Regulation RR Risk Retention. BMW FS, as “sponsor” within the meaning of Regulation RR, shall cause the Depositor to retain the “eligible horizontal residual interest” (as defined by Regulation RR (the “Retained Interest”)) on the Closing Date and BMW FS will cause the Depositor and each Affiliate of BMW FS not to sell, transfer, finance or hedge the Retained Interest except as permitted by Regulation RR. This Section 2.24 shall survive the termination of this Servicing Supplement, and any resignation by, or termination of, BMW FS in its capacity as Servicer hereunder.
Appears in 19 contracts
Samples: Basic Servicing Agreement (BMW Vehicle Lease Trust 2024-1), Basic Servicing Agreement (BMW Vehicle Lease Trust 2024-1), Basic Servicing Agreement (BMW Vehicle Lease Trust 2023-2)
Regulation RR Risk Retention. BMW FS, as “sponsor” within the meaning of Regulation RR, shall cause the Depositor and BMW Bank to retain the “eligible horizontal residual interest” (as defined by Regulation RR (the “Retained Interest”)) on the Closing Date and BMW FS will comply, and will cause the Depositor Depositor, BMW Bank and each Affiliate of BMW FS to comply, with Regulation RR and will not, and will cause the Depositor, BMW Bank and each Affiliate of BMW FS not to sell, transfer, finance or hedge the Retained Interest except as permitted by Regulation RR. This Section 2.24 10.15 shall survive the termination of this Servicing SupplementAgreement, and any resignation by, or termination of, BMW FS in its capacity as Servicer hereunder.
Appears in 12 contracts
Samples: Sale and Servicing Agreement (BMW Vehicle Owner Trust 2024-A), Sale and Servicing Agreement (BMW Vehicle Owner Trust 2024-A), Sale and Servicing Agreement (BMW Vehicle Owner Trust 2022-A)
Regulation RR Risk Retention. BMW FS, as “sponsor” within the meaning of Regulation RR, shall cause the Depositor to retain the [“eligible horizontal residual interest”][“eligible vertical residual interest” ”] (as defined by Regulation RR (the “Retained Interest”)) on the Closing Date and BMW FS will cause the Depositor and each Affiliate of BMW FS not to sell, transfer, finance or hedge the Retained Interest except as permitted by Regulation RR. This Section 2.24 shall survive the termination of this Servicing Supplement, and any resignation by, or termination of, BMW FS in its capacity as Servicer hereunder.
Appears in 2 contracts
Samples: Financial Services (Financial Services Vehicle Trust), Basic Servicing Agreement (Financial Services Vehicle Trust)
Regulation RR Risk Retention. BMW FS, as “sponsor” within the meaning of Regulation RR, shall cause the Depositor and BMW Bank to retain the [“eligible horizontal residual interest”][“eligible vertical interest” ”] (as defined by Regulation RR (the “Retained Interest”)) on the Closing Date and BMW FS will comply, and will cause the Depositor Depositor, BMW Bank and each Affiliate of BMW FS to comply, with Regulation RR and will not, and will cause the Depositor, BMW Bank and each Affiliate of BMW FS not to sell, transfer, finance or hedge the Retained Interest except as permitted by Regulation RR. This Section 2.24 10.15 shall survive the termination of this Servicing SupplementAgreement, and any resignation by, or termination of, BMW FS in its capacity as Servicer hereunder.
Appears in 1 contract
Samples: Sale and Servicing Agreement (BMW Fs Securities LLC)
Regulation RR Risk Retention. BMW FS, as “sponsor” within the meaning of Regulation RR, shall cause the Depositor and BMW Bank to retain the [“eligible horizontal residual interest” ”][ “eligible vertical residual interest”] (as defined by Regulation RR (the “Retained Interest”)) on the Closing Date and BMW FS will comply, and will cause the Depositor Depositor, BMW Bank and each Affiliate of BMW FS to comply, with Regulation RR and will not, and will cause the Depositor, BMW Bank and each Affiliate of BMW FS not to sell, transfer, finance or hedge the Retained Interest except as permitted by Regulation RR. This Section 2.24 10.15 shall survive the termination of this Servicing SupplementAgreement, and any resignation by, or termination of, BMW FS in its capacity as Servicer hereunder.
Appears in 1 contract
Samples: Sale and Servicing Agreement (BMW Fs Securities LLC)