genuinecfa

mambovipi Wrote:
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> All principal repayments from the collateral are
> distributed as received to the security holders
> for amortising assets, but only after the lockout
> period for non-amoirtising assets,
>
> thanks

If I am not mistaken the only place the statement is incorrect is about the "non-amortizing assets". The principal payments can be made prior to lockout if certain conditions occur like
insurer call,specific date is reached, collateral value falls below certain amount, latter of call or date etc (there was another related to spreads mentioned in the section related to credit card backed loans).