BMW FS definition
Examples of BMW FS in a sentence
This Section 2.24 shall survive the termination of this Servicing Supplement, and any resignation by, or termination of, BMW FS in its capacity as Servicer hereunder.
Upon a dissolution or termination of the Transferor, the Trust Certificates held by it shall be distributed to BMW FS without regard to the provisions of Section 3.
The accounting records and computer systems of BMW FS will reflect the allocation of the 2025-2 Leases and 2025-2 Vehicles to the 2025-2 SUBI, and the interest of the holders of the 2025-2 SUBI Certificate therein.
Notwithstanding anything herein to the contrary, so long as BMW FS is the Servicer, BMW FS may withhold from the deposit into the 2025-2 SUBI Collection Account any amounts indicated on the related Payment Date Certificate as being due and payable to the Servicer.
The Servicer shall immediately notify the Depositor (in the event that BMW FS is not acting as Servicer), the Issuer, the Vehicle Trustee and the Indenture Trustee (or any successor to the duties of the Indenture Trustee) upon learning of a claim or Lien of whatever kind of a third party that would materially and adversely affect the interests of the Depositor, the Issuer or the Vehicle Trust with respect to the 2025-2 SUBI Assets.
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 2025-2 SUBI Collection Account only the net amount distributable to the Issuer, as holder of the 2025-2 SUBI Certificate, on the related Deposit Date.
BMW FS, as “sponsor” within the meaning of Regulation RR, shall cause the Depositor to retain the “eligible horizontal residual interest” (as defined by Regulation RR (the “Retained Interest”)) on the Closing Date and BMW FS will cause the Depositor and each Affiliate of BMW FS not to sell, transfer, finance or hedge the Retained Interest except as permitted by Regulation RR.