easy · Asset-Backed Securities
A CMBS pooling and servicing agreement states that, while control rights remain in effect, the controlling-class representative may exercise specified rights subject to the servicing standard, excluded-loan rules, and control-termination provisions.
Which is one such role?
- Set appraisal cap rates and dictate prices for every distressed property sale
- Exercise specified workout-consultation rights and replace the special servicer
- Re-underwrite each property's monthly NOI without relying on the servicer
- Guarantee that every senior bond receives principal by a fixed date
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