PO class definition

PO class. A class that has a principal balance and receives principal distributions, but does not have a certificate rate and does not receive interest distributions. PO loan: A mortgage loan that has a principal balance, but on which no interest is paid by the mortgagor. PO strip: The ratio-stripped PO loans for all the discount loans. pool: A pool of mortgage loans. pool distribution amount: For a distribution day and a mortgage loan pool, the funds eligible for distribution to the related classes on that distribution day, being all amounts deposited into the certificate account relating to that pool, but excluding the following:

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PO class. A Class of Stripped Giant Certificates which is entitled to payment of all or a portion of the principal payments received on the Assets and no interest.

PO class. The Class PO-A-1 Component, Class PO-A-2 Component, Class PO-B Certificates, Class PO-C Certificates, Class PO-D-1 Component and Class PO-D-2 Component, as applicable.

Examples of PO class in a sentence

Beginning on the cut-off date, each class (other than any PO class) will accrue interest for each month on its principal or notional balance at the certificate rate for the class stated in “The series - General terms for classes” above.
Beginning on the cut-off date, each class (other than any PO class) will accrue interest for each month on its principal or notional balance at the certificate rate for the class stated in “The series – General terms for classes” above.
The annual target rates for the pools are pool I: 6% pool II: 5.5% Each class other than any ratio-stripped IO or ratio-stripped PO class is a target-rate class.
The per annum target rates for the pools are pool I: 6% pool II: 5.5% Each class other than any ratio-stripped IO or ratio-stripped PO class is a target-rate class.
A ratio-stripped IO or PO class of a group will only be a component class if so designated in “The series - General terms for classes” above.
Each class other than any ratio-stripped IO or ratio-stripped PO class is a target-rate class.
Each of classes IA-IO and IIA-IO is a ratio-stripped IO class, and class A-PO is a ratio-stripped PO class.
The annual target rates for the pools are pool I: 6% pool II: 5.5% pool III: 5.5% Each class other than any ratio-stripped IO or ratio-stripped PO class is a target-rate class.
Each of classes IA-IO and IIA-IO is a ratio-stripped IO class, and each of classes IA-PO and IIA-PO is a ratio-stripped PO class.
Each of classes IA-IO and IIA-IO is a ratio-stripped IO class, and class IA-PO is a ratio-stripped PO class.

More Definitions of PO class

PO class. As defined in the Senior Prospectus. "PO Class Certificates": Certificates of the PO Class.

PO class. The Class PO-A and Class PO-B Certificates, as applicable.

PO class. A Class of Class PO Certificates or a Class PO-A Component, as applicable.

PO class. A class that has a principal balance and receives principal distributions, but does not have a certificate rate and does not receive interest distributions.