No Legal Title to Titling Trust Assets; Direction of the Titling Trust Administrator. (a) Legal title to all Titling Trust Assets will be vested at all times in the Titling Trust. The Holders will not have legal title to any Titling Trust Assets. However, as set forth in Section 4.3(c)(i), the Holders may direct the Titling Trust Administrator to deliver the related Specified Assets to such Holders or at their direction. (b) Notwithstanding Section 11.1(a) or anything else in this Agreement to the contrary, the Titling Trust Administrator will take no action with respect to entering into, disposing of or making any payment or distribution with respect to any Leased Vehicle, Lease, Certificate of Title or insurance policy except in accordance with the procedures set forth in the applicable Servicing Agreement or as directed by the related Holders in accordance with Section 7.4(a).
Appears in 2 contracts
Samples: Trust Agreement (Mercedes-Benz Vehicle Trust), Trust Agreement (Mercedes-Benz Auto Lease Trust 2021-A)
No Legal Title to Titling Trust Assets; Direction of the Titling Trust Administrator. (a) Legal title to all Titling Trust Assets will be vested at all times in the Titling Trust. The Holders will not have legal title to any Titling Trust Assets. However, as set forth in Section 4.3(c)(i), the Holders may direct the Titling Trust Administrator and the Titling Trustee to deliver the related Specified Assets to such Holders or at their direction.
(b) Notwithstanding Section 11.1(a) or anything else in this Titling Trust Agreement to the contrary, the Titling Trust Administrator will take no action with respect to entering into, disposing of or making any payment or distribution with respect to any Leased Titling Trust Vehicle, Titling Trust Lease, Certificate of Title or insurance policy except in accordance with the procedures set forth in the applicable Servicing Agreement or (subject to the terms of the applicable Servicing Agreement and any applicable TRO Documents) as directed by the related Holders in accordance with Section 7.4(a).
Appears in 2 contracts
Samples: Trust Agreement (World Omni LT), Trust Agreement (World Omni LT)
No Legal Title to Titling Trust Assets; Direction of the Titling Trust Administrator. (a) Legal title to all Titling Trust Assets will be vested at all times in the Titling Trust. The Holders will not have legal title to any Titling Trust Assets. However, as set forth in Section 4.3(c)(i), the Holders may direct the Titling Trust Administrator and the Titling Trustee to deliver the related Specified Assets to such Holders or at their direction.
(b) Notwithstanding Section 11.1(a) or anything else in this Titling Trust Agreement to the contrary, the Titling Trust Administrator will take no action with respect to entering into, disposing of or making any payment or distribution with respect to any Leased Titling Trust Vehicle, Titling Trust Lease, Certificate of Title or insurance policy except in accordance with the procedures set forth in the applicable Servicing Agreement or (subject to the terms of the applicable Servicing Agreement and any applicable TRO Documents) as directed by the related Holders in accordance with Section 7.4(a).. 52 Titling Trust Agreement
Appears in 1 contract
Samples: Trust Agreement (World Omni LT)
No Legal Title to Titling Trust Assets; Direction of the Titling Trust Administrator. (a) Legal title to all Titling Trust Assets will be vested at all times in the Titling Trust. The Holders will not have legal title to any Titling Trust Assets. However, as set forth in Section 4.3(c)(i), the Holders may direct the Titling Trust Administrator and the Trustee to deliver the related Specified Assets to such Holders or at their direction.
(b) Notwithstanding Section 11.1(a) or anything else in this Agreement to the contrary, the Titling Trust Administrator will take no action with respect to entering into, disposing of or making any payment or distribution with respect to any Leased Vehicle, Lease, Certificate of Title or insurance policy except in accordance with the procedures set forth in the applicable Servicing Agreement or as directed by the related Holders in accordance with Section 7.4(a).
Appears in 1 contract
Samples: Trust Agreement (Daimler Trust)