Company: CPSS
Filing Date: 2025-03-26
Form Type: 424B2
Source: 0001683168-25-001896
Chunk: 49

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-03-26
Form: 424B2
Chunk 49
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 notes until the creditors of that subsidiary
are paid in full from the assets of that subsidiary.

| 33 |

In the event of any liquidation,
dissolution or any other winding up of us, or of any receivership, insolvency, bankruptcy, readjustment, reorganization or similar proceeding
under the U.S. Bankruptcy Code or any other applicable federal or state law relating to bankruptcy or insolvency, or during the continuation
of any event of default on the senior debt, no payment may be made on the notes until all senior debt has been paid in full or provision
for such payment has been made to the satisfaction of the senior debt holders. If any of the above events occurs, holders of senior debt
may also submit claims on behalf of holders of the notes and retain the proceeds for their own benefit until they have been fully paid,
and any excess will be turned over to the holders of the notes. If any distribution is nonetheless made to holders of the notes, the money
or property distributed to them must be paid over to the holders of the senior debt to the extent necessary to pay senior debt in full.

We will not make any payment,
direct or indirect (whether for interest, principal, as a result of any redemption or repurchase at maturity, on default, or otherwise),
on the notes and any other indebtedness being subordinated to the payment of the notes, and neither the holders of the notes nor the trustee
will have the right, directly or indirectly, to sue to enforce the indenture or the notes, if a default or event of default under any
senior debt has occurred and is continuing, or if any default or event of default under any senior debt would result from such payment,
in each case unless and until:

| · | the default and event of default has been cured or waived or has ceased to exist; or                                                                      |
| · | the end of the period commencing on the date the trustee receives written notice of default from a holder of the senior debt and ending on the earlier of |

| · | the trustee’s receipt of a valid waiver of default from the holder of senior debt; or                             |
| · | the trustee’s receipt of a written notice from the holder of senior debt terminating the payment blockage period. |

Provided, however, that if
any of the blockage events described above has occurred and 179 days have passed since the trustee’s receipt of the notice of default
without the occurrence of the cure, waiver or termination of all block