Class P Prepayment Charges definition
Examples of Class P Prepayment Charges in a sentence
On or prior to each Distribution Account Deposit Date, the Master Servicer shall withdraw any amounts in the Collection Account attributable to prepayment penalties, other than the Class P Prepayment Charges, deposited therein by any Servicer, and remit by wire transfer of immediately available funds such amounts to the Transferor in accordance with the instructions of the Transferor.
Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates.
The parties intend that the portion of the Trust Fund constituting the Grantor Trust, consisting of the Class P Prepayment Charges, shall constitute, and that the affairs of the Grantor Trust shall be conducted so as to qualify such portion as, a "grantor trust" under subpart E, Part I of subchapter J of the Code, and the provisions hereof shall be interpreted consistently with this intention.
Class P Prepayment Charges shall be distributed to the Class P Certificateholder pursuant to Section 4.02(g).
Distributions on this Certificate will be made from Class P Prepayment Charges pursuant to the terms of the Agreement.
This certifies that [_______________] is the registered owner of the Percentage Interest evidenced by this Certificate in the Class P Prepayment Charges with respect to a Trust Fund consisting primarily of the Mortgage Loans deposited by Mortgage Asset Securitization Transactions, Inc.
In furtherance of such intention, the Master Servicer shall file or cause to be filed with the Internal Revenue Service together with Form 1041 or such other form as may be applicable and shall furnish or cause to be furnished, to the Class P Certificateholders, the amount of Class P Prepayment Charges received, in the time or times and in the manner required by the Code.
Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of any Trust REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates.
The parties intend that the portion of the Trust Fund constituting the Grantor Trust, consisting of the Class P Prepayment Charges shall constitute, and that the affairs of the Grantor Trust shall be conducted so as to qualify such portion as a "grantor trust" under subpart E, Part I of subchapter J of the Code, and the provisions hereof shall be interpreted consistently with this intention.
Funds deposited in the Distribution Account in respect of the Class P Prepayment Charges shall not be treated as assets of either Trust REMIC, but shall be treated as assets of a separate sub-account of the Distribution Account which shall be an asset of the Grantor Trust for the benefit of the Class P Certificates.