Common use of SUBI Assets Clause in Contracts

SUBI Assets. The Vehicle Trustee and the other parties hereto shall reasonably cooperate with the Owner Trustee or the Indenture Trustee, as applicable, to cause the related 2010-1 Vehicles to be retitled as directed by the purchaser. Following such sale, this Supplement shall terminate and the 2010-1 SUBI shall be terminated; provided however such termination shall affect the Vehicle Trust only insofar as such termination relates to the 2010-1 SUBI. Such termination shall not entitle the legal representatives of the 2010-1 SUBI or any Holder of the 2010-1 SUBI Certificate to take any action for a partition or winding up of the Trust or any Trust Assets except with respect to the 2010-1 SUBI Assets and the rights, obligations and liabilities of the parties hereto shall not otherwise be affected. Promptly after the occurrence of any bankruptcy, insolvency or termination proceeding with respect to the Issuer, the Issuer shall give the Indenture Trustee, the Owner Trustee and the Vehicle Trustee written notice of such event, and, with respect to the Rating Agencies, shall make such written notice available to each Rating Agency. Pursuant to the Indenture, the proceeds of a sale of the 2010-1 SUBI Assets shall be distributed by the Indenture Trustee, as set forth in Section 5.04 of the Indenture.

Appears in 2 contracts

Samples: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2010-1), Vehicle Trust Supplement (BMW Vehicle Lease Trust 2010-1)

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SUBI Assets. The Vehicle Trustee and the other parties hereto shall reasonably cooperate with the Owner Trustee or the Indenture Trustee, as applicable, to cause the related 20102024-1 2 Vehicles to be retitled retitled, if applicable, as directed by the purchaser. Following such sale, this Supplement shall terminate and the 20102024-1 2 SUBI shall be terminated; provided however such termination shall affect the Vehicle Trust only insofar as such termination relates to the 20102024-1 2 SUBI. Such termination shall not entitle the legal representatives of the 20102024-1 2 SUBI or any Holder of the 20102024-1 2 SUBI Certificate to take any action for a partition or winding up of the Vehicle Trust or any Trust Assets except with respect to the 20102024-1 2 SUBI Assets and the rights, obligations and liabilities of the parties hereto shall not otherwise be affected. Promptly As set forth in Section 5.01 of the Indenture, promptly after the occurrence of any bankruptcy, insolvency or termination proceeding with respect to the Issuer, the Issuer shall give the Indenture Trustee, the Owner Trustee and the Vehicle Trustee written notice of such event, and, with respect to the Rating Agencies, shall make such written notice available to each Rating Agency. Pursuant to the Indenture, the proceeds of a sale of the 20102024-1 2 SUBI Assets shall be distributed by the Indenture Trustee, as set forth in Section 5.04 of the Indenture.

Appears in 2 contracts

Samples: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2024-2), Vehicle Trust Supplement (BMW Vehicle Lease Trust 2024-2)

SUBI Assets. The Vehicle Trustee and the other parties hereto shall reasonably cooperate with the Owner Trustee or the Indenture Trustee, as applicable, to cause the related 20102014-1 Vehicles to be retitled as directed by the purchaser. Following such sale, this Supplement shall terminate and the 20102014-1 SUBI shall be terminated; provided however such termination shall affect the Vehicle Trust only insofar as such termination relates to the 20102014-1 SUBI. Such termination shall not entitle the legal representatives of the 20102014-1 SUBI or any Holder of the 20102014-1 SUBI Certificate to take any action for a partition or winding up of the Trust or any Trust Assets except with respect to the 20102014-1 SUBI Assets and the rights, obligations and liabilities of the parties hereto shall not otherwise be affected. Promptly after the occurrence of any bankruptcy, insolvency or termination proceeding with respect to the Issuer, the Issuer shall give the Indenture Trustee, the Owner Trustee and the Vehicle Trustee written notice of such event, and, with respect to the Rating Agencies, shall make such written notice available to each Rating Agency. Pursuant to the Indenture, the proceeds of a sale of the 20102014-1 SUBI Assets shall be distributed by the Indenture Trustee, as set forth in Section 5.04 of the Indenture.

Appears in 2 contracts

Samples: Vehicle Trust Supplement (BMW Auto Leasing LLC), Vehicle Trust Supplement (BMW Auto Leasing LLC)

SUBI Assets. The Vehicle Trustee and the other parties hereto shall reasonably cooperate with the Owner Trustee or the Indenture Trustee, as applicable, to cause the related 20102022-1 Vehicles to be retitled retitled, if applicable, as directed by the purchaser. Following such sale, this Supplement shall terminate and the 20102022-1 SUBI shall be terminated; provided however such termination shall affect the Vehicle Trust only insofar as such termination relates to the 20102022-1 SUBI. Such termination shall not entitle the legal representatives of the 20102022-1 SUBI or any Holder of the 20102022-1 SUBI Certificate to take any action for a partition or winding up of the Vehicle Trust or any Trust Assets except with respect to the 20102022-1 SUBI Assets and the rights, obligations and liabilities of the parties hereto shall not otherwise be affected. Promptly As set forth in Section 5.01 of the Indenture, promptly after the occurrence of any bankruptcy, insolvency or termination proceeding with respect to the Issuer, the Issuer shall give the Indenture Trustee, the Owner Trustee and the Vehicle Trustee written notice of such event, and, with respect to the Rating Agencies, shall make such written notice available to each Rating Agency. Pursuant to the Indenture, the proceeds of a sale of the 20102022-1 SUBI Assets shall be distributed by the Indenture Trustee, as set forth in Section 5.04 of the Indenture.

Appears in 2 contracts

Samples: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2022-1), Vehicle Trust Supplement (BMW Vehicle Lease Trust 2022-1)

SUBI Assets. The Vehicle Trustee and the other parties hereto shall reasonably cooperate with the Owner Trustee or the Indenture Trustee, as applicable, to cause the related 20102017-1 2 Vehicles to be retitled retitled, if applicable, as directed by the purchaser. Following such sale, this Supplement shall terminate and the 20102017-1 2 SUBI shall be terminated; provided however such termination shall affect the Vehicle Trust only insofar as such termination relates to the 20102017-1 2 SUBI. Such termination shall not entitle the legal representatives of the 20102017-1 2 SUBI or any Holder of the 20102017-1 2 SUBI Certificate to take any action for a partition or winding up of the Vehicle Trust or any Trust Assets except with respect to the 20102017-1 2 SUBI Assets and the rights, obligations and liabilities of the parties hereto shall not otherwise be affected. Promptly As set forth in Section 5.01 of the Indenture, promptly after the occurrence of any bankruptcy, insolvency or termination proceeding with respect to the Issuer, the Issuer shall give the Indenture Trustee, the Owner Trustee and the Vehicle Trustee written notice of such event, and, with respect to the Rating Agencies, shall make such written notice available to each Rating Agency. Pursuant to the Indenture, the proceeds of a sale of the 20102017-1 2 SUBI Assets shall be distributed by the Indenture Trustee, as set forth in Section 5.04 of the Indenture.

Appears in 2 contracts

Samples: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2017-2), Vehicle Trust Supplement (BMW Vehicle Lease Trust 2017-2)

SUBI Assets. The Vehicle Trustee and the other parties hereto shall reasonably cooperate with the Owner Trustee or the Indenture Trustee, as applicable, to cause the related 20102012-1 Vehicles to be retitled as directed by the purchaser. Following such sale, this Supplement shall terminate and the 20102012-1 SUBI shall be terminated; provided however such termination shall affect the Vehicle Trust only insofar as such termination relates to the 20102012-1 SUBI. Such termination shall not entitle the legal representatives of the 20102012-1 SUBI or any Holder of the 20102012-1 SUBI Certificate to take any action for a partition or winding up of the Trust or any Trust Assets except with respect to the 20102012-1 SUBI Assets and the rights, obligations and liabilities of the parties hereto shall not otherwise be affected. Promptly after the occurrence of any bankruptcy, insolvency or termination proceeding with respect to the Issuer, the Issuer shall give the Indenture Trustee, the Owner Trustee and the Vehicle Trustee written notice of such event, and, with respect to the Rating Agencies, shall make such written notice available to each Rating Agency. Pursuant to the Indenture, the proceeds of a sale of the 20102012-1 SUBI Assets shall be distributed by the Indenture Trustee, as set forth in Section 5.04 of the Indenture.

Appears in 2 contracts

Samples: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2012-1), Vehicle Trust Supplement (BMW Vehicle Lease Trust 2012-1)

SUBI Assets. The Vehicle Trustee and the other parties hereto shall reasonably cooperate with the Owner Trustee or the Indenture Trustee, as applicable, to cause the related 20102024-1 Vehicles to be retitled retitled, if applicable, as directed by the purchaser. Following such sale, this Supplement shall terminate and the 20102024-1 SUBI shall be terminated; provided however such termination shall affect the Vehicle Trust only insofar as such termination relates to the 20102024-1 SUBI. Such termination shall not entitle the legal representatives of the 20102024-1 SUBI or any Holder of the 20102024-1 SUBI Certificate to take any action for a partition or winding up of the Vehicle Trust or any Trust Assets except with respect to the 20102024-1 SUBI Assets and the rights, obligations and liabilities of the parties hereto shall not otherwise be affected. Promptly As set forth in Section 5.01 of the Indenture, promptly after the occurrence of any bankruptcy, insolvency or termination proceeding with respect to the Issuer, the Issuer shall give the Indenture Trustee, the Owner Trustee and the Vehicle Trustee written notice of such event, and, with respect to the Rating Agencies, shall make such written notice available to each Rating Agency. Pursuant to the Indenture, the proceeds of a sale of the 20102024-1 SUBI Assets shall be distributed by the Indenture Trustee, as set forth in Section 5.04 of the Indenture.

Appears in 2 contracts

Samples: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2024-1), Vehicle Trust Supplement (BMW Vehicle Lease Trust 2024-1)

SUBI Assets. The Vehicle Trustee and the other parties hereto shall reasonably cooperate with the Owner Trustee or the Indenture Trustee, as applicable, to cause the related 20102011-1 Vehicles to be retitled as directed by the purchaser. Following such sale, this Supplement shall terminate and the 20102011-1 SUBI shall be terminated; provided however such termination shall affect the Vehicle Trust only insofar as such termination relates to the 20102011-1 SUBI. Such termination shall not entitle the legal representatives of the 20102011-1 SUBI or any Holder of the 20102011-1 SUBI Certificate to take any action for a partition or winding up of the Trust or any Trust Assets except with respect to the 20102011-1 SUBI Assets and the rights, obligations and liabilities of the parties hereto shall not otherwise be affected. Promptly after the occurrence of any bankruptcy, insolvency or termination proceeding with respect to the Issuer, the Issuer shall give the Indenture Trustee, the Owner Trustee and the Vehicle Trustee written notice of such event, and, with respect to the Rating Agencies, shall make such written notice available to each Rating Agency. Pursuant to the Indenture, the proceeds of a sale of the 20102011-1 SUBI Assets shall be distributed by the Indenture Trustee, as set forth in Section 5.04 of the Indenture.

Appears in 2 contracts

Samples: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2011-1), Vehicle Trust Supplement (BMW Vehicle Lease Trust 2011-1)

SUBI Assets. The Vehicle Trustee and the other parties hereto shall reasonably cooperate with the Owner Trustee or the Indenture Trustee, as applicable, to cause the related 20102019-1 Vehicles to be retitled retitled, if applicable, as directed by the purchaser. Following such sale, this Supplement shall terminate and the 20102019-1 SUBI shall be terminated; provided however such termination shall affect the Vehicle Trust only insofar as such termination relates to the 20102019-1 SUBI. Such termination shall not entitle the legal representatives of the 20102019-1 SUBI or any Holder of the 20102019-1 SUBI Certificate to take any action for a partition or winding up of the Vehicle Trust or any Trust Assets except with respect to the 20102019-1 SUBI Assets and the rights, obligations and liabilities of the parties hereto shall not otherwise be affected. Promptly As set forth in Section 5.01 of the Indenture, promptly after the occurrence of any bankruptcy, insolvency or termination proceeding with respect to the Issuer, the Issuer shall give the Indenture Trustee, the Owner Trustee and the Vehicle Trustee written notice of such event, and, with respect to the Rating Agencies, shall make such written notice available to each Rating Agency. Pursuant to the Indenture, the proceeds of a sale of the 20102019-1 SUBI Assets shall be distributed by the Indenture Trustee, as set forth in Section 5.04 of the Indenture.

Appears in 2 contracts

Samples: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2019-1), Vehicle Trust Supplement (BMW Vehicle Lease Trust 2019-1)

SUBI Assets. The Vehicle Trustee and the other parties hereto shall reasonably cooperate with the Owner Trustee or the Indenture Trustee, as applicable, to cause the related 20102013-1 Vehicles to be retitled as directed by the purchaser. Following such sale, this Supplement shall terminate and the 20102013-1 SUBI shall be terminated; provided however such termination shall affect the Vehicle Trust only insofar as such termination relates to the 20102013-1 SUBI. Such termination shall not entitle the legal representatives of the 20102013-1 SUBI or any Holder of the 20102013-1 SUBI Certificate to take any action for a partition or winding up of the Trust or any Trust Assets except with respect to the 20102013-1 SUBI Assets and the rights, obligations and liabilities of the parties hereto shall not otherwise be affected. Promptly after the occurrence of any bankruptcy, insolvency or termination proceeding with respect to the Issuer, the Issuer shall give the Indenture Trustee, the Owner Trustee and the Vehicle Trustee written notice of such event, and, with respect to the Rating Agencies, shall make such written notice available to each Rating Agency. Pursuant to the Indenture, the proceeds of a sale of the 20102013-1 SUBI Assets shall be distributed by the Indenture Trustee, as set forth in Section 5.04 of the Indenture.

Appears in 2 contracts

Samples: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2013-1), Vehicle Trust Supplement (BMW Vehicle Lease Trust 2013-1)

SUBI Assets. The Vehicle Trustee and the other parties hereto shall reasonably cooperate with the Owner Trustee or the Indenture Trustee, as applicable, to cause the related 20102018-1 Vehicles to be retitled retitled, if applicable, as directed by the purchaser. Following such sale, this Supplement shall terminate and the 20102018-1 SUBI shall be terminated; provided however such termination shall affect the Vehicle Trust only insofar as such termination relates to the 20102018-1 SUBI. Such termination shall not entitle the legal representatives of the 20102018-1 SUBI or any Holder of the 20102018-1 SUBI Certificate to take any action for a partition or winding up of the Vehicle Trust or any Trust Assets except with respect to the 20102018-1 SUBI Assets and the rights, obligations and liabilities of the parties hereto shall not otherwise be affected. Promptly As set forth in Section 5.01 of the Indenture, promptly after the occurrence of any bankruptcy, insolvency or termination proceeding with respect to the Issuer, the Issuer shall give the Indenture Trustee, the Owner Trustee and the Vehicle Trustee written notice of such event, and, with respect to the Rating Agencies, shall make such written notice available to each Rating Agency. Pursuant to the Indenture, the proceeds of a sale of the 20102018-1 SUBI Assets shall be distributed by the Indenture Trustee, as set forth in Section 5.04 of the Indenture.

Appears in 2 contracts

Samples: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2018-1), Vehicle Trust Supplement (BMW Vehicle Lease Trust 2018-1)

SUBI Assets. The Vehicle Trustee and the other parties hereto shall reasonably cooperate with the Owner Trustee or the Indenture Trustee, as applicable, to cause the related 20102015-1 Vehicles to be retitled as directed by the purchaser. Following such sale, this Supplement shall terminate and the 20102015-1 SUBI shall be terminated; provided however such termination shall affect the Vehicle Trust only insofar as such termination relates to the 20102015-1 SUBI. Such termination shall not entitle the legal representatives of the 20102015-1 SUBI or any Holder of the 20102015-1 SUBI Certificate to take any action for a partition or winding up of the Trust or any Trust Assets except with respect to the 20102015-1 SUBI Assets and the rights, obligations and liabilities of the parties hereto shall not otherwise be affected. Promptly after the occurrence of any bankruptcy, insolvency or termination proceeding with respect to the Issuer, the Issuer shall give the Indenture Trustee, the Owner Trustee and the Vehicle Trustee written notice of such event, and, with respect to the Rating Agencies, shall make such written notice available to each Rating Agency. Pursuant to the Indenture, the proceeds of a sale of the 20102015-1 SUBI Assets shall be distributed by the Indenture Trustee, as set forth in Section 5.04 of the Indenture.

Appears in 2 contracts

Samples: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2015-1), Vehicle Trust Supplement (BMW Auto Leasing LLC)

SUBI Assets. The Vehicle Trustee and the other parties hereto shall reasonably cooperate with the Owner Trustee or the Indenture Trustee, as applicable, to cause the related 20102023-1 2 Vehicles to be retitled retitled, if applicable, as directed by the purchaser. Following such sale, this Supplement shall terminate and the 20102023-1 2 SUBI shall be terminated; provided however such termination shall affect the Vehicle Trust only insofar as such termination relates to the 20102023-1 2 SUBI. Such termination shall not entitle the legal representatives of the 20102023-1 2 SUBI or any Holder of the 20102023-1 2 SUBI Certificate to take any action for a partition or winding up of the Vehicle Trust or any Trust Assets except with respect to the 20102023-1 2 SUBI Assets and the rights, obligations and liabilities of the parties hereto shall not otherwise be affected. Promptly As set forth in Section 5.01 of the Indenture, promptly after the occurrence of any bankruptcy, insolvency or termination proceeding with respect to the Issuer, the Issuer shall give the Indenture Trustee, the Owner Trustee and the Vehicle Trustee written notice of such event, and, with respect to the Rating Agencies, shall make such written notice available to each Rating Agency. Pursuant to the Indenture, the proceeds of a sale of the 20102023-1 2 SUBI Assets shall be distributed by the Indenture Trustee, as set forth in Section 5.04 of the Indenture.

Appears in 2 contracts

Samples: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2023-2), Vehicle Trust Supplement (BMW Vehicle Lease Trust 2023-2)

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SUBI Assets. The Vehicle Trustee and the other parties hereto shall reasonably cooperate with the Owner Trustee or the Indenture Trustee, as applicable, to cause the related 20102016-1 Vehicles to be retitled retitled, if applicable, as directed by the purchaser. Following such sale, this Supplement shall terminate and the 20102016-1 SUBI shall be terminated; provided however such termination shall affect the Vehicle Trust only insofar as such termination relates to the 20102016-1 SUBI. Such termination shall not entitle the legal representatives of the 20102016-1 SUBI or any Holder of the 20102016-1 SUBI Certificate to take any action for a partition or winding up of the Vehicle Trust or any Trust Assets except with respect to the 20102016-1 SUBI Assets and the rights, obligations and liabilities of the parties hereto shall not otherwise be affected. Promptly As set forth in Section 5.01 of the Indenture, promptly after the occurrence of any bankruptcy, insolvency or termination proceeding with respect to the Issuer, the Issuer shall give the Indenture Trustee, the Owner Trustee and the Vehicle Trustee written notice of such event, and, with respect to the Rating Agencies, shall make such written notice available to each Rating Agency. Pursuant to the Indenture, the proceeds of a sale of the 20102016-1 SUBI Assets shall be distributed by the Indenture Trustee, as set forth in Section 5.04 of the Indenture.

Appears in 2 contracts

Samples: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2016-1), Vehicle Trust Supplement (BMW Vehicle Lease Trust 2016-1)

SUBI Assets. The Vehicle Trustee and the other parties hereto shall reasonably cooperate with the Owner Trustee or the Indenture Trustee, as applicable, to cause the related 20102016-1 2 Vehicles to be retitled retitled, if applicable, as directed by the purchaser. Following such sale, this Supplement shall terminate and the 20102016-1 2 SUBI shall be terminated; provided however such termination shall affect the Vehicle Trust only insofar as such termination relates to the 20102016-1 2 SUBI. Such termination shall not entitle the legal representatives of the 20102016-1 2 SUBI or any Holder of the 20102016-1 2 SUBI Certificate to take any action for a partition or winding up of the Vehicle Trust or any Trust Assets except with respect to the 20102016-1 2 SUBI Assets and the rights, obligations and liabilities of the parties hereto shall not otherwise be affected. Promptly As set forth in Section 5.01 of the Indenture, promptly after the occurrence of any bankruptcy, insolvency or termination proceeding with respect to the Issuer, the Issuer shall give the Indenture Trustee, the Owner Trustee and the Vehicle Trustee written notice of such event, and, with respect to the Rating Agencies, shall make such written notice available to each Rating Agency. Pursuant to the Indenture, the proceeds of a sale of the 20102016-1 2 SUBI Assets shall be distributed by the Indenture Trustee, as set forth in Section 5.04 of the Indenture.

Appears in 2 contracts

Samples: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2016-2), Vehicle Trust Supplement (BMW Vehicle Lease Trust 2016-2)

SUBI Assets. The Vehicle Trustee and the other parties hereto shall reasonably cooperate with the Owner Trustee or the Indenture Trustee, as applicable, to cause the related 20102021-1 Vehicles to be retitled retitled, if applicable, as directed by the purchaser. Following such sale, this Supplement shall terminate and the 20102021-1 SUBI shall be terminated; provided however such termination shall affect the Vehicle Trust only insofar as such termination relates to the 20102021-1 SUBI. Such termination shall not entitle the legal representatives of the 20102021-1 SUBI or any Holder of the 20102021-1 SUBI Certificate to take any action for a partition or winding up of the Vehicle Trust or any Trust Assets except with respect to the 20102021-1 SUBI Assets and the rights, obligations and liabilities of the parties hereto shall not otherwise be affected. Promptly As set forth in Section 5.01 of the Indenture, promptly after the occurrence of any bankruptcy, insolvency or termination proceeding with respect to the Issuer, the Issuer shall give the Indenture Trustee, the Owner Trustee and the Vehicle Trustee written notice of such event, and, with respect to the Rating Agencies, shall make such written notice available to each Rating Agency. Pursuant to the Indenture, the proceeds of a sale of the 20102021-1 SUBI Assets shall be distributed by the Indenture Trustee, as set forth in Section 5.04 of the Indenture.

Appears in 2 contracts

Samples: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2021-1), Vehicle Trust Supplement (BMW Vehicle Lease Trust 2021-1)

SUBI Assets. The Vehicle Trustee and the other parties hereto shall reasonably cooperate with the Owner Trustee or the Indenture Trustee, as applicable, to cause the related 20102023-1 Vehicles to be retitled retitled, if applicable, as directed by the purchaser. Following such sale, this Supplement shall terminate and the 20102023-1 SUBI shall be terminated; provided however such termination shall affect the Vehicle Trust only insofar as such termination relates to the 20102023-1 SUBI. Such termination shall not entitle the legal representatives of the 20102023-1 SUBI or any Holder of the 20102023-1 SUBI Certificate to take any action for a partition or winding up of the Vehicle Trust or any Trust Assets except with respect to the 20102023-1 SUBI Assets and the rights, obligations and liabilities of the parties hereto shall not otherwise be affected. Promptly As set forth in Section 5.01 of the Indenture, promptly after the occurrence of any bankruptcy, insolvency or termination proceeding with respect to the Issuer, the Issuer shall give the Indenture Trustee, the Owner Trustee and the Vehicle Trustee written notice of such event, and, with respect to the Rating Agencies, shall make such written notice available to each Rating Agency. Pursuant to the Indenture, the proceeds of a sale of the 20102023-1 SUBI Assets shall be distributed by the Indenture Trustee, as set forth in Section 5.04 of the Indenture.

Appears in 2 contracts

Samples: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2023-1), Vehicle Trust Supplement (BMW Vehicle Lease Trust 2023-1)

SUBI Assets. The Vehicle Trustee and the other parties hereto shall reasonably cooperate with the Owner Trustee or the Indenture Trustee, as applicable, to cause the related 20102007-1 Vehicles to be retitled as directed by the purchaser. Following such sale, this Supplement shall terminate and the 20102007-1 SUBI shall be terminated; provided however such termination shall affect the Vehicle Trust only insofar as such termination relates to the 20102007-1 SUBI. Such termination shall not entitle the legal representatives of the 20102007-1 SUBI or any Holder of the 20102007-1 SUBI Certificate to take any action for a partition or winding up of the Trust or any Trust Assets except with respect to the 20102007-1 SUBI Assets and the rights, obligations and liabilities of the parties hereto shall not otherwise be affected. Promptly after the occurrence of any bankruptcy, insolvency or termination proceeding with respect to the Issuer, the Issuer shall give the Indenture Trustee, the Owner Trustee, the Vehicle Trustee and the Vehicle Trustee Rating Agencies written notice of such event, and, with respect to the Rating Agencies, shall make such written notice available to each Rating Agency. Pursuant to the Indenture, the The proceeds of a such sale of the 2010-1 SUBI Assets shall be distributed by the Indenture Trustee, as set forth in Section 5.04 of the Indenture.

Appears in 1 contract

Samples: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2007-1)

SUBI Assets. The Vehicle Trustee and the other parties hereto shall reasonably cooperate with the Owner Trustee or the Indenture Trustee, as applicable, to cause the related 20102021-1 2 Vehicles to be retitled retitled, if applicable, as directed by the purchaser. Following such sale, this Supplement shall terminate and the 20102021-1 2 SUBI shall be terminated; provided however such termination shall affect the Vehicle Trust only insofar as such termination relates to the 20102021-1 2 SUBI. Such termination shall not entitle the legal representatives of the 20102021-1 2 SUBI or any Holder of the 20102021-1 2 SUBI Certificate to take any action for a partition or winding up of the Vehicle Trust or any Trust Assets except with respect to the 20102021-1 2 SUBI Assets and the rights, obligations and liabilities of the parties hereto shall not otherwise be affected. Promptly As set forth in Section 5.01 of the Indenture, promptly after the occurrence of any bankruptcy, insolvency or termination proceeding with respect to the Issuer, the Issuer shall give the Indenture Trustee, the Owner Trustee and the Vehicle Trustee written notice of such event, and, with respect to the Rating Agencies, shall make such written notice available to each Rating Agency. Pursuant to the Indenture, the proceeds of a sale of the 20102021-1 2 SUBI Assets shall be distributed by the Indenture Trustee, as set forth in Section 5.04 of the Indenture.

Appears in 1 contract

Samples: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2021-2)

SUBI Assets. The Vehicle Trustee and the other parties hereto shall reasonably cooperate with the Owner Trustee or the Indenture Trustee, as applicable, to cause the related 20102009-1 Vehicles to be retitled as directed by the purchaser. Following such sale, this Supplement shall terminate and the 20102009-1 SUBI shall be terminated; provided however such termination shall affect the Vehicle Trust only insofar as such termination relates to the 20102009-1 SUBI. Such termination shall not entitle the legal representatives of the 20102009-1 SUBI or any Holder of the 20102009-1 SUBI Certificate to take any action for a partition or winding up of the Trust or any Trust Assets except with respect to the 20102009-1 SUBI Assets and the rights, obligations and liabilities of the parties hereto shall not otherwise be affected. Promptly after the occurrence of any bankruptcy, insolvency or termination proceeding with respect to the Issuer, the Issuer shall give the Indenture Trustee, the Owner Trustee, the Vehicle Trustee and the Vehicle Trustee Rating Agencies written notice of such event, and, with respect to the Rating Agencies, shall make such written notice available to each Rating Agency. Pursuant to the Indenture, the proceeds of a sale of the 20102009-1 SUBI Assets shall be distributed by the Indenture Trustee, as set forth in Section 5.04 of the Indenture.

Appears in 1 contract

Samples: Vehicle Trust Supplement (BMW Vehicle Lease Trust 2009-1)

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