Carryover Reserve Fund. (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Holders of the Certificates, the Carryover Reserve Fund. The Carryover Reserve Fund shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement.
(b) The Trustee shall make withdrawals from the Carryover Reserve Fund to make distributions of amounts payable from each Corridor Contract to the related Certificates pursuant to paragraph (e) of Section 4.04 hereof. Any amounts remaining after the distributions required pursuant to preceding sentence shall be distributed to the Class C Certificates; provided, however, that if a Corridor Contract is subject to early termination, early termination payments received on such Corridor Contract will be held by the Trustee until the related Corridor Contract Termination Date and deposited in the Carryover Reserve Fund as necessary to cover any Net Rate Carryover on the Certificates entitled thereto on future Distribution Dates.
(c) Funds in the Carryover Reserve Fund may be invested in Permitted Investments. Any earnings on such amounts shall be payable to the Class C Certificates. The Class C Certificates shall evidence ownership of the Carryover Reserve Fund for federal tax purposes and the Holders thereof evidencing not less than 50% of the Voting Rights of such Class shall direct the Trustee in writing as to the investment of amounts therein. In the absence of such written direction, all funds in the Carryover Reserve Fund shall be invested by the Trustee in The Bank of New York cash reserves.
(d) Upon termination of the Trust Fund, any amounts remaining in the Carryover Reserve Fund shall be distributed to the Holders of the Class C Certificates in the same manner as if distributed pursuant to Section 4.04(f) hereof.
Carryover Reserve Fund. (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Holders of the Certificates, the Carryover Reserve Fund. The Carryover Reserve Fund shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement. On the Closing Date, the Seller shall remit $10,000 to the Trustee, who shall deposit said funds in the Carryover Reserve Fund.
(b) The Trustee shall make withdrawals from the Carryover Reserve Fund to make distributions pursuant to Section 4.04(c) hereof.
(c) Funds in the Carryover Reserve Fund may be invested in Permitted Investments. Any earnings on such amounts shall be payable to the Class A-IO Certificates. The Class A-IO Certificates shall evidence ownership of the Carryover Reserve Fund for federal tax purposes and the Holders thereof evidencing not less than 50% of the Voting Rights of such Class shall direct the Trustee in writing as to the investment of amounts therein. In the absence of such written direction, all funds in the Carryover Reserve Fund shall be invested by the Trustee in The Bank of New York cash reserves.
(d) Upon termination of the Trust Fund, any amounts remaining in the Carryover Reserve Fund shall be distributed to the Holders of the Class A-IO Certificates in the same manner as if distributed pursuant to Section 4.04(f) hereof.
Carryover Reserve Fund. (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Holders of the LIBOR Certificates, a Carryover Reserve Fund, into which $1,000 shall be deposited upon receipt of such funds. The Carryover Reserve Fund shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including, without limitation, other moneys of the Trustee held pursuant to this Agreement. The Carryover Reserve Fund shall not be an asset of any REMIC established by this Agreement.
(b) The Trustee shall withdraw funds from the Carryover Reserve Fund for distribution to the LIBOR Certificates and the Class C Certificates in the manner specified in Section 4.02(e) (and to withhold from the amounts so withdrawn the amount of any taxes that it is authorized to retain pursuant to the third paragraph of Section 8.11). In addition, the Trustee may from time to time make withdrawals from the Carryover Reserve Fund for the following purposes:
(i) to withdraw any amount deposited in the Carryover Reserve Fund and not required to be deposited therein; and
(ii) clear and terminate the Carryover Reserve Fund upon the termination of this Agreement pursuant to Section 9.01.
(c) Funds in the Carryover Reserve Fund shall not be invested.
(d) Upon termination of the Trust Fund any amounts remaining in the Carryover Reserve Fund shall be distributed to the Class C Certificates and will not be available to cover any Net Rate Carryover on subsequent Distribution Dates.
Carryover Reserve Fund. (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Holders of the Certificates, the Carryover Reserve Fund and shall deposit $1,000 therein. The Carryover Reserve Fund shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement.
(b) The Trustee shall make withdrawals from the Carryover Reserve Fund to make distributions in respect of Net Rate Carryover as to the extent required by Section 4.04.
(c) The Carryover Reserve Fund shall not constitute an asset of any REMIC created hereunder. The Class C Certificates shall evidence ownership of the Carryover Reserve Fund for federal tax purposes.
(d) Funds in the Carryover Reserve Fund shall be invested by the Trustee in The Bank of New York cash reserves. All investments shall be made in the name of the Trustee, for the benefit of the Holders of the Interest-Bearing Certificates. Any net investment earnings on such amounts shall be retained therein until withdrawn as provided in Section 3.08.
Carryover Reserve Fund. The Carryover Reserve Fund shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including, without limitation, other moneys of the Trustee held pursuant to this Agreement. The Carryover Reserve Fund shall not be an asset of any REMIC established by this Agreement.
Carryover Reserve Fund. 125 Section 4.08 Credit Comeback Excess Account................................................................126 Section 4.09 Swap Trust and Swap Account...................................................................127 Section 4.10 Final Maturity Reserve Trust and Final Maturity Reserve Fund..................................127 ARTICLE V. THE CERTIFICATES Section 5.01 The Certificates..............................................................................129 Section 5.02 Certificate Register; Registration of Transfer and Exchange of Certificates...................130 Section 5.03 Mutilated, Destroyed, Lost or Stolen Certificates.............................................135 Section 5.04 Persons Deemed Owners.........................................................................135 Section 5.05 Access to List of Certificateholders' Names and Addresses.....................................135 Section 5.06 Book-Entry Certificates.......................................................................136 Section 5.07 Notices to Depository.........................................................................137 Section 5.08 Definitive Certificates.......................................................................137 Section 5.09 Maintenance of Office or Agency...............................................................137
Carryover Reserve Fund. (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Holders of the LIBOR Certificates, a
Carryover Reserve Fund. (a) On the Closing Date, the Trustee shall establish and maintain in its name, in trust for the benefit of the Holders of the Certificates, the Carryover Reserve Fund and shall deposit $1,000 therein. The Carryover Reserve Fund shall be an Eligible Account, and funds on deposit therein shall be held separate and apart from, and shall not be commingled with, any other moneys, including without limitation, other moneys held by the Trustee pursuant to this Agreement.
(b) The Trustee shall make withdrawals from the Carryover Reserve Fund to make distributions in respect of Net Rate Carryover as to the extent required by Section 4.04.
(c) The Carryover Reserve Fund shall not constitute an asset of any REMIC created hereunder. The Class C Certificates shall evidence ownership of the Carryover Reserve Fund for federal tax purposes.
Carryover Reserve Fund. The separate Eligible Account created and initially maintained by the Trustee pursuant to Section 3.05(g) in the name of the Trustee for the benefit of the Holders of the LIBOR Certificates and designated “The Bank of New York in trust for registered holders of CWALT, Inc., Alternative Loan Trust 2007-OA10, Mortgage Pass-Through Certificates, Series 2007-OA10.” Funds in the Carryover Reserve Fund shall be held in trust for the Holders of the LIBOR Certificates for the uses and purposes set forth in this Agreement.
Carryover Reserve Fund. 74 Section 4.07. Determination of Pass-Through Rates for LIBOR Certificates............................................75 Section 4.08. Cap Account, Corridor Trust and Corridor Account........76 ARTICLE FIVE THE CERTIFICATES 78 Section 5.01. The Certificates........................................78 Section 5.02. Certificate Register; Registration of Transfer and Exchange of Certificates................................78 Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates.......82 Section 5.04. Persons Deemed Owners...................................83 Section 5.05. Access to List of Certificateholders' Names and Addresses...............................................83 Section 5.06. Maintenance of Office or Agency.........................83 ARTICLE SIX THE DEPOSITOR AND THE SERVICER 84
