On March 12, 2023, Oportun Financial Corporation entered into an Amendment No. 3 to the Credit Agreement (the ?Third Amendment?), by and among the Company, as borrower, the subsidiaries of the Company party thereto as guarantors, certain affiliates of Neuberger Berman Specialty Finance as lenders, and Wilmington Trust, National Association, as administrative agent and collateral agent (the ?Agent?), which amended the Credit Agreement, dated as of September 14, 2022, as amended, by and among the Company, the lenders from time to time party thereto and the Agent. The amendments under the Third Amendment include modifications to the minimum asset coverage ratio covenant levels as follows: minimum asset coverage ratio as of the last day of each month is 0.71 to 1.00, 0.73 to 1.00, 0.83 to 1.00, 0.86 to 1.00, 0.84 to 1.00, 0.87 to 1.00, 0.89 to 1.00, 0.90 to 1.00, 0.94 to 1.00 and 0.98 to 1.00 for the months ending March 31, 2024 through December 31, 2024, respectively, 1.00 to 1.00 for the month ending January 31, 2025, 1.08 to 1.00 for the month ending February 28, 2025, 1.15 to 1.00 for the month ending March 31, 2025, and 1.50 to 1.00 for the month ending April 30, 2025 and thereafter.

The Third Amendment provides for an interest rate step-up of 3.00% per annum for certain months beginning in August 2024 in which the asset coverage ratio is less than 1.00 to 1.00. The Third Amendment also requires certain principal payments in amounts equal to $5.7 million per month to be made on the last business day of each of March, April and May 2024. In addition, the Third Amendment requires principal payments equal to 100% of the net cash proceeds of any indebtedness junior in priority to the obligations under the Credit Agreement.

A copy of the Third Amendment is filed with this Form 8-K as Exhibit 10.2 and incorporated by reference herein. The foregoing description of the Third Amendment is qualified in its entirety by reference to the full text of the Third Amendment.