...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: On and after the closing date, Fitch Test Matrix 1 will apply when the five largest obligor represents no more than 2.5% of the collateral principal amount (CPA) each and any additional obligor represents no more than 2.0% of the CPA each. The manager will have the option to switch to Fitch Test Matrix 2 at any time post-closing when the largest obligor represents no more than 2% of the CPA each and any additional obligor represents no more than 1.5% of the CPA each. The manager...
