Ownership of Trust Certificate. On the Closing Date, the Transferor shall acquire beneficial and record ownership of the Trust Certificate. Upon a dissolution or termination of the Transferor, the Trust Certificates held by it shall be distributed to BMW FS without regard to the provisions of Section 3.02. The Owner Trustee shall cause the Trust Certificate to bear a legend stating to the extent permitted by applicable law: “THIS TRUST CERTIFICATE IS NOT TRANSFERABLE EXCEPT IN THE EVENT OF THE DISSOLUTION, TERMINATION OR BANKRUPTCY OF THE HOLDER HEREOF, AND ANY TRANSFER IN VIOLATION OF THIS PROVISION SHALL BE NULL AND VOID”.
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Samples: Trust Agreement (BMW Vehicle Lease Trust 2024-1), Trust Agreement (BMW Vehicle Lease Trust 2024-1), Trust Agreement (BMW Vehicle Lease Trust 2023-2)
Ownership of Trust Certificate. On the Closing Date, the Transferor shall acquire beneficial and record ownership of the Trust Certificate. Upon a dissolution or termination of the Transferor, the Trust Certificates held by it shall be distributed to BMW FS without regard to the provisions of Section 3.02. The Owner Trustee shall cause the Trust Certificate to bear a legend stating to the extent permitted by applicable law: “THIS TRUST CERTIFICATE IS NOT TRANSFERABLE EXCEPT IN THE EVENT OF THE DISSOLUTION, TERMINATION OR BANKRUPTCY OF THE HOLDER HEREOF, AND ANY TRANSFER IN VIOLATION OF THIS PROVISION SHALL BE NULL AND VOID”.
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