Series Liabilities. It is expressly understood and agreed by the Servicer, and all persons claiming through the Servicer, that the Trust is a series trust pursuant to Sections 3804 and 3806(b)(2) of the Business Trust Statute. As such, separate and distinct records shall be maintained for the UTI Portfolio and each SUBI Portfolio and the Trust Assets associated with the UTI Portfolio and each SUBI Portfolio shall be held and accounted for separately from the other assets of the Trust. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the UTI and each SUBI shall be enforceable against the UTI Portfolio or the related SUBI Portfolio only, and not against the Trust Assets generally or the assets of any other SUBI Portfolio.
Appears in 4 contracts
Samples: Servicing Agreement (Volkswagen Auto Lease/Loan Underwritten Funding, LLC), Servicing Agreement (Volkswagen Auto Lease/Loan Underwritten Funding, LLC), Servicing Agreement (Volkswagen Auto Lease Underwritten Funding LLC)
