BMW One Pay Lease - definitive answer on total loss - escrow or cap reduction?

Lots of discussions on the BMW One-Pay/Single Pay lease, including strong opinions that it is an escrow (lose nothing if you total your car) and strong opinions that it is a cap reduction (lose it all).

Can anybody point to the actual language in the BMWFS lease that answers this question? I’ve seen posts quoting GM but not BMWFS.