1. T/F Trustees, in addition to their normal functions as set forth in the PSA, also provide a "liquidity facility" that bridges the time gap between principal and interest payments by borrowers and payments to bondholders.T/F In a Credit Default Swap (CDS), one party purchases from a counter- party "insurance" against the default of a debt instrument. It was not unusual to find these non-cash, synthetic derivative products in 2006 and 2007 CRE CDO securitizations.
2. T/F One of the factors taken into account by purchasers of an IO tranche is the purchaser's expectation of weighted average life (WAL) of the IO bond.
3. T/F In applying ratings to CMBS securitizations, rating agencies take into account the quality and competence of the servicers.
4. T/F Post-2009 securitizations have been labeled "CMBS 2.0". Most every one of these 2.0 securitizations (but not all) includes a party not seen in pre-2008 securitizations. This party, given various titles (Senior Trust Advisor, Operating Advisor, etc.), acts to protect the interests of

bond holders with regard to the actions of the Special Servicer.