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. A Class of Stripped Giant CertiÑcates or Stripped Interest CertiÑcates which is entitled to payment of all or a portion of the interest payments received on the 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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Examples of IO class in a sentence

  • The IO Class will be a notional class, will not have a principal balance and will bear interest on its notional principal balance.

  • During each subsequent interest accrual period, the IO Class will bear interest as described in this prospectus.

  • The Subject Trusts also issued certain other classes that are not at issue here, such as Class IO, Class P, and/or Class PO classes.

  • The voting rights allocated to each Class of Certificates (other than the IO Class) shall be allocated among all Holders of each such Class in proportion to the outstanding Class Balance of such Certificates.

  • The Class PO, Class IO, Class B and Class R Certificates shall be delivered to the holders thereof in physical form.

  • The percentage of the voting rights allocated among Holders of the IO Class Certificates shall be 1.5%; the percentage of the voting rights allocated among Holders of all other Classes of Certificates [(including the [ ] Class Certificates)] in the aggregate shall be 98.5%.

  • The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class A-7, Class A-8, Class A-9, Class A-10, Class PO, Class IO, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates, will be "regular interests" in REMIC II, and the Class R-II Certificates will be the sole class of "residual interests" therein for purposes of the REMIC Provisions (as defined herein) under federal income tax law.

  • Sensitivity of the IO Class to Prepayments Pre-Tax Yields to Maturity CPR Prepayment AssumptionSix-Month CD Rate*5%10%15%20%25%0.000 ...................................

  • Referral to Assistant Principal.9. Behavior that does not fulfill the educational goals of good character which is determined by using the NYS Dept.

  • The Class A-1, Class A-2, Class A-3, Class A-4, Class IO, Class B, Class C, Class D, Class E, Class F-1, Class F-2, Class G, Class R-I, Class R-II and Class R-III Certificates will be substantially in the forms annexed hereto as Exhibits X-0, X-0, X-0, X-0, X-0, X-0, A-7, X-0, X-0, X-00, X-00, X-00, X-00, X-00 and A-15, respectively.


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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IO class. As defined in the Senior Prospectus. "IO Class Certificates: Certificates of the IO Class.
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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 Certificates that corresponds with a class of interests in REMIC 2 as described in the Preliminary Statement.

  • 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 $119,840,000.

  • 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 $163,150,000.

  • 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 $156,670,000.

  • 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.