Document:

Exhibit 10.8

    

    Execution Version 

      

     

    

    

     

     

    

    

     

     
      

     

    

     

    BMW VEHICLE LEASE TRUST 2019-1,

    as Issuer,

     

    BMW FINANCIAL SERVICES NA, LLC,

    as Administrator,

     

    BMW AUTO LEASING LLC,

        as Transferor,

     

    and

     

    U.S. BANK NATIONAL ASSOCIATION,

        as Indenture Trustee

     

    ISSUER ADMINISTRATION AGREEMENT

     

    Dated as of March 20, 2019

     

      

     

      

     

      

     
      
 

     

      

     

      

     

      

     

     

    

    
      
        

    

    TABLE OF CONTENTS

    Page

     

    	
            1.1.

             

          	
            Capitalized Terms; Interpretive Provisions.

             

          	
            1

          
	
            1.2.

             

          	
            Duties of the Administrator.

             

          	
            2

          
	
            1.3.

             

          	
            Records

             

          	
            8

          
	
            1.4.

             

          	
            Compensation

             

          	
            8

          
	
            1.5.

             

          	
            Additional Information to be Furnished to the Issuer

             

          	
            8

          
	
            1.6.

             

          	
            Independence of the Administrator

             

          	
            8

          
	
            1.7.

             

          	
            No Joint Venture

             

          	
            8

          
	
            1.8.

             

          	
            Other Activities of Administrator

             

          	
            8

          
	
            1.9.

             

          	
            Term of Agreement; Resignation and Removal of Administrator

             

          	
            8

          
	
            1.10.

             

          	
            Action Upon Termination, Resignation or Removal

             

          	
            9

          
	
            1.11.

             

          	
            Notices

             

          	
            10

          
	
            1.12.

             

          	
            Amendments

             

          	
            10

          
	
            1.13.

             

          	
            Successors and Assigns

             

          	
            10

          
	
            1.14.

             

          	
            Governing Law

             

          	
            11

          
	
            1.15.

             

          	
            Headings

             

          	
            11

          
	
            1.16.

             

          	
            Counterparts

             

          	
            11

          
	
            1.17.

             

          	
            Severability

             

          	
            11

          
	
            1.18.

             

          	
            Limitation of Liability of Owner Trustee and Indenture Trustee.

             

          	
            11

          
	
            1.19.

             

          	
            Third-Party Beneficiary

             

          	
            12

          
	
            1.20.

             

          	
            Nonpetition Covenants

             

          	
            12

          
	
            1.21.

             

          	
            Form 10-Ds; Investor Communications.

             

          	
            12

          

    

    

    
      
        

    

    This Issuer Administration Agreement, dated as of March 20, 2019 (the “Agreement”),

        is among BMW Vehicle Lease Trust 2019-1, a Delaware statutory trust, as issuer (the “Issuer”), BMW Financial Services NA, LLC, a Delaware limited liability company (“BMW FS”), as administrator (in such capacity, the “Administrator”), BMW Auto Leasing LLC, a
        Delaware limited liability company, as transferor (the “Transferor”), and U.S. Bank National Association, a national banking association, as indenture trustee (the “Indenture Trustee”).

     

    RECITALS

     

    WHEREAS, BMW Auto Leasing LLC, as transferor, and Wilmington Trust, National Association, as trustee (the “Owner Trustee”), are entering into that certain amended and restated trust agreement, dated as of March 20, 2019 (the “Trust
            Agreement”), pursuant to which, among other things, certain rights and obligations of the Issuer will be set forth; and

     

    WHEREAS, the parties desire to enter into this Agreement to provide for, among other things, the Administrator’s provision of certain
        services to the Issuer and the Owner Trustee.

     

    NOW, THEREFORE, in consideration of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and
        adequacy of which are hereby acknowledged, the parties hereto agree as follows:

     

    1.1.      Capitalized Terms; Interpretive Provisions.

     

    (a)      Capitalized terms used herein that are not
        otherwise defined shall have the meanings ascribed thereto in the SUBI Trust Agreement, the Servicing Agreement, the Trust Agreement or the Indenture, as the case may be.  Whenever used herein, unless the context otherwise requires, the following
        words and phrases shall have the following meanings:

     

    “Accountants” means a firm of independent public accountants
        acceptable to the Owner Trustee.

     

    “Agreement” means this Issuer Administration Agreement, as
        amended, supplemented or modified from time to time.

     

    “Basic Servicing Agreement” means that certain servicing
        agreement, dated as of August 30, 1995, among Financial Services Vehicle Trust, as vehicle trust, BMW Manufacturing L.P., as UTI beneficiary, and BMW FS, as servicer.

     

    “Indenture” means that certain indenture, dated as of March
        20, 2019, between the Issuer and the Indenture Trustee, as amended or supplemented from time to time.

     

    “Majority Interest” means, with respect to the holders of
        Notes, the holders of a majority of the aggregate principal balance of such Notes.

     

    
      
        

    

    
    

    

    “Servicing Agreement” means the Basic Servicing Agreement, as
        amended and supplemented by that certain supplement dated as of March 20, 2019, among the parties to the Basic Servicing Agreement, as amended or supplemented from time to time.

     

    “SUBI Trust Agreement” means the Vehicle Trust Agreement, as
        supplemented by that certain 2019-1 supplement thereto, dated as of March 20, 2019, among the parties to the Vehicle Trust Agreement, as amended or supplemented from time to time.

     

    “Related Documents” means all of the Basic Documents to which
        the Issuer or the Owner Trustee is a party, as the same shall be amended from time to time.

     

    “Vehicle Trust Agreement” means that certain trust agreement,
        dated as of August 30, 1995, as amended and restated as of September 27, 1996, as further amended as of May 25, 2000 and December 1, 2006 between BMW Manufacturing L.P., as grantor and initial beneficiary, and BNY Mellon Trust of Delaware, formerly
        known as The Bank of New York (Delaware), as trustee.

     

    (b)      For all purposes of this Agreement, except
        as otherwise expressly provided or unless the context otherwise requires, (i) terms used in this Agreement include, as appropriate, all genders and the plural as well as the singular, (ii) references to words such as “herein”, “hereof” and the like
        shall refer to this Agreement as a whole and not to any particular part, Article or Section within this Agreement and (iii) the term “include” and all variations thereof shall mean “include without limitation”.

     

    1.2.      Duties of the Administrator.

     

    (a)      The Administrator agrees to perform all its
        duties as Administrator and the duties (other than payment obligations) of the Issuer and the Owner Trustee (other than as required under Article Thirteen of the Trust Agreement) under the Related Documents.  In addition, the Administrator shall
        consult with the Owner Trustee regarding the duties of the Issuer or the Owner Trustee under the Related Documents.  The Administrator shall monitor the performance of the Issuer and shall notify the Owner Trustee when action is necessary to comply
        with the respective duties (other than payment obligations) of the Issuer and the Owner Trustee under the Related Documents.  The Administrator shall prepare for execution by the Issuer, or shall cause the preparation by other appropriate persons
        of, all such documents, reports, notices, filings, instruments, certificates and opinions that it shall be the duty of the Issuer or the Owner Trustee to prepare, file or deliver pursuant to the Related Documents.  In furtherance of the foregoing,
        the Administrator shall take (or, in the case of the immediately preceding sentence, cause to be taken) all appropriate action that the Issuer or the Owner Trustee is required to take pursuant to the Indenture including, without limitation, such of
        the foregoing as are required with respect to the following matters under the Indenture (references are to Sections of the Indenture):

     

    (i)      the duty to cause the Note Register to be
        kept and to give the Indenture Trustee notice of any appointment of a new Note Registrar and the location, or change in location, of the Note Register (Section 2.04);

     

    
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    (ii)       the preparation of or obtaining of the
        documents and instruments required for execution and authentication of the Notes and delivery of the same to the Indenture Trustee (Section 2.02);

     

    (iii)      the delivery of prompt written notice to
        the Indenture Trustee of the location, and of any change in the location, of any office or agency maintained by the Note Registrar (Section 3.02);

     

    (iv)      the duty to cause newly appointed Paying
        Agents, if any, to deliver to the Indenture Trustee the instrument specified in the Indenture regarding funds held in trust (Section 3.03);

     

    (v)       the direction to the Indenture Trustee to
        deposit monies with Paying Agents, if any, other than the Indenture Trustee (Section 3.03);

     

    (vi)      the obtaining and preservation of the
        Issuer’s qualifications to do business pursuant to Section 3.04 of the Indenture (Section 3.04);

     

    (vii)     the preparation of all supplements and
        amendments to the Indenture and all financing statements, continuation statements, instruments of further assurance and other instruments and the taking of such other actions as are necessary or advisable to protect the Trust Estate (Section 3.05);

     

    (viii)    the delivery of the Opinion of Counsel on
        the Closing Date and the annual delivery of Opinions of Counsel as to the Trust Estate, and the annual delivery of the Officer’s Certificate and certain other statements as to compliance with the Indenture and the preparation and filing of any
        documents required to be filed pursuant to Section 3.09 of the Indenture (Sections 3.06 and 3.09);

     

    (ix)      the identification to the Indenture
        Trustee in an Officer’s Certificate of a Person with whom the Issuer has contracted to perform its duties under the Indenture (Section 3.07(b));

     

    (x)       the notification of the Indenture
        Trustee, and with respect to each Rating Agency the responsibility of making such notice available, of a Servicer Default under the Servicing Agreement and, if such Servicer Default arises from the failure of the Servicer to perform any of its
        duties or obligations under the Servicing Agreement with respect to the 2019-1 SUBI Assets, the taking of all reasonable steps available to remedy such failure (Section 3.07(d));

     

    (xi)      the delivery of written notice to the
        Indenture Trustee, the Owner Trustee and the Vehicle Trustee and with respect to each Rating Agency the responsibility of making such written notice available to each Rating Agency, of each Indenture Default and each Servicer Default (Sections
        3.07(d) and 3.11);

     

    (xii)     the duty to make written notice available
        to each Rating Agency of any merger or consolidation of the Issuer or any conveyance or transfer by the Issuer of any of its

     

    
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    properties or assets (including those in the Trust Estate) to any Person other than in accordance with the Basic Documents (Sections 3.15(a) and 3.15(b))

     

    (xiii)     the preparation and obtaining of
        documents and instruments required for the release of the Issuer from its obligations under the Indenture (Section 4.01);

     

    (xiv)     the preparation and delivery of written
        notice in the form of an Officer’s Certificate to the Indenture Trustee and each Noteholder, and with respect to each Rating Agency, making such written notice available, of any Indenture Default, the status of such Indenture Default and what
        action the Issuer is taking or proposes to take with respect thereto (Section 5.01);

     

    (xv)      the monitoring of the Issuer’s
        obligations as to the satisfaction and discharge of the Indenture and the preparation of an Officer’s Certificate and the obtaining of the Opinion of Counsel and the Independent Certificate relating thereto (Section 4.01);

     

    (xvi)     the compliance with Sections 5.04 and
        5.17 of the Indenture with respect to the sale of the Trust Estate in a commercially reasonable manner if an Indenture Default shall have occurred and be continuing (Sections 5.04 and 5.17);

     

    (xvii)    the preparation and delivery of notice to
        Noteholders of the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee (Section 6.08);

     

    (xviii)   the preparation of any written
        instruments required to confirm more fully the authority of any co-trustee or separate trustee and any written instruments necessary in connection with the resignation or removal of the Indenture Trustee or any co-trustee or separate trustee
        (Sections 6.08 and 6.10);

     

    (xix)     the furnishing of the Indenture Trustee
        with the names and addresses of Noteholders during any period when the Indenture Trustee is not the Note Registrar and the Notes are not held through The Depository Trust Company (Section 7.01);

     

    (xx)      the preparation and filing of any
        documents required to be filed pursuant to Section 7.03 of the Indenture (Section 7.03);

     

    (xxi)     the opening of the Note Distribution
        Account (Sections 8.02 and 8.05) and the opening of the Certificate Distribution Account (Section 5.01(a) of the Trust Agreement);

     

    (xxii)    the preparation of an Issuer Request for
        the release of the Trust Estate (Section 8.06);

     

    (xxiii)   the preparation of Issuer Requests and
        the obtaining of Opinions of Counsel, if required with respect to the execution of supplemental indentures and the mailing to the Noteholders, and with respect to the Rating Agencies the duty to make available to each Rating Agency, notices with
        respect to such supplemental indentures (Sections 9.01, 9.02 and 9.03);

     

    
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    (xxiv)     the execution, authentication and
        delivery of new Notes conforming to any supplemental indenture, if required (Section 9.05);

     

    (xxv)      the duty to notify the Indenture
        Trustee, and with respect to each Rating Agency the duty to make such notice available to each Rating Agency, of redemption of the Notes and to cause the Indenture Trustee to provide such notification to the Noteholders (Sections 10.01 and 10.02);

     

    (xxvi)     the preparation and delivery of all
        Officer’s Certificates, Opinions of Counsel and Independent Certificates with respect to any requests by the Issuer to the Indenture Trustee to take any action under the Indenture (Section 11.01(a));

     

    (xxvii)    the preparation and delivery of
        Officer’s Certificates and the obtaining of Independent Certificates, if necessary, for the release of property from the Lien of the Indenture (Section 11.01(b));

     

    (xxviii)   the duty to make notice available to
        each Rating Agency, upon the failure of the Issuer, the Owner Trustee or the Indenture Trustee to give such notification, of the information required pursuant to Section 11.04 of the Indenture (Section 11.04); and

     

    (xxix)     the preparation of Definitive Notes in
        accordance with the instructions of the Clearing Agency (Section 2.11).

     

    (b)      The Administrator shall:

     

    (i)      pay any costs associated with the
        resignation or removal of the Indenture Trustee pursuant to the Indenture, the Vehicle Trustee pursuant to the SUBI Trust Agreement and the Owner Trustee pursuant to the Trust Agreement; and

     

    (ii)      promptly pay and/or reimburse to the
        Indenture Trustee, the Note Registrar, the Certificate Registrar, the Paying Agent, the Owner Trustee and the Asset Representations Reviewer (including, for the avoidance of doubt, in such other capacities as U.S. Bank National Association or
        Wilmington Trust, National Association may serve pursuant to the terms of the Basic Documents), as applicable, the amount of any fees, expenses and indemnification amounts due and payable to such party on a Payment Date and not otherwise paid or
        reimbursed to such party by the Issuer on such Payment Date in accordance with the terms of Section 5.04 or 8.04 of the Indenture, as applicable; provided that the Indenture Trustee, the Note Registrar, the Certificate Registrar, the Paying Agent,
        the Owner Trustee and the Asset Representations Reviewer shall promptly reimburse the Administrator for any such amounts to the extent such party subsequently receives payment or reimbursement in respect thereof from the Issuer in accordance with
        the terms of Section 5.04 or 8.04 of the Indenture, as applicable.

     

    (c)      The Administrator shall make available to
        each Rating Agency notice of (i) the occurrence and continuation of any Servicer Default and shall specify in such notice the action, if any, being taken in respect of such default pursuant to Section 3.07(d) of the Indenture; (ii) any declaration
        of acceleration of the Notes pursuant to Section 5.02 of the Indenture; (iii) the occurrence and continuation of any Indenture Default pursuant to Section 5.01 of the Indenture; (iv) any resignation of the Indenture Trustee pursuant to Section 6.08
        of the Indenture;

     

    
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    (v) any merger, consolidation or conversion of the Indenture Trustee pursuant to Section 6.09 of the Indenture; (vi) any Payment Date Certificate posted by
        the Indenture Trustee pursuant to Section 8.03(a) of the Indenture; (vii) any termination of the rights and obligations of the Servicer with respect to the SUBI Assets pursuant to Section 2.14(c) of the Servicing Supplement; (viii) any redemption
        of Notes pursuant to Section 2.19(b) of the Servicing Supplement; (ix) the Owner Trustee’s intention to take any of the actions specified in Sections 4.01 or 6.06 of the Trust Agreement; (x) any resignation of the Owner Trustee pursuant to Section
        10.02 of the Trust Agreement; (xi) any acceptance of appointment of a successor Owner Trustee pursuant to Section 10.03 of the Trust Agreement; and (xii) any merger, conversion or consolidation of the Owner Trustee pursuant to Section 10.04 of the
        Trust Agreement; in the case of each of (i) through (xii), promptly upon the Administrator being notified thereof by the Indenture Trustee, the Owner Trustee, the Vehicle Trustee or the Servicer, as applicable.

     

    (d)      Notwithstanding anything in this Agreement
        or the Basic Documents to the contrary, in each instance in which notice must be made available to the Rating Agencies for purposes of satisfying the Rating Agency Condition, such notice shall be made available by the Administrator and, to the
        extent such notice is only provided through a website post, the Administrator shall inform each Rating Agency in writing that a notice has been posted.

     

    (e)      In addition to the duties set forth in
        Sections 1.2(a), (b), (c) and (d), the Administrator shall perform such calculations and shall prepare or shall cause the preparation by other appropriate Persons of, and shall execute on behalf of the Issuer or the Owner Trustee, all such
        documents, notices, reports, filings, instruments, certificates and opinions that the Issuer or the Owner Trustee are required to prepare, file or deliver pursuant to the Related Documents, and shall take all appropriate action that the Issuer or
        the Owner Trustee are required to take pursuant to the Related Documents.  Subject to Section 1.6, the Administrator shall administer, perform or supervise the performance of such other activities in connection with the Collateral (including the
        Related Documents) as are not covered by any of the foregoing provisions and as are expressly requested by the Owner Trustee, are reasonably within the capability of the Administrator and are necessary to effect the transactions contemplated by the
        Related Documents.

     

    (f)      Notwithstanding anything in this Agreement
        or the Related Documents to the contrary, the Administrator shall be responsible for promptly notifying the Owner Trustee in the event that any withholding tax is imposed on the Issuer’s payments (or allocations of income) to a Trust
        Certificateholder as contemplated in Section 5.02(d) of the Trust Agreement.  Any such notice shall specify the amount of any withholding tax required to be withheld by the Owner Trustee pursuant to such provision.

     

    (g)      Notwithstanding anything in this Agreement
        or the Related Documents to the contrary, the Administrator shall be responsible for performance of the duties of the Owner Trustee set forth in Section 5.03 of the Trust Agreement and Section 2.19 of the Servicing Agreement with respect to
        notifying the Trust Certificateholders of the Payment Date on which their Trust Certificates will be repaid or redeemed, as the case may be, and Section 5.04(a) of the Trust Agreement with respect to accounting and reports to Trust
        Certificateholders; provided, however, that the Owner Trustee shall retain responsibility for the distribution of the

     

    
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    documentation necessary to enable each Trust Certificateholder to prepare its federal and state income tax returns.

     

    (h)      The Administrator shall perform any duties
        expressly required to be performed by the Administrator under the Trust Agreement and the Indenture.

     

    (i)      In carrying out the foregoing duties or any
        of its other obligations under this Agreement, the Administrator may enter into transactions or otherwise deal with any of its Affiliates; provided, however, that the terms of any such transactions or dealings shall be in accordance with any
        directions received from the Issuer and shall be, in the Administrator’s opinion, no less favorable to the Issuer than would be available from unaffiliated parties.

     

    (j)      With respect to matters that in the
        reasonable judgment of the Administrator are non-ministerial, the Administrator shall not take any action unless within a reasonable time before the taking of such action, the Administrator shall have notified the Owner Trustee of the proposed
        action and the Owner Trustee shall not have withheld consent or provided an alternative direction.  For the purpose of the preceding sentence, “non-ministerial matters” shall include:

     

    (i)      amendment of or any supplement to the
        Indenture;

     

    (ii)      the initiation of any claim or lawsuit by
        the Issuer and the compromise of any action, claim or lawsuit brought by or against the Issuer (other than in connection with the collection of the 2019-1 Leases);

     

    (iii)      the amendment, change or modification of
        the Related Documents;

     

    (iv)      the appointment of successor Note
        Registrars, successor Paying Agents and successor Indenture Trustees pursuant to the Indenture or the appointment of successor Administrators, successor Asset Representation Reviewers or successor Servicers, or the consent to the assignment by the
        Note Registrar, any Paying Agent or Indenture Trustee of its obligations under the Indenture; and

     

    (v)      the removal of the Indenture Trustee.

     

    (k)      Notwithstanding anything to the contrary in
        this Agreement, the Administrator shall not be obligated to, and shall not, (i) make any payments to the Noteholders under the Related Documents, (ii) sell the Trust Estate pursuant to Section 5.02 of the Indenture, (iii) take any other action that
        the Issuer directs the Administrator not to take on its behalf or (iv) take any other action which may be construed as having the effect of varying the investment of the Trust Certificateholders.

     

    (l)      It shall be the Administrator's duty and
        responsibility, and not the Owner Trustee’s or the Indenture Trustee’s duty or responsibility, to cause the Issuer to respond to, defend, participate in or otherwise act in connection with any regulatory, administrative, governmental, investigative
        or other proceeding or inquiry relating in any way to the Issuer, its assets or the conduct of its business.

     

    
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    1.3.      Records.  The Administrator shall maintain appropriate books of accounts and records relating to its services performed hereunder, which books of accounts and
        records shall be accessible for inspection by the Issuer and the Transferor at any time during normal business hours.

     

    1.4.      Compensation.  As compensation for the performance of the Administrator’s obligations under this Agreement and as reimbursement for its expenses related thereto, the
        Administrator shall be paid a fee by the Servicer.

     

    1.5.      Additional Information to be Furnished to the Issuer.  The Administrator shall furnish to the Issuer from time to time such additional information regarding the
        Collateral as the Issuer shall reasonably request.

     

    1.6.      Independence of the Administrator.  For all purposes of this Agreement, the Administrator shall be an independent contractor and shall not be subject to the
        supervision of the Issuer or the Owner Trustee with respect to the manner in which it accomplishes the performance of its obligations hereunder.  Unless expressly authorized by the Issuer, the Administrator shall have no authority to act for or
        represent the Issuer or the Owner Trustee in any way and shall not otherwise be deemed an agent of the Issuer or the Owner Trustee.

     

    1.7.      No Joint Venture.  Nothing contained in this Agreement (i) shall constitute the Administrator and either of the Issuer or the Owner Trustee as members of any
        partnership, joint venture, association, syndicate, unincorporated business or other separate entity, (ii) shall be construed to impose any liability as such on any of them or (iii) shall be deemed to confer on any of them any express, implied or
        apparent authority to incur any obligation or liability on behalf of the others.

     

    1.8.      Other Activities of Administrator.  Nothing herein shall prevent the Administrator or its Affiliates from engaging in other businesses or, in the Administrator’s
        sole discretion, from acting in a similar capacity as an administrator for any other Person or entity, even though such person or entity may engage in business activities similar to those of the Issuer, the Owner Trustee or the Indenture Trustee.

     

    1.9.      Term of Agreement; Resignation and Removal of Administrator.  This Agreement shall continue in force until the dissolution of the Issuer, upon which event this
        Agreement shall automatically terminate.

     

    (a)      Subject to Sections 1.9(d) and (e), the
        Administrator may resign its duties hereunder by providing the Issuer with at least 60 days’ prior written notice.

     

    (b)      Subject to Sections 1.9(d) and (e), the
        Issuer may remove the Administrator without cause by providing the Administrator with at least 60 days’ prior written notice.

     

    (c)      Subject to Sections 1.9(d) and (e), at the
        sole option of the Issuer, the Administrator may be removed immediately upon written notice of termination from the Issuer to the Administrator if any of the following events shall occur:

     

    
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    (i)      the Administrator shall default in the
        performance of any of its duties under this Agreement and, after notice of such default, shall not cure such default within ten days (or, if such default cannot be cured in such time, shall not give within ten days such assurance of cure as shall
        be reasonably satisfactory to the Issuer);

     

    (ii)      the existence of any proceeding or
        action, or the entry of a decree or order for relief by a court or regulatory authority having jurisdiction over the Administrator in an involuntary case under the federal bankruptcy laws, as now or hereafter in effect, or appointing a receiver,
        liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Administrator or of any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Administrator and the continuance of
        any such action, proceeding, decree or order unstayed and, in the case of any such order or decree, in effect for a period of 90 consecutive days; or

     

    (iii)      the commencement by the Administrator of
        a voluntary case under the federal bankruptcy laws, as now or hereafter in effect, or the consent by the Administrator to the appointment of or taking of possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator or other
        similar official of the Administrator or of any substantial part of its property or the making by the Administrator of an assignment for the benefit of creditors or the failure by the Administrator generally to pay its debts as such debts become
        due or the taking of corporate action by the Administrator in furtherance of any of the foregoing.

     

    The Administrator agrees that if any of the events specified in clauses (ii) or (iii) above shall occur, it shall give written notice
        thereof to the Issuer and the Indenture Trustee within seven days after the occurrence of such event.

     

    (d)      No resignation or removal of the
        Administrator pursuant to this Section shall be effective until (i) a successor Administrator shall have been appointed by the Issuer, (ii) such successor Administrator shall have agreed in writing to be bound by the terms of this Agreement in the
        same manner as the Administrator is bound hereunder and (iii) such successor Administrator shall have agreed to coordinate with the Transferor or BMW FS regarding communication to the Rating Agencies.

     

    (e)      The appointment of any successor
        Administrator shall be effective only after satisfaction of the Rating Agency Condition with respect to the proposed appointment.

     

    (f)      Subject to Sections 1.9(d) and 1.9(e), the
        Administrator acknowledges that upon the appointment of a successor Servicer pursuant to the Servicing Agreement, the Administrator shall immediately resign and such successor Servicer shall automatically become the Administrator under this
        Agreement.

     

    1.10.      Action Upon Termination, Resignation or Removal.  Promptly upon the effective date of termination of this Agreement pursuant to the first sentence of Section 1.9 or
        the resignation or removal of the Administrator pursuant to Sections 1.9(a), (b) or (c), respectively, the Administrator shall be entitled to be paid all fees and reimbursable expenses accruing to it to the date of such termination, resignation or
        removal.  The Administrator shall forthwith upon such termination pursuant to the first sentence of Section 1.9 deliver to the Issuer all property

     

    
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    and documents of or relating to the Collateral then in the custody of the Administrator.  In the event of the resignation or removal of the Administrator
        pursuant to Sections 1.9(a), (b) or (c), respectively, the Administrator shall cooperate with the Issuer and take all reasonable steps requested to assist the Issuer in making an orderly transfer of the duties of the Administrator.

     

    1.11.      Notices.  All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first-class United States
        mail, postage prepaid, hand delivery, prepaid courier service and addressed in each case as follows:  (i) if to the Issuer or the Administrator, at 300 Chestnut Ridge Road, Woodcliff Lake, NJ 07677, Attention: General Counsel, with a copy (which
        shall not constitute notice) to Reed Auerbach, Esq., Morgan, Lewis & Bockius LLP, 101 Park Avenue, New York, New York 10178; (ii) if to the Owner Trustee, at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-1600,
        Attention: Corporate Trust Administration; (iii) if to the Indenture Trustee, at 190 South LaSalle Street, 7th Floor, Chicago, Illinois 60603, Attention: Global Structured Finance/BMW Vehicle Lease Trust 2019-1; (iv) if to Moody’s, to Moody’s
        Investors Service, Inc., ABS/RMBS Monitoring Department, 25th Floor, 7 World Trade Center, 250 Greenwich Street, New York, NY 10007, Email:
          ServicerReports@moodys.com; (v) if to S&P, to S&P Global Ratings, 55 Water Street, New York, New York 10041, Attention: Asset Backed Surveillance Department, Email: ABS_Surveillance@standardandpoors.com; or (v) at such other
        address as shall be designated by any of the foregoing in a written notice to the other parties hereto.  Delivery shall occur only upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices
        located at the address of such recipient for notices hereunder.

     

    1.12.      Amendments.  This Agreement may be amended from time to time by a written amendment duly executed and delivered by the parties hereto, with the written consent of
        the Owner Trustee but without the consent of the Securityholders, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the
        Securityholders; provided, that such amendment will not materially and adversely affect the interest of any Noteholder or Trust Certificateholder.  This Agreement may also be amended by the parties hereto with the written consent of the Owner
        Trustee and the holders of Notes evidencing at least a Majority Interest and the holders of Trust Certificates evidencing at least a majority of the Certificate Percentage Interest for the purpose of adding any provisions to or changing in any
        manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of Securityholders; provided, however, that no such amendment may (i) increase or reduce in any manner the amount of, or accelerate or delay the
        timing of, collections of payments on the 2019-1 Leases or distributions that are required to be made for the benefit of the Securityholders or (ii) reduce the aforesaid percentage of the holders of Notes and Trust Certificates which are required
        to consent to any such amendment, without the consent of the holders of all outstanding Notes and Trust Certificates.  Notwithstanding the foregoing, the Administrator may not amend this Agreement without the permission of the Transferor, which
        permission shall not be unreasonably withheld.

     

    1.13.      Successors and Assigns.  This Agreement may not be assigned by the Administrator unless such assignment is previously consented to in writing by the Issuer and the
        Owner Trustee and subject to the Rating Agency Condition.  An assignment with such consent and satisfaction, if accepted by the assignee, shall bind the assignee hereunder in the same

     

    
      10

      
        

    

    

    

    manner as the Administrator is bound hereunder.  Notwithstanding the foregoing, this Agreement may be assigned by the Administrator without the consent of the
        Issuer or the Owner Trustee to a corporation or other organization that is a successor (by merger, consolidation or purchase of assets) to the Administrator; provided, that such successor organization executes and delivers to the Issuer, the Owner
        Trustee and the Indenture Trustee an agreement, in form and substance reasonably satisfactory to the Owner Trustee and the Indenture Trustee, in which such corporation or other organization agrees to be bound hereunder by the terms of said
        assignment in the same manner as the Administrator is bound hereunder.  Subject to the foregoing, this Agreement shall bind any successors or assigns of the parties hereto.

     

    1.14.      Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York without reference to its conflicts of law
        provisions other than Sections 5-1401 and 5-1402 of the New York General Obligations Law.

     

    1.15.      Headings.  The headings of the various Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof.

     

    1.16.      Counterparts.  This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but
        all such counterparts shall together constitute but one and the same instrument.

     

    1.17.      Severability.  Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent
        of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

     

    1.18.      Limitation of Liability of Owner Trustee and Indenture Trustee.

     

    (a)      The parties hereto are put on notice and
        hereby acknowledge and agree that (a) this Agreement is executed and delivered by Wilmington Trust, National Association, not individually or personally but solely as Owner Trustee of the Issuer, in the exercise of the powers and authority
        conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by Wilmington Trust, National
        Association but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust, National Association, individually or personally, to perform any
        covenant either expressed or implied contained herein of the Issuer, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (d) Wilmington Trust, National
        Association has made no investigation as to the accuracy or completeness of any representations and warranties made by the Issuer in this Agreement and (e) under no circumstances shall Wilmington Trust, National Association be personally liable for
        the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any other related documents.

     

    
      11

      
        

    

    

    

    (b)      Notwithstanding anything contained herein
        to the contrary, in no event shall U.S. Bank National Association have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or agreements
        delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuer.

     

    1.19.      Third-Party Beneficiary.  Each of the Indenture Trustee, the Owner Trustee and the Asset Representations Reviewer is a third-party beneficiary to this Agreement and
        is entitled to the rights and benefits hereunder and may enforce the provisions hereof as if it were a party hereto.

     

    1.20.      Nonpetition Covenants.  Notwithstanding any prior termination of this Agreement, the Administrator and the Indenture Trustee shall not, prior to the date which is
        one year and one day after the date upon which all obligations and payments under the Securitized Financing have been paid in full, acquiesce, petition or otherwise invoke or cause the Issuer or the Transferor to invoke the process of any court or
        government authority for the purpose of commencing or sustaining a case against the Issuer or the Transferor under any United States federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee,
        custodian, sequestrator or other similar official of the Issuer or the Transferor or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Issuer or the Transferor.

     

    1.21.      Form 10-Ds; Investor Communications.

     

    (a)      Form 10-Ds.

     

    (i)      If the Administrator receives a notice
        from the Servicer pursuant to Section 4.1(a) of the Servicing Supplement regarding the occurrence of a Delinquency Trigger with respect to a Collection Period, the Administrator will promptly send to the Indenture Trustee (for the Indenture Trustee
        to forward to each Noteholder registered on the Note Register as of the most recent Record Date (and to each applicable Clearing Agency for distribution to Note Owners in accordance with the rules of such Clearing Agency)) a notice describing (i)
        the occurrence of the Delinquency Trigger, including reasonably detailed calculations thereof, and (ii) the rights of the Noteholders and Note Owners regarding an Asset Representations Review (including a description of the method by which
        Noteholders and Note Owners may contact the Indenture Trustee in order to request a Noteholder vote in respect of an Asset Representations Review).  The Administrator shall include the contents of such notice in the Form 10-D for such Collection
        Period filed by the Administrator pursuant to Section 1.2(a)(viii) hereof.

     

    (ii)      If the Administrator receives a notice
        from the Indenture Trustee pursuant to Section 12.01 of the Indenture indicating that sufficient Requesting Noteholders have properly and timely requested a vote to cause the ARR Leases to be reviewed by the Asset Representations Reviewer pursuant
        to the terms of the Asset Representations Review Agreement, the Administrator shall: (1) promptly set a deadline for the receipt of Noteholder votes on that matter, which shall be a date not earlier than one hundred fifty (150) days after the date
        on which the Form 10-D describing the occurrence of the related Delinquency Trigger shall have been filed by the Administrator pursuant to the terms of Section 1.2(a)(viii) hereof; (2)

     

    
      12

      
        

    

    

    

    promptly prepare and send to the Indenture Trustee, and direct the Indenture Trustee to send to each Noteholder registered on the Note Register as of the most
        recent Record Date (and to each applicable Clearing Agency for distribution to Note Owners in accordance with the rules of such Clearing Agency), a notice (A) stating that there will be a Noteholder vote pursuant to Section 12.02 of the Indenture
        on whether to initiate an Asset Representations Review of the ARR Leases by the Asset Representations Reviewer pursuant to the Asset Representations Review Agreement, and (B) describing those procedures, including the means by which Noteholders and
        Note Owners may make their votes known to the Indenture Trustee and the related voting deadline that will be used to calculate whether the requisite amount of Noteholders have cast affirmative votes to have the Asset Representations Reviewer
        commence an Asset Representations Review; and (3) include the contents of such notice in the next Form 10-D to be filed by the Administrator pursuant to Section 1.2(a)(viii) hereof, unless the Administrator does not receive such notice from the
        Indenture Trustee pursuant to Section 12.01 of the Indenture at least two Business Days before the filing deadline for that Form 10-D, in which case such information will be included in the next succeeding Form 10-D to be filed by the Administrator
        pursuant to Section 1.2(a)(viii) hereof.

     

    (iii)      If the Administrator receives a notice
        from the Indenture Trustee pursuant to Section 12.02 of the Indenture indicating that sufficient Noteholders have voted to cause the ARR Leases to be reviewed by the Asset Representations Reviewer pursuant to the terms of the Asset Representations
        Review Agreement, the Administrator shall include the contents of such notice in the next Form 10-D to be filed by the Administrator pursuant to Section 1.2(a)(viii) hereof, unless the Administrator does not receive such notice from the Indenture
        Trustee pursuant to Section 12.02 of the Indenture at least two Business Days before the filing deadline for that Form 10-D, in which case such information will be included in the next succeeding Form 10-D to be filed by the Administrator pursuant
        to Section 1.2(a)(viii) hereof.

     

    (iv)      After receipt by the Administrator of a
        Review Report, the Administrator will include a summary of the results of the related review in the next Form 10-D to be filed by the Administrator pursuant to Section 1.2(a)(viii) hereof, unless the Administrator does not receive such Review
        Report at least two Business Days before the filing deadline for that Form 10-D, in which case such summary will be included in the next succeeding Form 10-D to be filed by the Administrator pursuant to Section 1.2(a)(viii) hereof.  The Form 10-D
        filed pursuant to this clause (iv) will also specify the means by which Noteholders and Verified Note Owners may notify the Indenture Trustee and the Servicer in writing of any non-compliance of any representation that it considers to be a breach
        of the applicable Basic Document, or request in writing that an ARR Lease be reallocated.

     

    (v)      In the event of any resignation, removal,
        replacement or substitution of the Asset Representations Reviewer, or the appointment of a new Asset Representations Reviewer, pursuant to the terms of the Asset Representations Review Agreement, the Administrator will report the occurrence and
        date of such event, together with a description of the circumstances surrounding the change and, if applicable, information regarding the new Asset Representations Reviewer, in the Form 10-D filed by the Administrator pursuant to Section
        1.2(a)(viii) hereof for the Collection Period in which such change occurs.

     

    
      13

      
        

    

    

    

    (b)      Investor Communications.  If the Administrator receives, during any Collection Period, a written request from a Noteholder or Verified Note Owner to communicate with other Noteholders and Note Owners regarding
        the exercise of rights under the terms of the Basic Documents, the Administrator will include in the Form 10-D for such Collection Period the following information, to the extent provided by the Noteholder or Verified Note Owner in its written
        request: (i) the name of the Noteholder or Verified Note Owner making the written request; (ii) the date the written request was received; (iii) a statement that the Administrator has received a written request from that Noteholder or Verified Note
        Owner stating that it is interested in communicating with other Noteholders and Note Owners with regard to the possible exercise of rights under the Basic Documents; and (iv) a description of the method other Noteholders and Note Owners may use to
        contact the requesting Noteholder or Verified Note Owner.  The Administrator is not required to include any additional information regarding the Noteholder or Verified Note Owner and its written request in the Form 10-D, and is required to disclose
        a Noteholder’s or a Verified Note Owner’s written request only where the communication relates to the exercise by a Noteholder or Verified Note Owner of its rights under the Basic Documents.  The Administrator will be responsible for the expenses
        of administering the investor communications provisions set forth in this Section 1.21(b), which will be compensated by means of the fee payable to it by the Servicer, as described in Section 1.4.

     

    [SIGNATURE PAGE FOLLOWS]

     

    
      14

      
        

    

    IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of the day and year first above
        written.

     

    
      	 	
              BMW VEHICLE LEASE TRUST 2019-1, as Issuer

            
	 	
               

            	 
	 	
              By: 

            	
              Wilmington Trust, National Association, not in its individual capacity but solely as Owner Trustee

            
	 	
               

            	 
	 	 	 
	 	
              By: 

            	
              /s/ Beverly D. Capers                          

                    

            
	 	 	
              Name: Beverly D. Capers

            
	 	 	
              Title:  Assistant Vice President

            
	 	
               

            	 
	 	 	 
	 	
              BMW AUTO LEASING LLC, as Transferor

            
	 	
               

            	 
	 	 	 
	 	
              By: 

            	
               /s/ Stefan Kramer                              

            
	 	 	
              Name: Stefan Kramer

            
	 	 	
              Title:  Chief Executive Officer and Vice
                  President – Finance

            
	 	
               

            	 
	 	
              By: 

            	
              /s/ Neal Crouch                                 

            
	 	 	
              Name: Neal Crouch

            
	 	 	
              Title:  Treasurer (Interim)

            
	 	
               

            	 
	 	 	 
	 	
              BMW FINANCIAL SERVICES NA, LLC, as Administrator

            
	 	
               

            	 
	 	 	 
	 	
              By: 

            	
              /s/ Stefan Kramer                              

            
	 	 	
              Name: Stefan Kramer

            
	 	 	
              Title:  Vice President – Finance & CFO

            
	 	
               

            	 
	 	
              By: 

            	
              /s/ Neal Crouch                                 

            
	 	 	
              Name: Neal Crouch

            
	 	 	
              Title:  Treasurer (Interim)

            

    

    

     

    
      
        

    

    

      	 	
              U.S. BANK NATIONAL ASSOCIATION, as Indenture Trustee

            
	 	
               

            	 
	 	 	 
	 	
              By:

            	
              /s/ Jose A. Galarza                             

                  

            
	 	 	
              Name: Jose A. Galarza

            
	 	 	
              Title:  Vice PresidentExhibit 10.9

    

    Execution Version 

      

     

     

    

     

    

     

    

    
      
 

     

     

    

     

    

     

    

    FINANCIAL SERVICES VEHICLE TRUST,

     

    

    BMW MANUFACTURING L.P.,

     

      

    BMW AUTO LEASING LLC,

     

      

    BMW VEHICLE LEASE TRUST 2019-1,

     

      

    and

     

      

    U.S. BANK NATIONAL ASSOCIATION,

    as Indenture Trustee

     

      

    __________________________________

    

      

     

    

    BACK-UP SECURITY AGREEMENT

    Dated as of March 20, 2019

    
       

        

      __________________________________

       

     

    

     

     

    

     

    

     

    

     

    

    
      
 

     

    
      
        

    

    TABLE OF CONTENTS

    Page

    

    

    	
            ARTICLE ONE DEFINITIONS

             	
            2

             

              

          
	
            Section 1.01.

          	
            Definitions

          	
            2

          
	
            Section 1.02.

          	
            Interpretive Provisions

          	
            3

             

              

          
	
            ARTICLE TWO SECURITY INTEREST

             	
            3

             

              

          
	
            Section 2.01.

          	
            Grant of Security Interest.

          	
            3

          
	
            Section 2.02.

          	
            Certificate of Title

          	
            4

          
	
            Section 2.03.

          	
            Filing of Financing Statements.

          	
            4

          
	
            Section 2.04.

          	
            Use of Collateral

          	
            4

          
	
            Section 2.05.

          	
            Further Description of the Collateral

          	
            4

          
	
            Section 2.06.

          	
            Back-Up Rights of Issuer

          	
            5

             

              

          
	
            ARTICLE THREE MISCELLANEOUS

             	
            5

             

              

          
	
            Section 3.01.

          	
            Amendments

          	
            5

          
	
            Section 3.02.

          	
            Governing Law

          	
            5

          
	
            Section 3.03.

          	
            Severability of Provisions

          	
            5

          
	
            Section 3.04.

          	
            Counterparts

          	
            5

          
	
            Section 3.05.

          	
            Successors and Assigns

          	
            5

          
	
            Section 3.06.

          	
            Further Assurances

          	
            5

          
	
            Section 3.07.

          	
            Limitation of Liability of the Owner Trustee, the Trustee and the Indenture Trustee

          	
            5

          
	
            Section 3.08.

          	
            Notices

          	
            6

          
	
            Section 3.09.

          	
            Series Disclaimer and Acknowledgment

          	
            6

          
	 	 	 
	
            SCHEDULES

          	 	 
	
             

              

            Schedule A — Schedule of 2019-1 Leases

             	
             

              

            A-1

          

    
      
        

    

    BACK-UP SECURITY AGREEMENT

     

    This Back-Up Security Agreement, dated as of March 20, 2019, is among Financial Services Vehicle Trust, a Delaware statutory trust (the “Vehicle Trust”), BMW Manufacturing L.P., an Indiana limited partnership (“BMW LP”), BMW Auto
        Leasing LLC, a Delaware limited liability company (the “Transferor”), BMW Vehicle Lease Trust 2019-1, a Delaware statutory trust (the “Issuer”), and U.S. Bank National Association, a national banking association, not in its individual capacity, but solely as indenture trustee (the “Indenture Trustee”) under the Indenture, dated as of March 20, 2019 (the “Indenture”), between the Issuer and the Indenture Trustee.

     

    RECITALS

     

    WHEREAS, the Vehicle Trust is governed by the Trust Agreement, dated as of August 30, 1995, as amended and restated as of September 27,
        1996, as further amended as of May 25, 2000 and December 1, 2006 (the “Vehicle Trust Agreement”), between BMW LP and BNY Mellon Trust of Delaware, formerly known as The
        Bank of New York (Delaware), a Delaware banking corporation, as Trustee (the “Trustee”);

     

    WHEREAS, the Vehicle Trust was formed for the purposes of taking assignments and conveyances of, holding in trust and releasing its
        ownership interest in, various trust assets, including lease contracts (insofar as such lease contracts pertain to particular passenger cars, motorcycles or light trucks) and the related passenger cars, motorcycles or light trucks;

     

    WHEREAS, the parties to the Vehicle Trust Agreement supplemented the Vehicle Trust Agreement with a supplement, dated as of March 20, 2019
        (the “2019-1 Vehicle Trust Supplement” and together with the Vehicle Trust Agreement, the “SUBI Trust
            Agreement”), to establish one special unit of beneficial interest (the “2019-1 SUBI”);

     

    WHEREAS, in connection with the SUBI Trust Agreement, a separate portfolio of Leases (the “2019-1 Leases”), the Leased Vehicles that are leased under the 2019-1 Leases (the “2019-1 Vehicles”) and certain other related assets
        of the Vehicle Trust have been allocated to the 2019-1 SUBI;

     

    WHEREAS, the Vehicle Trust has issued to BMW LP a certificate evidencing a beneficial interest in the 2019-1 SUBI (the “2019-1 SUBI Certificate”);

     

    WHEREAS, the Issuer was formed pursuant to that certain trust agreement, dated as of September 24, 2018, as amended and restated as of
        March 20, 2019, between the Transferor and Wilmington Trust, National Association, a national banking association, as owner trustee (the “Trust Agreement”);

     

    WHEREAS, pursuant to the SUBI certificate transfer agreement, dated as of March 20, 2019 (the “SUBI Certificate Transfer Agreement”), between BMW LP and the Transferor, BMW LP has transferred and assigned, without recourse, to the Transferor, all of BMW LP’s interest in 

     

      

     

      

    
      
        

    

    
    the 2019-1 SUBI Certificate and certain other rights in consideration of the Transfer Price (as defined therein);

     

    WHEREAS, pursuant to the Issuer SUBI certificate transfer agreement, dated as of March 20, 2019 (the “Issuer SUBI Certificate Transfer Agreement”), between the Transferor and the Issuer, the Transferor has transferred and assigned, without recourse, to the Issuer, all of the Transferor’s interest in
        the 2019-1 SUBI Certificate and certain other rights in consideration of the Transfer Price (as defined therein);

     

    WHEREAS, pursuant to the Indenture, the Issuer has granted a security interest in the 2019-1 SUBI Certificate to the Indenture Trustee to
        secure payment of the Notes; and

     

    WHEREAS, the parties hereto desire to provide that if, for any reason, the form of any of the transactions contemplated by the SUBI Trust
        Agreement, the 2019-1 SUBI Certificate, the Trust Agreement or the Indenture (collectively, the “Transfer Documents”) are deemed to constitute a loan by any or all of the
        Securityholders (as defined in the Trust Agreement), secured by a pledge of the 2019-1 SUBI Assets or any interest therein (rather than by the 2019-1 SUBI Certificate), each of the Vehicle Trust, BMW LP and the Transferor shall be deemed to have
        granted to the Issuer a first priority security interest in the Collateral (as defined herein) to secure the Securities, which security interest the Issuer shall have assigned to the Indenture Trustee to secure the Notes.

     

    NOW, THEREFORE, in consideration of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and
        adequacy of which are hereby acknowledged, the parties hereto agree as follows:

     

    ARTICLE ONE

        

        DEFINITIONS

     

    Section 1.01.      Definitions.  Whenever used herein, unless the context otherwise requires, (i) capitalized terms not otherwise defined herein have the meanings ascribed thereto in
        the SUBI Trust Agreement, and if not defined therein, in the Servicing Agreement, (ii) capitalized terms defined in the Preamble and the Recitals have the meanings set forth therein and (iii) the following words and phrases shall have the following
        meanings:

     

    “Agreement” means this Back-Up Security Agreement, as amended
        or supplemented from time to time.

     

    “Back-Up Event” means that a court of competent jurisdiction
        has made a determination or ruling that has the effect of allowing realization on the security intended to be provided to the Issuer by the Transfer Documents only if such transactions are deemed to constitute a loan by the Issuer, secured directly
        by a pledge of the 2019-1 SUBI Assets or any interest therein (rather than by the 2019-1 SUBI Certificate and the beneficial interest in the 2019-1 SUBI Assets represented thereby).

     

      

    

    
      2

      
        

    

    “Collateral” has the meaning set forth in Section 2.01(a).

     

    “Pledgors” means the Vehicle Trust, BMW LP and the Transferor.

     

    “Servicing Agreement” means the Basic Servicing Agreement,
        dated as of August 30, 1995, between the Vehicle Trust, BMW LP and BMW Financial Services NA, LLC (“BMW FS”), as servicer, as supplemented by the Servicing Supplement,
        dated as of March 20, 2019, among the Vehicle Trust, BMW LP, and BMW FS, as servicer.

     

    “Trust Assets” has the meaning set forth in the SUBI Trust
        Agreement.

     

    “UCC” means the Uniform Commercial Code as in effect in the
        applicable jurisdiction.

     

    Section 1.02.      Interpretive Provisions.  For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires, (i) terms used herein
        include, as appropriate, all genders and the plural as well as the singular, (ii) references to words such as “herein”, “hereof” and the like shall refer to this Agreement as a whole and not to any particular part, Article or Section herein,
        (iii) references to an Article or Section such as “Article One” or “Section 1.01” shall refer to the applicable Article or Section of this Agreement, (iv) the term “include” and all variations thereof shall mean “include without limitation” and (v)
        the term “proceeds” shall have the meaning ascribed to such term in the UCC.

     

    ARTICLE TWO

        

        SECURITY INTEREST

     

    Section 2.01.      Grant of Security Interest.

     

    (a)      Each of the Vehicle
        Trust, BMW LP and the Transferor hereby grants to the Issuer a security interest in all of its present and future right, title and interest, if any, in, to and under (but not, except to the extent required by law, any obligations with respect to)
        the following collateral (the “Collateral”):  (i) a 100% interest in (A) all rights under the 2019-1 Leases; (B) all other 2019-1 SUBI Assets, including the 2019-1 SUBI
        Collection Account but excluding the 2019-1 Vehicles except to the extent permitted by law and (C) all proceeds of the items described in (i)(A) and (i)(B) above, including insurance proceeds payable by reason of loss or damage to the 2019-1
        Vehicles to the extent not applied to making repairs to the related 2019-1 Vehicle or otherwise paid by the Servicer to the Lessee, a third person or governmental authority as required by law or pursuant to its normal servicing practices and
        (ii) all proceeds of the foregoing.  Such grant is made to secure (i) the payment of all amounts due on the Securities in accordance with their terms in the priorities of payment set forth in the Indenture, (ii) the payment of all other sums
        payable under the Trust Agreement or the Indenture and (iii) compliance with the provisions of the Trust Agreement and the Indenture.

     

    (b)      The Issuer hereby
        assigns to the Indenture Trustee its security interests in the Collateral granted to the Issuer pursuant to Section 2.01(a) hereof to secure (i) the 

     

      

     

      

    
      3

      
        

    

     

      

    payment of all amounts due on the Notes, (ii) the payment of all other sums payable under the Indenture and (iii) compliance with
        the provisions of the Indenture.

     

    (c)      Each of the Issuer and
        the Indenture Trustee acknowledges such grant and assignment, but all parties hereto acknowledge and agree that (i) such grant and assignment are made solely for protective purposes and without representation or warranty as to the nature of any of
        parties’ rights in and to the Collateral; and (ii) none of the parties hereto intends to imply in any way that any of the Transfer Documents should not be interpreted or enforced in accordance with its respective terms.  Each of the Trustee and the
        Indenture Trustee also acknowledges that it shall have no claim to any proceeds or assets of the Vehicle Trust or to any of the Trust Assets other than the Collateral.

     

    Section 2.02.      Certificate of Title.  None of the parties hereto, including the Vehicle Trust, shall be required to make notation on, or cause to be taken any other action with
        respect to, any Certificate of Title for any 2019-1 Vehicle to reflect the back-up Lien created hereby.

     

    Section 2.03.      Filing of Financing Statements.

     

    (a)      Each of the Vehicle
        Trust, BMW LP, the Transferor and the Issuer, will from time to time execute, deliver and file all UCC financing statements and continuation statements reasonably required or necessary to maintain, perfect or continue the perfection of the back-up
        Lien created hereby with respect to the 2019-1 Leases and the proceeds thereof and any other Collateral, the perfection of a security interest in which may be accomplished and continued by the same filings.  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. The obligations of the Issuer hereunder will be performed by the Administrator.

     

    (b)      Upon release of the lien
        of the Indenture, the Indenture Trustee, at the expense of the Issuer, shall execute and file such partial or full releases or partial or full assignments of financing statements and other documents and instruments as may be prepared by and
        reasonably requested by the Issuer to assign the Indenture Trustee’s interests hereunder back to the Issuer.

     

    Section 2.04.      Use of Collateral.  Each of the parties granting a security interest hereunder may continue to use and deal with its interest in the Collateral in any lawful manner
        and may sell items of Collateral in the ordinary course of its business, subject only to the requirements of the Transfer Documents, the Servicing Agreement or any other Basic Document, as appropriate.

     

    Section 2.05.      Further Description of the Collateral.  Schedule A attached hereto contains a description of the 2019-1 Leases.

     

    
      4

      
        

    

    Section 2.06.      Back-Up Rights of Issuer.  If a Back-Up Event shall have occurred and be continuing, the Issuer may exercise the rights and remedies with respect to the Collateral
        of a secured party under the UCC to the extent permitted by applicable law.  Notwithstanding any other provision hereof, the Issuer shall have recourse only against the Collateral and not against any Pledgor hereunder.

     

    ARTICLE THREE

        

        MISCELLANEOUS

     

    Section 3.01.      Amendments.  This Agreement may be amended by written agreement among the parties hereto; provided, however, that it may only be amended under the same circumstances
        the Trust Agreement could be amended pursuant to Section 12.01 thereof and the Indenture could be amended pursuant to Article Nine thereof.

     

    Section 3.02.      Governing Law.  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE
        PRINCIPLES OF CONFLICTS OF LAW (OTHER THAN SECTIONS 5-1401 AND 5‐1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

     

    Section 3.03.      Severability of Provisions.  If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid
        or unenforceable, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions and terms of this Agreement, as the same may be amended or supplemented, and shall in no way
        affect the validity or enforceability of the other covenants, agreements, provisions or terms of this Agreement.

     

    Section 3.04.      Counterparts.  This Agreement may be executed in any number of counterparts, each of which so executed and delivered shall be deemed to be an original, but all of
        which counterparts shall together constitute but one and the same instrument.

     

    Section 3.05.      Successors and Assigns.  All covenants and agreements contained in this Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their
        respective permitted successors and assigns.

     

    Section 3.06.      Further Assurances.  Each party will perform such acts and execute and deliver to any other party such additional documents or instruments as may be reasonably
        requested in order to effect the purposes of this Agreement and to better assure and confirm unto the requesting party its rights, powers and remedies hereunder.

     

    Section 3.07.      Limitation of Liability of the Owner Trustee, the Trustee and the Indenture Trustee.

     

    (a)      The parties hereto are
        put on notice and hereby acknowledge and agree that (a) this Agreement is executed and delivered by Wilmington Trust, National 

     

      

     

      

    
      5

      
        

    

     

      

    Association, not individually or personally but solely as Owner Trustee of the Issuer, in the exercise of the powers and
        authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as personal representations, undertakings and agreements by Wilmington Trust, National
        Association but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust, National Association, individually or personally, to perform any
        covenant either expressed or implied contained herein of the Issuer, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through or under the parties hereto, (d) Wilmington Trust, National
        Association has made no investigation as to the accuracy or completeness of any representations and warranties made by the Issuer in this Agreement and (e) under no circumstances shall Wilmington Trust, National Association be personally liable for
        the payment of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Agreement or any other related documents.

     

    (b)      Notwithstanding anything
        contained herein to the contrary, this instrument has been countersigned by BNY Mellon Trust of Delaware not in its individual capacity but solely in its capacity as Trustee of the Vehicle Trust and in no event shall BNY Mellon Trust of Delaware in
        its individual capacity have any liability for the representations, warranties, covenants, agreements or other obligations of the Vehicle Trust hereunder, as to all of which recourse shall be had solely to the assets of the Vehicle Trust.  For all
        purposes of this Agreement, in the performance of any duties or obligations of the Vehicle Trust hereunder, the Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Part VI of the SUBI Trust Agreement.

     

    (c)      Notwithstanding anything
        contained herein to the contrary, this instrument has been countersigned by U.S. Bank National Association not in its individual capacity but solely in its capacity as Indenture Trustee and in no event shall U.S. Bank National Association in its
        individual capacity have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto.

     

    Section 3.08.      Notices.  All notices, requests and demands under this Agreement shall be given in accordance with Section 11.04 of the Indenture.  The address for such purpose of
        (i) the Vehicle Trust shall be c/o BNY Mellon Trust of Delaware, 100 White Clay Center, Suite 102, P.O. Box 6995, Newark, DE 19711; (ii) BMW LP shall be 300 Chestnut Ridge Road, Woodcliff Lake, NJ 07677, Attention: General Counsel; and (iii) the
        Transferor shall be 300 Chestnut Ridge Road, Woodcliff Lake, NJ 07677, Attention: General Counsel.

     

    Section 3.09.      Series Disclaimer and Acknowledgment.  The parties hereto acknowledge and agree that the Vehicle Trust is organized in series pursuant to Section 3804(a) and
        3806(b)(2) of the Statutory Trust Statute.  As such, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to each series of the Vehicle Trust shall be enforceable against the assets of such
        series of the Vehicle Trust only, and not against 

     

      

     

      

    
      6

      
        

    

     

      

    the assets of the Vehicle Trust generally or the assets of any other series of the Vehicle Trust or against the Trustee of the Vehicle Trust.  There
        may be several series of the Vehicle Trust created pursuant to the Vehicle Trust Agreement.

     

    [SIGNATURE PAGE FOLLOWS]

     

      

    

      

      

    

    
      7

      
        

    

    IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective officers hereto duly authorized,
        as of the day and year first above written.

     

    
      	 	
              FINANCIAL SERVICES VEHICLE TRUST, with respect to the 2019-1 SUBI

            
	 	
               

            	 
	 	
              By:

            	
              BNY MELLON TRUST OF DELAWARE, not in its individual capacity but solely as Trustee

            
	 	
               

            	 
	 	
              By:

            	
              /s/ Kristine K. Gullo                           

                    

            
	 	 	
              Name: Kristine K. Gullo

            
	 	 	
              Title:   Vice President

            
	 	
               

            	 
	 	
               

            	 
	 	
              BMW MANUFACTURING L.P.

            
	 	
               

            	 
	 	
              By:

            	
              BMW FACILITY PARTNERS, LLC, as General Partner

            
	 	
               

            	 
	 	
              By: 

            	
              /s/ Stefan Kramer                              

            
	 	 	
              Name: Stefan Kramer

            
	 	 	
              Title:  President

            
	 	
               

            	 
	 	
              By: 

            	
              /s/ Neal Crouch                                 

            
	 	 	
              Name: Neal Crouch

            
	 	 	
              Title:  Treasurer (Interim)

            
	 	 	 
	 	
               

            	 
	 	
              BMW AUTO LEASING LLC

            
	 	
               

            	 
	 	
              By: 

            	
               /s/ Stefan Kramer                              

            
	 	 	
              Name: Stefan Kramer

            
	 	 	
              Title:  Chief Executive Officer and Vice
                  President – Finance

            
	 	
               

            	 
	 	
              By: 

            	
              /s/ Neal Crouch                                 

            
	 	 	
              Name: Neal Crouch

            
	 	 	
              Title:  Treasurer (Interim)

            

    

     

    

     
     

    
      
        

    

    

      	 	
              BMW VEHICLE LEASE TRUST 2019-1

            
	 	
               

            	 
	 	
              By: 

            	
              
                WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual
                    capacity but solely as Owner Trustee

              

            
	 	
               

            	 
	 	
              By: 

            	
              /s/ Beverly D. Capers                        

                    

            
	 	 	
              Name: Beverly D. Capers

            
	 	 	
              Title:  Assistant Vice President

            
	 	 	 
	 	
               

            	 
	 	
              U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Indenture Trustee

            
	 	
               

            	 
	 	
              By: 

            	
              /s/ Jose A. Galarza                              

              

            
	 	 	
              Name: Jose A. Galarza

            
	 	 	
              Title:   Vice President 

                

            

    

     

    

   

  

    
     

     

    

     

    

     

    

     

    

     

    

    
      
        

    

    
    SCHEDULE A

     

     

      

    Schedule of 2019-1 Leases

     

     [Omitted. Copies on file with the Servicer, the Trustee and the Owner Trustee.]

     

    

    

     

  

  A-1

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