Ownership by WFSRC3 of Trust Certificates. WFSRC3 shall on the Closing Date retain Trust Certificates representing at least 100% of the Certificate Percentage Interest and shall thereafter retain beneficial and record ownership of Trust Certificates representing at least 1% of the Certificate Percentage Interest (the "Retained Trust Certificate Percentage"). Any attempted transfer of any Trust Certificate that would reduce the interest of WFSRC3 in the Trust below the Retained Trust Certificate Percentage shall be void. The Owner Trustee shall cause any Trust Certificate issued to WFSRC3 on the Closing Date (and any Trust Certificate issued in exchange therefor) to contain a legend stating "THIS TRUST CERTIFICATE IS NON-TRANSFERABLE EXCEPT AS PROVIDED IN SECTION 3.10 OF THE TRUST AGREEMENT".
Appears in 8 contracts
Samples: Trust Agreement (WFS Financial 2005-3 Owner Trust), Trust Agreement (WFS Financial 2005-1 Owner Trust), Trust Agreement (WFS Receivables Corp 3)
Ownership by WFSRC3 of Trust Certificates. WFSRC3 shall on the Closing Date retain Trust Certificates representing at least 100% of the Certificate Percentage Interest and shall thereafter retain beneficial and record ownership of Trust Certificates representing at least 1% of the Certificate Percentage Interest (the "Retained Trust Certificate Percentage"). Any attempted transfer of any Trust Certificate that would reduce the interest of WFSRC3 in the Trust below the Retained Trust Certificate Percentage shall be void. The Owner Trustee shall cause any Trust Certificate issued to WFSRC3 on the Closing Date (and any Trust Certificate issued in exchange therefor) to contain a legend stating "THIS TRUST CERTIFICATE IS NON-TRANSFERABLE EXCEPT AS PROVIDED IN SECTION 3.10 OF THE TRUST AGREEMENT".. ARTICLE FOUR
Appears in 4 contracts
Samples: Trust Agreement (WFS Receivables Corp 3), Trust Agreement (WFS Receivables Corp 3), Trust Agreement (WFS Receivables Corp 3)
