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Title: |
Trust Agreement |
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Entities: |
Cede & Co.; McGraw-Hill Companies Inc.; Tesco plc; UBS Securities LLC; International Swap Dealers Association Inc.; International Swaps & Derivatives Association, Inc. |
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Date: |
2006 |
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Size: |
Preview shows 17KB of 219KB total |
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Price: |
$75 |
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ID: |
#2617502 |
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CWALT, INC.,
Depositor
UBS SECURITIES LLC,
Underlying Certificate Seller
and
THE BANK OF NEW YORK,
Trustee, Securities Intermediary and Bank
-------------------------------
TRUST AGREEMENT
Dated as of October 25, 2006
-------------------------------
CWALT, Inc.
Alternative Loan Trust Resecuritization 2006-37R
Resecuritization Pass-Through Certificates, Series 2006-37R
{PAGE}
{TABLE}
{CAPTION}
TABLE OF CONTENTS
Page
----
{S} {C}
ARTICLE I DEFINITIONS 5
Section 1.01 Defined Terms..........................................................................5
ARTICLE II CONVEYANCE OF THE DEPOSITED UNDERLYING CERTIFICATES; ORIGINAL ISSUANCE OF CERTIFICATES 21
Section 2.01 Conveyance of the Deposited Underlying Certificates...................................21
Section 2.02 Acceptance by Trustee. ..............................................................22
Section 2.03 Representations and Warranties of the Underlying Certificate Seller. ................22
Section 2.04 Representations and Warranties of the Depositor. ....................................25
Section 2.05 Issuance of Certificates. ...........................................................26
Section 2.06 REMIC Matters. ......................................................................26
Section 2.07 Presentation for Transfer. ..........................................................27
ARTICLE III ADMINISTRATION OF THE TRUST FUND; PAYMENTS AND REPORTS TO CERTIFICATEHOLDERS 28
Section 3.01 Defaults by the Underlying Trust. ...................................................28
Section 3.02 Distribution Account, Securities Account and Yield Supplement Reserve Fund............28
Section 3.03 Permitted Withdrawals From the Distribution Account and the Yield Supplement
Reserve Fund. .......................................................................30
Section 3.04 Distributions.........................................................................30
Section 3.05 The Corridor Contract.................................................................32
Section 3.06 Allocation of Realized Losses.........................................................32
Section 3.07 Determination of Pass-Through Rates for LIBOR Certificates............................32
Section 3.08 Monthly Statements to Certificateholders. ...........................................34
Section 3.09 Reports of the Trustee; Distribution Account. .......................................35
{PAGE}
Section 3.10 Access to Certain Documentation and Information. ....................................35
Section 3.11 Annual Statement as to Compliance.....................................................35
ARTICLE IV THE CERTIFICATES 36
Section 4.01 The Certificates......................................................................36
Section 4.02 Certificate Register; Registration of Transfer and Exchange of Certificates...........36
Section 4.03 Mutilated, Destroyed, Lost or Stolen Certificates.....................................40
Section 4.04 Persons Deemed Owners.................................................................41
Section 4.05 Access to List of Certificateholders' Names and Addresses.............................41
Section 4.06 Maintenance of Office or Agency.......................................................41
ARTICLE V CONCERNING THE TRUSTEE 42
Section 5.01 Duties of Trustee.....................................................................42
Section 5.02 Certain Matters Affecting the Trustee.................................................42
Section 5.03 Trustee Not Liable for Certificates or Deposited Underlying Certificates..............44
Section 5.04 Trustee May Own Certificates..........................................................44
Section 5.05 Trustee's Fees and Expenses...........................................................44
Section 5.06 Indemnification of the Trustee........................................................44
Section 5.07 Eligibility Requirements for Trustee..................................................44
Section 5.08 Resignation and Removal of Trustee....................................................45
Section 5.09 Successor Trustee.....................................................................46
Section 5.10 Merger or Consolidation of Trustee....................................................46
Section 5.11 Appointment of Co-Trustee or Separate Trustee.........................................47
Section 5.12 Tax Matters...........................................................................48
ARTICLE VI THE DEPOSITOR 51
Section 6.01 Liability of the Depositor............................................................51
{PAGE}
Section 6.02 Merger, Consolidation or Conversion of the Depositor..................................51
Section 6.03 Limitation on Liability of the Depositor and Others...................................51
ARTICLE VII TERMINATION 52
Section 7.01 Termination...........................................................................52
Section 7.02 Final Distribution on the Certificates................................................52
Section 7.03 Additional Termination Requirements...................................................53
ARTICLE VIII MISCELLANEOUS PROVISIONS 55
Section 8.01 Amendment. ..........................................................................55
Section 8.02 Action Under and Conflicts With the Underlying Agreement. ...........................56
Section 8.03 Recordation of Agreement..............................................................57
Section 8.04 Certain REMIC Matters.................................................................57
Section 8.05 Limitation on Rights of Certificateholders............................................57
Section 8.06 Governing Law.........................................................................58
Section 8.07 Notices...............................................................................58
Section 8.08 Severability of Provisions............................................................58
Section 8.09 Successors and Assigns................................................................59
Section 8.10 Article and Section Headings..........................................................59
Section 8.11 Certificates Nonassessable and Fully Paid.............................................59
Section 8.12 Protection of Assets..................................................................59
ARTICLE IX EXCHANGE ACT REPORTING 60
Section 9.01 Filing Obligations....................................................................60
Section 9.02 Form 10-D Filings.....................................................................60
Section 9.03 Form 8-K Filings......................................................................61
Section 9.04 Form 10-K Filings.....................................................................61
Section 9.05 Sarbanes-Oxley Certification..........................................................62
{PAGE}
Section 9.06 Form 15 Filing........................................................................62
Section 9.07 Report on Assessment of Compliance and Attestation....................................62
Section 9.08 Use of Subcontractors.................................................................63
Section 9.09 Amendments............................................................................64
Section 9.10 Reconciliation of Accounts............................................................64
Schedule I List of Deposited Underlying Certificates and Underlying Agreements
Schedule II [Reserved]
Exhibit A - Form of Class A Certificate ........................................................................A-1
Exhibit B - [Reserved]..........................................................................................B-1
Exhibit C - Form of Residual Certificate........................................................................C-1
Exhibit D - Form of Reverse of Certificate......................................................................D-1
Exhibit E - Form of Transferor Affidavit........................................................................E-1
Exhibit F - Form of Transfer Affidavit for the Class A-R Certificate ...........................................F-1
Exhibit G - Form of Monthly Statement...........................................................................F-1
Exhibit H - Form of Performance Certification...................................................................H-1
Exhibit I - Form of Servicing Criteria to be Addressed in Assessment
of Compliance Statement.........................................................................................I-1
Exhibit J - List of Item 1119 Parties...........................................................................J-1
Exhibit K - Form of Sarbanes-Oxley Certification................................................................K-1
Exhibit L - Form of Item 1123 Certificate.......................................................................L-1
Exhibit M - Form of Corridor Contract...........................................................................L-1
Exhibit N - Form of Corridor Contract Assignment Agreement......................................................M-1
{/TABLE}
{PAGE}
TRUST AGREEMENT, dated as of October 25, 2006, by and among CWALT, Inc.,
as depositor (the "Depositor"), UBS Securities LLC, as underlying certificate
seller (the "Underlying Certificate Seller"), and The Bank of New York, as
trustee (the "Trustee") and in its capacities as Securities Intermediary and
as Bank (each as defined below).
W I T N E S S E T H:
WHEREAS, the Depositor, the Underlying Certificate Seller and the Trustee
desire to enter into a trust agreement dated as of the date hereof (the "Trust
Agreement"); and
WHEREAS, the Underlying Certificate Seller has transferred its interests
in and to the Deposited Underlying Certificates (as defined herein) to the
Depositor pursuant to a bill of sale executed by the Underlying Certificate
Seller in favor of the Depositor;
NOW THEREFORE, in consideration of the mutual agreements herein
contained, the parties hereto agree as follows:
PRELIMINARY STATEMENT
The Depositor is the owner of the Trust Fund that is hereby conveyed to
the Trustee in return for the Certificates and the beneficial interests of the
Underwriter in the Yield Supplement Trust. As provided in this Agreement, for
federal income tax purposes, (1) the Yield Supplement Trust will be a Grantor
Trust owned by the Underwriter and (2) the Trustee will elect to treat the
Trust Fund (other than any rights to the Underlying Yield Supplement Amounts
and any assets in the Yield Supplement Trust, including the rights and
obligations under the Corridor Contract Assignment Agreement) as a real estate
mortgage investment conduit (a "REMIC" or, in the alternative, the "Master
REMIC"). The Master REMIC will be evidenced by the Certificates, each of which
(other than the Class A-R Certificate) will represent ownership of one or more
"REMIC regular interests" in the Master REMIC. The Class A-R Certificate will
represent ownership of the sole Class of "REMIC residual interest" in the
Master REMIC. The latest possible maturity date, for federal income tax
purposes, of all REMIC regular interests created in this Agreement shall be
the Latest Possible Maturity Date.
The following table sets forth characteristics of the Certificates,
together with the minimum denominations and integral multiples in excess
thereof in which such Classes shall be issuable (except that one Certificate
of each Class of Certificates may be issued in a different amount and, in
addition, one Residual Certificate representing the Tax Matters Person
Certificate may be issued in a different amount):
{PAGE}
{TABLE}
{CAPTION}
--------------------- -------------------------- --------------------- ------------------------ ----------------------
Integral
Initial Class Pass-Through Multiples
Class Certificate Rate Minimum in Excess of
Designation Balance (per annum) Denomination Minimum
--------------------- -------------------------- --------------------- ------------------------ ----------------------
{S} {C} {C} {C} {C}
Class A-1 $58,556,429 (1) $25,000.00 $1.00
--------------------- -------------------------- --------------------- ------------------------ ----------------------
Class A-2 $9,759,404 (2) $25,000.00 $1.00
--------------------- -------------------------- --------------------- ------------------------ ----------------------
Class A-R (3) $100 6.00% (4) (4)
--------------------- -------------------------- --------------------- ------------------------ ----------------------
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