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The CMBS market is finally emerging from its two-year hiatus. New transactions evidence a number of changes that will impact subordinate investors and special servicers. Many of these changes are being made by issuers in response to investment-grade bondholder demands. Some represent enhancements to the CMBS structure that will benefit all investors. Others appear to be misguided and could create potentially detrimental consequences.

When CMBS credit issues were minimal, senior and subordinate investors shared an alignment of interest consistent with the servicing standard of maximizing recovery on a net present-value basis.

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