Common use of Application of Class P Prepayment Charges Clause in Contracts

Application of Class P Prepayment Charges. On each Distribution Date prior to the date on which the Class Principal Balance of the Class 2-1P Certificates has been reduced to zero, so long as a Group 2 Reserve Trigger Event is not in effect, the Trust Administrator shall withdraw from the Distribution Account and distribute to the Class 2-1P Certificates any Class P Prepayment Charges related to the Subgroup 2-1 Loans. On each Distribution Date on which a Group 2 Reserve Trigger Event is in effect and prior to the date on which the Class Principal Balance of the Class 2-1P Certificates has been reduced to zero, the Trust Administrator shall withdraw from the Distribution Account and (a) distribute to the Class 2-1P Certificates 30% of any Class P Prepayment Charges related to the Subgroup 2-1 Loans and (b) deposit 70% of any Class P Prepayment Charges related to the Subgroup 2-1 Loans in the Group 2 Credit Enhancement Reserve Fund. On each Distribution Date prior to the date on which the Class Principal Balance of the Class 2-2P Certificates has been reduced to zero, so long as a Group 2 Reserve Trigger Event is not in effect, the Trust Administrator shall withdraw from the Distribution Account and distribute to the Class 2-2P Certificates any Class P Prepayment Charges related to the Subgroup 2-2 Loans. On each Distribution Date on which a Group 2 Reserve Trigger Event is in effect and prior to the date on which the Class Principal Balance of the Class 2-2P Certificates has been reduced to zero, the Trust Administrator shall withdraw from the Distribution Account and (a) distribute to the Class 2-2P Certificates 30% of any Class P Prepayment Charges related to the Subgroup 2-2 Loans and (b) deposit 70% of any Class P Prepayment Charges related to the Subgroup 2-2 Loans in the Group 2 Credit Enhancement Reserve Fund.