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
A Collateral Debt Security will be a "Written Down Security" if it is a part of an issue as to which the aggregate par amount of the entire class of such Collateral Debt Security 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 interest or other amounts available for overcollateralization) of all collateral securing such issue (excluding defaulted collateral).
The Collateral Manager shall determine whether any item of Collateral is a Collateral Debt Security, Credit Risk Security, Credit Improved Security, Deferred Interest PIK Bond, Written Down Security or Defaulted Security.
Subject to another sale pursuant to terms of the Indenture regarding Defaulted Securities, any Credit Risk Obligation, Withholding Security, Written Down Security, Defaulted Security, Impaired CMBS, Impaired RMBS or Deferred Interest PIK Bond will remain subject to the lien of the Indenture if the Disposition Option is not exercised.
More Definitions of Written Down Security
Written Down Security means as of any date of determination, 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 the written down balance of defaulted collateral), as determined by the Collateral Manager using customary procedures and information available in the servicer reports relating to such 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, any Underlying Asset, 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 whether such allocation results from a realization of losses or a reduction resulting from a new appraisal as required under the related operative documents.
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 Obligation as to which the aggregate par amount of the entire issue of such Collateral Debt 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 (giving effect to any appraisal reductions) securing such issue (excluding defaulted collateral).
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.