Pursuant to Rule 17g-7 under the Securities Exchange Act of 1934, a nationally recognized statistical rating organization, such as KBRA, is required to include with any report accompanying a credit rating with respect to an asset-backed security a description of the representations, warranties and enforcement mechanisms ("RW & EMs") available to investors, and how they differ from RW & EMs in issuances of similar securities. Accordingly, for subject transactions, KBRA has set forth the RW & EMs (based in each case solely upon documents provided by the issuer), with a comparison to a benchmark of contractual provisions developed by KBRA, based upon KBRA's analysis of other transactions that we believe involve similar securities, and KBRA's knowledge of industry standards and the market in general. The comparison and the KBRA benchmark are limited to those RW & EMs that are available to investors in the security, and do not address rights available to other parties to a transaction.
For ease of comparison, where appropriate, we have included a description of differences
between the terms of the subject transaction and the KBRA benchmark provisions. Please note
that, while we believe that our benchmark is reasonably representative of terms and conditions
found in the marketplace for transactions involving similar securities, the market is continuously
evolving, and other transactions may provide differing terms, and those differences may or may
not be material. In addition, while the RW & EMs are a significant element in the evaluation of
a transaction, these terms are not by themselves determinative of any rating issued by KBRA.
Finally, statements made in the description of differences are provided for informational purposes
only, and should not be construed as legal or investment advice.
