Written Down Security definition

Written Down Security. As of any date of determination, any Collateral Debt Security as to which the aggregate par amount of the entire issue of such Collateral Debt Security and all other securities secured by the same pool of collateral and that rank senior in priority of payment to such issue exceeds the aggregate par amount of all collateral (giving effect to any appraisal reductions) securing such issue (excluding defaulted collateral).

Written Down Security means, as of any date of determination, any Collateral Debt Security that is part of an issue as to which the aggregate par amount of the entire class and all other securities secured by the same pool of collateral that rank pari passu with or senior in priority of payment to such class exceeds the aggregate par amount (including reserved interest or other amounts available for overcollateralization) of all collateral securing such issue (excluding defaulted collateral).

Written Down Security means any Collateral Debt Security as to which the aggregate par amount of such Collateral Debt Security and all other securities secured by the same pool of collateral that rank pari passu with or senior in priority of payment to such Collateral Debt Security exceeds the aggregate par amount (including reserved interest or other amounts available for overcollateralization) of all collateral securing such securities (excluding defaulted collateral); provided that the Issuer shall immediately send notice to S&P by facsimile and e-mail upon any Collateral Debt Security becoming a Written Down Security.

Examples of Written Down Security in a sentence

• Any decision by the Collateral Advisor to sell or not to sell any Collateral Debt Security within five (5) Business Days of such Collateral Debt Security first becoming either a Defaulted Security or a Written Down Security or a Withholding Tax Security shall not thereafter be changed by the Collateral Advisor or the Issuer for any reason.

• If the Collateral Advisor elects to direct the Issuer to sell or otherwise dispose of any Defaulted Security, Written Down Security or Withholding Tax Security as described above, such Collateral Debt Security (or specified portion thereof) is required to be sold or otherwise disposed of within twelve (12) months following such election.

• If the Collateral Advisor does not elect within such five (5) Business Days to direct the Issuer to sell or otherwise dispose of any Defaulted Security, Written Down Security or Withholding Tax Security, such Collateral Debt Security shall not be sold or otherwise disposed of and shall remain part of the Collateral.

• The Trustee will promptly notify the Issuer if the Collateral Advisor has determined that (i) any Collateral Debt Security has become a Defaulted Security, a Deferred Interest XXX Xxxx, a Credit Risk Security or a Written Down Security or (ii) the Trustee has received an Equity Security in connection with any Collateral Debt Security.

• The Trustee will promptly notify the Issuer if the Collateral Manager has determined that (i) any Collateral Debt Security has become a Defaulted Security, a Deferred Interest PIK Bond, a Credit Risk Security or a Written Down Security or (ii) the Trustee has received an Equity Security in connection with any Collateral Debt Security.

More Definitions of Written Down Security

Written Down Security means any Collateral Debt Security (other than a Defaulted Security) as to which the aggregate par amount of such Collateral Debt Security and all other securities secured by the same pool of collateral that rank pari passu with or senior in priority of payment to such Collateral Debt Security exceeds the aggregate paramount (including reserved interest or other amounts available for overcollateralization) of all collateral securing such securities (excluding defaulted collateral) as determined by the Collateral Manager using customary procedures and information available in servicer reports received by the Trustee related to such Written-Down Security; provided that the Trustee shall, upon receipt of written notice of such event, notify Standard’s & Poor’s of any Collateral Debt Security that becomes a Written Down-Security.

Written Down Security means any Collateral Debt Security in respect of which the aggregate par amount of such Collateral Debt Security and all other securities secured by the same pool of collateral debt that rank pari passu with or senior in priority of payment to such Collateral Debt Security exceeds the aggregate par amount (including reserved interest or other amounts available for overcollateralisation) of all collateral securing such securities (including, for the avoidance of doubt, such Collateral Debt Security but excluding any Defaulted Securities).

Written Down Security means, as of any date of determination, any Structured Finance Obligation or REIT Obligation as to which the aggregate par amount of the entire Issue of such Structured Finance Obligation or REIT Obligation and all other securities secured by the same pool of collateral and that rank senior in priority of payment to such Issue exceeds the aggregate par amount of all collateral securing such Issue (excluding defaulted collateral). The Issuer will determine if an Underlying Asset is a Written Down Security based upon information in the most recent servicing, trustee or other similar report delivered in accordance with the related Underlying Instruments, if any, provided, that if no such information is available after inquiry of the relevant issuer, servicer, asset manager or any other person acting in a similar capacity in respect of such Underlying Asset, the Asset Manager will be responsible, under the Management Agreement, for making such determination, to the extent reasonably practicable and based upon any other sources of information (including any appraisal write-downs in relation to CMBS Conduit Securities, CMBS Credit Tenant Lease Securities and CMBS Large Loan Securities) normally available to it.

Written Down Security means any CMBS the principal of which has been reduced as a result of the allocation of losses thereto.

Written Down Security means, as of any date of determination, any security as to which the aggregate outstanding par amount of such Collateral Debt Security and all other securities secured by the same pool of collateral that rank pari passu with or senior in priority of payment to such Collateral Debt Security exceeds the aggregate outstanding principal amount (including reserved interest or other amounts available for overcollateralization) of all collateral securing such securities (excluding defaulted collateral).

Written Down Security means any CMBS the principal of which has been reduced as a result of the allocation of losses thereto solely because it is the most subordinate class of security of a series of securities.

Written Down Security means, as of any date of determination, any Collateral Debt Security that is part of an issue as to which the aggregate par amount of the entire class and all other securities secured by the same pool of collateral that rank senior in priority of payment to such class exceeds the aggregate par amount (including reserved