Class P REMIC Sample Clauses
The 'Class P REMIC' clause defines the specific class of interests within a Real Estate Mortgage Investment Conduit (REMIC) structure, typically designated as 'Class P.' This clause outlines the rights, obligations, and payment priorities associated with Class P interests, which may include the receipt of residual cash flows or the responsibility for certain tax liabilities. In practice, it clarifies how Class P holders participate in the distribution of income and losses, and may specify their role in absorbing excess or shortfall amounts. The core function of this clause is to allocate financial rights and responsibilities among REMIC participants, ensuring transparency and proper risk allocation within the securitization structure.
Class P REMIC. As provided herein, the Trustee shall elect to treat the segregated pool of assets consisting of the Class P Regular Interest in the Master REMIC as a REMIC for federal income tax purposes, and such segregated pool of assets shall be designated as the “Class P REMIC.” The Class P REMIC shall also issue the Class R-X2 Interest, which shall evidence the sole class of “residual interests” in the Class P REMIC for purposes of the REMIC Provisions under federal income tax law. The following table irrevocably sets forth the designation, the Pass-Through Rate, and the initial aggregate Certificate Principal Balance for the indicated Class of Certificates. Class P (2) (2) April 25, 2046 _______________
Class P REMIC. The Class P REMIC shall issue the following classes of interests. The Class P Certificates shall represent the regular interest in the Class P REMIC and the Class P-R Interest shall represent the sole class of residual interest in the Class P REMIC. Class P Certificate (1) (1) Class P-R (2) (2) ______________