Initial Ownership. Upon the formation of the Issuer and until the issuance of the Certificates, the Seller shall be the sole beneficiary of the Issuer, and upon the issuance of the Certificates, the Seller will no longer be a beneficiary of the Issuer, except to the extent that the Seller is a Certificateholder.
Appears in 68 contracts
Samples: Trust Agreement (Santander Drive Auto Receivables LLC), Trust Agreement (Santander Drive Auto Receivables Trust 2020-1), Trust Agreement (Santander Drive Auto Receivables LLC)
Initial Ownership. Upon the formation of the Issuer and until the issuance of the CertificatesCertificate, the Seller shall be is the sole beneficiary of the Issuer, ; and upon the issuance of the CertificatesCertificate, the Seller will no longer be a beneficiary of the Issuer, except to the extent that the Seller is a the Certificateholder.
Appears in 41 contracts
Samples: Trust Agreement (Volkswagen Auto Loan Enhanced Trust 2014-2), Trust Agreement (Volkswagen Auto Lease/Loan Underwritten Funding, LLC), Trust Agreement (Volkswagen Auto Loan Enhanced Trust 2013-1)
Initial Ownership. Upon the formation of the Issuer and until the issuance of the CertificatesCertificate, the Seller shall be the sole beneficiary of the Issuer, and upon the issuance of the CertificatesCertificate, the Seller will no longer be a beneficiary of the Issuer, except to the extent that the Seller is a the Certificateholder.
Appears in 36 contracts
Samples: Trust Agreement (Santander Drive Auto Receivables LLC), Trust Agreement (Santander Drive Auto Receivables Trust 2013-1), Trust Agreement (Santander Drive Auto Receivables Trust 2011-1)
Initial Ownership. Upon the formation of the Issuer and until the issuance of the Certificates, the Seller shall be the sole beneficiary of the Issuer, and upon the issuance of the CertificatesCertificate, the Seller will no longer be a beneficiary of the Issuer, except to the extent that the Seller is a Certificateholder.
Appears in 36 contracts
Samples: Trust Agreement (Santander Drive Auto Receivables LLC), Trust Agreement (Santander Drive Auto Receivables LLC), Trust Agreement (Santander Drive Auto Receivables LLC)
Initial Ownership. Upon the formation of the Issuer and until the issuance of the Certificates, the Seller shall be is the sole beneficiary of the Issuer, ; and upon the issuance of the Certificates, the Seller will no longer be a beneficiary of the Issuer, except to the extent that the Seller is a Certificateholder.
Appears in 3 contracts
Samples: Trust Agreement (Fifth Third Holdings Funding, LLC), Trust Agreement (Fifth Third Holdings Funding, LLC), Trust Agreement (Fifth Third Holdings Funding, LLC)
Initial Ownership. Upon the formation of the Issuer and until the issuance of the CertificatesCertificate(s), the Seller shall be is the sole beneficiary of the Issuer, ; and upon the issuance of the CertificatesCertificate(s), the Seller will no longer be a beneficiary of the Issuer, except to the extent that the Seller is a the Certificateholder.
Appears in 2 contracts
Samples: Trust Agreement (Citizens Auto Receivables, LLC), Trust Agreement (Bas Securitization LLC)
Initial Ownership. Upon the formation of the Issuer and until the issuance of the CertificatesCertificate, the Seller shall be is the sole beneficiary of the Issuer, and upon the issuance of the Certificates, the Seller will no longer be a beneficiary of the Issuer, except to the extent that the Seller is a Certificateholder.
Appears in 1 contract
Samples: Trust Agreement (Capital One Prime Auto Receivables Trust 2003-1)
Initial Ownership. Upon the formation of the Issuer and until the issuance of the Certificates, the Seller shall be the sole beneficiary of the Issuer, and upon the issuance of the CertificatesCertificate, the Seller will no longer be a beneficiary of the Issuer, except to the extent that the Seller is a Certificateholder.. 5 Amended and Restated
Appears in 1 contract
Samples: Trust Agreement (Santander Drive Auto Receivables LLC)
