Common use of Distributions from the Corridor Contract Reserve Fund Clause in Contracts

Distributions from the Corridor Contract Reserve Fund. (a) On each Distribution Date on or prior to the earlier of (i) the latest Corridor Contract Scheduled Termination Date and (ii) the date on which the aggregate Class Certificate Balance of the Covered Certificates is reduced to zero, amounts on deposit in the Corridor Contract Reserve Fund in respect of a Corridor Contract will be withdrawn therefrom and distributed to the related Class of Covered Certificates, to the extent needed to pay any Yield Supplement Amount on that Class of Covered Certificates for such Distribution Date. Any amounts not required to pay such Yield Supplement Amount will remain on deposit in the Corridor Contract Reserve Fund until withdrawn. (b) Any amounts remaining in the Corridor Contract Reserve Fund after the earlier of (i) the date on which the aggregate Class Certificate Balance of the Covered Certificates has been reduced to zero and (ii) the latest Corridor Contract Scheduled Termination Date will be distributed to the Underwriter (Senior).

Appears in 3 contracts

Samples: Pooling and Servicing Agreement (Alternative Loan Trust 2007-4cb), Pooling and Servicing Agreement (Cwalt Inc), Pooling and Servicing Agreement (Cwalt Inc)

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Distributions from the Corridor Contract Reserve Fund. (a) On each Distribution Date on or prior to the earlier of (i) the latest Corridor Contract Scheduled Termination Date for a Corridor Contract and (ii) the date on which the aggregate Class Certificate Balance of the related Covered Certificates is reduced to zero, amounts on deposit in the Corridor Contract Reserve Fund in respect of a from such Corridor Contract will be withdrawn therefrom and distributed to the related Class of Covered Certificates, to the extent needed to pay any related Yield Supplement Amount on that Class of Covered Certificates for such Distribution Date. Any amounts not required to pay such Date and any related Yield Supplement Amount will remain on deposit in the Corridor Contract Reserve Fund until withdrawnremaining unpaid from prior Distribution Dates. (b) Any amounts remaining in the Corridor Contract Reserve Fund after the earlier of (i) the date on which the aggregate Class Certificate Balance of the Covered Certificates has been reduced to zero and (ii) the latest Corridor Contract Scheduled Termination Date Date, will be distributed to the Underwriter (Senior).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Cwalt Inc)

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Distributions from the Corridor Contract Reserve Fund. (a) On each Distribution Date on or prior to the earlier of (i) the latest Corridor Contract Scheduled Termination Date and (ii) the date on which the aggregate Class Certificate Balance of the Covered Certificates is reduced to zero, amounts on deposit in the Corridor Contract Reserve Fund in respect of a Corridor Contract will be withdrawn therefrom and distributed to the related Class of Covered Certificates, to the extent needed to pay any Yield Supplement Amount on that Class of Covered Certificates for such Distribution Date. Any remaining amounts not required to pay such Yield Supplement Amount will remain on deposit in the Corridor Contract Reserve Fund until withdrawnon such Distribution Date shall be distributed to the Underwriter (Senior). (b) Any amounts remaining in the Corridor Contract Reserve Fund after the earlier of (i) the date on which the aggregate Class Certificate Balance of the Covered Certificates has been reduced to zero and (ii) the latest Corridor Contract Scheduled Termination Date Date, will be distributed to the Underwriter (Senior).

Appears in 1 contract

Samples: Pooling and Servicing Agreement (Alternative Loan Trust 2006-36t2)

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