Company: CPSS
Filing Date: 2025-05-23
Form Type: 424B2
Source: 0001683168-25-003971
Chunk: 51

Company: CONSUMER PORTFOLIO SERVICES, INC.
Filing Date: 2025-05-23
Form: 424B2
Chunk 51
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 which means that none of our tangible or intangible assets or property, nor
any of the assets or property of any of our subsidiaries, has been set aside or reserved to make payment to the holders of the notes
in the event that we default on our obligations to the holders. In addition, we will not contribute funds to any separate account,
commonly known as a sinking fund, to repay principal or interest due on the notes upon maturity or default. See “Risk Factors – Risk Factors Relating to the Notes – Because the notes will have no sinking fund, collateral security, insurance or guarantee, you may lose all or a part of your investment in the notes if we do not have enough cash to pay the notes.”

Restrictive Covenants.The indenture contains certain limited restricted covenants that restrict us from certain actions as set forth below.

The indenture provides that,
so long as the notes are outstanding:

| · | we will not declare or pay any dividends or other payments of cash or other property solely in respect of our capital stock to our stockholders (other than a dividend paid in shares of our capital stock on a pro rata basis to all our stockholders) unless no default and no event of default with respect to the notes exists or would exist immediately following the declaration or payment of the dividend or other payment;                                                                                                                                                                                                                                                                                                                         |
| · | to the extent legally permissible, we will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of the indenture; and                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| · | neither our board of directors nor our shareholders will adopt a plan of liquidation that provides for, contemplates or the effectuation of which is preceded by (a) the sale, lease, conveyance or other disposition of all or substantially all of our assets, otherwise than (i) substantially as an entirety, or (ii) in a qualified sales and financing transaction, and (b) the distribution of all or substantially all of the proceeds of such sale, lease, conveyance or other disposition and of our remaining assets to the holders of our capital stock, unless, prior to making any liquidating distribution pursuant to such plan, we make provision for the satisfaction of our obligations under the renewable unsecured subordinated notes. |

| 34 |

We are not restricted from
entering into