The Titling Trustee Clause Samples
The Titling Trustee clause designates a specific trustee to hold legal title to trust assets on behalf of the beneficiaries. In practice, this trustee is responsible for managing, transferring, or otherwise dealing with the assets as directed by the trust agreement, but does not necessarily have discretion over the assets' use or distribution. This arrangement is often used to simplify the administration of trust property, ensure clear record-keeping, and facilitate transactions, especially when multiple parties are involved. Ultimately, the clause helps clarify roles and responsibilities, reducing confusion and potential disputes over asset ownership within the trust.
The Titling Trustee on behalf of the Titling Trust, shall upon the written direction of (i) if there is a UTI Pledge, the pledgee thereof or, if not, the UTI Beneficiary, or (ii) the holder of the requisite percentage of any SUBI (as set forth in the applicable SUBI Supplement), waive any default by the Servicer in the performance of its obligations hereunder and its consequences with regard to the Sub-Trust containing those Titling Trust Assets, as the case may be. Upon any such waiver of a past default, such default shall cease to exist, and any Event of Servicing Termination arising therefrom shall be deemed to have been remedied for every purpose of this Servicing Agreement. No such waiver shall extend to any subsequent or other default or impair any right consequent thereon.
The Titling Trustee on behalf of the Titling Trust, hereby directs the Servicer to select at least one Transfer Date each month during the Revolving Period and to identify such Subsequent Contracts, related Subsequent Leased Vehicles and other associated Titling Trust Assets (as described in the 1998-B SUBI Supplement and meeting the other requirements set forth therein) on or before each Transfer Date, and cause such Subsequent Contracts and Subsequent Leased Vehicles to be specifically identified on a supplemental Schedule of Contracts and Leased Vehicles (which, when considered with all prior Schedules of Contracts and Leased Vehicles, shall be considered to be the definitive Schedule of Contracts and Leased Vehicles) to be delivered pursuant to Section 5.01 hereof. On each such Transfer Date, such Subsequent Contracts, Subsequent Leased Vehicles and other associated Titling Trust Assets shall be added to the 1998-B SUBI Portfolio and 1998-B SUBI Sub-Trust, as the case may be, as additional 1998-B SUBI Assets.
The Titling Trustee on behalf of the Titling Trust, and the Servicer also will enter into the 1997-A Servicing Supplement pursuant to which, among other things, the terms of the Titling Trust Agreement will be supplemented insofar as they apply solely to the servicing of the SUBI Sub-Trust created hereby to provide for further specific servicing obligations that will benefit solely the SUBI Beneficiaries with respect to the 1997-A SUBI created hereby.
The Titling Trustee