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Christian,
The receive traffic has priority over PHY status frames. No receive packets will be dropped due to PHY status frames.
As timestamps occur, they will be placed into their respective queue. The timestamp will then be delivered to software via PHY status frame when there is sufficient space between receive packets.
If timestamps are placed into the queue faster than they are taken out of the queue, the queue will overflow and timestamps will be lost. If receive traffic is heavy and timestamps accumulate faster they they can be sent via PHY status frames, the queue will overflow and timestamps will be lost.
Patrick