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).

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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.

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).

Examples of Written Down Security in a sentence

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.
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 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 ▇▇▇ ▇▇▇▇, 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 ▇▇▇ ▇▇▇▇, a Credit Risk Security, a Credit Improved 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 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 Collateral Debt Security as to which the Aggregate Principal Balance or certificate balance 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 overcollateralisation) of all collateral securing such securities (excluding the defaulted collateral that has been charged off), as determined by the Collateral Manager using customary procedures and information available in the servicer reports relating to such Written Down Security; and

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 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 par

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 defaulted collateral that has been charged off), as determined by the Collateral Advisor using customary procedures and information available in the servicer reports received by the Trustee relating to such Written Down Security.

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 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).