Item 1.01. Entry into a Material Definitive Agreement
On
Furthering its commitment to support its customers throughout the COVID-19 pandemic, the Company expanded its servicing tools and solutions available to assist customers that are adversely impacted by the coronavirus or other emergencies, including, among others, by offering emergency hardship payment deferrals to impacted customers (an "Active Emergency Hardship Deferment Receivable"). The Secured Financing facility also requires the Company to get lender consent prior to making material changes to its credit and collection policies. To that end, the Amendments reflect the expansion of these servicing tools and solutions, and the corresponding application of such tools to certain receivables in the Secured Financing Facility, providing the Company with the flexibility to continue working with its customers by continuing to offer those solutions.
The Amendments also add a Concentration Limit providing that the aggregate
Outstanding Receivables Balance of all Active Emergency Hardship Deferment
Receivables that are Eligible Receivables pledged to the Secured Financing
Facility shall not exceed (a) 15.0% at any time prior to
The foregoing descriptions of the Base Indenture Amendment and Supplement Amendment described above do not purport to be complete and are qualified in their entirety by reference to the text of the Base Indenture Amendment and Supplement Amendment, copies of which are filed as exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K and incorporated by reference herein.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The disclosure provided in Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 2.03.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits Exhibit Number Eighth Amendment to Base Indenture by and between Oportun Funding V, 10.1 LLC andWilmington Trust, National Association , dated as ofMay 22, 2020 . Fifth Amendment to the Series 2015 Supplement by and betweenOportun 10.2Funding V, LLC andWilmington Trust, National Association , dated as ofMay 22, 2020 . Cover Page Interactive Data File embedded within the Inline XBRL 104 document
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