IO class definition

IO class. A class that has a certificate rate but no principal balance, receives interest distributions on its notional balance, but does not receive principal distributions. IO loan: A mortgage loan having only a “notional balance.” Such a mortgage loan would pay interest (usually at a variable rate) on its notional balance, but would not pay principal. IO strip: The ratio-stripped IO loans for all the premium loans. liquidated loan: A mortgage loan for which · the related mortgaged property has been acquired, liquidated or foreclosed, and the relevant servicer determines that all liquidation proceeds it expects to recover have been recovered, or · the related mortgaged property is retained or sold by the mortgagor, and the relevant servicer has accepted payment from the mortgagor in consideration for the release of the mortgage in an amount that is less than the outstanding principal balance of the mortgage loan as a result of a determination by the relevant servicer that the potential liquidation expenses for the mortgage loan would exceed the amount by which the cash portion of such payment is less than the outstanding principal balance of the mortgage loan. liquidated loan loss: For a distribution day, the aggregate losses for each mortgage loan that became a liquidated loan prior to the first day of the month that contains the distribution day, which for each such liquidated loan will equal the excess of
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IO class. A Class of Stripped Certificates or Stripped Interest Certificates which is entitled to payment of all or a portion of the interest payments received on the related Assets and no principal. In the case of IO Classes, references to principal amounts shall be regarded as references to notional principal amounts, unless the context requires otherwise.
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IO class. As defined in the Senior Prospectus. "IO Class Certificates: Certificates of the IO Class.
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Examples of IO class in a sentence

  • The price of a class of certificates is calculated by multiplying the principal balance (or for any ratio-stripped IO class, notional balance) of the class at closing by the PRICE INFORMATION percentage for the class shown on the Trade Ticket.

  • The subordination level for a class (other than a ratio-stripped IO class) is the sum of the class percentages of all classes that are subordinate to that class.

  • Each class that is not an IO class will have a principal balance, and each IO class will have a notional balance.

  • The principal balance of each class that is not an IO class will be adjusted on each distribution day, as described in “Adjustments to class balances” below.

  • The notional balance of a ratio-stripped IO class for any distribution day after the initial distribution day will equal the aggregate scheduled principal balance of the premium loans of the related pool on the last day of the preceding month.

  • The notional balance of each IO class that is not a ratio-stripped IO class will be adjusted on each distribution day as described in “The series - General terms for classes” above.

  • In the most extreme case, one class will receive all of the interest payments, (the interest-only or "IO" class), while the other class will receive all of the principal payments (the principal only or "PO" class).

  • The notional balance of each IO class that is not a ratio-stripped IO class will be adjusted on each distribution day as described in “The series – General terms for classes” above.

  • The yield to maturity on an IO class is sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets and a rapid rate of principal payments may have a material adverse effect on a Sub-Fund's yield to maturity from these securities.

  • The price of a class of certificates is calculated by multiplying the principal balance (or for any ratio-stripped IO class, notional balance) of the class at closing by the price information percentage for the class shown on the Trade Ticket.


More Definitions of IO class

IO class. A class that has a certificate rate but no principal balance, receives interest distributions on its notional balance, but does not receive principal distributions. IO loan: A mortgage loan having only a “notional balance.” Such a mortgage loan would pay interest (usually at a variable rate) on its notional balance, but would not pay principal. IO strip: The ratio-stripped IO loans for all the premium loans. liquidated loan: A mortgage loan for which · the related mortgaged property has been acquired, liquidated or foreclosed, and the relevant servicer determines that all liquidation proceeds it expects to recover have been recovered, or · the related mortgaged property is retained or sold by the mortgagor, and the relevant servicer has accepted payment from the mortgagor in consideration for the release of the mortgage in an amount that is less than the outstanding principal balance of the mortgage loan as a result of a determination by the relevant servicer that the potential liquidation expenses for the mortgage loan would exceed the amount by which the cash portion of such payment is less than the outstanding principal balance of the mortgage loan.
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Related to IO class

  • Group II Class A Certificates The Class A-2a Certificates, the Class A-2b Certificates, the Class A-2c Certificates and the Class A-2d Certificates, collectively.

  • Corresponding Class The class of interests in the Lower-Tier REMIC or Upper-Tier REMIC that corresponds to the class of interests in the other such REMIC or to a Class of Certificates in the manner set out below: Corresponding Corresponding Upper-Tier Corresponding Lower-Tier Class Designation Regular Interest Class of Certificates ---------------------------- ---------------- --------------------- Class LT-A-1 Class A-1 Class A-1 Class LT-A-2a Class A-2a Class A-2a Class LT-A-2b Class A-2b Class A-2b Class LT-A-2c Class A-2c Class A-2c Class LT-A-2d Class A-2d Class A-2d Class LT-M-1 Class M-1 Class M-1 Class LT-M-2 Class M-2 Class M-2 Class LT-M-3 Class M-3 Class M-3 Class LT-M-4 Class M-4 Class M-4 Class LT-M-5 Class M-5 Class M-5 Class LT-M-6 Class M-6 Class M-6 Class LT-B-1 Class B-1 Class B-1 Class LT-B-2 Class B-2 Class B-2 Class LT-B-3 Class B-3 Class B-3 N/A Class X Class X

  • Initial Class Principal Balance As set forth in the Preliminary Statement.

  • Initial Class Certificate Balance As to each Class of Certificates, the Class Certificate Balance set forth in the Preliminary Statement.

  • Original Class B-4 Principal Balance The Class B-4 Principal Balance as of the Cut-Off Date, as set forth in Section 11.15.

  • Original Class B Principal Balance The sum of the Original Class B-1 Principal Balance, Original Class B-2 Principal Balance, Original Class B-3 Principal Balance, Original Class B-4 Principal Balance, Original Class B-5 Principal Balance and Original Class B-6 Principal Balance, as set forth in Section 11.14.

  • Initial Class A-2 Note Balance means $235,000,000.

  • Initial Class D Note Balance means $142,370,000.

  • Original Class A Non-PO Principal Balance The sum of the Original Principal Balances of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-R Certificates, as set forth in Section 11.06.

  • Lowest Class B Owner An owner unaffiliated with the Company or the Master Servicer of (i) a 100% interest in the Class of Class B Certificates with the lowest priority or (ii) a 100% interest in a class of securities representing such interest in such Class specified in clause (i) above.

  • Original Class B-5 Principal Balance The Class B-5 Principal Balance as of the Cut-Off Date, as set forth in Section 11.15.

  • Initial Class B Note Balance means $129,750,000.

  • Original Class Certificate Principal Balance With respect to the Class A Certificates, the Mezzanine Certificates, the Class C Certificates and the Class P Certificates, the corresponding amounts set forth opposite such Class above in the Preliminary Statement.

  • Original Class B-6 Principal Balance The Class B-6 Principal Balance as of the Cut-Off Date, as set forth in Section 11.15.

  • Original Class B-1 Principal Balance The Class B-1 Principal Balance as of the Cut-Off Date, as set forth in Section 11.15.

  • Initial Class A-1 Note Balance means $265,000,000.

  • Original Class B-3 Principal Balance The Class B-3 Principal Balance as of the Cut-Off Date, as set forth in Section 11.15.

  • Class C Certificates Any one of the Class C Certificates executed by the Trustee, and authenticated and delivered by the Certificate Registrar, substantially in the form annexed hereto as Exhibit A-18, representing the right to distributions as set forth herein and therein and evidencing a regular interest in REMIC 4.

  • Subordinate Class Percentage With respect to any Distribution Date and any Class of Subordinate Certificates, a fraction, expressed as a percentage, the numerator of which is the aggregate Certificate Principal Balance of such Class of Subordinate Certificates immediately prior to such date and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans (or related REO Properties) (other than the related Discount Fraction of each Discount Mortgage Loan) immediately prior to such Distribution Date.

  • Initial Class A-3 Note Balance means $380,000,000.

  • Class D Certificates “Class E Certificates,” “Class F Certificates,” “Class G Certificates,” “Class H Certificates,” “Class V Certificates” and “Class R Certificates” mean, in each such case, the Certificates designated as “Class A-1,” “Class A-2,” “Class A-SB,” “Class A-3,” “Class A-4,” “Class A-5,” “Class A-S,” “Class X-A,” “Class X-B,” “Class X-C,” “Class B,” “Class PST,” “Class C,” “Class D,” “Class E,” “Class F,” “Class G,” “Class H,” “Class V” and “Class R,” respectively, on the face thereof, in substantially the forms attached hereto as Exhibits A-1 to A-20.

  • Original Class Principal Balance means, with respect to any Class of Principal Balance Certificates, the initial Class Principal Balance thereof as of the Closing Date, in each case as specified in the Preliminary Statement.

  • Initial Class C Note Balance means $152,941,000.

  • Class B-4 Certificates The Certificates designated as “Class B-4” on the face thereof in substantially the form attached hereto as Exhibit A.

  • Class B-5 Certificates The Certificates designated as “Class B-5” on the face thereof in substantially the form attached hereto as Exhibit A.

  • Original Class B-2 Principal Balance The Class B-2 Principal Balance as of the Cut-Off Date, as set forth in Section 11.15.