ABS Notional Writedown definition

ABS Notional Writedown means the reduction in, or writedown of, the principal amount of any of the relevant Securities in accordance with the terms of such Securities at the time of such reduction or writedown as a result of the allocations of losses or cashflow shortfalls, however described, from the assets securing, directly or indirectly (including, for the avoidance of doubt, though a credit derivative transaction), such Securities or designated to fund amounts due under such Securities (other than any repayment in connection with a scheduled or non-scheduled payment of principal) provided that the Calculation Agent has determined that it is mathematically not possible, assuming (a) no further defaults on the Securities and (b) that the Securities repay or prepay at the same rate as they have done since the Securities was issued (excluding defaulted Securities) and taking into account the terms of the Securities, for the reduction of writedown to be reversed.
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ABS Notional Writedown means, in relation to a ABS Reference Obligationi the occurrence of an event whereby there has been an irrevocable reduction in, or write-down of, the principal amount thereof or a redemption and/or cancellation in part thereof in circumstances which do not constitute a default under the terms thereof and in which holders thereof received less than par in relation to such irrevocable reduction or write-down or, as the case may be, in relation to the part redeemed and/or cancelled (the amount of such reduction being the “ABS Notional Writedown Amount”) and the terms of such ABS Reference Obligation do not provide for the reinstatement or reimbursement of the ABS Notional Writedown Amount, provided that the Calculation Agent has determined that it is mathematically impossible, taking into account the terms of the ABS Reference Obligation and assuming (i) no further defaults on the Underlying Assets and (ii) that the Underlying Assets continue to repay or prepay at the same rate as they have done since the ABS Reference Obligation was issued (excluding defaulted Underlying Assets), for the reduction or writedown to be reversed and that the Calculation Agent has sent a written notice to the Rating Agency and the Trustee describing the determination of the mathematical impossibility.
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ABS Notional Writedown means the reduction in, or writedown of, the principal amount of any of the relevant Securities in accordance with the terms of such Securities at the time of such reduction or writedown as a result of the allocations of losses or cashflow shortfalls, however described, from the assets securing, directly or indirectly (including, for the avoidance of doubt, though a credit derivative transaction), such Securities or designated to fund amounts due under such Securities (other than any repayment in connection with a scheduled or
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Related to ABS Notional Writedown

  • Subordinate Certificate Writedown Amount As to any Distribution Date, the amount by which (i) the sum of the Class Principal Amounts of all the Certificates (after giving effect to the distribution of principal and the application of Realized Losses in reduction of the Certificate Principal Amounts of the Certificates on such Distribution Date) exceeds (ii) the aggregate Scheduled Principal Balance of the Mortgage Loans for such Distribution Date.

  • Writedown Amount The reduction described in Section 5.03(c).

  • Preliminary Tranche Write-up Amount means, for a Payment Date, an amount equal to the Tranche Write-up Amount computed using the Preliminary Principal Loss Amount instead of the Principal Loss Amount.

  • Class C Required Amount means with respect to any Payment Date, an amount equal to the excess of the amount described in Section 4.4(a)(v) over Available Finance Charge Collections applied to pay such amount pursuant to Section 4.4(a).

  • Tranche Write-up Amount With respect to each Payment Date, the excess, if any, of the Principal Recovery Amount for such Payment Date over the Principal Loss Amount for such Payment Date.

  • Preliminary Class Notional Amount With respect to each Reference Tranche, the amount which is equal to the Class Notional Amount of such Reference Tranche immediately prior to such Payment Date, after the application of the Preliminary Tranche Write-down Amount in accordance with the same priorities set forth in Section 3.03(b) hereof, and after the application of the Preliminary Tranche Write-up Amount in accordance with the same priorities set forth in the Section 3.03(c) hereof.

  • Lower Tier Principal Distribution Amount With respect to any calendar month, the sum of (i) the Cash Flow Distribution Amount and (ii) the Lower Tier Accrual Amount, if any.

  • Group III Senior Principal Distribution Amount As to any Distribution Date, the sum of (i) the Group III Senior Percentage of the Principal Payment Amount for Loan Group III, (ii) the applicable Senior Prepayment Percentage of the Principal Prepayment Amount for Loan Group III, and (iii) the Group III Senior Liquidation Amount.

  • Group II Basic Principal Distribution Amount With respect to any Distribution Date, the excess of (i) the Group II Principal Remittance Amount for such Distribution Date over (ii)(a) the Overcollateralization Release Amount, if any, for such Distribution Date multiplied by (b) the Group II Allocation Percentage.

  • Class D Invested Amount means, as of a date, an amount (not less than zero) equal to (a) the initial Note Balance of the Class D Notes, minus (b) the aggregate amount of any principal payments made to the Noteholders of the Class D Notes before that date, minus (c) the cumulative amount of unreimbursed Investor Charge-Offs applied to reduce the Class D Invested Amount under Section 4.3 of the Indenture Supplement before that date, minus (d) the cumulative amount of unreimbursed Reallocated Principal Collections applied to reduce the Class D Invested Amount under Section 4.4 of the Indenture Supplement before that date.

  • Class C Invested Amount means, as of a date, an amount (not less than zero) equal to (a) the initial Note Balance of the Class C Notes, minus (b) the aggregate amount of any principal payments made to the Noteholders of the Class C Notes before that date, minus (c) the cumulative amount of unreimbursed Investor Charge-Offs applied to reduce the Class C Invested Amount under Section 4.3 of the Indenture Supplement before that date, minus (d) the cumulative amount of unreimbursed Reallocated Principal Collections applied to reduce the Class C Invested Amount under Section 4.4 of the Indenture Supplement before that date.

  • Group 2 Senior Principal Distribution Amount For any Distribution Date, an amount equal to the sum of (a) the Group 2 Senior Percentage of the Principal Payment Amount for Loan Group 2, (b) the Group 2 Senior Prepayment Percentage of the Principal Prepayment Amount for Loan Group 2 and (c) the Group 2 Senior Liquidation Amount.

  • Class B Required Amount shall have the meaning set forth in subsection 4.04(b).

  • Group II Senior Principal Distribution Amount As to any Distribution Date, the sum of (i) the Group II Senior Percentage of the Principal Payment Amount for Loan Group II, (ii) the applicable Senior Prepayment Percentage of the Principal Prepayment Amount for Loan Group II, and (iii) the Group II Senior Liquidation Amount.

  • Class B Adjusted Invested Amount means, with respect to any date of determination, an amount equal to the Class B Invested Amount less the positive difference, if any, between the Principal Funding Account Balance and the Class A Invested Amount on such date.

  • Preliminary Principal Loss Amount means, for a Payment Date, an amount equal to the Principal Loss Amount computed without giving effect to clause (d) of the definition of Principal Loss Amount.

  • Group I Basic Principal Distribution Amount With respect to any Distribution Date, the excess of (i) the Group I Principal Remittance Amount for such Distribution Date over (ii)(a) the Overcollateralization Release Amount, if any, for such Distribution Date multiplied by (b) the Group I Allocation Percentage.

  • Group 1 Senior Principal Distribution Amount For any Distribution Date, an amount equal to the sum of (a) the Group 1 Senior Percentage of the Principal Payment Amount for Loan Group 1, (b) the Group 1 Senior Prepayment Percentage of the Principal Prepayment Amount for Loan Group 1 and (c) the Group 1 Senior Liquidation Amount.