SUBI Collection Account. Pursuant to Section 8.02(c) of the Indenture, the Issuer shall establish and the Indenture Trustee shall maintain the 2021-1 SUBI Collection Account. In the event the 2021-1 SUBI Collection Account ceases to be held at an Eligible Institution, the Servicer shall assist the Indenture Trustee as necessary to establish a new 2021-1 SUBI Collection Account in accordance with Section 8.02(c) of the Indenture.
Appears in 2 contracts
Samples: Financial Services Vehicle Trust (BMW Vehicle Lease Trust 2021-1), Financial Services Vehicle (BMW Vehicle Lease Trust 2021-1)
SUBI Collection Account. Pursuant to Section 8.02(c) of the Indenture, the Issuer shall establish and the Indenture Trustee shall maintain the 20212022-1 SUBI Collection Account. In the event the 20212022-1 SUBI Collection Account ceases to be held at an Eligible Institution, the Servicer shall assist the Indenture Trustee as necessary to establish a new 20212022-1 SUBI Collection Account in accordance with Section 8.02(c) of the Indenture.
Appears in 2 contracts
Samples: Basic Servicing Agreement (BMW Vehicle Lease Trust 2022-1), Basic Servicing Agreement (BMW Vehicle Lease Trust 2022-1)
SUBI Collection Account. Pursuant to Section 8.02(c) of the Indenture, the Issuer shall establish with the Securities Intermediary and the Indenture Trustee shall maintain the 20212024-1 SUBI Collection Account. In the event the 20212024-1 SUBI Collection Account ceases to be held at an Eligible Institution, the Servicer shall assist the Indenture Trustee as necessary to establish a new 20212024-1 SUBI Collection Account in accordance with Section 8.02(c) of the Indenture.
Appears in 2 contracts
Samples: Basic Servicing Agreement (BMW Vehicle Lease Trust 2024-1), Basic Servicing Agreement (BMW Vehicle Lease Trust 2024-1)
SUBI Collection Account. Pursuant (a) With respect to the 2021-1 SUBI, pursuant to Section 8.02(c) of the Indenture, the Issuer shall establish has established and the Indenture Trustee shall maintain will maintain, in the name of the Issuer, for the exclusive benefit of the holders of interests in the 2021-1 SUBI, the 2021-1 SUBI Collection Account. In the event the 2021-1 SUBI Collection Account ceases to be held at an Eligible Institution, the Servicer shall assist the Indenture Trustee as necessary to establish a new 2021-1 SUBI Collection Account in accordance with Section 8.02(c) of the Indenture.
Appears in 2 contracts
Samples: BMW Vehicle Lease Trust 2021-1, BMW Vehicle Lease Trust 2021-1