAREHOUSE LINE RENEGOTIATED NORFOLK, VA, July 22, 2002 /PRNewswire/ -- TFC Enterprises, Inc. (the Company) NASDAQ: TFCE) today announces its wholly owned subsidiary, THE Finance Company (TFC), renegotiated one of its warehouse credit facilities. Under the amended facility the line changed from $75 million to $40 million and expires July 2003. "This line coupled with our other credit facilities will be sufficient to meet our current business plan" said Ron Tray, President and Chief Financial Officer. Further details will be available in the second quarter Form 10-Q for TFCE. In addition to historical information, this press release statement by the Company may contain forward-looking statements that are subject to risks and uncertainties that could cause the Company's results to differ materially from those anticipated in forward-looking statements. In particular, the comment of the Company's President that the line coupled with the Company's other credit facilities will be sufficient to the Company's current business plan is a forward-looking statement. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's current analysis. In accordance with the Private Securities Litigation Reform Act of 1995, the following are among the factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward-looking statements: a rise in interest rates, a deterioration of credit experience, competitive pricing and other factors, the loss of or further reduction in its credit facilities, or if the Company were to face increased competition. Investors are encouraged to review TFC Enterprise's SEC filings for more information about the factors affecting the Company's business. TFC Enterprises, Inc. conducts its operations primarily through two wholly-owned subsidiaries: THE Finance Company specializes in purchasing and servicing installment sales contracts originated by automobile and motorcycle dealers and First Community Finance, Inc. specializes in the direct origination and servicing of consumer loans. Based in Norfolk, VA, TFC Enterprises, Inc. has contract production offices of THE Finance Company throughout the United States and offices of First Community Finance in Virginia and North Carolina. The Company's common stock symbol is listed on Nasdaq National Market and trades under the symbol "TFCE".