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:
A Loss Reserve is maintained by the Trustee.
Importantly, it is the Trust Managers intention to continue working with its insurers to broaden the
scope of the insurance policy so that it covers a large % of the Fund’s asset origination activities.
To the extent the insured assets of the Fund are in excess of the A Class Notes outstanding, then
this position will afford further protection to B and C Class Noteholders.
Assets of the Fund are applied in accordance with the Waterfall provisions defined in the Series Notice.
Rank after obligations to B Class Noteholders and ahead of all other obligation of the FC Capital loan book..
11.00% per annum, payable monthly on 10th business day of the month.