second loss facility definition
second loss facility means a second level of financial support providing a second (or subsequent) tier of protection to the securitisation notes issued by the special purpose entity against potential losses not covered by the first loss facility, and is invoked only after the first loss facility has been drawn down and repudiated or exhausted, or the first loss provider is under insolvency or bankruptcy or liquidation;
second loss facility means a second level of financial support providing a second (or subsequent) tier of protection to the special purpose entity against potential losses, and is invoked only after the first loss facility has been drawn down and exhausted;