Investment Options

‍Key covenants
‍All noteholders are afforded protection through the application of the covenants set out in the Series Notice. Due to the relative ranking of the class of notes and application of the Payment Waterfall, a key covenant affording protection to A Class Noteholders is:

• Insured Assets of the trust ≥ outstanding balance of A Class Notes.
• Balance of subordinated B Class and/or C Class Notes ≥ 10% outstanding balance A Class Notes.
• Balance of subordinated C Class Notes ≥ 10% outstanding balance B Class Notes.
• Access to a Loss Reserve equal to at least 2 x Expected Loss.
• A Loss Reserve is maintained by the Trustee.

Key covenants
‍All noteholders are afforded protection through the application of the covenants set out in the Series Notice. Due to the relative ranking of the class of notes and application of the Payment Waterfall, a key covenant affording protection to A Class Noteholders is:

• Insured Assets of the trust ≥ outstanding balance of A Class Notes.
• Balance of subordinated B Class and/or C Class Notes ≥ 10% outstanding balance A Class Notes.
• Balance of subordinated C Class Notes ≥ 10% outstanding balance B Class Notes.
• Access to a Loss Reserve equal to at least 2 x Expected Loss.
• A Loss Reserve is maintained by the Trustee.

‍Key covenants
‍All noteholders are afforded protection through the application of the covenants set out in the Series Notice.

Due to the relative ranking of the class of notes and application of the Payment Waterfall, a key covenant affording protection to C Class Noteholders is:

• Balance of Other Subordinated Funding => 10% outstanding balance C Class Notes.
• Access to a Loss Reserve equal to at least 2 x Expected Loss.
• A Loss Reserve is maintained by the Trustee.