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I think for intermediate years, OC takes precedence over Equity tranche holder..this is because OC is the reserve for terminal yr principal payment which is a larger amount. In the terminal year, anyway , OC is dissolved and the order becomes: Sr Tranche > Mezanine Tranche > Equity Tranche

Krenate - I second your point - 1.Exam not diversified properly. 2. Wordings/articulations in many a questions are not clear 3.Exam does not reflect material properly, even in terms of problems.. Wondering if that would be the way part II questions will be designed going forward. In that case...

Yes, it would be serial correlation. Although I am late in this forum to comment, but better late than never. My overall impression on the exam: It is tricky. Specially after preparing with Kaplan Schweser this time, I found questions were quite trickier than expected. To be precise, I found...