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Capitalized terms used in this ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.00 Td (supplement have the same meanings as in the Prospectus, unless otherwise stated herein.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.00 Td () Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 444.00 Td (Y) Tj ET Q q 0 0 0 rg BT 55.00 444.00 Td (ou should carefully consider the Risk Factors beginning on page 26 of the Prospectus before you decide to invest. ) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 432.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.00 Td (This supplement updates the Prospectus to reflect the entry by the Company) Tj ET Q q 0 0 0 rg BT 357.43 420.00 Td (s subsidiary) Tj ET Q q 0 0 0 rg BT 404.28 420.00 Td (, HMS Funding I, LLC, into the first ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 408.00 Td (amendment to its credit agreement with Deutsche Bank ) Tj ET Q q 0 0 0 rg BT 273.82 408.00 Td (AG, New ) Tj ET Q q 0 0 0 rg BT 314.28 408.00 Td (Y) Tj ET Q q 0 0 0 rg BT 320.50 408.00 Td (ork Branch, as administrative agent and other banks as ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 396.00 Td (participants.) Tj ET Q BT /F2 10.00 Tf ET q 0 0 0 rg BT 50.00 384.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 203.50 372.00 Td (_________________________________________) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 306.00 360.00 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 348.00 Td (This supplement amends the Pr) Tj ET Q q 0 0 0 rg BT 184.83 348.00 Td (ospectus as follows:) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 50.00 336.00 Td () Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 245.35 324.00 Td (PROSPECTUS SUMMAR) Tj ET Q q 0 0 0 rg BT 359.73 324.00 Td (Y) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 306.00 312.00 Td () Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 300.00 Td (This supplement r) Tj ET Q q 0 0 0 rg BT 121.30 300.00 Td (eplaces in its entir) Tj ET Q q 0 0 0 rg BT 194.53 300.00 Td (ety the fourth paragraph in the section entitled Pr) Tj ET Q q 0 0 0 rg BT 399.13 300.00 Td (ospectus Summary-Cr) Tj ET Q q 0 0 0 rg BT 487.36 300.00 Td (edit Facility on ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 288.00 Td (page 9 of the Pr) Tj ET Q q 0 0 0 rg BT 114.06 288.00 Td (ospectus \(as supplemented on June 5, 2014\) with the following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 276.00 Td () Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 264.00 Td (On June 2, 2014, the Company) Tj ET Q q 0 0 0 rg BT 198.93 264.00 Td (s wholly-owned Structured Subsidiary) Tj ET Q q 0 0 0 rg BT 351.88 264.00 Td (, HMS Funding I, LLC, a Maryland limited liability ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 252.00 Td (company \(HMS Funding\), entered into a credit agreement \(the HMS Funding Facility\) among HMS Funding, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 240.00 Td (Company) Tj ET Q q 0 0 0 rg BT 88.24 240.00 Td (, as equityholder and servicer) Tj ET Q q 0 0 0 rg BT 205.29 240.00 Td (, Deutsche Bank ) Tj ET Q q 0 0 0 rg BT 273.06 240.00 Td (AG, New ) Tj ET Q q 0 0 0 rg BT 313.51 240.00 Td (Y) Tj ET Q q 0 0 0 rg BT 319.73 240.00 Td (ork Branch \(Deutsche Bank\), and the financial institutions ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 228.00 Td (party thereto as lenders \(together with Deutsche Bank, the HMS Funding Lenders\). ) Tj ET Q q 0 0 0 rg BT 394.17 228.00 Td (The HMS Funding Facility provided for ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 216.00 Td (an initial borrowing capacity of $50 million, subject to certain limitations, including limitations with respect to HMS Funding) Tj ET Q q 0 0 0 rg BT 555.76 216.00 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 204.00 Td (investments, as more fully described in the HMS Funding Facility) Tj ET Q q 0 0 0 rg BT 313.76 204.00 Td (. On July 22, 2014, HMS Funding, the Company) Tj ET Q q 0 0 0 rg BT 508.13 204.00 Td (, Deutsche ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 192.00 Td (Bank and U.S. Bank National ) Tj ET Q q 0 0 0 rg BT 170.82 192.00 Td (Association, as collateral agent, entered into ) Tj ET Q q 0 0 0 rg BT 349.65 192.00 Td (Amendment No. 1 to the HMS Funding Facility) Tj ET Q q 0 0 0 rg BT 541.22 192.00 Td (, ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 180.00 Td (pursuant to which the borrowing capacity under the HMS Funding Facility was increased to $100 million. ) Tj ET Q q 0 0 0 rg BT 476.32 180.00 Td (At HMS Funding) Tj ET Q q 0 0 0 rg BT 549.11 180.00 Td (s ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 168.00 Td (request and upon approval by HMS Funding Lenders, the maximum borrowings under the HMS Funding Facility can be ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 156.00 Td (increased by up to an additional $150 million, in the aggregate, subject to certain limitations contained in the HMS Funding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 144.00 Td (Facility) Tj ET Q q 0 0 0 rg BT 79.90 144.00 Td (, for a total maximum capacity of $250 million. In connection with the entry into the HMS Funding Facility) Tj ET Q q 0 0 0 rg BT 510.29 144.00 Td (, the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 132.00 Td (Company contributed certain assets to HMS Funding, as permitted under the Syndicated Credit Facility) Tj ET Q q 0 0 0 rg BT 463.72 132.00 Td (, as collateral to secure ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 120.00 Td (the HMS Funding Facility) Tj ET Q q 0 0 0 rg BT 154.63 120.00 Td (. ) Tj ET Q q 0 0 0 rg BT 161.95 120.00 Td (The HMS Funding Facility matures on June 3, 2019.) 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Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 269.05 696.10 Td (RISK F) Tj ET Q q 0 0 0 rg BT 301.37 696.10 Td (ACT) Tj ET Q q 0 0 0 rg BT 322.30 696.10 Td (ORS) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 672.10 Td (This supplement r) Tj ET Q q 0 0 0 rg BT 121.30 672.10 Td (eplaces the second paragraph in the risk factor entitled Because we borr) Tj ET Q q 0 0 0 rg BT 417.82 672.10 Td (ow funds, the potential for gain or ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 660.10 Td (loss on amounts invested in us is magnified and may incr) Tj ET Q q 0 0 0 rg BT 277.95 660.10 Td (ease the risk of investing in us. on page 36 of the Pr) Tj ET Q q 0 0 0 rg BT 490.61 660.10 Td (ospectus with the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 648.10 Td (following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 71.00 624.10 Td (At July24, 2014, we had approximately $55.9 million and $75 million of debt financing outstanding under our Syndicated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 612.10 Td (Credit Facility and the HMS Funding Facility) Tj ET Q q 0 0 0 rg BT 232.12 612.10 Td (, respectively) Tj ET Q q 0 0 0 rg BT 284.78 612.10 Td (.) 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On July 22, 2014, HMS Funding, the Company) Tj ET Q q 0 0 0 rg BT 400.09 480.10 Td (, Deutsche Bank and U.S. Bank national ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.10 Td (Association, as collateral agent, entered into ) Tj ET Q q 0 0 0 rg BT 228.83 468.10 Td (Amendment No. 1 to the HMS Funding Facility) Tj ET Q q 0 0 0 rg BT 420.40 468.10 Td (, pursuant to which the borrowing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.10 Td (capacity under the HMS Funding Facility was increased to $100 million. ) Tj ET Q q 0 0 0 rg BT 343.29 456.10 Td (At HMS Funding) Tj ET Q q 0 0 0 rg BT 416.08 456.10 Td (s request and upon approval by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 444.10 Td (HMS Funding Lenders, the maximum borrowings under the HMS Funding Facility can be increased by up to an additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 432.10 Td ($150 million, in the aggregate, subject to certain limitations contained in the HMS Funding Facility) Tj ET Q q 0 0 0 rg BT 447.62 432.10 Td (, for a total maximum ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 420.10 Td (capacity of $250 million. 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Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 65.00 374.10 Td (As of July 24, 2014, we had approximately $55.9 million outstanding and $14.1 million available under our Syndicated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 362.10 Td (Credit Facility and $75 million outstanding and $25 million available under the HMS Funding Facility \(not including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 350.10 Td (accordion feature of either of the Credit Facilities\), with availability subject to certain limitations and the asset coverage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 338.10 Td (restrictions under the 1940 ) Tj ET Q q 0 0 0 rg BT 158.87 338.10 Td (Act.) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 82.90 292.10 Td (MANAGEMENTS DISCUSSION ) Tj ET Q q 0 0 0 rg BT 232.92 292.10 Td (AND ) Tj ET Q q 0 0 0 rg BT 256.54 292.10 Td (ANAL) Tj ET Q q 0 0 0 rg BT 283.95 292.10 Td (YSIS OF) Tj ET Q q 0 0 0 rg BT 322.21 292.10 Td ( FINANCIAL) Tj ET Q q 0 0 0 rg BT 380.82 292.10 Td ( CONDITION ) Tj ET Q q 0 0 0 rg BT 444.17 292.10 Td (AND RESUL) Tj ET Q q 0 0 0 rg BT 500.76 292.10 Td (TS OF) Tj ET Q q 0 0 0 rg BT 529.01 292.10 Td ( ) Tj ET Q BT /F3 10.00 Tf ET q 0 0 0 rg BT 273.30 280.10 Td (OPERA) Tj ET Q q 0 0 0 rg BT 307.56 280.10 Td (TIONS) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 256.10 Td (This supplement r) Tj ET Q q 0 0 0 rg BT 121.30 256.10 Td (eplaces the fifth and seventh paragraphs in the section entitled Management) Tj ET Q q 0 0 0 rg BT 434.39 256.10 Td (s Discussion and ) Tj ET Q q 0 0 0 rg BT 504.50 256.10 Td (Analysis of ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 244.10 Td (Financial Condition and Results of Operations - Liquidity and Capital Resour) Tj ET Q q 0 0 0 rg BT 362.96 244.10 Td (ces - Capital Resour) Tj ET Q q 0 0 0 rg BT 444.52 244.10 Td (ces on pages 59-60 of the ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 232.10 Td (Pr) Tj ET Q q 0 0 0 rg BT 59.63 232.10 Td (ospectus \(as supplemented on June 5, 2014\) with the following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 208.10 Td (On June 2, 2014, HMS Funding entered into the HMS Funding Facility) Tj ET Q q 0 0 0 rg BT 357.18 208.10 Td (, which provides for an initial borrowing capacity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 196.10 Td (of $50 million, subject to certain limitations, including limitations with respect to HMS Funding) Tj ET Q q 0 0 0 rg BT 438.02 196.10 Td (s investments, as more fully ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 184.10 Td (described in the HMS Funding Facility) Tj ET Q q 0 0 0 rg BT 205.73 184.10 Td (. On July 22, 2014, HMS Funding, the Company) Tj ET Q q 0 0 0 rg BT 400.09 184.10 Td (, Deutsche Bank and U.S. Bank national ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 172.10 Td (Association, as collateral agent, entered into ) Tj ET Q q 0 0 0 rg BT 228.83 172.10 Td (Amendment No. 1 to the HMS Funding Facility) Tj ET Q q 0 0 0 rg BT 420.40 172.10 Td (, pursuant to which the borrowing ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 160.10 Td (capacity under the HMS Funding Facility was increased to $100 million. ) Tj ET Q q 0 0 0 rg BT 343.29 160.10 Td (At HMS Funding) Tj ET Q q 0 0 0 rg BT 416.08 160.10 Td (s request and upon approval by ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 148.10 Td (HMS Funding Lenders, the maximum borrowings under the HMS Funding Facility can be increased by up to an additional ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 136.10 Td ($150 million, in the aggregate, subject to certain limitations contained in the HMS Funding Facility) Tj ET Q q 0 0 0 rg BT 447.62 136.10 Td (, for a total maximum ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 124.10 Td (capacity of $250 million. 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Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 682.10 Td (This supplement r) Tj ET Q q 0 0 0 rg BT 121.30 682.10 Td (eplaces the fifth, seventh and eighth paragraphs in the section entitled Management) Tj ET Q q 0 0 0 rg BT 464.39 682.10 Td (s Discussion and ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 670.10 Td (Analysis of Financial Condition and Results of Operations - Recent Developments on page 62 of the Pr) Tj ET Q q 0 0 0 rg BT 469.02 670.10 Td (ospectus \(as ) Tj ET Q BT /F4 10.00 Tf ET q 0 0 0 rg BT 50.00 658.10 Td (supplemented on June 5, 2014\) with the following:) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 72.00 634.10 Td (On June 2, 2014, HMS Funding entered into the HMS Funding Facility) Tj ET Q q 0 0 0 rg BT 357.18 634.10 Td (, which provided for an initial borrowing capacity ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 622.10 Td (of $50 million, subject to certain limitations, including limitations with respect to HMS Funding) Tj ET Q q 0 0 0 rg BT 438.02 622.10 Td (s investments, as more fully ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 610.10 Td (described in the HMS Funding Facility) Tj ET Q q 0 0 0 rg BT 205.73 610.10 Td (. On July 22, 2014, HMS Funding, the Company) Tj ET Q q 0 0 0 rg BT 400.09 610.10 Td (, Deutsche Bank and U.S. Bank ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 598.10 Td (National ) Tj ET Q q 0 0 0 rg BT 86.38 598.10 Td (Association, as collateral agent, entered into ) Tj ET Q q 0 0 0 rg BT 265.21 598.10 Td (Amendment No. 1 to the HMS Funding Facility) Tj ET Q q 0 0 0 rg BT 456.78 598.10 Td (, pursuant to which the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 586.10 Td (borrowing capacity under the HMS Funding Facility was increased to $100 million. ) Tj ET Q q 0 0 0 rg BT 387.45 586.10 Td (At HMS Funding) Tj ET Q q 0 0 0 rg BT 460.24 586.10 Td (s request and upon ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 574.10 Td (approval by HMS Funding Lenders, the maximum borrowings under the HMS Funding Facility can be increased by up to an ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 562.10 Td (additional $150 million, in the aggregate, subject to certain limitations contained in the HMS Funding Facility) Tj ET Q q 0 0 0 rg BT 490.11 562.10 Td (, for a total ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 550.10 Td (maximum capacity of $250 million. In connection with the entry into the HMS Funding Facility) Tj ET Q q 0 0 0 rg BT 434.02 550.10 Td (, the Company contributed ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 538.10 Td (certain assets to HMS Funding, as permitted under the Syndicated Credit Facility) Tj ET Q q 0 0 0 rg BT 374.29 538.10 Td (, as collateral to secure the HMS Funding ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 526.10 Td (Facility) Tj ET Q q 0 0 0 rg BT 79.90 526.10 Td (. ) Tj ET Q q 0 0 0 rg BT 84.72 526.10 Td (The HMS Funding Facility matures on June 3, 2019.) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 68.00 492.10 Td (As of July 24, 2014, we had approximately $55.9 million outstanding and $14.1 million available under our Syndicated ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 480.10 Td (Credit Facility and $75 million outstanding and $ 25 million available under the HMS Funding Facility \(not including the ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 468.10 Td (accordion feature of either of the Credit Facilities\), with availability subject to certain limitations and the asset coverage ) Tj ET Q BT /F1 10.00 Tf ET q 0 0 0 rg BT 50.00 456.10 Td (restrictions under the 1940 ) Tj ET Q q 0 0 0 rg BT 158.87 456.10 Td (Act.) Tj ET Q endstream endobj 9 0 obj <> /View <>>>>> endobj 10 0 obj <> /View <>>>>> endobj 11 0 obj <> endobj 12 0 obj <> stream xy\E7~n{{w'd'52 HaGPPA!"" b-&h,+TLy?:uk?uΩoH""?W~.Xv3&rm 2\jMgwm'CڴzlycǏ\ rBjx\DsV@{twocmC{Iwl11z:1m!t-\q3D.:yz'Wɨp[_F=>E"ǢӦ/|K&_~=!wn-az3¦h$7,ؑ2Oo_eSFLlk}Fg[F>|;