Common use of Custody of Lease Documents and Certificates of Title Clause in Contracts

Custody of Lease Documents and Certificates of Title. To reduce administrative costs and ensure uniform quality in the servicing of the 2011-1 Leases and BMW FS’ own portfolio of leases, the Trust hereby appoints the Servicer as its agent, bailee and custodian of the 2011-1 Leases, the certificates of title relating to the 2011-1 Vehicles, the insurance policies and insurance records and other documents related to the 2011-1 Leases and the related Lessees and 2011-1 Vehicles. Such documents will not be physically segregated from other leases, certificates of title, insurance policies and insurance records or other documents related to other leases and vehicles owned or serviced by the Servicer, including leases and vehicles which are not part of the 2011-1 SUBI Assets. The accounting records and computer systems of BMW FS will reflect the allocation of the 2011-1 Leases and 2011-1 Vehicles to the SUBI, and the interest of the holders of the SUBI Certificate therein. The Servicer may appoint one or more agents to act as subcustodians of certain items relating to the 2011-1 Leases, the certificates of title relating to the 2011-1 Vehicles, the insurance policies and insurance records and other documents related to the 2011-1 Leases and the related Lessees and 2011-1 Vehicles so long as the Servicer remains primarily responsible for their safekeeping.

Custody of Lease Documents and Certificates of Title. To reduce administrative costs and ensure uniform quality in the servicing of the 20112014-1 Leases and BMW FS’ own portfolio of leases, the Trust hereby appoints the Servicer as its agent, bailee and custodian of the 20112014-1 Leases, the certificates of title relating to the 20112014-1 Vehicles, the insurance policies and insurance records and other documents related to the 20112014-1 Leases and the related Lessees and 20112014-1 Vehicles. Such documents will not be physically segregated from other leases, certificates of title, insurance policies and insurance records or other documents related to other leases and vehicles owned or serviced by the Servicer, including leases and vehicles which are not part of the 20112014-1 SUBI Assets. The accounting records and computer systems of BMW FS will reflect the allocation of the 20112014-1 Leases and 20112014-1 Vehicles to the SUBI, and the interest of the holders of the SUBI Certificate therein. The Servicer may appoint one or more agents to act as subcustodians of certain items relating to the 20112014-1 Leases, the certificates of title relating to the 20112014-1 Vehicles, the insurance policies and insurance records and other documents related to the 20112014-1 Leases and the related Lessees and 20112014-1 Vehicles so long as the Servicer remains primarily responsible for their safekeeping.

Custody of Lease Documents and Certificates of Title. To reduce administrative costs and ensure uniform quality in the servicing of the 20112010-1 Leases and BMW FS’ own portfolio of leases, the Trust hereby appoints the Servicer as its agent, bailee and custodian of the 20112010-1 Leases, the certificates of title relating to the 20112010-1 Vehicles, the insurance policies and insurance records and other documents related to the 20112010-1 Leases and the related Lessees and 20112010-1 Vehicles. Such documents will not be physically segregated from other leases, certificates of title, insurance policies and insurance records or other documents related to other leases and vehicles owned or serviced by the Servicer, including leases and vehicles which are not part of the 20112010-1 SUBI Assets. The accounting records and computer systems of BMW FS will reflect the allocation of the 20112010-1 Leases and 20112010-1 Vehicles to the SUBI, and the interest of the holders of the SUBI Certificate therein. The Servicer may appoint one or more agents to act as subcustodians of certain items relating to the 20112010-1 Leases, the certificates of title relating to the 20112010-1 Vehicles, the insurance policies and insurance records and other documents related to the 20112010-1 Leases and the related Lessees and 20112010-1 Vehicles so long as the Servicer remains primarily responsible for their safekeeping.

Custody of Lease Documents and Certificates of Title. To reduce administrative costs and ensure uniform quality in the servicing of the 20112013-1 Leases and BMW FS’ own portfolio of leases, the Trust hereby appoints the Servicer as its agent, bailee and custodian of the 20112013-1 Leases, the certificates of title relating to the 20112013-1 Vehicles, the insurance policies and insurance records and other documents related to the 20112013-1 Leases and the related Lessees and 20112013-1 Vehicles. Such documents will not be physically segregated from other leases, certificates of title, insurance policies and insurance records or other documents related to other leases and vehicles owned or serviced by the Servicer, including leases and vehicles which are not part of the 20112013-1 SUBI Assets. The accounting records and computer systems of BMW FS will reflect the allocation of the 20112013-1 Leases and 20112013-1 Vehicles to the SUBI, and the interest of the holders of the SUBI Certificate therein. The Servicer may appoint one or more agents to act as subcustodians of certain items relating to the 20112013-1 Leases, the certificates of title relating to the 20112013-1 Vehicles, the insurance policies and insurance records and other documents related to the 20112013-1 Leases and the related Lessees and 20112013-1 Vehicles so long as the Servicer remains primarily responsible for their safekeeping.

Custody of Lease Documents and Certificates of Title. To reduce administrative costs and ensure uniform quality in the servicing of the 20112012-1 Leases and BMW FS’ own portfolio of leases, the Trust hereby appoints the Servicer as its agent, bailee and custodian of the 20112012-1 Leases, the certificates of title relating to the 20112012-1 Vehicles, the insurance policies and insurance records and other documents related to the 20112012-1 Leases and the related Lessees and 20112012-1 Vehicles. Such documents will not be physically segregated from other leases, certificates of title, insurance policies and insurance records or other documents related to other leases and vehicles owned or serviced by the Servicer, including leases and vehicles which are not part of the 20112012-1 SUBI Assets. The accounting records and computer systems of BMW FS will reflect the allocation of the 20112012-1 Leases and 20112012-1 Vehicles to the SUBI, and the interest of the holders of the SUBI Certificate therein. The Servicer may appoint one or more agents to act as subcustodians of certain items relating to the 20112012-1 Leases, the certificates of title relating to the 20112012-1 Vehicles, the insurance policies and insurance records and other documents related to the 20112012-1 Leases and the related Lessees and 20112012-1 Vehicles so long as the Servicer remains primarily responsible for their safekeeping.

Custody of Lease Documents and Certificates of Title. To reduce administrative costs and ensure uniform quality in the servicing of the 20112009-1 Leases and BMW FS’ own portfolio of leases, the Trust hereby appoints the Servicer as its agent, bailee and custodian of the 20112009-1 Leases, the certificates of title relating to the 20112009-1 Vehicles, the insurance policies and insurance records and other documents related to the 20112009-1 Leases and the related Lessees and 20112009-1 Vehicles. Such documents will not be physically segregated from other leases, certificates of title, insurance policies and insurance records or other documents related to other leases and vehicles owned or serviced by the Servicer, including leases and vehicles which are not part of the 20112009-1 SUBI Assets. The accounting records and computer systems of BMW FS will reflect the allocation of the 20112009-1 Leases and 20112009-1 Vehicles to the SUBI, and the interest of the holders of the SUBI Certificate therein. The Servicer may appoint one or more agents to act as subcustodians of certain items relating to the 20112009-1 Leases, the certificates of title relating to the 20112009-1 Vehicles, the insurance policies and insurance records and other documents related to the 20112009-1 Leases and the related Lessees and 20112009-1 Vehicles so long as the Servicer remains primarily responsible for their safekeeping.

Custody of Lease Documents and Certificates of Title. To reduce administrative costs and ensure uniform quality in the servicing of the 20112007-1 Leases and BMW FS’ own portfolio of leases, the Trust hereby appoints the Servicer as its agent, bailee and custodian of the 20112007-1 Leases, the certificates of title relating to the 20112007-1 Vehicles, the insurance policies and insurance records and other documents related to the 20112007-1 Leases and the related Lessees and 20112007-1 Vehicles. Such documents will not be physically segregated from other leases, certificates of title, insurance policies and insurance records or other documents related to other leases and vehicles owned or serviced by the Servicer, including leases and vehicles Vehicles which are not part of the 2011-1 SUBI Assets. The accounting records and computer systems of BMW FS will reflect the allocation of the 20112007-1 Leases and 20112007-1 Vehicles to the SUBI, and the interest of the holders of the SUBI Certificate therein. The Servicer may appoint one or more agents to act as subcustodians of certain items relating to the 20112007-1 Leases, the certificates of title relating to the 20112007-1 Vehicles, the insurance policies and insurance records and other documents related to the 20112007-1 Leases and the related Lessees and 20112007-1 Vehicles so long as the Servicer remains primarily responsible for their safekeeping.