Initial Ownership. Upon the formation of the Issuer and until the issuance of the Certificates, the Seller shall be the sole beneficiary of the Issuer, and upon the issuance of the Certificates, the Seller will no longer be a beneficiary of the Issuer, except to the extent that the Seller is a Certificateholder.
Appears in 68 contracts
Sources: Trust Agreement (Santander Drive Auto Receivables LLC), Trust Agreement (Drive Auto Receivables Trust 2021-3), Trust Agreement (Drive Auto Receivables Trust 2021-3)
Initial Ownership. Upon the formation of the Issuer and until the issuance of the CertificatesCertificate, the Seller shall be is the sole beneficiary of the Issuer, ; and upon the issuance of the CertificatesCertificate, the Seller will no longer be a beneficiary of the Issuer, except to the extent that the Seller is a the Certificateholder.
Appears in 45 contracts
Sources: Trust Agreement (Volkswagen Auto Lease/Loan Underwritten Funding, LLC), Trust Agreement (Volkswagen Auto Lease/Loan Underwritten Funding, LLC), Trust Agreement (Volkswagen Auto Lease/Loan Underwritten Funding, LLC)
Initial Ownership. Upon the formation of the Issuer and until the issuance of the Certificates, the Seller shall be the sole beneficiary of the Issuer, and upon the issuance of the CertificatesCertificate, the Seller will no longer be a beneficiary of the Issuer, except to the extent that the Seller is a Certificateholder.
Appears in 36 contracts
Sources: Trust Agreement (Santander Drive Auto Receivables LLC), Trust Agreement (Santander Drive Auto Receivables LLC), Trust Agreement (Santander Drive Auto Receivables LLC)
Initial Ownership. Upon the formation of the Issuer and until the issuance of the CertificatesCertificate, the Seller shall be the sole beneficiary of the Issuer, and upon the issuance of the CertificatesCertificate, the Seller will no longer be a beneficiary of the Issuer, except to the extent that the Seller is a the Certificateholder.
Appears in 36 contracts
Sources: Trust Agreement (Santander Drive Auto Receivables LLC), Trust Agreement (Santander Drive Auto Receivables LLC), Trust Agreement (Santander Drive Auto Receivables Trust 2013-3)
Initial Ownership. Upon the formation of the Issuer and until the issuance of the Certificates, the Seller shall be is the sole beneficiary of the Issuer, ; and upon the issuance of the Certificates, the Seller will no longer be a beneficiary of the Issuer, except to the extent that the Seller is a Certificateholder.
Appears in 3 contracts
Sources: Trust Agreement (Fifth Third Holdings Funding, LLC), Trust Agreement (Fifth Third Holdings Funding, LLC), Trust Agreement (Fifth Third Holdings Funding, LLC)
Initial Ownership. Upon the formation of the Issuer and until the issuance of the CertificatesCertificate(s), the Seller shall be is the sole beneficiary of the Issuer, ; and upon the issuance of the CertificatesCertificate(s), the Seller will no longer be a beneficiary of the Issuer, except to the extent that the Seller is a the Certificateholder.
Appears in 2 contracts
Sources: Trust Agreement (Citizens Auto Receivables, LLC), Trust Agreement (Bas Securitization LLC)
Initial Ownership. Upon the formation of the Issuer and until the issuance of the Certificates, the Seller shall be the sole beneficiary of the Issuer, and upon the issuance of the CertificatesCertificate, the Seller will no longer be a beneficiary of the Issuer, except to the extent that the Seller is a Certificateholder.. 5 Amended and Restated
Appears in 1 contract
Sources: Trust Agreement (Santander Drive Auto Receivables LLC)
Initial Ownership. Upon the formation of the Issuer and until the issuance of the CertificatesCertificate, the Seller shall be is the sole beneficiary of the Issuer, and upon the issuance of the Certificates, the Seller will no longer be a beneficiary of the Issuer, except to the extent that the Seller is a Certificateholder.
Appears in 1 contract
Sources: Trust Agreement (Capital One Prime Auto Receivables Trust 2003-1)