What is the meaning of strip?

1. A Straddle (q. V.) plus another one of the Put Options. 2. A portfolio of similar options, but with different expiration dates and each with an underlying that depends on the expiration date. E. G., an Interest Rate Cap is a' strip' of Call Options on LIBOR for consecutive, nonoverlapping accrual periods. 3. A cash flow at a single date, stripped from a note or bond. The Strip could be all or part of either a coupon payment or a principal payment.