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The deal also includes a cumulative default trigger that, if in effect, will revert the GDLP 2025-2 deal to a sequential payment priority.
June 25 -
The B, C and D tranches maintain minimum subordination percentages, 12.5%, 8.1% and 4.3%, respectively, allowing them to provide credit support for the class A notes.
June 20 -
With a shifting pool mix, concentration limits and other restrictions applied to the new assets, Fitch gives the overall deal a 15.2% base case default expectation.
June 18 -
OWN Equipment Fund has nine different equipment types that make up 96.39% of the pool's Net Orderly Liquidation Value (NOLV).
June 17 -
The notes will be repaid sequentially, and with subordination, a reserve account that can be replenished and overcollateralization, the notes receive greater credit enhancement over time.
June 16 -
The industry's biggest opportunities involve the evolving cost of capital, which will shift funding sources from the private, local lending markets to institutional sources.
June 13 -
The deal includes a replenishment mechanism that allows subsequent drawdowns on existing mortgages.
June 13 -
A cumulative net loss trigger and a material modified loan ratio trigger will direct all available funds to the note principal payment if they are breached.
June 12 -
All the notes benefit from credit enhancement equaling 4.75% of the note balance, an initial reserve account representing 0.50% of the pool balance.
June 12 -
ExteNet's capital structure maintains cash flow by including cash trapping and cash sweeping conditions.
June 11