Deal Comparison Table Definitions

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Below represents the definitions found for every field in the Deal Comparison Table
on the Percent platform.

Offering Overview Section

Deal Name

The name of the offering.

Originator

The name of the originator supporting the offering.

Status

The current status of the note on the platform.

Close Date

The calendar date that the transaction closed and was financed.

Maturity Date

The date in which the note is expected to mature.

Term

The length of time that's expected for the note to be paid off.

WAL

Weighted average life; the average amount of time each dollar of principal remains outstanding for the underlying assets.

Size

The original principal balance of the respective note.

Annual Percentage Yield

The yield on an investment in one year, taking into account the effects of compounding and reinvesting.

Seniority

The position of the offering in the originator's capital structure.

Bullet Structure

Lump sum payment of principal and interest at maturity.

Amortizing Structure

Scheduled payments of principal and interest throughout note term.

Interest Only Structure

Scheduled payments of interest throughout note term with a lump sum principal payment at maturity.

Non-Call Period

The date prior to the call period, where the call period is the time frame in which the issuer reserves the right to return the investor’s principal and stop interest payments before the note’s maturity date.

Amortization Start Date

The calendar date in which the amortization process begins (where applicable), which results in scheduled repayments of principal and interest.

Called Date

The date in which the offering was called by the originator.

Credit Enhancements Section

Overcollateralization

Credit enhancement embedded into the note program to protect against losses; the excess collateral above the note amount expressed as a percentage of the total collateral (for junior positions this considers the part funded by the senior creditor).

Advance Rate

The percentage amount of the collateral's value that the lender is willing to extend as a loan or note.

Cash Reserve

Credit enhancement embedded into the note program to protect against losses, expressed as a percentage of the total portfolio amount (for junior positions this considers the part funded by the senior creditor).

UCC Filing

A legal notice an originator files with the secretary of state when they have a security interest against an asset.

Segregated Account for Collections of Note Collateral

Whether or not the account responsible for collecting the principal and interest from the underlying receivables is segregated from other accounts the originator has.

DACA on Collections Account

Whether or not the respective collections account has a Deposit Account Control Agreement, which is an agreement between a debtor, a lender, and a bank that allows the lender to perfect a security interest in the customer's funds by taking control of the deposit account.

Cash Sweep Frequency

The frequency in which cash is swept from the collections account to pay off the note balance.

Other Cash Controls

Cash controls in excess of the segregated account, DACA and cash sweep frequency.

Note Performance Test

Tests conducted to measure the performance of the note and underlying collateral. The Asset Test Ratio measures how much overcollateralization (OC) exists to determine whether or not cashflow can be reinvested into new collateral supporting the Note (when above the Minimum OC) or leaked to the originator (when above the Excess OC).

Note Performance Test Frequency

The frequency in which the note performance tests are performed, where applicable.

Anticipated Reporting Frequency

The expected frequency of collateral performance reported by the originator.

Asset Details and Modeling Assumptions Section

Asset Type

The asset class that the originator of the underlying receivables is in.

Sector

The specific sector that the originator of the underlying receivables is in.

Historical Default Rate

The historical default rate for the underlying assets.

Average Annualized Asset Yield

The average expected yield on the underlying asset portfolio earned in one year. A higher underlying asset yield is beneficial to a securitization's investors, even if it isn't earned by investors, by increasing the cash flow available to make principal and interest payments.

Average Asset Term

The average amount of time an asset in an underlying portfolio is expected to remain outstanding.

Number of Assets / Payors

The number of underlying assets and the number of entities making payments.

Maximum Single Obligor Exposure

At the time of closing, the maximum exposure to the largest obligor expressed as a percentage of the total underlying collateral.

Eligibility Criteria

Where applicable, criteria defined regarding characteristics of the underlying collateral.

Currency of Underlying Receivables

The currency that is being used to pay off the underlying receivables.

Hedging Mechanism

Where applicable, a risk management strategy typically involving derivatives to offset potential losses in an investment by taking an opposite position in a related asset.

Yes or No

Whether or not the offering includes participation interests in the hedging mechanism, where applicable.

Note-Life Expected Default Rate

- Modeled default rate on the underlying assets over the life of the note.

First Loss Coverage

The ratio of Overcollateralization and Cash Reserve to the Life Default Rate.

Excess Spread

The difference between the average asset yield (before losses) and the Percent Note annual percentage yield; a further source of credit enhancement.

Corporate Overview Section

Country

The country in which the company is located.

Industry

The industry in which the company is located.

# of Employees

The number of employees the company has.

Year Company Formed

The year in which the company was formed.

Year Originations Started

The year in which the company began to originate the underlying receivables.

Largest Markets

Largest geographic region of the underlying receivables.

Equity Raised to Date

The dollar amount of equity that the company has raised so far.

Noteworthy Pending Lawsuits

Whether or not the company has any critical outstanding lawsuits.

Written Underwriting Policies & Procedures

Whether or not the company has formal, written policies and procedures on their underwriting process.

Written Business Continuity Plan

Whether or not the company has a formal, written business continuity plan.

Compliance Team

Whether or not the company has a compliance team.

Risk Management Program

Whether or not the company has a formal risk management program.

Insurances in Place

Whether or not the company has any form(s) of insurance.

Back-up Servicing

Whether or not the company has a plan ready for a back-up servicer to take over the servicing process in the event something impacts their servicing practice.

Yes or No

Whether or not Percent conducted due diligence on the originator of the receivables.

Internal Audit (Last 12 Months Only)

Whether or not the company has been audited internally over the last year's worth of time.

External Audit (Last 12 Months Only)

Whether or not the company has been audited externally over the last year's worth of time.

Audited Financials (Last 12 Months Only)

Whether or not the company has provided audited financials over the last year's worth of time.

Regulatory Compliance Confirmation (Last 12 Months Only)

Whether or not the company's regulatory compliance has been confirmed over the last year's worth of time.