...Fitch Test Matrix: The transaction documents provide the manager with 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, the manager will select a dynamic WAL covenant matrix of 7.0 years. The manager has the option to switch to 35 additional matrices, depending on obligor count, the limitation on fixed-rate obligations, the Fitch Test Matrix collateral principal amount and the WAL test value. This added manager flexibility does not present a credit concern, in Fitch's view. Neutral Dynamic WAL Covenant Subject to Portfolio Performance: The manager has the option...
