IO Component definition
Examples of IO Component in a sentence
All distributions in respect of the Interest Distribution Amount for a Class or the Component Interest Distribution Amount for an IO Component will be applied first with respect to the amount payable pursuant to clause (i) of the definition of "Interest Distribution Amount," or "Component Interest Distribution Amount," as applicable, and second with respect to the amount payable pursuant to clause (ii) of such definitions.
With respect to the Class A-X-2 Certificates and each Distribution Date, any amount of Net Deferred Interest in a Loan Group that is allocated to the Class A-X-2 IO Component on such Distribution Date will be added as principal to the outstanding Component Principal Balances of the Class A-X-2 PO-1 and Class A-X-2 PO-2 Components, as applicable.
With respect to the Class X-2 Certificates and each Distribution Date, any amount of Net Deferred Interest added to the Principal Balances of the related Mortgage Loans that is allocated to the X-2 IO Component of the Class X-2 Certificates on such Distribution Date will be added as principal to the outstanding Component Principal Balances of the X-2 PO-1 and X-2 PO-2 Components based upon the amount of Deferred Interest attributable to the Mortgage Loans in the related Loan Group.
On each Distribution Date, the Trustee shall deposit into the Carryover Reserve Fund all amounts otherwise distributable to the Class X Certificates with respect to the Class X IO Component on such Distribution Date.
The Group 2 IO Component will have a notional balance on a Distribution Date equal to the lesser of the aggregate Stated Principal Balance of the mortgage loans in Loan Group 2 as of the last day of the related Remittance Period and the amounts described below: Distribution Dates Notional Amount 1-3..............................