@tomhagen
I get the "art" in the assumptions though with amortised cost the IRR is fixed over the life of the PDL. The art is in the rate of collection and total collected. Anyway the point I was getting to is that a $1 delayed in collection is much different to a 1$ never collected to the PDL FV and hence the LTV coverage covenants. Note @Pioupiou comment about the delays in collection during the credit crisis. CCP eventually collected.
"rocket surgery" - I'd like to see that
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