Class P Distributable Amount definition

Class P Distributable Amount. With respect to each Distribution Date, all Prepayment Penalty Amounts received during the related Due Period with respect to Mortgage Loans for which the Seller holds the servicing rights.

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Class P Distributable Amount. With respect to each Distribution Date, all Prepayment Penalty Amounts in respect of the Mortgage Loans listed on Schedule III hereto (as amended from time to time by the Seller in accordance with the provisions of this Agreement) for the related Prepayment Period.

Class P Distributable Amount. With respect to each Distribution Date, all Prepayment Penalty Amounts in respect of the Mortgage Loans received by the Servicer for the related Prepayment Period plus, on the first Distribution Date after which no Mortgage Loan is subject to payment of a Prepayment Penalty Amount, $100.

Examples of Class P Distributable Amount in a sentence

• It is the intent of the parties hereto that the segregated pool of assets consisting of any collections in respect of the Class P Distributable Amount payable to Class P Certificates and the segregated pool of assets consisting of any collection in respect of the Class E Distributable Amount payable to the Class E Certificates each constitute, for federal income tax purposes, a grantor trust as described in Subpart E of Part I of Subchapter J of the Code and Treasury Regulation §301.7701-4(c)(2).

• The Class P Certificate executed by the Trustee and authenticated by the Certificate Registrar, substantially in the form annexed hereto as Exhibit A, evidencing beneficial ownership of the Class P Distributable Amount.

• It is the intent of the parties hereto that the segregated pool of assets consisting of any collections in respect of the Class P Distributable Amount payable to the Class P Certificate constitutes, for federal income tax purposes, a grantor trust as described in Subpart E of Part I of Subchapter J of the Code and Treasury Regulation §301.7701-4(c)(2).

• It is the intent of the parties hereto that the segregated pool of assets consisting of any collections in respect of the Class P Distributable Amount payable to Class P Certificates constitutes, for federal income tax purposes, a grantor trust as described in Subpart E of Part I of Subchapter J of the Code and Treasury Regulation §301.7701-4(c)(2).

• REMIC I shall hold as assets all property of the Trust Fund other than the Interests in REMIC I and REMIC II, the Class P Distributable Amount, which is beneficially owned by the holder of the Class P Certificate, and the Class E Distributable Amount, which is beneficially owned by the holder of the Class E Certificate.

• REMIC I shall hold as assets all property of the Trust Fund other than the Interests in REMIC I and the Class P Distributable Amount, which is beneficially owned by the holder of the Class P Certificate.

• As provided herein, the Trustee shall elect that the Trust Fund, other than the Class E Distributable Amount and Class P Distributable Amount, be treated for federal income tax purposes as a real estate mortgage investment conduit (a “REMIC”).

• REMIC I shall hold as assets all property of the Trust Fund other than the Interests in REMIC I and REMIC II and the Class P Distributable Amount, which is beneficially owned by the holder of the Class P Certificate.

• REMIC I shall hold as assets all property of the Trust Fund other than the Interests in any REMIC formed hereby, the Class P Distributable Amount, which is beneficially owned by the holder of the Class P Certificate and the Class E Distributable Amount, which is beneficially owned by the holder of the Class E Certificate.

• The Class P Certificates executed by the Trustee and authenticated by the Certificate Registrar, substantially in the form annexed hereto as Exhibit A, evidencing beneficial ownership of the Class P Distributable Amount.

More Definitions of Class P Distributable Amount

Class P Distributable Amount. With respect to each Distribution Date, all Prepayment Penalty Amounts received during the related Due Period with respect to Mortgage Loans for which the Sellers hold the servicing rights. CLASS LT-R INTEREST: The sole residual interest in the Lower Tier REMIC.

Class P Distributable Amount. With respect to each Distribution Date, all Prepayment Penalty Amounts received by the Master Servicer for the related Prepayment Period.