Class P Interest definition

Class P Interest. An uncertificated interest in the Trust Fund held by the Trustee on behalf of the Holders of the Class P Certificates, evidencing a Regular Interest in REMIC III for purposes of the REMIC Provisions.

Class P Interest. An interest in the Upper-Tier REMIC, as described in the Preliminary Statement, which interest shall be evidenced by the rights of the Class P Certificates to receive Prepayment Premiums.

Class P Interest. Not applicable.

Examples of Class P Interest in a sentence

• On the Distribution Date immediately following the expiration of the latest Prepayment Charge term as identified on the Mortgage Loan Schedule, any amount on deposit in the Class P Certificate Account will be distributed to the Holders of the Class P Interest and the Class P Certificates in reduction of the Certificate Principal Balance thereof.

• No allocations of any Realized Losses shall be made to the Certificate Principal Balance or Uncertificated Principal Balance, as applicable, of the Class P Interest and the Class P Certificates.

• On each Distribution Date, all amounts in respect of Prepayment Charges shall be distributed to the Holders of the Class P Interest and the Class P Certificates, provided that such distributions shall not be in reduction of the principal balance thereof.

• The Trustee acknowledges receipt of the Class P Interest (which is uncertificated) and declares that it holds and will hold the same in trust for the exclusive use and benefit of the Holders of the REMIC V Certificates.

• On each Distribution Date the Trustee shall be deemed to have allocated distributions to the REMIC I Regular Interests, REMIC II Regular Interests, Class CE Interest, Class P Interest and Class IO Interest in accordance with Section 5.07 hereof.

More Definitions of Class P Interest

Class P Interest. Any of the Class I-P Interest and Class II-P Interest.

Class P Interest. An interest in the Upper-Tier REMIC, as described in footnote (8) to the table entitled “REMIC 2” in the Preliminary Statement, which interest shall be evidenced by the rights of the Class P Certificates to receive Prepayment Premiums.

Class P Interest. The Upper-Tier Regular Interest as specified and described in the Preliminary Statement and the related footnote thereto.

Class P Interest. An interest in the Upper-Tier REMIC, as described in the Preliminary Statement footnote (19) under the caption “The Certificates.”

Class P Interest means an Interest that has been designated as Class P

Class P Interest. An interest in the REMIC UT-1&2, as described in footnote (14) to the table entitled “REMIC UT-1&2” in the Preliminary Statement, which interest shall be evidenced by the rights of the Class P Certificates to receive Prepayment Premiums with respect to the Mortgage Loans in Pool 1 and Pool 2.

Class P Interest. The Class P Interest will represent a “regular interest” in REMIC III for purposes of the REMIC Provisions.