...Effect Highlight + Fitch Test Matrix: The transaction documents provide the manager with flexibility to choose certain combinations of covenants (collateral quality tests) to which the portfolio will be managed. Certain 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 Forward Matrix Covenant Subject to Portfolio Performance: On the closing date, the manager will select an eligible Fitch Test Matrix with a Fitch WAL of 9.0 years. Subsequently, the manager will have the option to switch to another matrix within the same group or move to an applicable forward Fitch Test Matrix once the weighted average life (WAL) test steps down to less than or equal to the applicable Fitch WAL value, subject to the Fitch Test Matrix Change condition and collateral concentration limits....
