Custody of Lease Documents and Certificates of Title Sample Clauses

Custody of Lease Documents and Certificates of Title. (a) To reduce administrative costs and ensure uniform quality in the servicing of the 2015-1 Leases and BMW FS’ own portfolio of leases, the Trust hereby appoints the Servicer as its agent, bailee and custodian of the 2015-1 Leases, the certificates of title relating to the 2015-1 Vehicles, the insurance policies and insurance records and other documents related to the 2015-1 Leases and the related Lessees and 2015-1 Vehicles (collectively, the “Lease Files”). Such documents will not be physically segregated from other leases, certificates of title, insurance policies and insurance records or other documents related to other leases and vehicles owned or serviced by the Servicer, including leases and vehicles which are not part of the 2015-1 SUBI Assets. The accounting records and computer systems of BMW FS will reflect the allocation of the 2015-1 Leases and 2015-1 Vehicles to the SUBI, and the interest of the holders of the SUBI Certificate therein. The Servicer may appoint one or more agents to act as subcustodians of certain items relating to the 2015-1 Leases, the certificates of title relating to the 2015-1 Vehicles, the insurance policies and insurance records and other documents related to the 2015-1 Leases and the related Lessees and 2015-1 Vehicles so long as the Servicer remains primarily responsible for their safekeeping.
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Custody of Lease Documents and Certificates of Title. To reduce administrative costs and ensure uniform quality in the servicing of the 2012-1 Leases and BMW FS’ own portfolio of leases, the Trust hereby appoints the Servicer as its agent, bailee and custodian of the 2012-1 Leases, the certificates of title relating to the 2012-1 Vehicles, the insurance policies and insurance records and other documents related to the 2012-1 Leases and the related Lessees and 2012-1 Vehicles. Such documents will not be physically segregated from other leases, certificates of title, insurance policies and insurance records or other documents related to other leases and vehicles owned or serviced by the Servicer, including leases and vehicles which are not part of the 2012-1 SUBI Assets. The accounting records and computer systems of BMW FS will reflect the allocation of the 2012-1 Leases and 2012-1 Vehicles to the SUBI, and the interest of the holders of the SUBI Certificate therein. The Servicer may appoint one or more agents to act as subcustodians of certain items relating to the 2012-1 Leases, the certificates of title relating to the 2012-1 Vehicles, the insurance policies and insurance records and other documents related to the 2012-1 Leases and the related Lessees and 2012-1 Vehicles so long as the Servicer remains primarily responsible for their safekeeping.
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Custody of Lease Documents and Certificates of Title. (a) To reduce administrative costs and ensure uniform quality in the servicing of the 2023-1 Leases and BMW FS’ own portfolio of leases, the Vehicle Trust hereby appoints the Servicer as its agent, bailee and custodian of the 2023-1 Leases, the certificates of title relating to the 2023-1 Vehicles, the insurance policies and insurance records and other documents related to the 2023-1 Leases and the related Lessees and 2023-1 Vehicles (collectively, the “Lease Files”). Such documents will not be physically segregated from other leases, certificates of title, insurance policies and insurance records or other documents related to other leases and vehicles owned or serviced by the Servicer, including leases and vehicles which are not part of the 2023-1 SUBI Assets. The accounting records and computer systems of BMW FS will reflect the allocation of the 2023-1 Leases and 2023-1 Vehicles to the 2023-1 SUBI, and the interest of the holders of the 2023-1 SUBI Certificate therein. The Servicer may appoint one or more agents to act as subcustodians of certain items relating to the 2023-1 Leases, the certificates of title relating to the 2023-1 Vehicles, the insurance policies and insurance records and other documents related to the 2023-1 Leases and the related Lessees and 2023-1 Vehicles so long as the Servicer remains primarily responsible for their safekeeping.
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Custody of Lease Documents and Certificates of Title. (a) To reduce administrative costs and ensure uniform quality in the servicing of the 20[__]-[__] Leases and BMW FS’ own portfolio of leases, the Vehicle Trust hereby appoints the Servicer as its agent, bailee and custodian of the 20[__]-[__] Leases, the certificates of title relating to the 20[__]-[__] Vehicles, the insurance policies and insurance records and other documents related to the 20[__]-[__] Leases and the related Lessees and 20[__]-[__] Vehicles (collectively, the “Lease Files”). Such documents will not be physically segregated from other leases, certificates of title, insurance policies and insurance records or other documents related to other leases and vehicles owned or serviced by the Servicer, including leases and vehicles which are not part of the 20[__]-[__] SUBI Assets. The accounting records and computer systems of BMW FS will reflect the allocation of the 20[__]-[__] Leases and 20[__]-[__] Vehicles to the 20[__]-[__] SUBI, and the interest of the holders of the 20[__]-[__] SUBI Certificate therein. The Servicer may appoint one or more agents to act as subcustodians of certain items relating to the 20[__]-[__] Leases, the certificates of title relating to the 20[__]-[__] Vehicles, the insurance policies and insurance records and other documents related to the 20[__]-[__] Leases and the related Lessees and 20[__]-[__] Vehicles so long as the Servicer remains primarily responsible for their safekeeping.
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Custody of Lease Documents and Certificates of Title. To reduce administrative costs and ensure uniform quality in the servicing of the 20[__]-[__] Leases and BMW FS’ own portfolio of leases, the Trust hereby appoints the Servicer as its agent, bailee and custodian of the 20[__]-[__] Leases, the certificates of title relating to the 20[__]-[__] Vehicles, the insurance policies and insurance records and other documents related to the 20[__]-[__] Leases and the related Lessees and 20[__]-[__] Vehicles. Such documents will not be physically segregated from other leases, certificates of title, insurance policies and insurance records or other documents related to other leases and vehicles owned or serviced by the Servicer, including leases and vehicles which are not part of the 20[__]-[__] SUBI Assets. The accounting records and computer systems of BMW FS will reflect the allocation of the 20[__]-[__] Leases and 20[__]-[__] Vehicles to the SUBI, and the interest of the holders of the SUBI Certificate therein. The Servicer may appoint one or more agents to act as subcustodians of certain items relating to the 20[__]-[__] Leases, the certificates of title relating to the 20[__]-[__] Vehicles, the insurance policies and insurance records and other documents related to the 20[__]-[__] Leases and the related Lessees and 20[__]-[__] Vehicles so long as the Servicer remains primarily responsible for their safekeeping.
Sample 1

Related to Custody of Lease Documents and Certificates of Title

  • Certificates of Title Upon the request of Secured Party, if a certificate of title is issued or outstanding with respect to any Vehicle or other Collateral with a fair market value of at least $50,000, cause the Security Interest to be properly noted thereon.

  • Custody of Mortgage Documents Section 2.1. Custodian to Act as Agent;

  • Custody of Mortgage Loan Documents The originals of all of the Mortgage Loan Documents (other than the Non-Lead Securitization Note) (a) prior to the Lead Securitization will be held by the Initial Agent and (b) after the Lead Securitization, will be held by the Lead Securitization Note Holder (in the name of the Trustee and held by a duly appointed custodian therefor in accordance with the Lead Securitization Servicing Agreement), in each case, on behalf of the registered holders of the Notes.

  • Documents of Title Not sign or authorize the signing of any financing statement or other document naming Borrower as debtor or obligor, or acquiesce or cooperate in the issuance of any xxxx of lading, warehouse receipt or other document or instrument of title with respect to any Collateral, except those negotiated to Lender, or those naming Lender as secured party, or if solely to create, perfect or maintain a Permitted Lien.

  • Documents, Instruments, and Chattel Paper The Borrower represents and warrants to the Agent and the Lenders that (a) all documents, instruments, and chattel paper describing, evidencing, or constituting Collateral, and all signatures and endorsements thereon, are and will be complete, valid, and genuine, and (b) all goods evidenced by such documents, instruments, and chattel paper are and will be owned by the Borrower, free and clear of all Liens other than Permitted Liens.

  • Certificates and Documents The Company shall have delivered to the Purchasers:

  • Negotiable Documents, Instruments and Chattel Paper The Grantor has, contemporaneously with the execution and delivery of this Security Agreement, delivered to the Administrative Agent possession of all originals of all negotiable documents, instruments and chattel paper, including all negotiable documents, instruments and chattel paper evidencing Receivables, currently owned or held by the Grantor (duly endorsed in blank, if requested by the Administrative Agent).

  • Delivery of Mortgage Documents The Mortgage Note, the Mortgage, the Assignment of Mortgage and any other documents required to be delivered for the Mortgage Loan by the Company under this Agreement as set forth in Exhibit C attached hereto have been delivered to the Custodian. The Company is in possession of a complete, true and accurate Mortgage File in compliance with Exhibit B, except for such documents the originals of which have been delivered to the Custodian;

  • Delivery of Mortgage Loan Documents The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording office.

  • Delivery of Instruments and Chattel Paper If any amount payable under or in connection with any of the Collateral shall be or become evidenced by any Instrument or Chattel Paper, such Instrument or Chattel Paper shall be immediately delivered to the Administrative Agent, duly indorsed in a manner satisfactory to the Administrative Agent, to be held as Collateral pursuant to this Agreement.

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