...Effect Highlight Neutral Fitch Test Matrix: The transaction documents provide the manager the flexibility to choose certain combinations of covenants (collateral quality tests), toward which the portfolio will be managed. Certain of these covenants will be selected from the Fitch Test Matrix, which includes permitted combinations of minimum weighted average spread (WAS), minimum Fitch WARR and maximum Fitch WARF thresholds; the manager may also linearly interpolate between any two adjacent points. Neutral Ability to Switch Fitch Test Matrix: The deal has 9 total matrices. The manager will have the option to switch to any matrix based off the top five obligor limits, industry concentration limits, Fitch test Matrix Investment Amount and WAL test value. This added manager flexibility does not present a credit concern, in Fitch's view Neutral Dynamic Weighted Average Life (WAL) Test: The scheduled maximum WAL test value will initially be 9.0 years and will step down each quarter. However,...
