Carryover Shortfall Reserve Fund. (a) On or before the Closing Date, the Trustee shall establish a Reserve Fund on behalf of the Holders of the Class A, Class M and Class B Certificates. The Reserve Fund must be an Eligible Account. The Reserve Fund shall be entitled "Carryover Shortfall Reserve Fund, Deutsche Bank Trust Company Americas as Trustee for the benefit of holders of Residential Accredit Loans, Inc., Mortgage Asset-Backed Pass-Through Certificates, Series 2005-QO4" (the "Carryover Shortfall Reserve Fund"). The Carryover Shortfall Reserve Fund shall be an Eligible Account or a sub-account of an Eligible Account. On the Closing Date, the Depositor will cause, on behalf of the Trust, the Carryover Shortfall Reserve Fund Amount to be deposited into the Carryover Shortfall Reserve Fund. Pursuant to Section 4.02(j), on the initial Distribution Date, amounts on deposit in the Carryover Shortfall Reserve Fund will be withdrawn from the Carryover Shortfall Reserve Fund and deposited into the Distribution Account for payment to the Class A, Class M and Class B Certificates to the extent of any Carryover Shortfall Amount on the Class A, Class M and Class B Certificates on such initial Distribution Date. After the initial Distribution Date, all amounts remaining in the Carryover Shortfall Reserve Fund will be distributed to Greenwich Capital Markets, Inc. or its designee, and following such withdrawal the Carryover Shortfall Reserve Fund will be closed.
(b) The Trustee will invest funds deposited in the Carryover Shortfall Reserve Fund as directed by the Depositor or its designee in writing in Permitted Investments with a maturity date (i) no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn from such account pursuant to this Agreement, if a Person other than the Trustee or an Affiliate of the Trustee is the obligor for the Permitted Investment, or (ii) no later than the date on which such funds are required to be withdrawn from such account or sub account of a trust account pursuant to this Agreement, if the Trustee or an affiliate of the Trustee is the obligor for the Permitted Investment (or, if no written direction is received by the Trustee from the Depositor, then funds in such account shall remain uninvested). For federal income tax purposes, the Depositor shall be the owner of the Carryover Shortfall Reserve Fund and shall report all items of income, deduction, gain or loss arising therefrom. At no time will the Carryover Sho...
Carryover Shortfall Reserve Fund. 78 Section 4.08 Determination of Pass-Through Rates for LIBOR Certificates............................79 ARTICLE FIVE THE CERTIFICATES.................................................................................81 Section 5.01 The Certificates......................................................................81 Section 5.02 Certificate Register; Registration of Transfer and Exchange of Certificates...........81 Section 5.03 Mutilated, Destroyed, Lost or Stolen Certificates.....................................85 Section 5.04 Persons Deemed Owners.................................................................85 Section 5.05 Access to List of Certificateholders' Names and Addresses.............................85 Section 5.06 Maintenance of Office or Agency.......................................................86 ARTICLE SIX THE DEPOSITOR AND THE MASTER SERVICER.............................................................87
Carryover Shortfall Reserve Fund. On each Distribution Date, any amounts deposited in the Carryover Shortfall Reserve Fund pursuant to Section 4.02(a)(1)(i) and Section 4.02(a)(2)(i) hereof will be distributed, sequentially, in the following order of priority:
(i) from amounts deposited in the Carryover Shortfall Reserve Fund from amounts allocated to the Class 1-X Certificates on that Distribution Date pursuant to Section 4.02(a)(1)(i), sequentially, as follows (x) concurrently, to the Class 1-A-1, Class 1-A-2 and Class 1-A-3 Certificates (to be distributed pro rata among such Classes based on the Carryover Shortfall Amount allocated to such Classes), in an amount up to their respective Carryover Shortfall Amounts and (y) to the Class 1-X Certificates, any remaining amount; and
(ii) from amounts deposited in the Carryover Shortfall Reserve Fund from amounts allocated to the Class 2-X Certificates on that Distribution Date pursuant to Section 4.02(a)(2)(i), sequentially, as follows (x) concurrently, to the Class 2-A-1, Class 2-A-2 and Class 2-A-3 Certificates (to be distributed pro rata among such Classes based on the Carryover Shortfall Amount allocated to such Classes), in an amount up to their respective Carryover Shortfall Amounts and (y) to the Class 2-X Certificates, any remaining amount. In addition, on the first Distribution Date, following the distribution pursuant to the preceding paragraph of amounts deposited in the Carryover Shortfall Reserve Fund pursuant to Section 4.02(a)(1)(i) and Section 4.02(a)(2)(i), the Trustee shall distribute the Carryover Shortfall Reserve Fund Additional Deposit Amounts first to the related Senior LIBOR Certificates, pro rata, based upon the amount of any unpaid Carryover Shortfall Amounts with respect to each such Class of Certificates, and then allocable to a Certificate Group (a) sequentially, to the Class 1-M-1, 1-Class 1-M-2, 1-Class 1-M-3, Class 1-M-4, Class 1-M-5, Class 1-M-6, Class 1-B-1, Class 1-B-2, Class 1-B-3, Class 1-B-4 and Class 1-B-5 Certificates, in that order, in each case based upon the amount of any unpaid Carryover Shortfall Amounts with respect to each such Class of Certificates, and (b) sequentially, to the Class 2-M-1, Class 2-B-1, Class 2-B-2, Class 2-B-2, Class 2-B-3, Class 2-B-4 and Class 2-B-5, in that order, in each case based upon the amount of any unpaid Carryover Shortfall Amounts with respect to each such Class of Certificates. On the first Distribution Date, following the distributions specified in the immediately ...
Carryover Shortfall 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 Floating Rate Certificates, a Carryover Shortfall Reserve Fund, into which the Depositor shall deposit $292,050.35. The Carryover Shortfall 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
Carryover Shortfall Reserve Fund. The separate fund 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 the Class X-P Certificates and designated “The Bank of New York in trust for registered holders of CWALT, Inc., Alternative Loan Trust 2007-AL1, Mortgage Pass-Through Certificates, Series 2007-AL1.” Funds in the Carryover Shortfall Reserve Fund shall be held in trust for the Holders of the LIBOR Certificates and the Class X-P Certificates for the uses and purposes set forth in this Agreement. Certificate: Any one of the Certificates executed by the Trustee in substantially the forms attached to this Agreement as exhibits.
Carryover Shortfall Reserve Fund. Section 4.05 Allocation of Net Deferred Interest.......................... Section 4.06 Monthly Statements to Certificateholders..................... Section 4.07 Certain Matters Relating to the Determination of LIBOR....
Carryover Shortfall Reserve Fund. (a) On each Distribution Date, all or a portion of the amounts distributable as interest to the IO Components of the Class A-X Certificates in an amount up to the Carryover Shortfall Amount, if any, for such Distribution Date, shall be deposited in the Carryover Shortfall Reserve Fund and shall be distributed on such Distribution Date, concurrently, as follows:
(i) from amounts on deposit in the Carryover Shortfall Reserve Fund otherwise distributable to the Class A-X-IO-1 Component, first, concurrently, to each Class of Senior Certificates (with the exception of the Class A-X and Class A-R Certificates), pro rata, based on their respective Class Certificate Balances, up to the amount of the Carryover Shortfall Amount with respect to each such Class of Certificates for such Distribution Date, second, concurrently, to each Class of such Senior Certificates, pro rata, based on their respective Carryover Shortfall Amounts for such Distribution Date not paid above, up to the amount of the Carryover Shortfall Amount with respect to each such Class of Certificates for such Distribution Date not paid and third, any amounts remaining to the Class A-X Certificates, and
(ii) from amounts on deposit in the Carryover Shortfall Reserve Fund otherwise distributable to the Class A-X-IO-2 Component, first, concurrently, to each class of Subordinate Certificates, pro rata, based on their respective Class Certificate Balances, up to the amount of the Carryover Shortfall Amount with respect to each such Class of Certificates for such Distribution Date, second, concurrently, to each Class of Subordinate Certificates, pro rata, based on their respective Carryover Shortfall Amounts for such Distribution Date not paid above, up to the amount of the Carryover Shortfall Amount with respect to each such Class of Certificates for such Distribution Date not paid and third, any amounts remaining to the Class A-X Certificates.
(b) To the extent amounts in respect of interest otherwise payable to an IO Component are used to pay Carryover Shortfall Amounts and are not paid to the Class A-X Certificates, a holder of the Class A-X Certificates will not be entitled to reimbursement for such amounts. The Carryover Shortfall Reserve Fund Account will not be an asset of either Trust REMIC.
Carryover Shortfall Reserve Fund. 73 ARTICLE V THE CERTIFICATES SECTION 5.01. The Certificates.......................................75 SECTION 5.02. Certificate Register; Registration of Transfer and Exchange of Certificates...............................75 SECTION 5.03. Mutilated, Destroyed, Lost or Stolen Certificates......80 SECTION 5.04. Persons Deemed Owners..................................80 SECTION 5.05. Access to List of Certificateholders' Names and Addresses..............................................80 SECTION 5.06. Maintenance of Office or Agency........................81 ARTICLE VI
Carryover Shortfall Reserve Fund. The separate fund 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 Floating Rate Certificates and the Class 1-X-P and Class 2-X Certificates and designated "The Bank of New York in trust for registered holders of CWALT, Inc., Alternative Loan Trust 2006-OA17, Mortgage Pass-Through Certificates, Series 2006-OA17." Funds in the Carryover Shortfall Reserve Fund shall be held in trust for the Holders of the Floating Rate Certificates and the Class 1-X-P and Class 2-X Certificates for the uses and purposes set forth in this Agreement.
Carryover Shortfall Reserve Fund. The separate Eligible Account created and maintained by the Trustee pursuant to Section 4.07 with a depository institution in the name of the Trustee for the benefit of the LIBOR Certificates and the Class AXPP Certificates and designated “Deutsche Bank National Trust Company, in trust for the registered holders of IndyMac IMSC Mortgage Loan Trust 2007-HOA1, Mortgage Pass-Through Certificates, Series 2007-HOA1.” Certificate: Any one of the certificates issued by the Trust Fund and executed by the Trustee in substantially the forms attached as exhibits.
