Annual Transfer. The State of Florida imposes a value-based intangibles tax on January 1 of each year on certain intangibles owned, managed or controlled by Florida domiciliaries or intangibles having a business situs in Florida. On the last business day of each year, in an effort to minimize the impact of this intangibles tax, the Seller may transfer 99% of its right, title and interest in, to and under the Certificates owned by it as of such day, together with all of its duties, rights and obligations under this Agreement and the Administration Agreement to a special-purpose entity that is a wholly-owned subsidiary of World Omni (the “Transferee”), located and managed outside the State of Florida (such transfer, the “Annual Transfer”). In connection with such Annual Transfer, World Omni shall transfer all of its rights, obligations and duties under this Agreement and the Administration Agreement to the Transferee. The Trust will continue to maintain its first priority perfected security interest in the Receivables. Only 99% of the Seller’s interest in the Receivables evidenced by the Certificates and its duties, rights and obligations under this Agreement and the Administration Agreement, together with World Omni’s management and control authority and obligations, will be transferred to the Transferee, to be held in escrow and returned to the Seller and World Omni, respectively, on the first business day of the following year. World Omni shall indemnify the Trust with respect to any liability for this intangibles tax. World Omni will not conduct any servicing activities during the period of the Annual Transfer.
Annual Transfer. Within 55 days of the end of the fifth Bond Year for a series of Bonds, upon the written Request of the Agency, an amount shall be deposited to the Rebate Account by the Trustee from any funds of the Agency legally available for such purpose (as specified by the Agency in the aforesaid written Request), if and to the extent required so that the balance in the Rebate Account shall equal the amount of Rebatable Arbitrage so calculated in accordance with (i) of this Subsection (a). In the event that immediately following the transfer required by the previous sentence, the amount then on deposit to the credit of the Rebate Account exceeds the amount required to be on deposit therein, upon written Request of the Agency, the Trustee shall withdraw the excess from the Rebate Account and then credit the excess to the Special Fund.
Annual Transfer. Within 55 days of the end of each Bond Year, upon the written Request of the District, an amount shall be deposited to the Rebate Fund by the Paying Agent from any Revenues legally available for such purpose (as specified by the District in the aforesaid written Request), if and to the extent required so that the balance in the Rebate Fund shall equal the amount of the Rebatable Arbitrage so calculated in accordance with (i) of this subsection (a). In the event that immediately following the transfer required by the previous sentence, the amount then on deposit to the credit of the Rebate Fund exceeds the amount required to be on deposit therein, upon written Request of the District, the Paying Agent shall withdraw the excess from the Rebate Fund and then transfer the excess to the District.
Annual Transfer. 26 ARTICLE V DISTRIBUTIONS; RESERVE ACCOUNT; STATEMENTS TO CERTIFICATEHOLDERS AND NOTEHOLDERS
Annual Transfer. 26 ARTICLE V DISTRIBUTIONS; RESERVE ACCOUNT; STATEMENTS TO CERTIFICATEHOLDERS AND NOTEHOLDERS ............... 27 Section 5.01 Establishment of Trust Accounts ................................................... 27 Section 5.02 Collections ....................................................................... 30 Section 5.03 Application of Collections ........................................................ 30
Annual Transfer. 26 Section 4.16
