Definition of 2007-1 SUBI Collection Account


2007-1 SUBI Collection Account means the trust account established pursuant to Section 3.1(a).

Examples of 2007-1 SUBI Collection Account in a sentence

On each Deposit Date and Payment Date, pursuant to the instructions from the Servicer, the Trust Agent shall make such deposits and withdrawals from the 2007-1 SUBI Collection Account as set forth in the Servicing Supplement and the Indenture.
If the Monthly Remittance Condition is not satisfied, SUBI Collections will be deposited into the 2007-1 SUBI Collection Account within two Business Days of receipt.
The Servicer shall be required to repurchase a 2007-1 Vehicle and the related 2007-1 Lease and remit to the related 2007-1 SUBI Collection Account a Reallocation Payment for such 2007-1 Vehicle and 2007-1 Lease if the related Lessee moves to a state that is not a Trust State and such state does not become a Trust State within 90 days after the Servicer has become aware of such move.
Notwithstanding anything to the contrary contained in this Servicing Supplement, for so long as BMW FS is the Servicer, the Servicer shall be permitted to deposit into the 2007-1 SUBI Collection Account only the net amount distributable to the Issuer, as holder of the 2007-1 SUBI Certificate, on the related Deposit Date.
Any investment earnings on the 2007-1 SUBI Collection Account will be taxable to the holder of the Transferor Certificate.