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 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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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.

  • At the date of the season change no significant change in TOC retrieval was recognizable.

  • 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 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%.

  • Nor are the issues presented in this case unique to Rhode Island: they affect all participants in the Atlantic herring fishery, which includes communities in Maine, New Hampshire, Massachusetts, Rhode Island, and New Jersey.The interests of the parties do not dictate against transfer.

  • In connection with actions specified in this Trust Agreement that may be taken by Holders of Certificates evidencing specified percentages, such percentages are hereby deemed to represent percentages of the Certificates of all Classes in the aggregate; provided, however, that the percentage allocated to Holders of Certificates of the IO Class shall be 1.50% in the aggregate, with the remaining 98.50% being allocated among all other Classes in the aggregate on a pro rata basis.

  • On the basis of the assumptions described below, the yield to maturity on the IO Class would be 0% if prepayments of the Mortgage Loans underlying the Group 3 MBS were to occur at a constant rate of approximately 24% CPR.

  • The type of Class with which a Notional Class (other than the IO Class) will reduce is indicated in parentheses.

  • The State Budget and Control Board shall promulgate guidelines and policies, as necessary, to implement the provisions of this section.


More Definitions of IO Class

IO Class. As defined in the Senior Prospectus. "IO Class Certificates: Certificates of the IO Class.
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IO Class. A Class of Stripped Giant 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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Related to IO Class

  • 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 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 $13,564,000.

  • 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.

  • 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.

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

  • 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.

  • 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.