hey all,
Looking for help on PSA on CMBS 1.0 deals, where on liquidation of an REO , the ASER recapture amount is routed to Interest Shortfalls. What happens when the tranche below the 1st interest shortfall tranche is zero. Does that subject tranche receive the cash as a principal write up, or does the aser flow through to only interest shortfalls of subordinate tranches until zero remaining on the aser recapture? Can someone point me to language that would direct the same on the PSA. Seems too complicated to break it down in English !!
Thank you in advance and appreciate any help here..
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