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.
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.
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