Torn material valued (9)
I believe the answer is:
lacerated
'torn' is the definition.
(lacerating is a kind of tearing)
'material valued' is the wordplay.
'material' becomes 'lace' (lace is a kind of material**).
'valued' becomes 'rated' (rating is a kind of valuing).
'lace'+'rated'='LACERATED'
(Other definitions for lacerated that I've seen before include "Distressed" , "Cut deeply" , "torn apart?" , "badly torn" .)