On such Payment Date, Freddie Mac shall pay an amount equal to the outstanding Class Principal Balance, after allocation of the Tranche Write-down Amount or Tranche Write-up Amount, if any, for such Payment Date, of each Class of Original Notes (without regard to any exchanges of Exchangeable Notes for MAC Notes), plus accrued and unpaid interest.įor the avoidance of doubt, it is understood that, a Viability Event may occur irrespective of whether or not a Trigger Event has occurred or whether any of the conditions to the issuance of a Trigger Event Write-down Notice have been met. On the Maturity Date, Freddie Mac shall pay 100% of the outstanding Class Principal Balance as of such date to the Holders of each Class of Original Notes (without regard to any exchanges of Exchangeable Notes for MAC Notes), after taking into account any allocations of any Tranche Write-down Amounts and Tranche Write-up Amounts applicable to such Classes for such Payment Date. Any business that runs accounts receivable will, at some point, face an uncollectible debt (also known as a bad debt or a doubtful debt). If your business owns inventory, for example, the value of that inventory may become lower over time, in which case you can write it down. On each Payment Date on or prior to the Termination Date, the Preliminary Principal Loss Amount, the Preliminary Tranche Write-down Amount, the Preliminary Tranche Write-up Amount, and the Preliminary Class Notional Amount will be computed prior to allocating the Modification Loss Amount, as set forth below. The difference between a write-off and write-down is that the former reduces the asset’s value to zero, whereas the latter reduces the asset’s value to a number above zero. Subordinate Certificate Writedown Amount for such Distribution Date.
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