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These excerpts taken from the NEWS 10-K filed Mar 10, 2009. Senior subordinated asset-based Senior subordinated asset-based loans and other debt products are provided by our Commercial Real Estate group and were formerly provided by our Structured Products group. They are equal as to collateral and subordinate as to right of payment to other senior lenders. Investments in asset-backed securitizations that we classify as senior subordinated represent non-investment grade and investment grade tranches of small to mid-sized securitizations. These debt products typically occupy the mid-tier tranche of the capital structure and are supported by junior capital and credit enhancements, such as further subordinated debt tranches, the borrower’s equity, excess spread and interest reserve or collections accounts.
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Table of ContentsAs of December 31, 2008, our senior subordinated asset-based loans and other debt products totaled $74.2 million in funding commitments and $64.2 million in balances outstanding, representing 2.7% of our loan portfolio. Senior subordinated asset-based Senior subordinated asset-based loans and other debt products are provided by our Commercial Real Estate group and were formerly provided by our Structured Products group. They are equal as to collateral and subordinate as to right of payment to other senior lenders. Investments in asset-backed securitizations that we classify as senior subordinated represent non-investment grade and investment grade tranches of small to mid-sized securitizations. These debt products typically occupy the mid-tier tranche of the capital structure and are supported by junior capital and credit enhancements, such as further subordinated debt tranches, the borrower’s equity, excess spread and interest reserve or collections accounts.
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Table of ContentsAs of December 31, 2008, our senior subordinated asset-based loans and other debt products totaled $74.2 million in funding commitments and $64.2 million in balances outstanding, representing 2.7% of our loan portfolio. Senior subordinated asset-based Structured Products group. They are equal as to collateral and subordinate as to right of payment to other senior lenders. Investments in 6 Table of ContentsAs of December 31, 2008, our senior subordinated asset-based loans and other debt products totaled Senior subordinated asset-based Structured Products group. They are equal as to collateral and subordinate as to right of payment to other senior lenders. Investments in 6 Table of ContentsAs of December 31, 2008, our senior subordinated asset-based loans and other debt products totaled Senior subordinated asset-based Structured Products group. They are equal as to collateral and subordinate as to right of payment to other senior lenders. Investments in 6 Table of ContentsAs of December 31, 2008, our senior subordinated asset-based loans and other debt products totaled Senior subordinated asset-based Structured Products group. They are equal as to collateral and subordinate as to right of payment to other senior lenders. Investments in 6 Table of ContentsAs of December 31, 2008, our senior subordinated asset-based loans and other debt products totaled This excerpt taken from the NEWS 10-K filed Mar 10, 2008. Senior subordinated asset-based Senior subordinated asset-based loans and other debt products are provided by our Commercial Real Estate group and were formerly provided by our Structured Products group. They are equal as to collateral and subordinate as to right of payment to other senior lenders. Investments in asset-backed securitizations that we classify as senior subordinated represent non-investment grade and investment grade tranches of small to mid-sized securitizations. These debt products typically occupy the mid-tier tranche of the capital structure and are supported by junior capital and credit enhancements, such as further subordinated debt tranches, the borrower’s equity, excess spread and interest reserve or collections accounts. As of December 31, 2007, our senior subordinated asset-based loans and other debt products totaled $131.2 million in funding commitments and $110.7 million in balances outstanding, representing 4.6% of our loan portfolio.
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Table of ContentsThis excerpt taken from the NEWS 10-K filed Apr 2, 2007. Senior Subordinated Asset-Based Senior subordinated asset-based loans and other debt products are provided by our Structured Products and Commercial Real Estate groups. They are equal as to collateral and subordinate as to right of payment to other senior lenders. Investments in asset-backed securitizations that we classify as senior subordinated represent non-investment grade and investment grade tranches of small to mid-sized securitizations. These debt products typically occupy the mid-tier tranche of the capital structure and are supported by junior capital and credit enhancements, such as further subordinated debt tranches, the borrower’s equity, excess spread and interest reserve or collections accounts. As of December 31, 2006, our senior subordinated asset-based loans and other debt products totaled $254.9 million in funding commitments and $237.3 million in balances outstanding, representing 13.6% of our loan portfolio. | EXCERPTS ON THIS PAGE:
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