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A stop advance applies to first-lien loans that are delinquent by 180 days or more, while a stop advance requirement applies to second-lien loans that are delinquent by 60 days or more.
ODAS IV 2026-1 will issue expandable term notes, so that at any time during the revolving period the issuer can periodically upsize the notes to a maximum of $626 million.
The public and large institution segment make up 89.7% of obligors, up from the 87.7% seen in DEFT 2025-2, an increase that was driven largely by an increase in the large enterprise institution segment.
The deal increased its initial credit enhancement levels across the board, with the A-, BBB and BB- notes benefiting from levels of 21.89%, 1.89% and 5.74%, respectively.
The securitization was also oversubscribed, with participation from more than 25 institutional investors, which will receive a blended fixed rate of 5.71%, the company said.
