A Mezzanine Loan

Fill in the blanks. Each question is worth 2%.In the case of a loan originated for securitization that allows for a mezzanine loan in the future, the Intercreditor Agreement governing the relationship between the future Master Servicer and the future mezzanine lender is negotiated and executed (a) when, and (b) between what two parties(a)___________________________________________________________________(b)___________________________________________________________________.Each loan in the collateral pool is assigned an expected loss which is the product of thatloan’s_____________________________________________and_________________________________________________________________________________________.Through the sequential-pay structure, CMBS deals concentrate or “squeeze” the aggregate expected losses of the pooled loans to ________________________________.The X Class/IO Bond owner receives no principal, yet these securities are designated as being of a certain dollar amount. That dollar amount is referred to as the _____________________amount.As a generalization, investment grade bonds of fixed-rate CMBS deals are priced at a spread over __________ rates, while the non-investment grade bonds are priced at a spread over _______________rates.As we have observed recently in what has been labeled “tranche warfare”, defaulted loans resolved by the Special Servicers through an extension of the original maturity date will negatively impact the marked-to-market value of the ___________________ tranches.Beginning in 2004 and 2005, in order to address the concerns and fears of AAA investors that subordination levels of these bonds were becoming too small, issuers of CMBS bonds dealt with these concerns by_________________________________________________________________________________________________________________________________________.As loans originated for securitization became larger, and because investors avoid the concentration of risk inherent in single-asset securitizations, issuers dealt with investor concerns by segmenting these large loans into_____________________notes.As with most publicly-issued fixed-rate bonds, CMBS bonds provide call protection for the benefit of the investors. The difference between corporate bond call-protection and CMBS bond call protection is that in corporate bonds, the call protection is contained within the bond itself, while in CMBS, it is contained or embedded in _________________________.A common form of CMBS call protection is defeasance. Very briefly, what is defeasance__________________________________________________________________________________________________________________________________________________.Themain driver of gross profit in structured commercial mortgage finance is the monetizing of the arbitrage between the _____________________________ and the _________________________________________________. This monetization occurs throughthecreation and marketing of this arbitrage as a(n) _____________________bond.In fixed rate CMBS securitizations, the most senior AAA tranches (Class A-1) always have a short average life – as little as three years – a period that is always less than even the shortest term loan in the collateral pool. How is that accomplished?_________________________________________________________________________________________________________________________________________________ .Many regulated institutional investors are required to invest only in debt instruments that are given certain levels of quality as determined by an NRSRO. NRSRO stands for N___________R______________S_____________R______________O_____________. The NRSRO designation is granted by what government entity?_____________________________________________________________________________________________________________________________________________.CMBS B-piece buyers were, until 2008, able to totally eliminate the risk exposure that they held as owners of first-loss positions. How did they do this?__________________________________________________________________________________________________________________________________________________In almost every CMBS securitization, there are a small number of ARD loans. Upon the ARD, hyperamortization and an increase of the interest rate become effective, yet they are requested by and are intended to be beneficial to the borrowers. In what way are these ARDs beneficial to the borrowers___________________________________________________________________________________________________________.In the fall of 2009, REMIC rules were modified with the intent of easing the resolution of securitized loans that were likely to become delinquent in the future. Observing most of the loans recently assigned to Special Servicers, we are seeing this modification being implemented. What is the modification___________________________________________________________________________________________________________________________________________________________________________________________________________________________.With the recent world-wide global recession due to COVID-19, the commercial real estate market has seen a sharp increase in delinquencies in the lodging and retail property sectors, the latter of which was already significantly weakened due to the rise in e-commerce. How do you see a recovery, if any, playing out for these two vulnerable asset classes and what changes (if any) do you foresee for these sectors in terms of adaptation in the coming real estate cycle? What impact do you believe this will have on the CMBS sector and why? (Use the other side of this sheet, if necessary, but keep in mind that this is only a 4% question. Don’t write a book, but do write something logical.)within five basis points in either direction, and to two decimal places, the 10-year US treasury yield as of today: ___________ %

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