Common use of Class balances Clause in Contracts

Class balances. Each class that is not an IO class will have a principal balance, and each IO class will have a notional balance. The principal or notional balance of multiple classes (e.g., the senior classes) is the aggregate of the principal or notional balances of those classes. The initial principal or notional balance for each class is stated in “The series - General terms for classes” above. 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.

Class balances. Each class that is not an IO class will have a principal balance, and each IO class will have a notional balance. The principal or notional balance of multiple classes (e.g., the senior classes) is the aggregate of the principal or notional balances of those classes. The initial principal or notional balance for each class is stated in “The series - – General terms for classes” above. 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.

Class balances. Each class that is not an IO class will have a principal balance, and each IO class will have a notional balance. The principal or notional balance of multiple classes (e.g., the senior classes) is the aggregate of the principal or notional balances of those classes. The initial principal or notional balance for each class is stated in “The series - General terms for classes” above. 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 principal balances for that day of the preceding monthhypothetical mortgage loans in its IO strip. 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.