Class P REMIC definition

Class P REMIC. As defined in the Preliminary Statement.
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Examples of Class P REMIC in a sentence

  • The Trustee will hold the Class PM Interest in the Master REMIC for the benefit of the Class P REMIC.

  • The substantive Laws of the United States and the State of Alabama shall govern the construction of this Agreement and the documents executed and delivered pursuant hereto, and the rights and remedies of the parties hereto and thereto.

  • 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 Class C REMIC shall hold as its assets the uncertificated Class C interest in the Master REMIC and the Class P REMIC shall hold as its assets the uncertificated Class P interest in the Master REMIC.

  • The Class R-X Certificate represents ownership of the sole Class of residual interest in each of the Class C REMIC and the Class P REMIC.

  • As provided herein, the Trustee shall elect to treat the segregated pool of assets consisting of the Class P interest issued by 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-XP 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 Class P REMIC shall hold as its assets the Class P interest issued by the Master REMIC, and such interest is hereby designated as a regular interest in the Class P REMIC.

  • The Class P REMIC shall issue the following classes of interests.

  • The assets of the Class P REMIC will consist of the Class PM Interest in the Master REMIC and interests in the Class P REMIC will be evidenced by (i) the Class P Certificate, which will represent the "regular interests" in the Class P REMIC and (ii) the Class PR-X Interest, which will represent the single class of "residual interest" in the Class P REMIC.

  • The Class P REMIC shall hold as its assets the uncertificated Class P interest in the Upper Tier REMIC.

Related to Class P REMIC

  • Lower-Tier REMIC As described in the Preliminary Statement.

  • Upper-Tier REMIC As described in the Preliminary Statement.

  • Upper-Tier REMIC Distribution Account The trust account or accounts created and maintained as a separate trust account (or separate sub-account within the same account as the Lower-Tier REMIC Distribution Account) or accounts by the Certificate Administrator pursuant to Section 3.05(b) of this Agreement, which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator) shall be entitled “Computershare Trust Company, National Association, as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered Holders of BMO 2022-C1 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2022-C1, and the Uncertificated Interest Owners, Upper-Tier REMIC Distribution Account” and which must be an Eligible Account. The Upper-Tier REMIC Distribution Account shall be an asset of the Upper-Tier REMIC.

  • Lower-Tier REMIC Distribution Account The account or accounts created and maintained as a separate account (or separate sub-account within the same account as another Distribution Account) or accounts by the Certificate Administrator pursuant to Section 3.05(b) of this Agreement, which (subject to any changes in the identities of the Trustee and/or the Certificate Administrator) shall be entitled “Citibank, N.A., as Certificate Administrator, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the registered Holders of Benchmark 2019-B12 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2019-B12, Lower-Tier REMIC Distribution Account” and which must be an Eligible Account. The Lower-Tier REMIC Distribution Account shall be an asset of the Lower-Tier REMIC.

  • Lower Tier REMIC Regular Interest As specified in the Preliminary Statement.

  • Lower Tier REMIC Regular Interests Each of the Lower Tier REMIC Interests other than the Class LTR Interest.

  • Subsidiary REMIC Regular Interest Any one of the "regular interests" in the Subsidiary REMIC described in the Preliminary Statement.

  • Lower Tier REMIC Interests Each of the Class LTA-1 Interest, the Class LTA-2A Interest, the Class LTA-2B Interest, the Class LTA-2C Interest, the Class LTA-2D Interest, the Class LTM-1 Interest, the Class LTM-2 Interest, the Class LTM-3 Interest, the Class LTM-4 Interest, the Class LTM-5 Interest, the Class LTM-6 Interest, the Class LTB-1 Interest, the Class LTB-2 Interest, the Class LTB-3 Interest, the Class LTIX Interest, the Class LTIIX Interest, the Class LTII1A Interest, the Class LTII1B Interest, the Class LTII2A Interest, the Class LTII2B Interest, the Class LT-IO Interest and the Class LTR Interest.

  • 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.

  • REMIC A "real estate mortgage investment conduit" within the meaning of Section 860D of the Code.

  • Class X Interest The regular interest in the Class X REMIC represented by the Class X Certificates as specified and described in the Preliminary Statement and the related footnote thereto.

  • Corresponding REMIC I Regular Interest means the REMIC I Regular Interest that relates to any particular Mortgage Loan (including an REO Mortgage Loan) or Qualifying Substitute Mortgage Loan that replaces such Mortgage Loan, which REMIC I Regular Interest has the characteristics described in the Preliminary Statement.

  • Class R-I Interest The uncertificated Residual Interest in REMIC I.

  • Class P designation on the face thereof, substantially in the form of Exhibit A-5 attached hereto, and evidencing a portion of a class of "regular interests" in REMIC III for purposes of the REMIC Provisions.

  • Class LT-R Interest The residual interest in the Lower-Tier REMIC as described in the Preliminary Statement and the related footnote thereto.

  • Upper-Tier Regular Interest As described in the Preliminary Statement.

  • Class P Certificates All Certificates bearing the class designation of "Class P".

  • Class R-1 Interest The uncertificated Residual Interest in REMIC 1.

  • Class IO Interest An uncertificated interest in the Trust Fund held by the Trustee, evidencing a REMIC Regular Interest in REMIC III for purposes of the REMIC Provisions.

  • Class R-IV Interest The uncertificated Residual Interest in REMIC IV.

  • Class R-3 Interest The uncertificated Residual Interest in REMIC 3.

  • Class UT-R Interest The residual interest in the Upper-Tier REMIC as described in the Preliminary Statement and the related footnote thereto.

  • Corresponding REMIC II Regular Interest means the REMIC II Regular Interest as defined in the Preliminary Statement with respect to any Class of Corresponding Certificates or any Corresponding Component.

  • Class R-II Interest The uncertificated Residual Interest in REMIC II.

  • Class R-4 Interest The uncertificated Residual Interest in REMIC 4.

  • Class C Interest An uncertificated interest in the Trust Fund held by the Trustee on behalf of the Holders of the Class C Certificates, evidencing a Regular Interest in REMIC 3 for purposes of the REMIC Provisions.