Common use of Distribution of Principal Receipts Clause in Contracts

Distribution of Principal Receipts. on or after the occurrence of a Non-Asset Trigger Event On or after the occurrence of a Non-Asset Trigger Event and until the occurrence of an Asset Trigger Event, the Cash Manager (at the direction of the Mortgages Trustee acting on behalf of the Beneficiaries at their direction and with their consent which is hereby given) shall, on each Distribution Date (including, if applicable, any Distribution Date on which a Non-Asset Trigger Event occurs), apply all Mortgages Trustee Principal Receipts to Funding and Funding 2 in no order of priority among them and pro rata in accordance with the Funding Proportion and the Funding 2 Proportion until the Funding Share and the Funding 2 Share of the Trust Property have been reduced to zero and shall thereafter, on each Distribution Date, apply all Mortgages Trustee Principal Receipts to the Seller.