1)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 _________________________.

2)A common form of CMBS call protection is defeasance.Very briefly, what is defeasance? __________________________________________________________________________________________________________________________________________________.

3)The main driver of gross profit in structured commercial mortgage finance is the monetizing of the arbitrage between the _____________________________ and the _________________________________________________.This monetization occurs through the creation 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?