...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 the closing date, Fitch Test Matrices 1-4 will apply. The manager will have the option to switch to other Fitch Test Matrices once the WAL test steps down to 8.5 years, 7.75 years and 7.0 years, with corresponding collateral principal balance thresholds of 100%, 99.60%, 99.10% and 98.75%, respectively. In addition, the manager can elect top five/all other obligor concentration limits of 2.5%/2.0% or 1.5%/1.0%, as well as largest two Fitch industry concentration limits of...
