SUBI Collection Account. If the Servicer has not sold a 2016-1 Vehicle within 90 days after it has made a Sales Proceeds Advance, it shall be reimbursed for such Sales Proceeds Advance as part of the Payment Date Advance Reimbursement in accordance with Section 2.4(b)(i). Within six months of receiving that reimbursement, if the related 2016-1 Vehicle has not been sold, the Servicer shall, if permitted by applicable law, cause such 2016-1 Vehicle to be sold at auction and shall remit the proceeds associated with the disposition of such 2016-1 Vehicle to the 2016-1 SUBI Collection Account, except as otherwise provided in Section 2.3(g).
Appears in 2 contracts
Samples: Basic Servicing Agreement (BMW Vehicle Lease Trust 2016-1), Basic Servicing Agreement (BMW Vehicle Lease Trust 2016-1)
SUBI Collection Account. If the Servicer has not sold a 20162022-1 Vehicle within 90 days after it has made a Sales Proceeds Advance, it shall be reimbursed for such Sales Proceeds Advance as part of the Payment Date Advance Reimbursement in accordance with Section 2.4(b)(i). Within six months of receiving that reimbursement, if the related 20162022-1 Vehicle has not been sold, the Servicer shall, if permitted by applicable law, cause such 20162022-1 Vehicle to be sold at auction and shall remit the proceeds associated with the disposition of such 20162022-1 Vehicle to the 20162022-1 SUBI Collection Account, except as otherwise provided in Section 2.3(g).
Appears in 2 contracts
Samples: Basic Servicing Agreement (BMW Vehicle Lease Trust 2022-1), Basic Servicing Agreement (BMW Vehicle Lease Trust 2022-1)