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

Custody of Lease Documents and Certificates of Title. (a) To reduce administrative costs and ensure uniform quality in the servicing of the 20[__]-[__] Leases and BMW FS’ own portfolio of leases, the Trust hereby appoints the Servicer as its agent, bailee and custodian of the 20[__]-[__] Leases, the certificates of title relating to the 20[__]-[__] Vehicles, the insurance policies and insurance records and other documents related to the 20[__]-[__] Leases and the related Lessees and 20[__]-[__] 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 20[__]-[__] SUBI Assets. The accounting records and computer systems of BMW FS will reflect the allocation of the 20[__]-[__] Leases and 20[__]-[__] 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 20[__]-[__] Leases, the certificates of title relating to the 20[__]-[__] Vehicles, the insurance policies and insurance records and other documents related to the 20[__]-[__] Leases and the related Lessees and 20[__]-[__] Vehicles so long as the Servicer remains primarily responsible for their safekeeping.

Custody of Lease Documents and Certificates of Title. (a) To reduce administrative costs and ensure uniform quality in the servicing of the 20[__]-[__] Leases and BMW FS’ own portfolio of leases, the Vehicle Trust hereby appoints the Servicer as its agent, bailee and custodian of the 20[__]-[__] Leases, the certificates of title relating to the 20[__]-[__] Vehicles, the insurance policies and insurance records and other documents related to the 20[__]-[__] Leases and the related Lessees and 20[__]-[__] VehiclesVehicles (collectively, the “Lease Files”). 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 20[__]-[__] SUBI Assets. The accounting records and computer systems of BMW FS will reflect the allocation of the 20[__]-[__] Leases and 20[__]-[__] Vehicles to the 20[__]-[__] SUBI, and the interest of the holders of the 20[__]-[__] SUBI Certificate therein. The Servicer may appoint one or more agents to act as subcustodians of certain items relating to the 20[__]-[__] Leases, the certificates of title relating to the 20[__]-[__] Vehicles, the insurance policies and insurance records and other documents related to the 20[__]-[__] Leases and the related Lessees and 20[__]-[__] Vehicles so long as the Servicer remains primarily responsible for their safekeeping.

Custody of Lease Documents and Certificates of Title. (a) To reduce administrative costs and ensure uniform quality in the servicing of the 20[__]-[____]-[_] Leases and BMW FS’ own portfolio of leases, the Trust hereby appoints the Servicer as its agent, bailee and custodian of the 20[__]-[____]-[_] Leases, the certificates of title relating to the 20[__]-[____]-[_] Vehicles, the insurance policies and insurance records and other documents related to the 20[__]-[____]-[_] Leases and the related Lessees and 20[__]-[____]-[_] 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 20[__]-[____]-[_] SUBI Assets. The accounting records and computer systems of BMW FS will reflect the allocation of the 20[__]-[____]-[_] Leases and 20[__]-[____]-[_] 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 20[__]-[____]-[_] Leases, the certificates of title relating to the 20[__]-[____]-[_] Vehicles, the insurance policies and insurance records and other documents related to the 20[__]-[____]-[_] Leases and the related Lessees and 20[__]-[____]-[_] Vehicles so long as the Servicer remains primarily responsible for their safekeeping.

Custody of Lease Documents and Certificates of Title. (a) To reduce administrative costs and ensure uniform quality in the servicing of the 20[__]-[____]-[_] Leases and BMW FS’ own portfolio of leases, the Trust Vehicle Trustee hereby appoints the Servicer as its agent, bailee and custodian of the 20[__]-[____]-[_] Leases, the certificates of title relating to the 20[__]-[____]-[_] Vehicles, the insurance policies and insurance records and other documents related to the 20[__]-[____]-[_] Leases and the related Lessees and 20[__]-[____]-[_] 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 20[__]-[__] SUBI Assets. The accounting records and computer systems of BMW FS will reflect the allocation of the 20[__]-[____]-[_] Leases and 20[__]-[____]-[_] 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 20[__]-[____]-[_] Leases, the certificates of title relating to the 20[__]-[____]-[_] Vehicles, the insurance policies and insurance records and other documents related to the 20[__]-[____]-[_] Leases and the related Lessees and 20[__]-[____]-[_] Vehicles so long as the Servicer remains primarily responsible for their safekeeping.]