SUBI definition
Examples of SUBI in a sentence
The Transferee agrees to comply with all covenants and restrictions applicable to a Holder of the 2025-2 SUBI Certificate and the interest in the 2025-2 SUBI represented thereby, whether set forth in the 2025-2 SUBI Certificate, in the SUBI Trust Agreement or otherwise, and assumes all obligations and liabilities, if any, associated therewith.
Notwithstanding anything to the contrary contained herein or in the Vehicle Trust Agreement, including without limitation, Sections 6.5, 7.8 and 8.1 of the Vehicle Trust Agreement, the fees, expenses, and indemnification owed to the Vehicle Trustee pursuant to the Vehicle Trust Agreement shall be paid by the Servicer and no recourse may be had to the 2025-2 SUBI Assets for any such amounts.
In particular, the Owner Trustee shall not transfer, sell, pledge, assign or convey the 2025-2 SUBI Certificate except as specifically required or permitted by the Basic Documents.
The property of the Issuer primarily includes, among other things, (i) the 2025-2 SUBI Certificate (transferred pursuant to the Issuer SUBI Certificate Transfer Agreement), evidencing a 100% beneficial interest in the 2025-2 SUBI Assets, (ii) the security interest of the Issuer in the Reserve Fund Property and (iii) all proceeds of the foregoing.
Each of BMW LP, the Transferor and the Issuer acknowledge and agree that the UCC-1 financing statement filed against BMW LP in connection with the transactions contemplated by the SUBI Certificate Transfer Agreement shall be assigned directly by the Transferor to the Indenture Trustee as secured party of record.