Initial Ownership. Upon the formation of the Issuer by the contribution by the Transferor pursuant to Section 2.05 and until the issuance of the Trust Certificates, the Transferor shall be the sole beneficiary of the Issuer.
Appears in 48 contracts
Samples: Trust Agreement (BMW Vehicle Lease Trust 2016-1), Trust Agreement (BMW Vehicle Lease Trust 2023-2), Trust Agreement (BMW Vehicle Lease Trust 2019-1)
Initial Ownership. Upon the formation of the Issuer by the contribution by the Transferor pursuant to Section 2.05 and until the issuance of the Trust CertificatesCertificate, the Transferor shall be the sole beneficiary of the Issuer; and upon the issuance of the Certificate, the Transferor will no longer be a beneficiary of the Issuer, except to the extent that the Transferor is the Certificateholder.
Appears in 31 contracts
Samples: Trust Agreement (Vw Credit Leasing LTD), Trust Agreement (Volkswagen Auto Lease/Loan Underwritten Funding, LLC), Trust Agreement (Volkswagen Auto Lease/Loan Underwritten Funding, LLC)
Initial Ownership. Upon the formation of the Issuer by the contribution by the Transferor pursuant to Section 2.05 2.5 and until the issuance of the Trust CertificatesCertificate, the Transferor shall be the sole beneficiary of the Issuer.
Appears in 1 contract
Samples: Trust Agreement (Volkswagen Auto Lease Trust 2002-A)
Initial Ownership. Upon the formation of the Issuer by the ----------------- contribution by the Transferor pursuant to Section 2.05 and until the issuance of the Trust Certificates, the Transferor shall be the sole beneficiary of the Issuer.
Appears in 1 contract
