Document:

Exhibit 10.4

    

    

    

    

    

    

    

    

    

    RECEIVABLES PURCHASE AGREEMENT

    

    

    between

    

    

    BMW FINANCIAL SERVICES NA, LLC,

    as Seller,

    and

    

    

    BMW FS SECURITIES LLC,

    as Depositor

    

    

    

    

    Dated as of [________], 20[__]

     

      

     

      

    
      
        

    

    
    TABLE OF CONTENTS

    PAGE

    	
            ARTICLE I

          	
            CERTAIN DEFINITIONS

          	
            1

          
	
            ARTICLE II

          	
            CONVEYANCE OF RECEIVABLES

          	
            3

          
	
            SECTION 2.01

          	
            Conveyance of Receivables

          	
            3

          
	
            SECTION 2.02

          	
            The Closing

          	
            4

          
	
            ARTICLE III

          	
            REPRESENTATIONS AND WARRANTIES

          	
            4

          
	
            SECTION 3.01

          	
            Representations and Warranties of the Depositor

          	
            4

          
	
            SECTION 3.02

          	
            Representations and Warranties of the Seller

          	
            6

          
	
            SECTION 3.03

          	
            Perfection Representations, Warranties and Covenants

          	
            13

          
	
            ARTICLE IV

          	
            CONDITIONS

          	
            13

          
	
            SECTION 4.01

          	
            Conditions to Obligation of the Depositor

          	
            13

          
	
            SECTION 4.02

          	
            Conditions to Obligation of the Seller

          	
            14

          
	
            ARTICLE V

          	
            COVENANTS OF THE SELLER AND THE DEPOSITOR

          	
            15

          
	
            SECTION 5.01

          	
            Protection of Right, Title and Interest

          	
            15

          
	
            SECTION 5.02

          	
            Other Liens or Interests

          	
            16

          
	
            SECTION 5.03

          	
            Costs and Expenses

          	
            16

          
	
            SECTION 5.04

          	
            Hold Harmless

          	
            16

          
	
            SECTION 5.05

          	
            Compliance with the FDIC Rule

          	
            16

          
	
            ARTICLE VI

          	
            MISCELLANEOUS PROVISIONS

          	
            16

          
	
            SECTION 6.01

          	
            Obligations of Seller

          	
            16

          
	
            SECTION 6.02

          	
            Repurchase Events

          	
            17

          
	
            SECTION 6.03

          	
            Depositor Assignment of Repurchased Receivables

          	
            17

          
	
            SECTION 6.04

          	
            Transfer to the Issuer

          	
            17

          
	
            SECTION 6.05

          	
            Amendment

          	
            17

          
	
            SECTION 6.06

          	
            Waivers

          	
            18

          
	
            SECTION 6.07

          	
            Notices

          	
            18

          
	
            SECTION 6.08

          	
            Costs and Expenses

          	
            18

          
	
            SECTION 6.09

          	
            Representations of the Seller and the Depositor

          	
            19

          
	
            SECTION 6.10

          	
            Confidential Information

          	
            19

          
	
            SECTION 6.11

          	
            Headings and Cross-References

          	
            19

          
	
            SECTION 6.12

          	
            Governing Law

          	
            19

          
	
            SECTION 6.13

          	
            Counterparts

          	
            19

          
	
            SECTION 6.14

          	
            Third Party Beneficiary

          	
            19

          
	
            SECTION 6.15

          	
            No Proceedings

          	
            19

          

    SCHEDULES

    SCHEDULE I     Schedule of Receivables

    SCHEDULE II     Location of Receivable Files

    SCHEDULE III     Perfection Representations, Warranties and Covenants

    
      i

      
        

    

    THIS RECEIVABLES PURCHASE AGREEMENT dated as of [________], 20[__], is between BMW FINANCIAL SERVICES NA, LLC, a
        Delaware limited liability company (the “Seller”), and BMW FS SECURITIES LLC, a Delaware limited liability company, as depositor (the “Depositor”).

    RECITALS

    WHEREAS, in the regular course of its business, the Seller has purchased certain motor vehicle retail installment sale
        contracts secured by new and used automobiles, light trucks and motorcycles from certain motor vehicle dealers directly or indirectly through BMW Bank of North America;

    WHEREAS, the Seller and the Depositor wish to set forth the terms pursuant to which such contracts are to be sold by
        the Seller to the Depositor; and

    WHEREAS, the Depositor intends, concurrently with its purchase hereunder, to convey all of its right, title and
        interest in and to all of such contracts to BMW Vehicle Owner Trust 20[__] (the “Issuer”) pursuant to a Sale and Servicing Agreement dated as of [________], 20[__] (the “Sale and Servicing Agreement”), by and among the Issuer, the Depositor, the
        Sponsor, the Servicer, the Administrator and the Custodian, and [_________], as indenture trustee (the “Indenture Trustee”), and the Issuer intends to pledge all of its right, title and interest in and to such contracts to the Indenture Trustee
        pursuant to the Indenture dated as of [________], 20[__] (the “Indenture”), by and between the Issuer and the Indenture Trustee.

    NOW, THEREFORE, in consideration of the foregoing, other good and valuable consideration and the mutual terms and
        covenants contained herein, the parties hereto agree as follows:

    ARTICLE I

        

        CERTAIN DEFINITIONS

    Terms not defined in this Agreement shall have the meanings assigned thereto in the Sale and Servicing Agreement, the
        Underwriting Agreement or the Indenture, as the case may be.  As used in this Agreement, the following terms shall, unless the context otherwise requires, have the following meanings (such meanings to be equally applicable to the singular and
        plural forms of the terms defined):

    “Act” shall have the meaning specified in Section 3.01(h).

    “Agreement” shall mean this Receivables Purchase Agreement, as the same may be amended and supplemented from time to
        time.

    “Bank Receivables Purchase Agreement” shall mean the Receivables Purchase Agreement, dated as of [________], 20[__],
        between BMW Bank, as seller, and the Depositor.

    “BMW Bank” shall mean BMW Bank of North America.

    
      
        

    

    
    

    

    “BMW FS” shall mean BMW Financial Services NA, LLC.

    “Conveyed Assets” shall have the meaning set forth in Section 2.01.

    “Depositor” shall mean BMW FS Securities LLC, a Delaware limited liability company, and its successors and assigns.

    “Indenture” shall have the meaning set forth in the recitals.

    “Issuer” shall have the meaning set forth in the recitals.

    “Lien Certificate” means, with respect to a Financed Vehicle, an original certificate of title, certificate of lien or
        other notification issued by the Registrar of Titles of the applicable State to a secured party which indicates that the lien of the secured party on such Financed Vehicle is recorded on the original certificate of title.  In any jurisdiction in
        which the original certificate of title is required to be given to the Obligor, the term “Lien Certificate” shall mean only a certificate or notification issued to a secured party.

    “Prospectus” shall have the meaning set forth in the Underwriting Agreement.

    “Purchase Price” shall have the meaning set forth in Section 2.01.

    “Receivable” shall mean any Contract listed on Schedule I hereto (which Schedule may be in the form of microfiche).

    “Registrar of Titles” means with respect to any State, the governmental agency or body responsible for the
        registration of, and the issuance of certificates of title relating to, motor vehicles and liens thereon.

    “Registration Statement” means Registration Statement No. [_________] filed by the Depositor with the Securities and
        Exchange Commission in the form in which it became effective on [_________], 20[__].

    “Rules and Regulations” shall have the meaning specified in Section 3.01(i).

    “Sale and Servicing Agreement” shall have the meaning set forth in the recitals.

    “Schedule of Receivables” shall mean the list of Receivables annexed hereto as Schedule I (which Schedule may be in
        the form of microfiche).

    “Seller” shall mean BMW FS, and its successors and assigns.

    “Transfer Date” shall mean the Closing Date.

    “Underwriters” means each of [__________], [__________], [__________], [__________] and [__________].

    
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    “Underwriting Agreement” means the Underwriting Agreement, dated [__________], 20[__], among BMW FS, the Depositor and
        [__________], on behalf of itself and as representative of the Underwriters, relating to BMW Vehicle Owner Trust 20[__].

    ARTICLE II

        

        CONVEYANCE OF RECEIVABLES

    SECTION 2.01  Conveyance of
        Receivables.

    (a)     In consideration of the
        Depositor’s delivery to or upon the order of the Seller on the Closing Date of $[__________] (the “Purchase Price”), the Seller does hereby sell, transfer, assign, set over and otherwise convey to the Depositor, without recourse (subject to the
        obligations of the Seller herein) all right, title, and interest of the Seller in and to the following assets and property whether now owned or existing or hereafter acquired or arising:

    (i)     the
        Receivables and all moneys received thereon after the close of business on [__________], 20[__];

    (ii)     the
        security interests in the Financed Vehicles and any accessions thereto granted by Obligors pursuant to the Receivables and any other interest of the Seller in such Financed Vehicles;

    (iii)     any

        Liquidation Proceeds and Recoveries and any other proceeds with respect to the Receivables from claims on any theft, physical damage, credit life or disability insurance policies covering Financed Vehicles or Obligors, including any vendor’s single
        interest or other collateral protection insurance policy;

    (iv)     any
        property that shall have secured a Receivable and that shall have been acquired by or on behalf of the Seller;

    (v)     all
        documents and other items contained in the Receivable Files;

    (vi)     all
        proceeds from any Receivable repurchased by a Dealer pursuant to a Dealer Agreement and all rights against BMW Bank pursuant to one or more bills of sale pursuant to which the Seller acquired the Receivables; and

    (vii)     the

        proceeds of any and all of the foregoing (collectively, with the assets listed in clauses (i) through (vi) above, the “Conveyed Assets”).

    (b)     For all non-tax
        purposes, the Seller and the Depositor intend that the transfer of assets by the Seller to the Depositor pursuant to this Agreement be a sale of the ownership interest in such assets to the Depositor, rather than the mere granting of a security
        interest to secure a borrowing.  In the event, however, that such transfer is deemed not to be a

    
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    sale but to be a grant of a mere security interest to secure a borrowing, the Seller shall be deemed to have hereby granted, and does
        hereby grant, to the Depositor a first priority security interest in all right, title and interest of the Seller in and to the Conveyed Assets, whether now owned or existing or hereafter acquired or arising, and all accounts, money, chattel paper,
        securities, instruments, documents, deposit accounts, certificates of deposit, letters of credit, advices of credit, banker’s acceptances, uncertificated securities, general intangibles, contract rights, goods and other property consisting of,
        arising from or relating to such Conveyed Assets, which security interest shall be perfected, to secure a debt in the amount equal to the Purchase Price (less payments of principal previously received in respect of the Receivables) plus interest at
        a rate equal to the weighted average of the interest rates payable on the Receivables.  Pursuant to the Sale and Servicing Agreement and Section 6.04 hereof, the Depositor may sell, transfer and assign to the Issuer (i) all or any portion of the
        assets assigned to the Depositor hereunder, (ii) all or any portion of the Depositor’s rights against the Seller under this Agreement and (iii) all proceeds thereof.  Such assignment may be made by the Depositor with or without an assignment by the
        Depositor of its rights under this Agreement, and without further notice to or acknowledgement from the Seller.  The Seller waives, to the extent permitted under applicable law, all claims, causes of action and remedies, whether legal or equitable
        (including any right of setoff), against the Depositor or any assignee of the Depositor relating to such action by the Depositor in connection with the transactions contemplated by the Sale and Servicing Agreement.  Because (i) the Depositor intends to convey all of its right, title and interest in and to the Receivables to the Issuer pursuant to the Sale and Servicing Agreement, (ii) the Issuer intends to pledge all of its right, title and interest in and to the Receivables to the Indenture Trustee pursuant to the Indenture, (iii) the Seller intends that the
          transfer of Receivables pursuant to this Agreement be a sale of the ownership interest in such Receivables to the Depositor, and (iv) the parties intend that the Indenture Trustee have a direct security interest in the Receivables, if the
          transfer of the Receivables pursuant to this Agreement is deemed to be a grant of a security interest to secure a borrowing, the foregoing grant by the Seller of a security interest in the Receivables to secure a debt in the amount of the debt
          described above shall be deemed to be, and the Seller hereby grants, a direct security interest in the Receivables to the Indenture Trustee for the benefit of the Noteholders to secure the debt described above.

    SECTION 2.02  The Closing.  The
        sale and purchase of the Receivables shall take place at a closing at the offices of Morgan, Lewis & Bockius LLP, 101 Park Avenue, New York, New York 10178 on the Closing Date, simultaneously with the closing under (a) the Sale and Servicing
        Agreement, (b) the Indenture, (c) the Bank Receivables Purchase Agreement and (d) the Trust Agreement.

    ARTICLE III

        

        REPRESENTATIONS AND WARRANTIES

    SECTION 3.01  Representations
        and Warranties of the Depositor.  The Depositor hereby represents and warrants as follows to the Seller and the Indenture Trustee as of the date hereof and the Transfer Date:

    (a)     Organization and Good
        Standing.  The Depositor is duly organized and validly existing as a limited liability company in good standing under the laws of the State of

    
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    Delaware, with the power and authority to own its properties and to conduct its business as such properties are currently owned and such
        business is currently conducted.

    (b)     Due Qualification.  The
        Depositor is duly qualified to do business as a foreign limited liability company in good standing, and has obtained all necessary licenses and approvals in all jurisdictions, including a license pursuant to the Pennsylvania Motor Vehicle Sales
        Finance Act and the Maryland Code Financial Institutions, Title 11, Subtitle 4, where the failure to do so would materially and adversely affect the Depositor’s ability to acquire the Receivables or the validity or enforceability of the
        Receivables.

    (c)     Power and Authority. 
        The Depositor has the limited liability company power and authority to execute and deliver this Agreement and the other Basic Documents to which it is a party and to carry out their respective terms; the Depositor has full power and authority to
        sell and assign the property to be sold and assigned to and deposited with the Issuer, and the Depositor shall have duly authorized such sale and assignment to the Issuer by all necessary limited liability company action; and the execution,
        delivery and performance of this Agreement and the other Basic Documents to which the Depositor is a party have been duly authorized by the Depositor by all necessary limited liability company action.

    (d)     Binding Obligation. 
        This Agreement and the other Basic Documents to which the Depositor is a party, when duly executed and delivered by the other parties hereto and thereto shall constitute legal, valid and binding obligations of the Depositor, enforceable against the
        Depositor in accordance with their respective terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, reorganization or similar laws now or hereafter in effect relating to or affecting creditors’ rights generally and
        to general principles of equity (whether applied in a proceeding at law or in equity).

    (e)     No Violation.  The
        consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time or
        both) a default under, the limited liability company agreement or certificate of formation of the Depositor, or any indenture, agreement or other instrument to which the Depositor is a party or by which it is bound, or violate any law, rules or
        regulation applicable to the Depositor of any court or federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor.

    (f)     No Proceedings.  There
        are no proceedings or investigations pending or, to the Depositor’s knowledge, threatened against the Depositor before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or
        its properties (i) asserting the invalidity of this Agreement or any other Basic Document to which the Depositor is a party, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any other Basic
        Document to which the Depositor is a party or (iii) seeking any determination or ruling that might materially and adversely affect the performance by the Depositor of its obligations under, or the validity or enforceability of, this Agreement or
        any other Basic Document to which the Depositor is a party.

    
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    (g)     No Consents.  The
        Depositor is not required to obtain the consent of any other party or any consent, license, approval, registration, authorization, or declaration of or with any governmental authority, bureau or agency in connection with the execution, delivery,
        performance, validity, or enforceability of this Agreement or any other Basic Document to which it is a party that has not already been obtained.

    (h)     The Depositor, and the
        Securities being offered in connection with the transactions described in this Agreement and the Basic Documents, meet the requirements for use of Form SF-3 under the Securities Act of 1933, as amended (the “Act”), and the Depositor has filed with
        the Commission the Registration Statement on such Form, including a form of prospectus, for the registration under the Act of the offering and sale of the Securities.

    (i)     On the date of this
        Agreement, the Registration Statement will comply in all material respects with the applicable requirements of the Act, and the respective rules and regulations of the Commission thereunder (the “Rules and Regulations”).

    (j)     On the date of this
        Agreement, the Depositor is not aware of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or the institution or threat of any proceeding for that purpose.

    SECTION 3.02  Representations
        and Warranties of the Seller.

    (a)     The Seller hereby
        represents and warrants as follows to the Depositor and the Indenture Trustee as of the date hereof and as of the Transfer Date:

    (i)     Organization

        and Good Standing.  The Seller has been duly  organized and is validly existing as a limited liability company under the laws of the State of Delaware, with the power and authority to own its properties and to conduct its business as such
        properties are currently owned and such business is currently conducted.

    (ii)     Due
        Qualification.  The Seller is duly authorized to transact business as a foreign limited liability company in good standing, and has obtained all necessary licenses and approvals, in all  jurisdictions in which the ownership or lease of property or
        the conduct of its business shall require such qualifications and in which the failure to be so authorized would have a material adverse effect on the business, properties, assets, or condition (financial or other) of the Seller and its
        subsidiaries, considered as one enterprise.

    (iii)     Power

        and Authority; Binding Obligation.  The Seller has the  power and authority to make, execute, deliver and perform this Agreement and all of the transactions contemplated under this Agreement and the other Basic Documents to which the Seller is a 
        party, and has taken all necessary action to authorize the execution, delivery and performance of this Agreement and the other Basic Documents to which the Seller is a party.  When executed and delivered, this Agreement and the other Basic
        Documents to which the Seller is a  party will constitute legal, valid and binding

    
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    obligations of the Seller enforceable in accordance with their respective terms, except as enforcement of such terms
        may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and by the availability of equitable remedies.

    (iv)     No
        Violation.  The execution, delivery and performance by the  Seller of this Agreement and the other Basic Documents to which the Seller is a party will not violate any provision of any existing  state, federal or, to the best knowledge of the
        Seller, local law or regulation or any order or decree of any court applicable to the Seller or any provision of the limited liability company agreement of the Seller, or constitute a breach of any mortgage, indenture, contract or other agreement
        to which the Seller is a party or by which the Seller may be bound or result in the creation or imposition of any lien upon any of the Seller’s properties pursuant to any such mortgage, indenture, contract or other agreement (other than this
        Agreement).

    (v)     No
        Proceedings.  There are no proceedings or investigations pending or, to the Seller’s knowledge, threatened against the Seller before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over
        the Seller or its properties (i) asserting the invalidity of this Agreement or any other Basic Document, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any other Basic Document or (iii) seeking
        any determination or ruling that might materially and adversely affect the performance by the Seller of its obligations under, or the validity or enforceability of, this  Agreement or any other Basic Document.

    (vi)    Chief

        Executive Office and Principal Place of Business.  The chief executive office and the principal place of business of the Seller for the previous five years is 300 Chestnut Ridge Road, Woodcliff Lake, New Jersey 07677.

    (vii)   No
        Consents.  The Seller is not required to obtain the consent of any other party or any consent, license, approval, registration, authorization, or declaration of or with any governmental authority, bureau or agency in connection with the execution,
        delivery, performance, validity, or enforceability of this Agreement or any other Basic Document to which it is a party that has not already been obtained.

    (viii)  No
        Notice.  The Seller represents and warrants that it acquired title to the Receivables in good faith, without notice of any adverse claim.

    (ix)    Bulk
        Transfer.  The Seller represents and warrants that the transfer, assignment and conveyance of the Receivables by the Seller pursuant to this Agreement is not subject to the bulk transfer laws or any similar statutory provisions in effect in any
        applicable jurisdiction.

    
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    (x)      Seller

        Information.  No certificate of an officer, statement or document furnished in writing or report delivered pursuant to the terms hereof by the Seller contains any untrue statement of a material fact or omits to state any material fact necessary to
        make the certificate, statement, document or report not misleading.

    (xi)     Ordinary

        Course.  The transactions contemplated by this Agreement and the other Basic Documents to which the Seller is a party are in the ordinary course of the Seller’s business.

    (xii)     Solvency. 

        The Seller is not insolvent, nor will the Seller be made insolvent by the transfer of the Receivables, nor does the Seller anticipate any pending insolvency.

    (xiii)      Legal

        Compliance.  The Seller is not in violation of, and the execution and delivery of this Agreement and the other Basic Documents to which the Seller is a party by it and its performance and compliance with the terms of this Agreement and the other
        Basic Documents to which the Seller is a party will not constitute a violation with respect to, any order or decree of any court or any order or regulation of any federal, state, municipal or governmental agency having jurisdiction, which violation
        would materially and adversely affect the Seller’s condition (financial or otherwise) or operations or any of the Seller’s properties or materially and adversely affect the performance of any of its duties under the Basic Documents.

    (xiv)      Creditors. 

        The Seller is not selling the Receivables to the Depositor with any intent to hinder, delay or defraud any of its creditors.

    (xv)      Schedule

        of Receivables.  The information set forth in Schedule I to this Agreement is true and correct in all material respects as of the close of business on the Cutoff Date.

    (xvi)      Marking

        Records.  By the Transfer Date, the Seller will have caused its computer and accounting records relating to each Receivable to be marked to show that such Receivables have been sold to the Depositor by the Seller and transferred and assigned by the
        Depositor to the Issuer in accordance with the terms of the Sale and Servicing Agreement and pledged by the Issuer to the Indenture Trustee in accordance with the terms of the Indenture.

    (xvii)     Computer

        Tape.  The computer tape regarding the Receivables made available by the Seller to the Depositor is complete and accurate in all material respects as of the Cutoff Date.

    (xviii)       No

        Adverse Selection.  No selection procedures (other than those specified herein) believed by the Seller to be adverse to the Noteholders or the Certificateholders were utilized in selecting the Receivables.

    
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    (xix)     Intention

        to Sell.  It is the intention of the Seller that the transfers and assignments herein contemplated constitute sales of the Receivables from the Seller to the Depositor and that the beneficial interest in and title to the Receivables not be part of
        the debtor’s estate in the event of the appointment of a receiver or conservator for the Seller under any receivership, bankruptcy law, insolvency or banking law.

    (xx)     Servicing. 

        Each Receivable has been serviced in conformity with all applicable laws, rules and regulations and in conformity with the Seller’s policies and procedures which are consistent with customary prudent industry standards.

    (xxi)     Dealer

        Agreement.  Each Dealer that sold a Receivable to the Seller (or BMW Bank) has entered into a Dealer Agreement and such Dealer Agreement, together with the assignment and related documentation signed by the Dealer, constitutes the entire agreement
        between the Seller (or BMW Bank) and such Dealer with respect to the sale of such Receivable to the Seller (or BMW Bank).  Each such Dealer Agreement is in full force and effect and is the legal, valid and binding obligation of such Dealer; there
        have been no material defaults by the Seller (or BMW Bank) under such Dealer Agreement; the Seller (or BMW Bank) has fully performed all of its obligations under such Dealer Agreement; the Seller (or BMW Bank) has not made any statements or
        representations to such Dealer (whether written or oral) inconsistent with any term of such Dealer Agreement; the purchase price (as specified in related Dealer Agreement) for such Receivable has been paid in full, other than any dealer reserve, by
        the Seller (or BMW Bank); and any payment owed to such Dealer by the Seller (or BMW Bank) is a corporate obligation of the Seller (or BMW Bank).

    (xxii)     Receivable

        Files Complete.  There exists a Receivable File pertaining to each Receivable and such Receivable File contains, without limitation, (A) a fully executed or electronically authenticated original of the Receivable, (B) the original Lien Certificate
        or application therefor together with such other documents that the Seller shall keep on file in accordance with its customary procedures evidencing the security interest of the Seller in the related Financed Vehicle, and (C) any and all other
        documents that the Servicer shall have kept on file in accordance with its customary procedures relating to a Receivable, an Obligor or a Financed Vehicle.  Each of such documents that is required to be signed by the Obligor has been signed by the
        Obligor in the appropriate spaces.  All blanks on any form described in clauses (A), (B) and (C) of this paragraph have been properly filled in and each form has otherwise been correctly prepared in all material respects.  Notwithstanding the
        above, the complete Receivable File for each Receivable, (x) shall fulfill the documentation requirements of the Seller’s credit policies as in effect on the date of origination of such Receivable and (y) is in possession of the Servicer and/or
        Custodian, as applicable, at the location set forth on Schedule II hereto (except that, in the case of any Receivable

    
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    constituting “electronic chattel paper”, the “authoritative copy” (as such term is used in Section 9-105 of the UCC)
        of such Receivable shall be maintained by the Servicer in a computer system such that the Servicer maintains “control” (as such term is used in Section 9-105 of the UCC) over such authoritative copy on the Transfer Date.  The blanket power of
        attorney granted to the Indenture Trustee and the original Lien Certificate are the only documents necessary to permit the Indenture Trustee to submit the Lien Certificate for each Financed Vehicle for retitling in the name of the Indenture Trustee
        as secured party in the event such retitling were required or otherwise permitted under the Basic Documents.

    (b)     The Seller makes the
        following representations and warranties with respect to the Receivables, on which the Depositor relies in accepting the Receivables and in transferring the Receivables to the Issuer under the Sale and Servicing Agreement, and on which the Issuer
        relies in pledging the same to the Indenture Trustee.  Such representations and warranties speak as of the execution and delivery of this Agreement and as of the Transfer Date, but shall survive the sale, transfer and assignment of the Receivables
        to the Depositor, the subsequent sale, transfer and assignment of the Receivables by the Depositor to the Issuer pursuant to the Sale and Servicing Agreement and the pledge of the Receivables by the Issuer to the Indenture Trustee pursuant to the
        Indenture.

    (i)     Each
        Receivable (a) was originated in the United States of America by the Seller (in the case of any Receivable originated through the “Lease to Loan” program), by BMW Bank (in the case of any Receivable acquired by the Seller from BMW Bank) or by a
        Dealer located in the United States of America, in each case in the ordinary course of such originator’s business and in compliance with the Seller’s customary credit policies and practices as of the date of origination or acquisition of such
        Receivable, (b) is payable in United States dollars, (c) has been fully and properly executed or electronically authenticated by the parties thereto, (d) except in the case of any Receivable originated through the “Lease to Loan” program or
        acquired by the Seller from BMW Bank, has been (i) purchased by the Seller from the Dealer under an existing Dealer Agreement and (ii) validly assigned by such Dealer to the Seller, and (e) in the case of any Receivable purchased by the Seller from
        BMW Bank, has been (i) purchased by the Seller from BMW Bank under an existing purchase agreement and (ii) validly assigned by BMW Bank to the Seller.

    (ii)     As
        of the Closing Date, the Seller has, or has started procedures that will result in the Seller having, a perfected, first priority security interest in the Financed Vehicle related to each Receivable, which security interest was validly created and
        has been assigned by the Seller to the Depositor, and will be assigned by the Depositor to the Issuer.  The Lien Certificate for each Financed Vehicle shows the Seller or BMW Bank named as the original secured party (or a properly completed
        application for such Lien Certificate has been completed).

    
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    (iii)     Each

        Receivable is on a form contract containing customary and enforceable provisions such that the rights and remedies of the holder thereof are adequate for realization against the collateral of the benefits of the security, and represents the
        genuine, legal, valid and binding payment obligation of the Obligor thereon, enforceable by the holder thereof in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other
        similar laws affecting the enforcement of creditors’ rights in general and by general principles of equity and consumer protection laws, regardless of whether such enforceability is considered in a proceeding in equity or at law.

    (iv)     Each

        Receivable (a) provides for fixed level monthly payments (provided that the payment in the last month of the term of the Receivable may be different from the level scheduled payments) that fully amortize the Amount Financed by maturity and yield
        interest at the APR and (b) amortizes using the Simple Interest Method.

    (v)      To
        the Seller’s knowledge, each Receivable complied in all material respects at the time it was originated with all requirements of applicable laws.

    (vi)      None

        of the Receivables is due from the United States of America or any State or any agency, department, subdivision or instrumentality thereof.

    (vii)     To
        the best of the Seller’s knowledge, as of the Cutoff Date, no Obligor of a Receivable is or has been, since the origination of the related Receivable, the subject of a bankruptcy proceeding.

    (viii)     As

        of the Cutoff Date, none of the Receivables has been satisfied, subordinated or rescinded, nor has any Financed Vehicle been released from the lien of the related Receivable in whole or in part, and, to the Seller’s knowledge, no Receivable is
        subject to any right of rescission, setoff, counterclaim, dispute or defense.

    (ix)       None

        of the terms of any Receivable has been deferred or otherwise modified except by instruments or documents identified in the related Receivable File.

    (x)        None

        of the Receivables has been originated in, or is subject to the laws of, any jurisdiction the laws of which would make unlawful, void or voidable the sale, transfer and assignment of such Receivable under this Agreement or the Sale and Servicing
        Agreement or the pledge of such Receivable under the Indenture.

    (xi)       Immediately

        prior to the transfers and assignments herein contemplated, the Seller has good and marketable title to the Receivable free and clear of all Liens (other than pursuant to the Basic Documents) and,

    
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    immediately upon the transfer and assignment thereof, the Depositor will have good and marketable title to each
        Receivable, free and clear of all Liens (other than pursuant to the Basic Documents).

    (xii)     Each

        Receivable constitutes “tangible chattel paper” or “electronic chattel paper” within the meaning of the applicable UCC.  With respect to any Receivable constituting “electronic chattel paper”, there is only one “authoritative copy” of the
        Receivable and with respect to any Receivable constituting “tangible chattel paper”, there is no more than one original executed copy of such Receivable.

    (xiii)      Except

        for a payment that is no more than 29 days past due, no payment default exists on any Receivable as of the Cutoff Date.

    (xiv)       The

        Seller, in accordance with its customary procedures, has determined that the Obligor has obtained physical damage insurance covering each Financed Vehicle and, under the terms of the related Receivable, the Obligor is required to maintain such
        insurance.

    (xv)       No

        Receivable has a maturity date later than the last day of the Collection Period immediately preceding the maturity date of the latest maturing class of Notes.

    (xvi)      Each

        Receivable had an original maturity of not less than [_] or more than [_] months.

    (xvii)     All

        of the Receivables, as of the Cutoff Date, are due from Obligors with garaging addresses within the United States of America, its territories and possessions.

    (xviii)        Each

        Receivable had a first scheduled payment due on or prior to [45] calendar days after the origination date thereof.

    (xix)         As

        of the Cutoff Date, each Receivable has a remaining term of at least [_] months and no more than [_] months.

    (xx)         As

        of the Cutoff Date, each Receivable has a remaining balance of at least $[___].

    (xxi)       The

        Obligor with respect to each Receivable has made at least one scheduled payment.

    
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    SECTION 3.03  Perfection
        Representations, Warranties and Covenants.  The Seller hereby makes the perfection representations, warranties and covenants set forth on Schedule III hereto to the Depositor,
        and the Depositor shall be deemed to have relied on such representations, warranties and covenants in acquiring the Receivables.

    ARTICLE IV

        

        CONDITIONS

    SECTION 4.01  Conditions to
        Obligation of the Depositor.  The obligation of the Depositor to purchase the Receivables is subject to the satisfaction of the following conditions:

    (a)     Representations and
        Warranties True.  The representations and warranties of the Seller hereunder shall be true and correct on the Transfer Date with the same effect as if then made, and the Seller shall have performed all obligations to be performed by it hereunder on
        or prior to the Transfer Date.

    (b)     Computer Files Marked. 
        The Seller shall, at its own expense, on or prior to the Transfer Date, indicate in its computer files that the Receivables have been sold to the Depositor by the Seller pursuant to this Agreement and transferred and assigned by the Depositor to
        the Issuer in accordance with the terms of the Sale and Servicing Agreement and pledged by the Issuer to the Indenture Trustee in accordance with the Indenture and deliver to the Depositor the Schedule of Receivables, certified by the Seller’s
        President, Vice President or Treasurer to be true, correct and complete.

    (c)     Documents To Be
        Delivered by the Seller on the Transfer Date:

    (i)     Evidence

        of UCC Filing.  On or prior to the Closing Date, the Seller shall record and file, at its own expense, a UCC-1 financing statement in the State of Delaware and in each other jurisdiction required by applicable law, naming the Seller, as seller or
        debtor, and naming the Depositor, as secured party, describing the Receivables and the other assets assigned to the Depositor pursuant to Section 2.01 hereof meeting the requirements of the laws of each such jurisdiction and in such manner as is
        necessary to perfect the sale, transfer, assignment and conveyance of the Receivables and such other assets to the Depositor.  The Seller shall deliver to the Depositor a file-stamped copy or other evidence satisfactory to the Depositor of such
        filing on or prior to the Transfer Date.

    (ii)     Opinions

        of Seller’s Counsel.  On or prior to the Closing Date, the Depositor shall have received the opinions of counsel to the Seller, in form and substance satisfactory to the Depositor.

    (iii)     Other

        Documents.  Such other documents as the Depositor may reasonably request.

    
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    (d)     Other Transactions. 
        The transactions contemplated by the Sale and Servicing Agreement, the Bank Receivables Purchase Agreement, the Indenture and the Trust Agreement to be consummated on the Transfer Date shall be consummated on such date.

    SECTION 4.02  Conditions to
        Obligation of the Seller.  The obligation of the Seller to sell the Receivables to the Depositor is subject to the satisfaction of the following conditions:

    (a)     Representations and
        Warranties True.  The representations and warranties of the Depositor hereunder shall be true and correct on the Transfer Date with the same effect as if then made, and the Depositor shall have performed all obligations to be performed by it
        hereunder on or prior to the Transfer Date.

    (b)     Receivables Purchase
        Price.  On the Transfer Date, the Depositor shall have delivered to the Seller the Purchase Price.

    (c)     Opinion of Counsel. 
        The Depositor shall have furnished to the Seller an opinion of counsel, dated the Closing Date, to the effect that:

    (i)     the
        Depositor has been duly formed and is validly existing as a limited liability company in good standing under the laws of the State of Delaware, with full power and authority to own its properties and conduct its business as described in the
        Prospectus;

    (ii)     each

        of this Agreement, the Sale and Servicing Agreement, the Bank Receivables Purchase Agreement and the Trust Agreement has been duly authorized, executed and delivered by the Depositor and constitutes a legal, valid and binding obligation of the
        Depositor, enforceable against the Depositor in accordance with its terms except as limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, receivership, conservatorship or similar laws relating to or affecting
        creditors’ rights generally or the rights of creditors, and except that such counsel need express no opinion as to the availability of equitable remedies or the enforceability of rights of indemnification for violations of federal securities laws;

    (iii)     no
        consent, approval, authorization or order of, or filing with, any court or governmental agency or body is required for the consummation by the Depositor of the transactions contemplated herein or in the Sale and Servicing Agreement, the Bank
        Receivables Purchase Agreement, the Trust Agreement or the Indenture, except such as may be required under the blue sky or securities laws of any jurisdiction in connection with the purchase and sale of the Notes by the Underwriters, the filing of
        the UCC-1 financing statements relating to the conveyance of the Receivables and the Conveyed Assets (as defined herein) by the Seller to the Depositor and of the Receivables and the Conveyed Assets (as defined in the Sale and Servicing Agreement)
        by the Depositor to the Issuer and of the Collateral by the Issuer to the Indenture Trustee for the benefit of the Noteholders and the filing of the

    
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    UCC-1 financing statement relating to the security interests in the Eligible Investments included in the Reserve
        Account, and such other approvals (which shall be specified in such opinion) as have been obtained and such filings as have been made or are in the process of being made; and

    (iv)     
        none of the issue and sale of the Notes and Certificates, the execution and delivery of this Agreement, the Bank Receivables Purchase Agreement, the Sale and Servicing Agreement or the Trust Agreement, the consummation of any other of the
        transactions herein or therein contemplated or the fulfillment of the terms hereof or thereof will conflict with, result in a breach or violation of, or constitute a default under, the limited liability company agreement or certificate of formation
        of the Depositor or the terms of any indenture or other agreement or instrument known to such counsel and to which the Depositor is a party or by which it is bound, or any judgment, order or decree known to such counsel to be applicable to the
        Depositor of any court, regulatory body, administrative agency, governmental body, or arbitrator having jurisdiction over the Depositor.

    (d)     Other Transactions. 
        The transactions contemplated by the Sale and Servicing Agreement, the Bank Receivables Purchase Agreement, the Indenture and the Trust Agreement to be consummated on the Transfer Date shall be consummated on such date.

    ARTICLE V

        

        COVENANTS OF THE SELLER AND THE DEPOSITOR

    The Seller and the Depositor agree with each other, respectively, and the Indenture Trustee as follows:

    SECTION 5.01  Protection of
        Right, Title and Interest.

    (a)     Filings.  The Seller
        shall cause at its own expense all financing statements and continuation statements and any other necessary documents covering the right, title and interest of the Seller, the Depositor, the Issuer and the Indenture Trustee, respectively, in and to
        the Receivables and the other property included in the Trust Estate to be promptly filed and at all times to be kept recorded, registered and filed, all in such manner and in such places as may be required by law fully to preserve and protect the
        right, title and interest of the Depositor hereunder, the Issuer under the Sale and Servicing Agreement and the Indenture Trustee under the Indenture in and to the Receivables and the other property included in the Trust Estate.  The Seller shall
        deliver to the Depositor and the Indenture Trustee file-stamped copies of, or filing receipts for, any document recorded, registered or filed as provided above, as soon as available following such recordation, registration or filing.  The Depositor
        shall cooperate fully with the Seller in connection with the obligations set forth above and will execute any and all documents reasonably required to fulfill the intent of this paragraph.

    (b)     Name Change.  If the
        Seller makes any change in its jurisdiction of organization (within the meaning of the applicable UCC), name or corporate structure that would

    
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    make any financing statement or continuation statement filed in accordance with paragraph (a) above seriously misleading within the
        applicable provisions of the UCC or any title statute, the Seller shall give the Depositor, the Indenture Trustee and the Owner Trustee written notice thereof at least forty-five (45) days prior to such change and shall promptly file such financing
        statements or amendments as may be necessary to continue the perfection of the Depositor’s interest in the Conveyed Assets.

    SECTION 5.02  Other Liens or
        Interests.  Except for the conveyances hereunder and pursuant to the Basic Documents, the Seller shall not sell, pledge, assign or transfer to any Person, or grant, create, incur, assume, or suffer to exist any Lien on, or any interest in, to or
        under the Conveyed Assets, and the Seller shall defend the right, title and interest of the Depositor, the Issuer and the Indenture Trustee in, to and under the Conveyed Assets against all claims of third parties claiming through or under the
        Seller.

    SECTION 5.03  Costs and
        Expenses.  The Seller agrees to pay all reasonable costs and disbursements in connection with the perfection, as against all third parties, of the Depositor’s, the Issuer’s and the Indenture Trustee’s right, title and interest in and to the
        Receivables and the other property included in the Trust Estate.

    SECTION 5.04  Hold Harmless. 
        The Seller shall protect, defend, indemnify and hold the Depositor, the Issuer, the Noteholders, the Underwriters and their respective assigns and their employees, officers and directors harmless from and against all losses, liabilities, claims and
        damages of every kind and character, including any legal or other expenses reasonably incurred, as incurred, resulting from or relating to or arising out of (i) the inaccuracy, nonfulfillment or breach of any representation, warranty, covenant or
        agreement made by the Seller in this Agreement, (ii) any legal action, including, without limitation, any counterclaim, that has either been settled by the litigants or has proceeded to judgment by a court of competent jurisdiction, in either case
        to the extent it is based upon alleged facts that, if true, would constitute a breach of any representation, warranty, covenant or agreement made by the Seller in this Agreement, or (iii) any failure of a Receivable to be originated in compliance
        with all applicable requirements of law.  These indemnity obligations shall be in addition to any obligation that the Seller may otherwise have.

    SECTION 5.05  Compliance with
        the FDIC Rule.  The Seller shall (i) perform the covenants set forth in Article XII of the Indenture applicable to it (including as “servicer” and “issuing entity”, each as defined in Section 12.01(c) of the Indenture) and (ii) facilitate
        compliance with Article XII of the Indenture by the FDIC Rule Parties.

    ARTICLE VI

        

        MISCELLANEOUS PROVISIONS

    SECTION 6.01  Obligations of
        Seller.  The obligations of the Seller under this Agreement shall not be affected by reason of any invalidity, illegality or irregularity of any Receivable.

    
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    SECTION 6.02  Repurchase
        Events.  The Seller hereby covenants and agrees with the Depositor for the benefit of the Depositor, the Indenture Trustee, the Issuer, the Owner Trustee, the Certificateholders and the Noteholders that the occurrence of a breach of any of the
        Seller’s representations and warranties contained in Section 3.02(b) that materially and adversely affects the interests of the Issuer, the Indenture Trustee, the Owner Trustee, the Certificateholders or the Noteholders in any Receivable, without
        regard to any limitation set forth in such representation or warranty concerning the knowledge of the Seller as to the facts stated therein, shall constitute an event obligating the Seller to repurchase the Receivables to which such failure or
        breach is applicable from the Issuer on or before the last day of the second Collection Period following the Collection Period in which it discovers or receives notice of such failure or breach (or, at the Seller’s election the last day of the
        first Collection Period following the Collection Period in which it discovers or receives notice of such breach), unless any such failure or breach shall have been cured in all material respects by such date.  In consideration of such repurchase,
        the Seller shall deposit or cause to be deposited, into the Collection Account, an amount equal to the Purchase Amount with respect to such Receivable on or prior to such date of such repurchase, and shall notify the Indenture Trustee and the
        Servicer of such deposit.  The Seller further agrees that it shall promptly deposit or cause to be deposited into the Collection Account, the Dealer Recourse Amount related to any Receivable in satisfaction of any Purchase Amount in respect of such
        Receivable that is due and which remains unpaid by the Seller.

    Upon receipt by the Seller of a Review Report from the Asset Representations Reviewer pursuant to Section 3.08 of the
        Asset Representations Review Agreement, the Seller will evaluate such Review Report to determine whether any applicable Receivable should be repurchased as a result of a breach of any representation or warranty made by the Seller in Section
        3.02(b).

    SECTION 6.03  Depositor
        Assignment of Repurchased Receivables.  With respect to all Receivables repurchased by the Seller pursuant to this Agreement, the Depositor shall assign, without recourse, representation or warranty, to the repurchasing Seller all of the
        Depositor’s right, title and interest in and to such Receivables and all security and documents relating thereto.

    SECTION 6.04  Transfer to the
        Issuer.  The Seller acknowledges and agrees that (1) the Depositor will, pursuant to the Sale and Servicing Agreement, transfer and assign the Conveyed Assets and assign its rights under this Agreement with respect thereto to the Issuer and,
        pursuant to the Indenture, the Issuer will pledge the Conveyed Assets to the Indenture Trustee, and (2) the representations and warranties contained in this Agreement and the rights of the Depositor under this Agreement, including under Section
        6.02, are intended to benefit the Issuer and the Noteholders.  The Seller hereby consents to such transfers and assignments and agrees that enforcement of a right or remedy hereunder by the Indenture Trustee, the Owner Trustee or the Issuer,
        including the right to require the Seller to repurchase any Receivable pursuant to Section 6.02, shall have the same force and effect as if the right or remedy had been enforced or executed by the Depositor, and agrees that no such party shall be
        obligated to exercise any such rights through the Depositor.

    SECTION 6.05  Amendment.  This
        Agreement may be amended from time to time, with prior written notice to the Rating Agencies, but without the consent of the Noteholders

    
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    or the Certificateholders, by a written amendment duly executed and delivered by the Seller and the Depositor, 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 Noteholders or Certificateholders; provided that such amendment shall not, as evidenced by an Opinion of
        Counsel, materially and adversely affect the interest of any Noteholder or Certificateholder; provided further, that such action shall be deemed not to adversely affect in any material respect the interests of any Noteholder or Certificateholder
        and no Opinion of Counsel to that effect shall be required if the Rating Agency Condition is satisfied with respect to each Rating Agency.  This Agreement may also be amended by the Seller and the Depositor, with prior written notice to the Rating
        Agencies and the prior written consent of Holders of Notes evidencing at least a majority of the Outstanding Amount of the Notes and the Holders (as defined in the Trust Agreement) of outstanding Certificates evidencing not less than a majority of
        the outstanding aggregate Certificate Percentage Interest (as defined in the Trust Agreement), 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 Noteholders or the Certificateholders; 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 Receivables or
        distributions that are required to be made for the benefit of Noteholders or Certificateholders or (ii) reduce the aforesaid percentage of the Notes or the Certificates that is required to consent to any such amendment, without the consent of the
        Holders of all the Outstanding Notes and all of the Certificates.

    SECTION 6.06  Waivers.  No
        failure or delay on the part of the Depositor, the Issuer or the Indenture Trustee in exercising any power, right or remedy under this Agreement or any bill of sale shall operate as a waiver thereof, nor shall any single or partial exercise of any
        such power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy.

    SECTION 6.07  Notices.  All
        demands, notices and communications under this Agreement shall be in writing, personally delivered, and followed by first class mail, or mailed by certified mail, return receipt requested, and shall be deemed to have been duly given upon receipt
        (a) in the case of the Depositor, to 300 Chestnut Ridge Road, Woodcliff Lake, New Jersey 07677, Attention: Vice President-Finance & CFO; (b) in the case of the Servicer, Administrator and Custodian, to 300 Chestnut Ridge Road, Woodcliff Lake,
        New Jersey 07677, Attention: Vice President of-Finance & CFO; (c) in the case of the Seller, 300 Chestnut Ridge Road, Woodcliff Lake, New Jersey 07677, Attention: Vice President of Finance & CFO; (d) in the case of the Issuer or the Owner
        Trustee, at the Corporate Trust Office (as defined in the Trust Agreement); (e) in the case of [__________], to [__________], Attention: [__________], Email: [__________]; and (f) in the case of [__________], to [__________], Attention: [________],
        Email: [__________]; or, as to each of the foregoing, at such other address as shall be designated by written notice to the other parties.

    SECTION 6.08  Costs and
        Expenses.  The Seller shall pay all expenses incident to the performance of its obligations under this Agreement and the Seller agrees to pay all reasonable out-of-pocket costs and expenses of the Depositor, in connection with the perfection as
        against third parties of the Depositor’s, the Issuer’s and the Indenture Trustee’s right, title and interest in and to the Receivables and the enforcement of any obligation of the Seller hereunder.

    
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    SECTION 6.09  Representations
        of the Seller and the Depositor.  The respective agreements, representations, warranties and other statements by the Seller and the Depositor set forth in or made pursuant to this Agreement shall remain in full force and effect and will survive the
        closing under Section 2.02 and the transfers and assignments referred to in Section 6.04.

    SECTION 6.10  Confidential
        Information.  The Depositor agrees that it will neither use nor disclose to any Person the names and addresses of the Obligors, except in connection with the enforcement of the Depositor’s rights hereunder, under the Receivables, under the Sale and
        Servicing Agreement or any other Basic Document, or as required by any of the foregoing or by law.

    SECTION 6.11  Headings and
        Cross-References.  The various headings in this Agreement are included for convenience only and shall not affect the meaning or interpretation of any provision of this Agreement.  References in this Agreement to section names or numbers are to such
        Sections of this Agreement.

    SECTION 6.12  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 CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW), AND THE
        OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

    SECTION 6.13  Counterparts. 
        This Agreement may be executed in counterparts, each of which shall be an original, but all of which together shall constitute one and the same instrument.

    SECTION 6.14  Third Party
        Beneficiary.  The Indenture Trustee is an express third party beneficiary of this Agreement and shall be entitled to enforce the provisions of this Agreement as if it were a party hereto.

    SECTION 6.15  No Proceedings. 
        The Seller hereby covenants and agrees that it will not, at any time, petition or otherwise invoke or cause the Issuer or the Depositor to invoke the process of any court or government authority for the purpose of commencing or sustaining a case
        against the Issuer or the Depositor under any 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 Depositor or any
        substantial part of its property, or ordering the winding up or liquidation of the affairs of the Issuer or the Depositor.

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

    BMW FINANCIAL SERVICES NA, LLC

    By:  ________________________________

    Name:

    Title:

    By:   ________________________________

    Name:

    Title:

    BMW FS SECURITIES LLC

    By:  ________________________________

    Name:

    Title:

    By: 
          ________________________________ 

      

    Name:

    Title:

    
      
        

    

    
    SCHEDULE I

    Schedule of Receivables

    [Delivered to the Owner Trustee on the Closing Date.]

    

    

    
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    SCHEDULE II

    Location of Receivable Files

    BMW Financial Services NA, LLC

    5550 Britton Parkway

    Hilliard, Ohio 43026

    

    

    
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    SCHEDULE III

    PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS

    In addition to the representations, warranties and covenants contained in this Agreement, the Seller
        hereby represents, warrants and covenants to the Depositor as follows on the Closing Date:

    1.     This Agreement creates a valid and continuing security interest (as defined in the applicable
        UCC) in the Receivables in favor of the Depositor, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from the Seller.

    2.     Each Receivable is secured by a first priority validly perfected security interest in the
        related Financed Vehicle in favor of the Seller, as secured party, or all necessary actions with respect to such Receivable have been taken or will be taken to perfect a first priority security interest in the related Financed Vehicle in favor of
        the Seller, as secured party.

    3.     The Receivables constitute “chattel paper” (including “electronic chattel paper” and
        “tangible chattel paper”) within the meaning of the applicable UCC.

    4.     The Seller has caused or will have caused, within ten (10) days after the Closing Date, the
        filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Receivables granted to the Depositor hereunder.

    5.     With respect to Receivables that constitute tangible chattel paper, such tangible chattel
        paper is in the possession of the Servicer, and the Servicer (in its capacity as custodian) is holding such tangible chattel paper solely on behalf and for the benefit of the Seller.  With respect to Receivables that constitute electronic chattel
        paper, the Servicer has “control” of such electronic chattel paper within the meaning of Section 9-105 of the applicable UCC and the Servicer (in its capacity as custodian) is maintaining control of such electronic chattel paper solely on behalf
        and for the benefit of the Seller.  No person other than the Servicer has “control” of any Receivable that is evidenced by electronic chattel paper.

    6.     The Servicer, in its capacity as custodian, has in its possession (i) the original copy of
        each Receivable that constitutes tangible chattel paper and (ii) the “authoritative copy” of each Receivable that constitutes electronic chattel paper.  With respect to any Receivable constituting electronic chattel paper, there is only one
        “authoritative copy” of the Receivable and with respect to any Receivable constituting tangible chattel paper, there is no more than one original executed copy of such Receivable.

    7.     Neither the Seller nor a custodian or vaulting agent thereof holding any Receivable that is
        electronic chattel paper has communicated an “authoritative copy” (as such term is used in Section 9-105 of the UCC) of any loan agreement that constitutes or evidences such Receivable to any Person other than the Servicer.

    
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    8.     The Seller has not authorized the filing of, and is not aware of, any financing statements
        against the Seller that include a description of collateral covering the Receivables other than any financing statement (i) relating to the conveyance of the Receivables by the Seller to the Depositor under the Receivables Purchase Agreement, (ii)
        relating to the conveyance of the Receivables by the Depositor to the Issuer under the Sale and Servicing Agreement, (iii) relating to the security interest granted to the Indenture Trustee under the Indenture or (iv) that has been terminated.  The
        Seller is not aware of any material judgment, ERISA or tax lien filings against the Seller.

    9.     The Servicer, in its capacity as custodian, has in its possession or “control” (within the
        meaning of Section 9-105 of the applicable UCC) the record or records that constitute or evidence the Receivables.  The tangible chattel paper or electronic chattel paper that constitute or evidence the Receivables do not have any marks or
        notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Seller, the Depositor, the Issuer or the Indenture Trustee.  All financing statements filed or to be filed against the Seller, the
        Depositor and the Issuer in connection with this Agreement, the Sale and Servicing Agreement and the Indenture, respectively, contain a statement to the following effect: “A purchase of or security interest in any collateral described in this
        financing statement will violate the rights of the Secured Party.”

    10.     Notwithstanding any other provision of this Agreement or any other Basic Document, the
        perfection representations, warranties and covenants contained in this Schedule III shall be continuing, and remain in full force and effect until such time as all obligations under the Basic Documents and the Notes have been finally and fully paid
        and performed.

    11.     The parties to this Agreement shall provide the Rating Agencies with prompt written notice
        of any material breach of the perfection representations, warranties and covenants contained in this Schedule III, and shall not, without satisfying the Rating Agency Condition with respect to each Rating Agency, waive a breach of any of such
        perfection representations, warranties or covenants.

  

  2Exhibit 10.1

      

      

      

    

    AMENDED AND RESTATED TRUST AGREEMENT

    between

    BMW FS SECURITIES LLC,

        as Depositor,

    and

    [____________],

        as Owner Trustee

    Dated as of [____________], 20[__]

     

      

    

    

    
      

      

    

    
      
        

    

    
    TABLE OF CONTENTS

    PAGE

     

      

    	
            ARTICLE I

          	
            DEFINITIONS

          	
            1

          
	
            Section 1.01.

          	
            Capitalized Terms

          	
            1

          
	
            Section 1.02.

          	
            Other Definitional Provisions

          	
            4

          
	
            ARTICLE II

          	
            ORGANIZATION

          	
            5

          
	
            Section 2.01.

          	
            Name

          	
            5

          
	
            Section 2.02.

          	
            Office

          	
            5

          
	
            Section 2.03.

          	
            Purposes and Powers

          	
            5

          
	
            Section 2.04.

          	
            Appointment of Owner Trustee

          	
            6

          
	
            Section 2.05.

          	
            Initial Capital Contribution of Trust Estate

          	
            6

          
	
            Section 2.06.

          	
            Declaration of Trust

          	
            6

          
	
            Section 2.07.

          	
            [Reserved]

          	
            7

          
	
            Section 2.08.

          	
            Title to Trust Property

          	
            7

          
	
            Section 2.09.

          	
            Situs of Trust

          	
            7

          
	
            Section 2.10.

          	
            Representations, Warranties and Covenants of the Depositor

          	
            7

          
	
            Section 2.11.

          	
            Federal Income Tax Allocations

          	
            8

          
	
            ARTICLE III

          	
            TRUST CERTIFICATES AND TRANSFER OF INTERESTS

          	
            8

          
	
            Section 3.01.

          	
            Initial Ownership

          	
            8

          
	
            Section 3.02.

          	
            The Trust Certificates

          	
            8

          
	
            Section 3.03.

          	
            Execution, Authentication and Delivery of Trust Certificates

          	
            9

          
	
            Section 3.04.

          	
            Registration of Transfer and Exchange of Trust Certificates

          	
            9

          
	
            Section 3.05.

          	
            Mutilated, Destroyed, Lost or Stolen Trust Certificates

          	
            10

          
	
            Section 3.06.

          	
            Persons Deemed Owners

          	
            10

          
	
            Section 3.07.

          	
            Access to List of Certificateholders’ Names and Addresses

          	
            10

          
	
            Section 3.08.

          	
            Maintenance of Office or Agency

          	
            11

          
	
            Section 3.09.

          	
            Appointment of Paying Agent

          	
            11

          
	
            Section 3.10.

          	
            Form of Trust Certificates

          	
            12

          
	
            Section 3.11.

          	
            Transfer Restrictions

          	
            12

          
	
            Section 3.12.

          	
            Legending of Trust Certificates

          	
            15

          

    

    

    
      i

      
        

    

    	
            ARTICLE IV

          	
            ACTIONS BY OWNER TRUSTEE

          	
            16

          
	
            Section 4.01.

          	
            Prior Notice with Respect to Certain Matters

          	
            16

          
	
            Section 4.02.

          	
            Action by Certificateholders with Respect to Certain Matters

          	
            19

          
	
            Section 4.03.

          	
            Action by Certificateholders with Respect to Bankruptcy

          	
            19

          
	
            Section 4.04.

          	
            Restrictions on Certificateholders’ Power

          	
            19

          
	
            Section 4.05.

          	
            Majority Control

          	
            19

          
	
            Section 4.06.

          	
            Compliance with the FDIC Rule

          	
            19

          
	
            ARTICLE V

          	
            APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

          	
            19

          
	
            Section 5.01.

          	
            Establishment of Trust Account

          	
            19

          
	
            Section 5.02.

          	
            Application of Trust Funds

          	
            20

          
	
            Section 5.03.

          	
            Method of Payment

          	
            20

          
	
            Section 5.04.

          	
            Accounting and Reports to Certificateholders, the Internal Revenue Service and Others

          	
            20

          
	
            Section 5.05.

          	
            Signature on Returns; Tax Matters Partner

          	
            21

          
	
            ARTICLE VI

          	
            AUTHORITY AND DUTIES OF OWNER TRUSTEE

          	
            21

          
	
            Section 6.01.

          	
            General Authority

          	
            21

          
	
            Section 6.02.

          	
            General Duties

          	
            21

          
	
            Section 6.03.

          	
            Action upon Instruction

          	
            22

          
	
            Section 6.04.

          	
            No Duties Except as Specified in this Agreement or in Instructions

          	
            23

          
	
            Section 6.05.

          	
            No Action Except Under Specified Documents or Instructions

          	
            23

          
	
            Section 6.06.

          	
            Restrictions

          	
            23

          
	
            Section 6.07.

          	
            Owner Trustee to Provide Information

          	
            23

          
	
            ARTICLE VII

          	
            CONCERNING THE OWNER TRUSTEE

          	
            24

          
	
            Section 7.01.

          	
            Acceptance of Trusts and Duties

          	
            24

          
	
            Section 7.02.

          	
            Furnishing of Documents

          	
            25

          
	
            Section 7.03.

          	
            Representations and Warranties

          	
            25

          
	
            Section 7.04.

          	
            Reliance; Advice of Counsel

          	
            26

          
	
            Section 7.05.

          	
            Not Acting in Individual Capacity

          	
            27

          
	
            Section 7.06.

          	
            Owner Trustee Not Liable for Trust Certificates or for Receivables

          	
            27

          

    

    

    
      ii

      
        

    

    	
            Section 7.07.

          	
            Owner Trustee May Own Trust Certificates and Notes

          	
            27

          
	
            Section 7.08.

          	
            Doing Business in Other Jurisdictions

          	
            27

          
	
            Section 7.09.

          	
            Paying Agent; Authenticating Agent

          	
            28

          
	
            Section 7.10.

          	
            Licenses

          	
            28

          
	
            ARTICLE VIII

          	
            COMPENSATION OF OWNER TRUSTEE

          	
            28

          
	
            Section 8.01.

          	
            Owner Trustee’s Fees and Expenses

          	
            28

          
	
            Section 8.02.

          	
            Indemnification

          	
            28

          
	
            Section 8.03.

          	
            Payments to the Owner Trustee

          	
            29

          
	
            ARTICLE IX

          	
            TERMINATION OF TRUST AGREEMENT

          	
            29

          
	
            Section 9.01.

          	
            Termination of Trust Agreement

          	
            29

          
	
            ARTICLE X

          	
            SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

          	
            30

          
	
            Section 10.01.

          	
            Eligibility Requirements for Owner Trustee

          	
            30

          
	
            Section 10.02.

          	
            Resignation or Removal of Owner Trustee

          	
            31

          
	
            Section 10.03.

          	
            Successor Owner Trustee

          	
            31

          
	
            Section 10.04.

          	
            Merger or Consolidation of Owner Trustee

          	
            32

          
	
            Section 10.05.

          	
            Appointment of Co-Trustee or Separate Trustee

          	
            32

          
	
            ARTICLE XI

          	
            MISCELLANEOUS

          	
            33

          
	
            Section 11.01.

          	
            Supplements and Amendments

          	
            33

          
	
            Section 11.02.

          	
            No Legal Title to Trust Estate in Certificateholders

          	
            34

          
	
            Section 11.03.

          	
            Limitations on Rights of Others

          	
            35

          
	
            Section 11.04.

          	
            Notices

          	
            35

          
	
            Section 11.05.

          	
            Severability

          	
            35

          
	
            Section 11.06.

          	
            Separate Counterparts

          	
            35

          
	
            Section 11.07.

          	
            Successors and Assigns

          	
            35

          
	
            Section 11.08.

          	
            Covenants of the Depositor

          	
            36

          
	
            Section 11.09.

          	
            No Petition

          	
            36

          
	
            Section 11.10.

          	
            No Recourse

          	
            36

          
	
            Section 11.11.

          	
            Headings

          	
            37

          
	
            Section 11.12.

          	
            Governing Law

          	
            37

          
	
            Section 11.13.

          	
            Communications with Rating Agencies

          	
            37

          
	
            ARTICLE XII

          	
            COMPLIANCE WITH REGULATION AB

          	
            37

          

    

    

    
      iii

      
        

    

    	
            Exhibit A

          	
            Form of Trust Certificate

          	
            A-1

          
	
            Exhibit B

          	
            Form of Assignment

          	
            B-1

          
	
            Exhibit C

          	
            Form of Transferee Letter

          	
            C-1

          
	
            Exhibit D

          	
            Form of Certificate of Trust of BMW Vehicle Owner Trust 20[__]-[__]

          	
            D-1

          
	
            Exhibit E

          	
            Form of Transferor Letter

          	
            E-1

          

    
      iv

      
        

    

    THIS AMENDED AND RESTATED TRUST AGREEMENT, dated as of [____________], 20[__], is between BMW FS SECURITIES LLC, a
        Delaware limited liability company, as depositor (the “Depositor”), and [____________], a national banking association, as owner trustee (the “Owner Trustee”).

    WHEREAS, the Depositor and the Owner Trustee entered into that certain Trust Agreement dated as of [____________],
        20[__] (the “Original Trust Agreement”), pursuant to which BMW Vehicle Owner Trust 20[__]-[__] (the “Trust”) was created; and

    WHEREAS, the Depositor and the Owner Trustee have agreed to amend and restate the Original Trust Agreement.

    NOW, THEREFORE, the Depositor and the Owner Trustee hereby agree that the Original Trust Agreement is hereby amended
        and restated to read as follows:

    ARTICLE I

        

        DEFINITIONS

    Section 1.01.  Capitalized
        Terms.  For all purposes of this Agreement, the following terms shall have the meanings set forth below:

    “Administration Agreement” shall mean the Owner Trust Administration Agreement, dated as of [____________], 20[__],
        among the Trust, BMW Financial Services NA, LLC, as Administrator, and [_______________], as Indenture Trustee.

    “Administrator” shall mean BMW Financial Services NA, LLC.

    “Agreement” shall mean this Amended and Restated Trust Agreement, as the same may be amended and supplemented from
        time to time.

    “Benefit Plan” means (i) an employee benefit plan, as defined in Section 3(3) of ERISA, that is subject to Title I of
        ERISA, (ii) a plan described in Section 4975(e)(1) of the Code, (iii) a governmental or church plan, as defined in Sections 3(32) and 3(33) of ERISA, respectively, subject to any federal, state or local law which is substantially similar to the
        provisions of Section 406 of ERISA or Section 4975 of the Code, (iv) an entity whose underlying assets include plan assets by reason of a plan’s investment in the entity (within the meaning of Department of Labor Regulation 29 C.F.R. Section
        2510.3‐101) or (v) a person investing “plan assets” of any such plan or entity.

    “Certificate Distribution Account” shall have the meaning assigned to such term in Section 5.01.

    “Certificate of Trust” shall mean the Certificate of Trust substantially in the form attached hereto as Exhibit D
        filed for the Trust pursuant to Section 3810(a) of the Statutory Trust Statute.

    
      
        

    

    
    

    

    “Certificate Percentage Interest” shall mean with respect to any Trust Certificate, the percentage interest of
        ownership in the Trust represented thereby as set forth on the face thereof; provided that, with respect to any Trust Certificate owned by BMW Bank, if (i) BMW Bank becomes the subject of an insolvency proceeding and the FDIC, as receiver or
        conservator for BMW Bank, exercises its right of repudiation as contemplated by paragraph (d)(4)(ii) of the FDIC Rule and (ii) the FDIC pays damages to the Trust in an amount not less than the sum of (x) the aggregate outstanding Principal Balance
        of such Receivables and (y) the product of (1) the amount of interest accrued on the Notes through the date of repudiation and (2) the percentage that the aggregate outstanding Principal Balance of such Receivables bears to the aggregate
        outstanding Principal Balance of all of the Receivables on the date of repudiation, then (x) the Certificate Percentage Interest of such Trust Certificates shall be reduced to zero at the time of such repudiation, (y) BMW Bank shall no longer be
        entitled to any payments in respect of such Trust Certificates and (z) the Certificate Percentage Interest associated with such Trust Certificates shall, without need for any further action, immediately be transferred to the Depositor, in each case
        notwithstanding whether BMW Bank was the Certificateholder of such Trust Certificates on the related Record Date preceding such payments.

    “Certificate Register” and “Certificate Registrar” shall mean the register mentioned in and the registrar appointed
        pursuant to Section 3.04.

    “Certificateholder” or “Holder” shall mean a Person in whose name a Trust Certificate is registered.

    “Code” shall mean the Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated thereunder.

    “Corporate Trust Office” shall mean, with respect to the Owner Trustee, the principal corporate trust office of the
        Owner Trustee located at [_________], Attention: [_________], or at such other address in the State of Delaware as the Owner Trustee may designate by notice to the Certificateholders and the Depositor, or the principal corporate trust office of any
        successor Owner Trustee at the address (which shall be in the State of Delaware) designated by such successor Owner Trustee by notice to the Certificateholders and the Depositor.

    “Definitive Trust Certificates” shall have the meaning assigned to such term in Section 3.10.

    “Depositor” shall mean BMW FS Securities LLC, and its successors, in its capacity as depositor hereunder.

    “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended.

    “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

    “Expenses” shall have the meaning assigned to such term in Section 8.02.

    
      2

      
        

    

    

    

    “Indemnified Parties” shall have the meaning assigned to such term in Section 8.02.

    “Indenture” shall mean the Indenture, dated as of [____________], 20[__], between the Trust and [_______________], as
        Indenture Trustee.

    “Indenture Trustee” shall mean [_______________], a national banking association, not in its individual capacity, but
        solely as Indenture Trustee under the Indenture and any successor Indenture Trustee thereunder.

    “Owner Trustee” shall mean [____________], a national banking association, not in its individual capacity but solely
        as owner trustee under this Agreement, and any successor Owner Trustee hereunder.

    “Paying Agent” shall mean any paying agent or co-paying agent of the Trust appointed pursuant to Section 3.09 and
        shall initially be [_______________].

    “Person” shall mean any individual, corporation, estate, partnership, limited liability company, joint venture,
        association, joint stock company, trust or statutory trust (including any beneficiary thereof), unincorporated organization or government or any agency or political subdivision thereof.

    “Record Date” shall mean, with respect to a Payment Date, the close of business on the Business Day immediately
        preceding such Payment Date.

    “Regulation AB” means Subpart 229.1100
          – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1125, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission in the adopting releases (Asset-Backed

        Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005) and Asset-Backed Securities Disclosure and Registration, Securities Act Release No. 33-9638, 79 Fed. Reg. 57,184 (Sept. 24, 2014)) or by the staff of the
        Commission, or as may be provided by the Commission or its staff from time to time.

    “Sale and Servicing Agreement” shall mean the Sale and Servicing Agreement, dated as of [____________], 20[__], among
        the Depositor, BMW Financial Services NA, LLC, as Sponsor, Servicer, Custodian and Administrator, the Trust and the Indenture Trustee, as the same may be amended or supplemented from time to time.

    “Secretary of State” shall mean the Secretary of State of the State of Delaware.

    “Securities Act” means the Securities Act of 1933, as amended.

    “Statutory Trust Statute” shall mean Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. § 3801 et seq., as the same may be amended from time to time.

    “Treasury Regulations” shall mean regulations, including proposed or temporary regulations, promulgated under the
        Code.  References herein to specific provisions of proposed

    
      3

      
        

    

    

    

    or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations.

    “Trust” shall mean the trust continued by this Agreement.

    “Trust Certificate” shall mean each certificate evidencing the beneficial interest of a Certificateholder in the
        Trust, substantially in the form attached hereto as Exhibit A.

    “Trust Estate” shall mean all right, title and interest of the Trust in and to the property and rights assigned to the
        Trust pursuant to Article II of the Sale and Servicing Agreement, all funds on deposit from time to time in the Trust Accounts and the Certificate Distribution Account, and all other property of the Trust from time to time, including any rights of
        the Owner Trustee and the Trust pursuant to the Sale and Servicing Agreement and the Administration Agreement.

    “Trust Officer” means, with respect to the Indenture Trustee or Owner Trustee, as applicable, any officer within the
        Corporate Trust Office or successor group of the Indenture Trustee or the Owner Trustee, respectively, including any Vice President, Assistant Vice President, Assistant Treasurer, Assistant Secretary or any other officer of the Indenture Trustee or
        the Owner Trustee, respectively, customarily performing functions similar to those performed by any of the above designated officers and also, with respect to a particular matter, any other officer to whom such matter is referred because of such
        officer’s knowledge of and familiarity with the particular subject, in each case having direct responsibility for the administration of the Basic Documents.

    Section 1.02.  Other
        Definitional Provisions.

    (a)      Capitalized terms used
        and not otherwise defined herein have the meanings assigned to them in the Sale and Servicing Agreement or, if not defined therein, in the Indenture.

    (b)      All terms defined in
        this Agreement shall have the defined meanings when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined therein.

    (c)      As used in this
        Agreement and in any certificate or other document made or delivered pursuant hereto, accounting terms not defined in this Agreement or in any such certificate or other document, and accounting terms partly defined in this Agreement or in any such
        certificate or other document to the extent not defined, shall have the respective meanings given to them under generally accepted accounting principles.  To the extent that the definitions of accounting terms in this Agreement or in any such
        certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions contained in this Agreement or in any such certificate or other document shall control.

    (d)      The words “hereof,”
        “herein,” “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement; Section and Exhibit references contained in this Agreement are

    
      4

      
        

    

    

    

    references to Sections and Exhibits in or to this Agreement unless otherwise specified; and the term “including” shall mean “including
        without limitation”.

    (e)      The definitions
        contained in this Agreement are applicable to the singular and plural forms of such terms and to the masculine, feminine and neuter genders of such terms.

    (f)      Any agreement,
        instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of
        agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are also to its permitted successors and assigns.

    ARTICLE II

        

        ORGANIZATION

    Section 2.01.  Name.  The Trust
        created by the Original Trust Agreement and continued hereby is known as “BMW Vehicle Owner Trust 20[__]-[__],” in which name the Owner Trustee and the Administrator may conduct the business of the Trust, make and execute contracts and other
        instruments on behalf of the Trust and sue and be sued.

    Section 2.02.  Office.  The
        office of the Trust shall be in care of the Owner Trustee at the Corporate Trust Office or at such other address in Delaware as the Owner Trustee may designate by written notice to the Certificateholders and the Depositor.

    Section 2.03.  Purposes and
        Powers.  The purpose of the Trust is to engage in the following activities and the Trust shall have the power and authority:

    (a)      to issue the Notes
        pursuant to the Indenture and the Trust Certificates pursuant to this Agreement and to sell, transfer and exchange the Notes and the Trust Certificates and to pay interest on and principal of the Notes and distributions on the Trust Certificates,
        all in accordance with the Basic Documents;

    (b)      with the proceeds of
        the sale of the Notes, to purchase, hold and manage the Receivables and the other assets of the Trust (and the proceeds thereof), to fund the Reserve Account, to pay the organizational, start-up and transactional expenses of the Trust and to pay
        the balance of such proceeds to the Depositor pursuant to the Sale and Servicing Agreement;

    (c)      to Grant the Trust
        Estate pursuant to the Indenture and to hold, manage and distribute to the Certificateholders pursuant to the terms of this Agreement and the Sale and Servicing Agreement any portion of the Trust Estate released from the Lien of, and remitted to
        the Trust pursuant to, the Indenture;

    (d)      to enter into and
        perform its obligations under the Basic Documents to which it is to be a party;

    
      5

      
        

    

    

    

    (e)      to engage in those
        activities, including entering into agreements, that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto or connected therewith; and

    (f)      subject to compliance
        with the Basic Documents, to engage in such other activities as may be required in connection with the collection and conservation of the Trust Estate and the making of distributions to the Certificateholders and the Noteholders.

    The Trust is hereby authorized to engage in the foregoing activities.  The Trust shall not engage in any activity
        other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement or the Basic Documents.

    Section 2.04.  Appointment of
        Owner Trustee.  The Depositor hereby appoints the Owner Trustee as trustee of the Trust effective as of the date hereof, to have all the rights, powers and duties set forth herein.

    Section 2.05.  Initial Capital
        Contribution of Trust Estate.  Pursuant to the Original Trust Agreement, the Depositor sold, assigned, transferred conveyed and set over to the Owner Trustee, as of the date thereof, the sum of $1.  The Owner Trustee hereby acknowledges receipt in
        trust from the Depositor, as of the date thereof, of the foregoing contribution, which shall constitute the initial Trust Estate and shall be deposited in the Certificate Distribution Account.  The Depositor shall pay organizational expenses of the
        Trust as they may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the Owner Trustee.

    Section 2.06.  Declaration of
        Trust.  The Owner Trustee hereby declares that it will hold the Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the Certificateholders, subject to the obligations of the Trust under the Basic
        Documents.  It is the intention of the parties hereto that the Trust constitute a statutory trust under the Statutory Trust Statute and that this Agreement constitute the governing instrument of such statutory trust.  It is the intention of the
        parties hereto that, for income and franchise tax purposes, until the Trust Certificates are held by other than the Depositor, the Trust will be disregarded as an entity separate from the Depositor and Notes held by a person other than the
        Depositor (or a person whose separate existence from the Depositor is disregarded) will be characterized as debt.  At such time that the Trust Certificates are held by more than one Person, it is the intention of the parties hereto that, for income
        and franchise tax purposes, the Trust shall be treated as a partnership, with the assets of the partnership being the Receivables and other assets held by the Trust, the partners of the partnership being the Certificateholders, and the Notes being
        debt of the partnership.  The Depositor and the Certificateholders by acceptance of a Trust Certificate agree to such treatment and agree to take no action inconsistent with such treatment.  The parties agree that, unless otherwise required by
        appropriate tax authorities, until the Trust Certificates are held by more than one Person the Trust will not file or cause to be filed annual or other necessary returns, reports and other forms consistent with the characterization of the Trust as
        an entity separate from its owner.  In the event the Trust is required to file any tax returns, reports or other forms, the Depositor shall be responsible for causing such filings and the expense associated therewith. Effective as of the date
        hereof, the Owner Trustee shall have all

    
      6

      
        

    

    

    

    rights, powers and duties set forth herein and in the Statutory Trust Statute with respect to accomplishing the purposes of the Trust as
        set forth in Section 2.03.

    Section 2.07.  [Reserved].

    Section 2.08.  Title to Trust
        Property.  Subject to the Lien of the Indenture, legal title to all the Trust Estate shall be vested at all times in the Trust as a separate legal entity except where applicable law in any jurisdiction requires title to any part of the Trust Estate
        to be vested in a trustee or trustees, in which case title shall be deemed to be vested in the Owner Trustee, a co-trustee or a separate trustee, as the case may be.

    Section 2.09.  Situs of Trust. 
        The Trust will be located in the State of Delaware.  All bank accounts maintained by the Owner Trustee on behalf of the Trust shall be located in the State of Delaware or the State of New York.  The Trust shall not have any employees; provided,
        however, that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware.  Payments will be received by the Trust only in the State of Delaware or the State of New York, and payments
        will be made by the Trust only from the State of Delaware or the State of New York.  The only office of the Trust will be at the Corporate Trust Office in the State of Delaware.

    Section 2.10.  Representations,
        Warranties and Covenants of the Depositor.  The Depositor hereby represents and warrants to the Owner Trustee that:

    (a)      The Depositor is duly
        organized and validly existing as a limited liability company in good standing under the laws of the State of Delaware, with power and authority to own its properties and to conduct its business as such properties are currently owned and such
        business is presently conducted.

    (b)      The Depositor is duly
        qualified to do business as a foreign limited liability company in good standing and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its property or the conduct of its business shall require
        such qualifications.

    (c)      The Depositor has the
        power and authority to execute and deliver this Agreement and to carry out its terms; the Depositor has full power and authority to sell and assign the property to be sold and assigned to and deposited with the Trust and the Depositor has duly
        authorized such sale and assignment and deposit to the Trust by all necessary action; and the execution, delivery and performance of this Agreement have been duly authorized by the Depositor by all necessary limited liability company action.

    (d)      The Depositor has duly
        executed and delivered this Agreement, and this Agreement constitutes a legal, valid and binding obligation of the Depositor, enforceable against the Depositor, in accordance with its terms.

    (e)      The consummation of
        the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the
        certificate of formation or limited liability company agreement of the Depositor, or any

    
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    indenture, agreement or other instrument to which the Depositor is a party or by which it is bound; nor result in the creation or
        imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than pursuant to the Basic Documents); nor violate any law or, to the best of the Depositor’s knowledge, any order,
        rule or regulation applicable to the Depositor of any court or of any federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties.

    (f)      There are no
        proceedings or investigations pending or threatened before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties (i) asserting the invalidity of this
        Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that might materially and adversely affect the performance by the Depositor of its
        obligations under, or the validity or enforceability of, this Agreement.

    (g)      The Depositor has not
        registered with the Commission as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”), and, after giving effect to the transactions contemplated by the Basic Documents, the Depositor will not
        have registered with the Commission as an investment company under the Investment Company Act.

    (h)      The representations
        and warranties of the Depositor in Section 3.02 of the Sale and Servicing Agreement are true and correct.

    Section 2.11.  Federal Income
        Tax Allocations.  If the Trust Certificates are held by more than one Person, for U.S. federal income tax purposes each item of income, gain, loss, credit and deduction shall be allocated to the Certificateholders as of the first Record Date
        following the end of such month in proportion to their Certificate Percentage Interests on such Record Date.  The Depositor is authorized to modify the allocations in this paragraph if necessary or appropriate, in its sole discretion, for the
        allocations to fairly reflect the economic income, gain or loss to the Certificateholders or otherwise required by the Code.  Notwithstanding anything provided in this Section, if the Trust Certificates are held solely by the Depositor, the
        application of this Section shall be disregarded.

    ARTICLE III

        

        TRUST CERTIFICATES AND TRANSFER OF INTERESTS

    Section 3.01.  Initial
        Ownership.  Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.05 and until the issuance of the Trust Certificates, the Depositor shall be the sole beneficiary of the Trust.

    Section 3.02.  The Trust
        Certificates.  The Trust Certificates shall be substantially in the form of Exhibit A.  The Trust Certificates shall be executed on behalf of the Trust by manual or facsimile signature of a Trust Officer of the Owner Trustee.  Trust Certificates
        bearing the manual or facsimile signatures of individuals who were, at the time when such signatures

    
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    shall have been affixed, authorized to sign on behalf of the Trust, shall be validly issued and entitled to the benefit of this Agreement
        and shall be valid and binding obligations of the Trust, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the authentication and delivery of such Trust Certificates or did not hold such offices at
        the date of authentication and delivery of such Trust Certificates.

    If a transfer of the Trust Certificates is permitted pursuant to Section 3.11, a transferee of a Trust Certificate
        shall become a Certificateholder and shall be entitled to the rights and subject to the obligations of a Certificateholder hereunder upon such transferee’s acceptance of a Trust Certificate duly registered in such transferee’s name pursuant to
        Section 3.04.

    Section 3.03.  Execution,
        Authentication and Delivery of Trust Certificates.  On the Closing Date, the Owner Trustee shall cause the Trust Certificates in an aggregate Certificate Percentage Interest equal to 100% to be executed on behalf of the Trust, authenticated by or
        on behalf of the Trust and delivered to or upon the written order of the Depositor, without further action by the Depositor, in authorized denominations.  No Trust Certificate shall entitle its Holder to any benefit under this Agreement or be valid
        for any purpose unless there shall appear on such Trust Certificate a certificate of authentication substantially in the form set forth in Exhibit A, executed by the Owner Trustee or [_______________], as the Trust’s authenticating agent, by manual
        signature; such authentication shall constitute conclusive evidence that such Trust Certificate shall have been duly authenticated and delivered hereunder.  All Trust Certificates shall be dated the date of their authentication.  [_______________]
        is hereby appointed as an authenticating agent on behalf of the Trust.

    Section 3.04.  Registration of
        Transfer and Exchange of Trust Certificates.  The Certificate Registrar shall keep or cause to be kept, at the office or agency maintained pursuant to Section 3.08, a Certificate Register in which, subject to such reasonable regulations as it may
        prescribe, the Owner Trustee shall provide for the registration of Trust Certificates and of transfers and exchanges of Trust Certificates as herein provided.  [_______________] shall be the initial Certificate Registrar.

    Upon surrender for registration of transfer of any Trust Certificate at the office or agency maintained pursuant to
        Section 3.08, the Owner Trustee shall execute, authenticate and deliver (or the Trust shall cause [_______________], as its authenticating agent to authenticate and deliver), in the name of the designated transferee or transferees, one or more new
        Trust Certificates of a like Certificate Percentage Interest dated the date of authentication by the Owner Trustee or any authenticating agent.  At the option of a Certificateholder, Trust Certificates may be exchanged for other Trust Certificates
        of a like aggregate Certificate Percentage Interest upon surrender of the Trust Certificates to be exchanged at the office or agency maintained pursuant to Section 3.08.

    Every Trust Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a
        written instrument of transfer in the form attached hereto duly executed by the related Certificateholder or such Certificateholder’s attorney duly authorized in writing.  Each Trust Certificate surrendered for registration of transfer or exchange

    
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    shall be cancelled and subsequently disposed of by the Owner Trustee in accordance with its customary practice.

    No service charge shall be made for any registration of transfer or exchange of Trust Certificates, but the Owner
        Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Trust Certificates.

    The preceding provisions of this Section notwithstanding, the Owner Trustee shall not make, and the Certificate
        Registrar shall not register transfers or exchanges of, Trust Certificates for a period of fifteen (15) days preceding the due date for any payment with respect to the Trust Certificates.

    The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies
        with respect to the transfer of the Trust Certificates.

    Section 3.05.  Mutilated,
        Destroyed, Lost or Stolen Trust Certificates.  If (a) any mutilated Trust Certificate shall be surrendered to the Certificate Registrar, or if the Certificate Registrar shall receive evidence to its satisfaction of the destruction, loss or theft of
        any Trust Certificate and (b) there shall be delivered to the Certificate Registrar and the Owner Trustee such security or indemnity as may be required by them to save each of them harmless, then in the absence of notice that such Trust Certificate
        has been acquired by a bona fide purchaser, the Owner Trustee on behalf of the Trust shall execute and the Owner Trustee or [_______________], as the Trust’s authenticating agent, shall authenticate and deliver, in exchange for or in lieu of any
        such mutilated, destroyed, lost or stolen Trust Certificate, a new Trust Certificate of like tenor and denomination.  In connection with the issuance of any new Trust Certificate under this Section, the Owner Trustee or the Certificate Registrar
        may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith.  Any duplicate Trust Certificate issued pursuant to this Section shall constitute conclusive evidence of
        ownership in the Trust, as if originally issued, whether or not the lost, stolen or destroyed Trust Certificate shall be found at any time.

    Section 3.06.  Persons Deemed
        Owners.  Prior to due presentation of a Trust Certificate for registration of transfer, the Owner Trustee, the Certificate Registrar, any Paying Agent and any of their respective agents may treat the Person in whose name any Trust Certificate is
        registered in the Certificate Register as the owner of such Trust Certificate for the purpose of receiving distributions pursuant to Section 5.02 and for all other purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar, any
        Paying Agent or any of their respective agents shall be affected by any notice to the contrary.

    Section 3.07.  Access to List
        of Certificateholders’ Names and Addresses.  The Certificate Registrar shall furnish or cause to be furnished to the Servicer, the Paying Agent and the Depositor, within fifteen (15) days after receipt by the Certificate Registrar of a written
        request therefor from the Servicer, the Paying Agent or the Depositor, a list, in such form as the requesting party may reasonably request, of the names and addresses of the Certificateholders as of the most recent Record Date.  The Certificate
        Registrar shall also furnish to Owner Trustee and the Paying Agent a copy of such list after there is a change therein.  If (i) three or more

    
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    Certificateholders or (ii) one or more Holders of Trust Certificates evidencing not less than 51% of the Certificate Percentage Interests
        apply in writing to the Owner Trustee, and such application states that the applicants desire to communicate with other Certificateholders with respect to their rights under this Agreement or under the Trust Certificates and such application is
        accompanied by a copy of the communication that such applicants propose to transmit, then the Owner Trustee shall, within five (5) Business Days after the receipt of such application, afford such applicants access during normal business hours to
        the current list of Certificateholders.  Each Certificateholder, by receiving and holding a Trust Certificate, shall be deemed to have agreed not to hold any of the Depositor, the Certificate Registrar or the Owner Trustee accountable by reason of
        the disclosure of its name and address, regardless of the source from which such information was derived.  The Certificate Registrar shall upon the request of the Owner Trustee provide such list, or access to such list, of Certificateholders as
        contemplated by this Section.

    Section 3.08.  Maintenance of
        Office or Agency.  The Issuer shall cause the Certificate Registrar to maintain, at the Corporate Trust Office or such other location in Minnesota or Illinois chosen by the Certificate Registrar, an office or offices or agency or agencies where
        Trust Certificates may be surrendered for registration of transfer or exchange of the Trust Certificates and the Basic Documents may be served.  The Depositor initially designates the Indenture Trustee’s applicable Corporate Trust office as the
        office for such purposes.  The Certificate Registrar shall give prompt written notice to the Depositor and the Certificateholders of any change in the location of the Certificate Register or any such office or agency.  To the extent the Owner
        Trustee is not the Certificate Registrar, the Certificate Registrar agrees to promptly provide the Owner Trustee with any notices or demands received by the Certificate Registrar.

    Section 3.09.  Appointment of
        Paying Agent.  The Paying Agent shall make distributions to Certificateholders from the Certificate Distribution Account pursuant to Section 5.02 and shall report the amounts of such distributions to the Owner Trustee in accordance with the
        Servicer’s Certificate delivered in accordance with Section 4.09 of the Sale and Servicing Agreement.  Any Paying Agent shall have the revocable power to withdraw funds from the Certificate Distribution Account for the purpose of making the
        distributions referred to above.  The Owner Trustee or the Depositor may revoke such power and remove the Paying Agent if the Owner Trustee or the Depositor determines in its sole discretion that the Paying Agent shall have failed to perform its
        obligations under this Agreement in any material respect; provided, however, the Owner Trustee or the Depositor shall have no duty to monitor or oversee the compliance by the Paying Agent of its obligations under this Agreement or any other Basic
        Document.  The Paying Agent initially shall be [_______________], and any co-paying agent chosen by the Trust.  [_______________] shall be permitted to resign as Paying Agent upon thirty (30) days written notice to the Trust, the Depositor and the
        Owner Trustee.  In the event that [_______________] shall no longer be the Paying Agent, the Depositor shall appoint a successor to act as Paying Agent (which shall be a bank or trust company).  The Depositor shall cause such successor Paying Agent
        or any additional Paying Agent appointed hereunder to execute and deliver to the Trust an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Trust that, as Paying Agent, such successor Paying Agent or
        additional Paying Agent will hold all sums, if any, held by it for payment to the Certificateholders in trust for the benefit of the Certificateholders entitled thereto until such sums

    
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    shall be paid to such Certificateholders.  The Paying Agent shall return all unclaimed funds to the Depositor and upon removal of a
        Paying Agent such Paying Agent shall also return all funds in its possession to the Depositor.  The provisions of Sections 7.01, 7.03, 7.04 and 8.01 shall apply to the Owner Trustee also in its role as Paying Agent, for so long as the Owner Trustee
        shall act as Paying Agent and, to the extent applicable, to any other paying agent appointed hereunder.  Any reference in this Agreement to the Paying Agent shall include any co-paying agent unless the context requires otherwise.

    Section 3.10.  Form of Trust
        Certificates.  The Trust Certificates, upon original issuance, will be issued in the form of typewritten Trust Certificates representing definitive, fully registered Trust Certificates (the “Definitive Trust Certificates”) and shall be registered
        in the name of BMW FS Securities LLC and BMW Bank of North America as the initial registered owners thereof in Certificate Percentage Interests of [__________]% and [_________]%, respectively.  The Owner Trustee shall execute and authenticate (or
        [_______________], as the Trust’s authenticating agent shall authenticate) the Definitive Trust Certificates in accordance with the instructions of the Depositor.  The Depositor hereby orders the Owner Trustee to execute and authenticate (or
        [_______________], as the Trust’s authenticating agent shall authenticate) the Definitive Trust Certificates.  Neither the Certificate Registrar nor the Owner Trustee shall be liable for any delay in delivery of such instructions and may
        conclusively rely on, and shall be protected in relying on, such instructions.  Upon the issuance of the Trust Certificates, the Owner Trustee and each Paying Agent shall recognize the Holders of the Trust Certificates as Certificateholders.  The
        Trust Certificates shall be printed, lithographed or engraved or may be produced in any other manner as is reasonably acceptable to the Owner Trustee, as evidenced by its execution thereof.

    Section 3.11.  Transfer
        Restrictions.  (a) No Trust Certificate may be resold, assigned or transferred (including by pledge or hypothecation) unless such resale, assignment or transfer is (i) pursuant to an effective registration statement under the Securities Act and any
        applicable state securities or “Blue Sky” laws, (ii) pursuant to Rule 144A promulgated under the Securities Act (“Rule 144A”) or (iii) pursuant to another exemption from the registration requirements of the Securities Act and subject to the receipt
        by the Owner Trustee, the Certificate Registrar and the Depositor of (A) a certification by each of the prospective transferee and prospective transferor of the facts surrounding such transfer in support of clause (i), (ii) or (iii) above, which
        certification shall be substantially in the form of Exhibit C or Exhibit E hereto, respectively, and (B)  an opinion of counsel (which will not be at the expense of the Owner Trustee), satisfactory to the Depositor, the Certificate Registrar and
        the Owner Trustee, to the effect that the transfer is in compliance with the Securities Act, and, in each case, in compliance with any applicable securities or “Blue Sky” laws of any State of the United States of America.  In addition, each
        transferee shall provide to the Owner Trustee and the Certificate Registrar its tax identification number, address, nominee name (if applicable) and wire transfer instructions.  Prior to any resale, assignment or transfer of the Trust Certificates
        described in clause (ii) above, each prospective purchaser of the Trust Certificates shall have acknowledged, represented and agreed as follows:

    
      
        	

              	(1)	
                It is a “qualified institutional buyer” as defined in Rule 144A (“QIB”) and is acquiring the Trust Certificates for its own institutional account (and not for the

              

      

    

    
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    account of others) or as a fiduciary or agent for others (which others also are QIBs).

    
      
        	

              	(2)	
                It acknowledges that the Trust Certificates have not been and will not be registered under the Securities Act or the securities laws of any jurisdiction.

              

      

    

    
      
        	

              	(3)	
                It is familiar with Rule 144A and is aware that the sale is being made in reliance on Rule 144A and it is not acquiring the Trust Certificates with a view to, or for resale
                    in connection with, a distribution that would constitute a public offering within the meaning of the Securities Act or a violation of the Securities Act, and that, if in the future it decides to resell, assign, pledge or otherwise
                    transfer any Trust Certificates, such Trust Certificates may be resold, assigned, pledged or transferred only (i) to the Depositor or any Affiliate thereof, (ii) so long as such Trust Certificate is eligible for resale pursuant to Rule
                    144A, to a person whom it reasonably believes after due inquiry is a QIB acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are QIBs) to whom notice is given that the
                    resale, pledge, assignment or transfer is being made in reliance on Rule 144A, (iii) pursuant to an effective registration statement under the Securities Act or (iv) in a sale, pledge or other transfer made in a transaction otherwise
                    exempt from the registration requirements of the Securities Act, in which case (A) the Owner Trustee shall require that both the prospective transferor and the prospective transferee certify to the Owner Trustee and the Depositor in
                    writing the facts surrounding such transfer, which certification shall be in form and substance satisfactory to the Owner Trustee and the Depositor and (B) the Owner Trustee shall require a written opinion of counsel (which shall not be
                    at the expense of the Depositor or the Owner Trustee) satisfactory to the Depositor and the Owner Trustee to the effect that such transfer will not violate the Securities Act, in each case in accordance with any applicable securities or
                    “Blue Sky” laws of any State of the United States of America.

              

      

    

    
      
        	

              	(4)	
                It is aware that it (or any account for which it is purchasing) may be required to bear the economic risk of an investment in the Trust Certificates for an indefinite
                    period, and it (or such account) is able to bear such risk for an indefinite period.

              

      

    

    
      
        	

              	(5)	
                It understands that the Trust Certificates will bear legends substantially as set forth in Section 3.12.

              

      

    

    
      
        	

              	(6)	
                If it is acquiring any Trust Certificates for the account of one or more qualified institutional buyers, it represents that it has sole investment discretion with respect
                    to each such account and that it has full power to make the foregoing acknowledgements, representations and agreements on behalf of each such account.

              

      

    

    
      
        	

              	(7)	
                It has neither acquired nor will it transfer any Trust Certificate it purchases (or any interest therein) or cause any such Trust Certificate (or any interest therein) to
                    be marketed on or through an “established securities market” within the meaning of Section 7704(b)(1) of the Code, including, without limitation, an over-the-

              

      

    

    
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    counter-market or an interdealer quotation system that regularly disseminates firm buy or sell quotations.

    
      
        	

              	(8)	
                It is acquiring the Certificate for its own accounts and either (A) is not, and will not become, a partnership, Subchapter S corporation or grantor trust for U.S. federal
                    income tax purposes or (B) is such an entity, but none of the direct or indirect beneficial owners of any of the interests in such transferee have allowed or caused, or will allow or cause, 50% or more (or such other percentage as the
                    Depositor may establish prior to the time of such proposed transfer) of the value of such interests to be attributable to such transferee’s ownership of Trust Certificates.

              

      

    

    
      
        	

              	(9)	
                It understands that no subsequent transfer of the Trust Certificates is permitted unless (A) such transfer is of a Trust Certificate with a Certificate Percentage Interest
                    of at least 5%, (B) it causes its proposed transferee to provide to the Trust and the Depositor a letter substantially in the form of Exhibit C attached hereto, or such other written statement as the Depositor shall prescribe and (C)
                    the Trust consents in writing to the proposed transfer, which consent shall be granted unless the Depositor determines that such transfer would create a risk that the Trust would be classified for federal or any applicable state tax
                    purposes as an association (or a publicly traded partnership) taxable as a corporation; provided, however, that any attempted transfer that would either cause the number of registered holders of Trust Certificates in the aggregate to
                    exceed 100 shall be a void transfer.

              

      

    

    
      
        	

              	(10)	
                It understands that the Opinion of Counsel to the Trust that the Trust is not a publicly traded partnership taxable as a corporation is dependent in part on the accuracy of
                    the representations in paragraphs (7), (8) and (9) above.

              

      

    

    
      
        	

              	(11)	
                It is a “United States person” within the meaning of Section 7701(a)(30) of the Code.

              

      

    

    
      
        	

              	(12)	
                It acknowledges that the Owner Trustee, the Depositor, and their Affiliates, and others will rely upon the truth and accuracy of the foregoing acknowledgments,
                    representations and agreements.

              

      

    

    
      
        	

              	(13)	
                It represents and warrants that it is not a Benefit Plan and it is not acquiring and will not hold the Trust Certificate for the account of a Benefit Plan.

              

      

    

    
      
        	

              	(14)	
                It will not acquire or hold a Trust Certificate if, as a result of being related to a non-United States person that holds Notes, its acquisition or holding of the Trust
                    Certificate would require the Indenture Trustee or the Trust to be obligated to withhold on interest payments on any Note.

              

      

    

    Each Person who acquires any Trust Certificate or interest therein will certify that the foregoing conditions are
        satisfied.

    
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    Each transferee of the Trust Certificates shall be required to execute or to have executed a representation letter
        substantially in the form of Exhibit C, or may deliver such other representations (or an opinion of counsel) as may be approved by the Owner Trustee, the Certificate Registrar and the Depositor, to the effect that such transfer may be made pursuant
        to an exemption from registration under the Securities Act and any applicable state securities or “Blue Sky” laws.

    In addition, such prospective purchaser shall be responsible for providing additional information or certification, as
        shall be reasonably requested by the Owner Trustee, the Certificate Registrar or the Depositor, to support the truth and accuracy of the foregoing acknowledgments, representations and agreements, it being understood that such additional information
        is not intended to create additional restrictions on the transfer of the Trust Certificates.  None of the Depositor, the Trust, the Certificate Registrar or the Owner Trustee shall be obligated to register the Trust Certificates under the
        Securities Act or any state securities or “Blue Sky” laws.

    In determining compliance with the transfer restrictions contained in this Section, the Owner Trustee and the
        Certificate Registrar may rely upon a written opinion of counsel (which may include in-house counsel of the transferor), the cost of obtaining which shall be an expense of the Holder of the Certificate to be transferred.

    (b)      The Trust Certificates
        may not be acquired by or for the account of a Benefit Plan.  By accepting and holding a Trust Certificate, the Holder thereof shall be deemed to have represented and warranted that it is not a Benefit Plan.

    Section 3.12.  Legending of
        Trust Certificates.  Each Trust Certificate shall bear a legend in substantially the following form, unless the Depositor determines otherwise in accordance with applicable law:

    THIS TRUST CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
        ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER
        APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO.  IT AGREES, ON ITS OWN BEHALF AND ON BEHALF OF ANY ACCOUNTS FOR WHICH IT IS ACTING AS AGENT, THAT SUCH TRUST CERTIFICATE MAY BE
        RESOLD, ASSIGNED, PLEDGED OR TRANSFERRED ONLY TO A UNITED STATES PERSON WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE CODE (A) SO LONG AS THE TRUST CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”),
        TO SUCH PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A (“QIB”) ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS
        (WHICH OTHERS ALSO ARE QIBS) TO WHOM NOTICE IS GIVEN THAT THE RESALE,

    
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    ASSIGNMENT, PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
        SECURITIES ACT OR (C) SUCH RESALE, ASSIGNMENT, PLEDGE OR OTHER TRANSFER IS MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND OTHER SECURITIES OR “BLUE SKY” LAWS, IN SUCH CASE THE CERTIFICATE REGISTRAR SHALL
        REQUIRE (I) THAT THE PROSPECTIVE TRANSFEROR AND PROSPECTIVE TRANSFEREE EACH CERTIFY TO THE OWNER TRUSTEE, THE CERTIFICATE REGISTRAR AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE
        SATISFACTORY TO THE OWNER TRUSTEE AND THE CERTIFICATE REGISTRAR AND (II) IF REQUESTED BY THE OWNER TRUSTEE OR THE CERTIFICATE REGISTRAR, A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE OWNER TRUSTEE, THE CERTIFICATE REGISTRAR
        OR THE DEPOSITOR) SATISFACTORY TO THE OWNER TRUSTEE, THE CERTIFICATE REGISTRAR AND THE DEPOSITOR, TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF
        ANY STATE OR JURISDICTION.  ANY ATTEMPTED TRANSFER IN CONTRAVENTION OF THE IMMEDIATELY PRECEDING RESTRICTIONS WILL BE VOID AB INITIO AND THE PURPORTED TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF THIS TRUST CERTIFICATE FOR ALL PURPOSES.

    THIS TRUST CERTIFICATE MAY NOT BE PURCHASED OR HELD WITH PLAN ASSETS OF ANY OF (I) AN EMPLOYEE BENEFIT PLAN, AS
        DEFINED IN SECTION 3(3) OF ERISA, THAT IS SUBJECT TO TITLE I OF ERISA, (II) A PLAN DESCRIBED IN SECTION 4975(e)(1) OF THE CODE, (III) A GOVERNMENTAL OR CHURCH PLAN, AS DEFINED IN SECTIONS 3(32) AND 3(33) OF ERISA, RESPECTIVELY, SUBJECT TO ANY
        FEDERAL, STATE OR LOCAL LAW WHICH IS SUBSTANTIALLY SIMILAR TO THE PROVISIONS OF SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE, (IV) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY (WITHIN THE
        MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. SECTION 2510.3‐101) OR (V) A PERSON INVESTING “PLAN ASSETS” OF ANY SUCH PLAN OR ENTITY (EACH A “BENEFIT PLAN”).  BY ACCEPTANCE OF THIS TRUST CERTIFICATE OR AN INTEREST THEREIN, THE HOLDER HEREOF
        SHALL BE DEEMED TO REPRESENT AND WARRANT THAT ITS ACQUISITION AND HOLDING IS IN COMPLIANCE WITH THE FOREGOING RESTRICTION ON BENEFIT PLAN ASSETS.

    ARTICLE IV

        

        ACTIONS BY OWNER TRUSTEE

    Section 4.01.  Prior Notice
        with Respect to Certain Matters.  With respect to the following matters, the Owner Trustee shall not take action unless at least thirty (30) days before the taking of such action, the Owner Trustee shall have notified each Certificateholder of
        record as of the proposed action and each Certificateholder shall not have notified the Owner Trustee in

    
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    writing prior to the 30th day after such notice is given that such Certificateholder has withheld consent or provided alternative
        direction:

    (a)      the initiation of any
        claim or lawsuit by the Trust (except claims or lawsuits brought in connection with the collection of the Receivables) and the compromise of any action, claim or lawsuit brought by or against the Trust (except with respect to the aforementioned
        claims or lawsuits for collection of the Receivables);

    (b)      the election by the
        Trust to file an amendment to the Certificate of Trust (unless such amendment is required to be filed under the Statutory Trust Statute);

    (c)      the amendment of the
        Indenture by a supplemental indenture or any other change to this Agreement or any Basic Document in circumstances where the consent of any Noteholder is required;

    (d)      the amendment of the
        Indenture by a supplemental indenture or any other change to this Agreement or any Basic Document in circumstances where the consent of any Noteholder is not required and such amendment would materially adversely affect the interests of the
        Certificateholders;

    (e)      the amendment, change
        or modification of the Administration Agreement, except to cure any ambiguity or to amend or supplement any provision in a manner or add any provision that would not materially adversely affect the interests of the Certificateholders;

    (f)      the appointment
        pursuant to the Indenture of a successor Note Registrar, Paying Agent or Indenture Trustee or pursuant to this Agreement of a successor Certificate Registrar, or the consent to the assignment by the Note Registrar, Paying Agent or Indenture Trustee
        or Certificate Registrar of its obligations under the Indenture or this Agreement, as applicable;

    (g)      the consent to the
        calling or waiver of any default under any Basic Document;

    (h)      the consent to the
        assignment by the Indenture Trustee or Servicer of their respective obligations under any Basic Document, unless permitted in the Basic Documents;

    (i)      except as provided in
        Article IX, dissolve, terminate or liquidate the Trust in whole or in part;

    (j)      merge or consolidate
        the Trust with or into any other entity, or convey or transfer all or substantially all of the Trust’s assets to any other entity;

    (k)      cause the Trust to
        incur, assume or guaranty any indebtedness other than as set forth in this Agreement or the Basic Documents;

    (l)      do any act that
        conflicts with any other Basic Document;

    
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    (m)      do any act that would
        make it impossible to carry on the ordinary business of the Trust as described in Section 2.03;

    (n)      confess a judgment
        against the Trust;

    (o)      possess Trust assets,
        or assign the Trust’s right to property, for other than a Trust purpose;

    (p)      cause the Trust to
        lend any funds to any entity, unless permitted in the Basic Documents; or

    (q)      change the Trust’s
        purpose and powers from those set forth in this Agreement.

    In addition, the Trust shall not commingle its assets with those of any other entity.  The Trust shall maintain its
        accounts, its financial and accounting books, and its records separate from those of any other entity.  The Trust shall (i) conduct its own business in its own name; (ii) pay its own liabilities out of its own funds; (iii) maintain an arm’s-length
        relationship with its Affiliates; (iv) to the extent required by its business, use separate stationery, invoices, and checks; (v) hold itself out as a separate entity; (vi) correct any known misunderstanding regarding its separate identity; (vii)
        maintain adequate capital in light of its contemplated business operations; and (viii) prepare separate financial statements distinct from those of each Certificateholder and each of Affiliate of a Certificateholder, provided however that in lieu
        of separate financial statements, the Trust’s financial position, assets, liabilities, net worth and operating results may be included in the consolidated financial statements of any Certificateholder or an Affiliate if appropriate notation is made
        on such consolidated financial statements indicating (x) the separate identity of the Trust from the Certificateholder or such other Affiliate and (y) that the Trust’s assets and credit are not available to satisfy the debts and other obligations
        of the Certificateholder and such other Affiliate.  Except as expressly set forth herein, the Trust shall not pay the indebtedness, operating expenses and liabilities of any other entity.  The Trust shall maintain appropriate minutes or other
        records of all appropriate actions and shall maintain its office separate from the offices of the Depositor and the Servicer.

    To the fullest extent permitted by applicable law, the Owner Trustee shall not have any power to, and shall not,
        except upon the written direction of the Certificateholder, (i) remove or replace the Indenture Trustee, (ii) institute proceedings to have the Trust declared or adjudicated bankrupt or insolvent, (iii) consent to the institution of bankruptcy or
        insolvency proceedings against the Trust, (iv) file a petition or consent to a petition seeking reorganization or relief on behalf of the Trust under any applicable federal or state law relating to bankruptcy, (v) consent to the appointment of a
        receiver, liquidator, assignee, trustee, sequestrator (or any similar official) of the Trust or a substantial portion of the property of the Trust, (vi) make any assignment for the benefit of the Trust’s creditors, (vii) cause the Trust to admit in
        writing its inability to pay its debts generally as they become due or (viii) take any action, or cause the Trust to take any action, in furtherance of any of the foregoing (any of the above, a “Bankruptcy Action”).

    
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    Section 4.02.  Action by
        Certificateholders with Respect to Certain Matters.  The Owner Trustee shall not have the power, except upon the written direction of the Certificateholders, to (a) remove the Administrator under the Administration Agreement pursuant to Section 8
        thereof, (b) appoint a successor Administrator pursuant to Section 8 of the Administration Agreement, (c) remove the Servicer under the Sale and Servicing Agreement pursuant to Section 8.02 thereof, (d) amend the Sale and Servicing Agreement
        pursuant to Section 10.01(b) thereof, or (e) except as expressly provided in the Basic Documents, sell the Receivables after the termination of the Indenture.  The Owner Trustee shall take the actions referred to in the preceding sentence only upon
        written instructions signed by each Certificateholder.

    Section 4.03.  Action by
        Certificateholders with Respect to Bankruptcy.  To the fullest extent permitted by law, the Owner Trustee shall not have the power to commence a voluntary proceeding in bankruptcy relating to the Trust without the unanimous prior approval of all
        Certificateholders and the delivery to the Owner Trustee by each such Certificateholder of a certification certifying that such Certificateholder reasonably believes that the Trust is insolvent provided, that, for so long as the Indenture remains
        in effect, no Certificateholder shall have the power to take, and shall not take, any Bankruptcy Action with respect to the Trust or direct the Owner Trustee to take any Bankruptcy Action with respect to the Trust.

    Section 4.04.  Restrictions on
        Certificateholders’ Power.  The Certificateholders shall not direct the Owner Trustee to take or to refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this Agreement
        or any of the Basic Documents or would be contrary to Section 2.03; nor shall the Owner Trustee be obligated to follow any such direction, if given.

    Section 4.05.  Majority
        Control.  Except as expressly provided herein, any action that may be taken by the Certificateholders under this Agreement may be taken by the Holders of Trust Certificates evidencing not less than a majority of the aggregate Certificate Percentage
        Interest.  Except as expressly provided herein, any written notice of the Certificateholders delivered pursuant to this Agreement shall be effective if signed by Holders of Trust Certificates evidencing not less than a majority of the aggregate
        Certificate Percentage Interest at the time of the delivery of such notice.

    Section 4.06.  Compliance with
        the FDIC Rule.  The Owner Trustee shall (i) perform the covenants sets forth in Article XII of the Indenture applicable to it and (ii) use reasonable efforts to comply with any request of the Depositor, BMW Bank or the Servicer to facilitate
        compliance with Article XII of the Indenture by the FDIC Rule Parties.

    ARTICLE V

        

        APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

    Section 5.01.  Establishment of
        Trust Account.  The Paying Agent shall establish and maintain in the name of the Trust an Eligible Deposit Account (the “Certificate Distribution Account”), bearing a designation clearly indicating that the funds deposited therein are held for the
        benefit of the Certificateholders.  The title of the Certificate Distribution Account shall be

    
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    “BMW Vehicle Owner Trust 20[__]-[__]: Certificate Distribution Account for the benefit of the Certificateholders”.  The Trust shall
        possess all right, title and interest in all funds on deposit from time to time in the Certificate Distribution Account and in all proceeds thereof.  Except as otherwise expressly provided herein, the Certificate Distribution Account shall be under
        the sole dominion and control of the Paying Agent for the benefit of the Certificateholders.  If, at any time, the Certificate Distribution Account ceases to be an Eligible Deposit Account, the Paying Agent shall within ten (10) Business Days (or
        such longer period, not to exceed thirty (30) calendar days, as to which each Rating Agency may consent) establish a new Certificate Distribution Account, as applicable, as an Eligible Deposit Account and shall transfer any cash or any investments
        to such new Certificate Distribution Account.

    Section 5.02.  Application of
        Trust Funds.

    (a)      On each Payment Date,
        the Paying Agent shall distribute to Certificateholders all amounts deposited in the Certificate Distribution Account pursuant to Section 5.06 of the Sale and Servicing Agreement or Section 5.04(b) of the Indenture, as applicable, with respect to
        such Payment Date pro rata, based upon each Certificateholder’s Certificate Percentage Interest.

    (b)      On each Payment Date,
        the Paying Agent shall send or make available electronically to each Certificateholder the statement or statements provided by the Servicer pursuant to Section 5.08 of the Sale and Servicing Agreement with respect to such Payment Date.

    Section 5.03.  Method of
        Payment.  Subject to Section 9.01(c), distributions required to be made to Certificateholders on any Payment Date shall be made to each Certificateholder of record on the preceding Record Date either by wire transfer, in immediately available
        funds, to the account of such Certificateholder at a bank or other entity having appropriate facilities therefor, if (a) such Certificateholder shall have provided to the Certificate Registrar and the Paying Agent appropriate written instructions
        at least five (5) Business Days prior to such Payment Date and (b) such Certificateholder is the Depositor, or an Affiliate thereof, or, if not, by check mailed to such Certificateholder at the address of such Certificateholder appearing in the
        Certificate Register. Notwithstanding the foregoing, the final payment on the Certificates shall be made only upon presentation and surrender of such Certificates at the office or agency specified in the notice of final payment to the
        Certificateholders. The Owner Trustee or a Paying Agent shall, upon receipt of forty-five (45) days’ notice from the Issuer or the Administrator, provide such notice to the Certificateholder of record not more than thirty (30) days and not less
        than fifteen (15) days prior to the date on which such final payment is expected to occur.

    Section 5.04.  Accounting and
        Reports to Certificateholders, the Internal Revenue Service and Others.  At such time as there is more than one Certificateholder (for tax purposes) the Administrator shall (a) unless otherwise required under the Code, maintain (or cause to be
        maintained) the books of the Trust on a calendar year basis and the accrual method of accounting, (b) deliver (or cause to be delivered) to each Certificateholder, as may be required by the Code and applicable Treasury Regulations, such information
        as may be required (including Schedule K-1s to IRS Form 1065 if the Trust is treated as a partnership for tax purposes) to

    
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    enable each Certificateholder to prepare its federal and state income tax returns, (c) file (or cause to be filed) such tax returns
        relating to the Trust (including a partnership information return, IRS Form 1065), and make such elections as from time to time may be required or appropriate under any applicable state or federal statute or any rule or regulation thereunder so as
        to maintain the Trust’s characterization either as a disregarded entity or as a partnership for U.S. federal income tax purposes (as appropriate) and (d) cause such tax returns to be signed in the manner required by law.  The parties to this
        Agreement agree and acknowledge that the Administrator shall perform the duties and obligations of the Owner Trustee under this Section in accordance with the Administration Agreement and the Owner Trustee has no duty or obligation to monitor or
        supervise the obligations of the Administrator.

    Section 5.05.  Signature on
        Returns; Tax Matters Partner.

    (a)      The Owner Trustee
        shall sign on behalf of the Trust the tax returns of the Trust, if any, unless applicable law requires a Certificateholder to sign such documents.

    (b)      So long as it holds a
        Certificate, BMW FS Securities LLC shall be designated to sign the tax return of the Trust (the “Tax Matters Partner”) if the Trust is treated as a partnership for tax purposes.  If the Issuer is classified as a partnership for U.S. federal income
        tax purposes, the Tax Matters Partner shall be designated as the “partnership representative” within the meaning of Section 6223 of the Code (as amended by P.L. 114-74, the Bipartisan Budget Act of 2015) and the Issuer will, to the extent
        practicable, make the election described in Section 6226 of the Code (as amended by P.L. 114-74, the Bipartisan Budget Act of 2015).

    ARTICLE VI

        

        AUTHORITY AND DUTIES OF OWNER TRUSTEE

    Section 6.01.  General
        Authority.  The Owner Trustee is authorized and directed to execute and deliver the Basic Documents to which the Trust is to be a party and each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to which
        the Trust is to be a party, in each case, in such form as the Depositor shall approve, as evidenced conclusively by the Owner Trustee’s execution thereof.  In addition to the foregoing, the Owner Trustee is authorized, but shall not be obligated,
        to take all actions required of the Trust pursuant to the Basic Documents.  Subject to the requirements for Certificateholder consent contained in this Agreement, the Owner Trustee is further authorized from time to time to take such action as the
        Administrator recommends with respect to the Basic Documents.

    Section 6.02.  General Duties. 
        It shall be the duty of the Owner Trustee:

    (a)      to discharge (or cause
        to be discharged) all of its responsibilities pursuant to the terms of this Agreement and to administer the Trust in the interest of the Certificateholders, subject to the Basic Documents and in accordance with the provisions of this Agreement;
        provided, however, that notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder to the extent the Administrator has agreed in the Administration Agreement to perform any act or
        to discharge any duty of the Owner Trustee or the Trust hereunder or under any Basic Document, and the

    
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    Owner Trustee shall not be held liable for the default or failure of the Administrator to carry out its obligations under the
        Administration Agreement; and

    (b)      to cooperate with the
        Administrator in carrying out the Administrator’s obligation to qualify and preserve the Trust’s qualification to do business in each jurisdiction, if any, in which such qualification is or shall be necessary to protect the validity and
        enforceability of the Indenture, the Notes, the Receivables and any other instrument and agreement included in the Trust Estate; provided that the Owner Trustee may rely on advice of counsel with respect to such obligation.

    Section 6.03.  Action upon
        Instruction.

    (a)      Subject to Article IV
        and in accordance with the terms of the Basic Documents, the Servicer may by written instruction direct the Owner Trustee in the management of the Trust.  Such direction may be exercised at any time by written instruction of the Servicer pursuant
        to Article IV.

    (b)      The Owner Trustee
        shall not be required to take any action hereunder if the Owner Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner Trustee or is contrary to
        the terms hereof or of any Basic Document or is otherwise contrary to law.

    (c)      Whenever the Owner
        Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Agreement or under any Basic Document, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the
        circumstances) to the Certificateholders of record as of the preceding Record Date requesting instruction as to the course of action to be adopted, and to the extent the Owner Trustee acts in good faith in accordance with any written instruction of
        such Certificateholders received, the Owner Trustee shall not be liable on account of such action to any Person.  If the Owner Trustee shall not have received appropriate instruction within ten (10) days of such notice (or within such shorter
        period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action not inconsistent with this Agreement or the Basic Documents, as
        it shall deem to be in the best interests of the Certificateholders, and shall have no liability to any Person for such action or inaction.

    (d)      In the event that the
        Owner Trustee is unsure as to the application of any provision of this Agreement or any Basic Document or any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the
        event that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee may give
        notice (in such form as shall be appropriate under the circumstances) to the Certificateholders of record as of the preceding Record Date requesting instruction and, to the extent that the Owner Trustee acts or refrains from acting in good faith in
        accordance with any such instruction received, the Owner Trustee shall not be liable, on account of such action or inaction, to any Person.  If the Owner Trustee shall not have received appropriate instruction within ten (10) days of such notice
        (or within such shorter period of time

    
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    as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or
        refrain from taking such action not inconsistent with this Agreement or the Basic Documents, as it shall deem to be in the best interests of the Certificateholders, and shall have no liability to any Person for such action or inaction.

    Section 6.04.  No Duties Except
        as Specified in this Agreement or in Instructions.  The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the Trust Estate, or to otherwise
        take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Owner Trustee is a party, except as expressly provided by the terms of this Agreement or in any document or written instruction
        received by the Owner Trustee pursuant to Section 6.03; and no implied duties or obligations shall be read into this Agreement or any Basic Document against the Owner Trustee.  The Owner Trustee shall have no responsibility for filing any financing
        or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or Lien granted to it hereunder or to prepare or file any Securities and Exchange Commission filing for the Trust
        or to record this Agreement or any Basic Document.  The Owner Trustee nevertheless agrees that it will, at its own cost and expense, promptly take all action as may be necessary to discharge any Liens on any part of the Trust Estate that result
        from actions by, or claims against, the Owner Trustee in its individual capacity that are not related to the ownership or the administration of the Trust Estate.

    Section 6.05.  No Action Except
        Under Specified Documents or Instructions.  The Owner Trustee shall not manage, control, use, sell, dispose of or otherwise deal with any part of the Trust Estate except (i) in accordance with the powers granted to and the authority conferred upon
        the Owner Trustee pursuant to this Agreement, (ii) in accordance with the Basic Documents and (iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to Section 6.03.

    Section 6.06.  Restrictions. 
        The Owner Trustee shall not take any action that, to its actual knowledge, (a) is inconsistent with the purposes of the Trust set forth in Section 2.03 or (b) would result in the Trust’s becoming taxable as a corporation for U.S. federal income tax
        purposes.  The Certificateholders, the Servicer and the Administrator shall not direct the Owner Trustee to take action that would violate the provisions of this Section.

    Section 6.07.  Owner Trustee to
        Provide Information.  The Owner Trustee shall provide prompt notice to BMW Financial Services NA, LLC and BMW FS Securities LLC (each, a “BMW Party,” and
        together, the “BMW Parties”) of all demands communicated to the Owner Trustee for the repurchase or replacement of any Receivable and Financed Vehicle for breach of the representations and warranties concerning such Receivable or Financed Vehicle
        (each, a “Demand”).  Subject to Section 6.03 of this Agreement, the Owner Trustee shall have no obligation to take any other action with respect to a Demand, other than as set forth in the immediately preceding sentence.  However, the Owner Trustee
        shall, upon written request of either BMW Party, provide notification to the BMW Parties with respect to any actions taken by the Owner Trustee, if any, with respect to any such demand communicated to the Owner Trustee in respect of any Receivable
        or Financed Vehicle, such notifications to be provided by the Owner Trustee as soon as practicable and in any event within five (5) Business Days of such request or

    
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    such other time frame as may be mutually agreed to by the Owner Trustee and the applicable BMW Party.  Such notices shall be provided to
        the BMW Parties at (i) BMW Financial Services NA, LLC at 300 Chestnut Ridge Road, Woodcliff Lake, NJ 07677, (telecopier no. (201) 307-9286), Attention: General Counsel, E-mail: ABS.Operations@bmwfs.com, or at such other address or by such other
        means of communication as may be specified by BMW Financial Services NA, LLC to the Owner Trustee from time to time, and (ii) BMW FS Securities LLC at 300 Chestnut Ridge Road, Woodcliff Lake, NJ 07677, Attention: General Counsel, E-mail:
        ABS.Operations@bmwfs.com, or at such other address or by such other means of communication as may be specified by BMW FS Securities LLC to the Owner Trustee from time to time.  The Owner Trustee and the Issuer acknowledge and agree that the purpose
        of this Section 6.07 is to facilitate compliance by the BMW Parties with Rule 15Ga-1 under the Exchange Act, and Items 1104(e) and 1121(c) of Regulation AB (the “Repurchase Rules and Regulations”).  In no event shall the Owner Trustee have any
        responsibility or liability in connection with any filing required to be made by a securitizer under the Exchange Act or Regulation AB or with any BMW Parties’ compliance with the Repurchase Rules and Regulations.

    ARTICLE VII

        

        CONCERNING THE OWNER TRUSTEE

    Section 7.01.  Acceptance of
        Trusts and Duties.  The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with respect to such trusts, but only upon the terms of this Agreement.  The Owner Trustee also agrees to disburse all moneys
        actually received by it constituting part of the Trust Estate upon the terms of the Basic Documents and this Agreement.  The Owner Trustee shall not be answerable or accountable hereunder or under any Basic Document under any circumstances, except
        (i) for its own willful misconduct, bad faith or gross negligence or (ii) in the case of the inaccuracy of any representation or warranty contained in Section 7.03 expressly made by the Owner Trustee.  In particular, but not by way of limitation
        (and subject to the exceptions set forth in the preceding sentence):

    (a)      the Owner Trustee
        shall not be liable for any error of judgment made by a Trust Officer of the Owner Trustee;

    (b)      the Owner Trustee
        shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the instructions of the Servicer, the Administrator or any Certificateholder;

    (c)      no provision of this
        Agreement or any Basic Document shall require the Owner Trustee to expend or risk funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder or under any Basic Document if the Owner Trustee shall
        have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it;

    
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    (d)      under no circumstances
        shall the Owner Trustee be liable for indebtedness evidenced by or arising under any of the Basic Documents, including the principal of and interest on the Notes;

    (e)      the Owner Trustee
        shall not be responsible for or in respect of the validity or sufficiency of this Agreement or for the due execution hereof by the Depositor or for the form, character, genuineness, sufficiency, value or validity of any of the Trust Estate, or for
        or in respect of the validity or sufficiency of the Basic Documents, other than the certificate of authentication on the Trust Certificates, and the Owner Trustee shall in no event assume or incur any liability, duty or obligation to any Noteholder
        or to any Certificateholder, other than as expressly provided for herein or expressly agreed to in the other Basic Documents;

    (f)      the Owner Trustee
        shall not be responsible for monitoring the performance of, and shall not be liable for the default or misconduct of the Administrator, the Depositor, the Servicer, the Indenture Trustee or any other Person under any of the Basic Documents or
        otherwise, and the Owner Trustee shall have no obligation or liability to perform the obligations of the Trust under this Agreement or the Basic Documents that are required to be performed by the Administrator under the Administration Agreement,
        the Indenture Trustee under the Indenture or the Depositor or the Servicer under the Sale and Servicing Agreement;

    (g)      the Owner Trustee
        shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement, to make any investigation of matters arising under this Agreement, or to institute, conduct or defend any litigation under this Agreement or
        otherwise or in relation to this Agreement or any Basic Document, at the request, order or direction of the Certificateholders, unless such Certificateholders have offered to the Owner Trustee security or indemnity satisfactory to it against the
        costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby.  The right of the Owner Trustee to perform any discretionary act enumerated in this Agreement or in any Basic Document shall not be construed as a duty,
        and the Owner Trustee shall not be answerable for other than its gross negligence, bad faith or willful misconduct in the performance of any such act; and

    (h)      for the avoidance of
        doubt, the Owner Trustee shall not have any duty or obligation to monitor or enforce the Sponsor’s compliance with any applicable risk retention rules or regulations.  The Owner Trustee shall not be charged with knowledge of any such rules or
        regulations, and it shall not be liable to any Noteholder or any other Person for any violation of any such rules or regulations.

    Section 7.02.  Furnishing of
        Documents.  The Owner Trustee shall furnish to the Certificateholders, promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other
        instruments furnished to the Owner Trustee under the Basic Documents.

    Section 7.03.  Representations
        and Warranties.  The Owner Trustee hereby represents and warrants to the Depositor, for the benefit of the Certificateholders, that:

    
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    (a)      It is a [_________]
        duly organized and validly existing in good standing under the laws of [_________].  It has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement.

    (b)      It has taken all
        corporate action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf.

    (c)      Neither the execution
        or the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby, nor compliance by it with any of the terms or provisions hereof will contravene any federal or Delaware law, governmental rule or
        regulation governing the banking or trust powers of the Owner Trustee or any judgment or order binding on it, or constitute any default under its charter documents or bylaws or any indenture, mortgage, contract, agreement or instrument to which it
        is a party or by which any of its properties may be bound.

    (d)      It (i) is a
        corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; (ii) is able and authorized to exercise corporate trust powers; (iii) has (or has a parent which has) a long‐term debt rating of at least investment grade by
        each Rating Agency or such other ratings for which the Rating Agency Condition is satisfied with respect to each Rating Agency; (iv) has (or has a parent which has) combined capital and surplus of at least $50,000,000; and (v) is subject to
        supervision or examination by federal or state authorities.

    Section 7.04.  Reliance; Advice
        of Counsel.

    (a)      The Owner Trustee
        shall incur no liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond, or other document or paper believed by it to be genuine and believed by it to be signed by
        the proper party or parties.  The Owner Trustee may accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and
        that the same is in full force and effect.  As to any fact or matter the method of determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any
        vice president or by the treasurer or other authorized officers of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good
        faith in reliance thereon.

    (b)      In the exercise or
        administration of the trusts hereunder and in the performance of its duties and obligations under this Agreement or the Basic Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into
        with any of them, and the Owner Trustee shall not be liable for the conduct or misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Owner Trustee with reasonable care, and (ii) may consult with counsel,
        accountants and other skilled Persons to be selected with reasonable care and employed by it.  The Owner Trustee shall not be liable for anything done, suffered or omitted reasonably and in good faith by it in accordance with the opinion or advice
        of any such counsel, accountants or other such Persons.

    
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    Section 7.05.  Not Acting in
        Individual Capacity.  Except as provided in this Article VII, in accepting the trusts hereby created, [____________] acts solely as Owner Trustee hereunder and not in its individual capacity, and all Persons having any claim against the Owner
        Trustee by reason of the transactions contemplated by this Agreement or any Basic Document shall look only to the Trust Estate for payment or satisfaction thereof.

    Section 7.06.  Owner Trustee
        Not Liable for Trust Certificates or for Receivables.  The recitals contained herein and in the Trust Certificates (other than the signature and countersignature of the Owner Trustee on the Trust Certificates) shall be taken as the statements of
        the Depositor, and the Owner Trustee assumes no responsibility for the correctness thereof.  Except as set forth in Section 7.03, the Owner Trustee makes no representations as to the validity or sufficiency of this Agreement, of any Basic Document
        or of the Trust Certificates (other than the signature and countersignature of the Owner Trustee on the Trust Certificates) or the Notes, or of any Receivable or related documents.  The Owner Trustee shall at no time have any responsibility or
        liability for or with respect to the legality, validity and enforceability of any Receivable or the perfection and priority of any security interest created by any Receivable in any Financed Vehicle or the maintenance of any such perfection and
        priority, or for or with respect to the sufficiency of the Trust Estate or its ability to generate the payments to be distributed to the Certificateholders under this Agreement or the Noteholders under the Indenture, including, without limitation:
        the existence, condition and ownership of any Financed Vehicle; the existence and enforceability of any insurance thereon; the existence and contents of any Receivable on any computer or other record thereof; the validity of the assignment of any
        Receivable to the Trust or of any intervening assignment; the completeness of any Receivable; the performance or enforcement of any Receivable; the compliance by the Depositor or the Servicer with any warranty or representation made under any Basic
        Document or in any related document or the accuracy of any such warranty or representation, or any action of the Administrator, the Indenture Trustee or the Servicer or any subservicer taken in the name of the Owner Trustee.

    Section 7.07.  Owner Trustee
        May Own Trust Certificates and Notes.  The Owner Trustee in its individual or any other capacity may become the owner or pledgee of Trust Certificates or Notes and may deal with the Depositor, the Administrator, the Indenture Trustee and the
        Servicer in banking transactions with the same rights as it would have if it were not Owner Trustee.

    Section 7.08.  Doing Business
        in Other Jurisdictions.  Notwithstanding anything contained herein to the contrary, neither [____________] nor the Owner Trustee shall be required to take any action in any jurisdiction other than in the State of Delaware if the taking of such
        action will (i) require the consent or approval or authorization or order of, or the giving of notice to, or the registration with, or the taking of any other action in required by, any state or other governmental authority or agency of any
        jurisdiction other than the State of Delaware; (ii) result in any fee, tax or other governmental charge under the laws of any jurisdiction or any political subdivisions thereof in existence on the date hereof other than the State of Delaware
        becoming payable by [____________] or the Owner Trustee; or (iii) subject [____________] or the Owner Trustee to personal jurisdiction in any jurisdiction other than the State of Delaware for causes of action arising from acts unrelated to the
        consummation of the transactions by [____________] or the Owner Trustee, as the case may be, contemplated hereby.  The Owner

    
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    Trustee shall be entitled to obtain advice of counsel (which advice shall be an expense of the Administrator under Section 8.01 of this
        Agreement) to determine whether any action required to be taken pursuant to the Agreement results in the consequences described in clauses (i), (ii) and (iii) of the preceding sentence.  In the event that said counsel advises the Owner Trustee that
        such action will result in such consequences, the Owner Trustee will appoint an additional trustee pursuant to Section 10.05 hereof to proceed with such action.

    Section 7.09.  Paying Agent;
        Authenticating Agent.  The rights and protections afforded to the Owner Trustee pursuant to Article VII and Sections 8.02, 10.02, and 10.03 shall also be afforded to the Paying Agent, authenticating agent and Certificate Registrar.

    Section 7.10.  Licenses.  The
        Owner Trustee shall cooperate with and act at the written direction of the Administrator in assisting the Administrator in carrying out the Administrator’s obligation to cause the Trust to maintain the effectiveness of all sales finance company
        licenses required under the Maryland Code and all licenses required under the Pennsylvania Motor Vehicle Sales Finance Act (including executing on behalf of the Trust any license applications required to be signed by the Trust that are presented to
        the Owner Trustee by the Administrator in execution form), in connection with this Agreement and the other Basic Documents and the transactions contemplated hereby and thereby until such time as the Trust shall terminate in accordance with the
        terms hereof.

    ARTICLE VIII

        

        COMPENSATION OF OWNER TRUSTEE

    Section 8.01.  Owner Trustee’s
        Fees and Expenses.  The Issuer shall pay to the Owner Trustee as compensation for its services hereunder such fees as have been separately agreed upon before the date hereof between BMW Financial Services NA, LLC and the Owner Trustee, and the
        Issuer shall reimburse the Owner Trustee for its other reasonable expenses hereunder, including the reasonable compensation, expenses and disbursements of such agents, representatives, experts and counsel as the Owner Trustee may employ in
        connection with the exercise and performance of its rights and its duties hereunder and under the Basic Documents; provided that the annual fees payable to the Owner Trustee with respect to the period ending on the Payment Date in [___] 20[_] shall
        be paid by BMW Financial Services NA, LLC on the Closing Date.  Any such payments to be made by the Issuer shall be made in accordance with Section 5.06 of the Sale and Servicing Agreement or Section 5.04(b) of the Indenture, as applicable.

    Section 8.02.  Indemnification. 

        The Issuer shall be liable as primary obligor for, and shall indemnify [____________], both individually and as the Owner Trustee, and its successors, assigns, agents and servants (collectively, the “Indemnified Parties”) from and against, any and
        all liabilities, obligations, losses, damages, taxes, claims, actions and suits, and any and all reasonable costs, expenses and disbursements (including reasonable legal fees and expenses (including reasonable legal fees and expenses incurred in
        connection with the enforcement of its rights under this Agreement)) of any kind and nature whatsoever (collectively, “Expenses”) which may at any time be imposed on, incurred by, or asserted against the Owner Trustee or any Indemnified Party in
        any way relating to or arising out of this Agreement, the

    
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    Basic Documents, the Trust Estate, the administration of the Trust Estate or the action or inaction of the Owner Trustee hereunder,
        except only that the Issuer shall not be liable for or required to indemnify an Indemnified Party from and against Expenses arising or resulting from any of the matters described in the third sentence of Section 7.01.  The indemnities contained in
        this Section shall survive the resignation or termination of the Owner Trustee or the termination of this Agreement.  In any event of any claim, action or proceeding for which indemnity will be sought pursuant to this Section, the Indemnified
        Party’s choice of legal counsel shall be subject to the approval of the Issuer and the Depositor, which approval shall not be unreasonably withheld.

    Section 8.03.  Payments to the
        Owner Trustee.  Any fees, expenses and indemnification amounts due to the Owner Trustee will be paid to the Owner Trustee in accordance with the terms of Section 5.06(b) of the Sale and Servicing Agreement or Section 5.04(b) of the Indenture, as
        applicable.  The Depositor shall cause the Administrator to promptly pay to the Owner Trustee the amount of any fees, expenses and indemnification amounts due and payable to the Owner Trustee on a Payment Date and not otherwise paid or reimbursed
        to the Owner Trustee by the Issuer on such Payment Date in accordance with the terms of this Agreement and Section 5.06(b) of the Sale and Servicing Agreement or Section 5.04(b) of the Indenture, as applicable; provided that the Owner Trustee 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 5.06(b) of the Sale and Servicing Agreement
        or Section 5.04(b) of the Indenture, as applicable.

    ARTICLE IX

        

        TERMINATION OF TRUST AGREEMENT

    Section 9.01.  Termination of
        Trust Agreement.

    (a)      The Trust shall
        dissolve immediately prior to the final distribution by the Paying Agent of all moneys or other property or proceeds of the Trust Estate in accordance with applicable law, the terms of the Indenture, the Sale and Servicing Agreement and Article V. 
        The bankruptcy, liquidation, dissolution, death or incapacity of any Certificateholder shall not (i) operate to terminate this Agreement or the Trust, (ii) entitle such Certificateholder’s legal representatives or heirs to claim an accounting or to
        take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or Trust Estate or (iii) otherwise affect the rights, obligations and liabilities of the parties hereto.

    (b)      Neither the Depositor
        nor any Certificateholder shall be entitled to revoke or terminate the Trust.

    (c)      Notice of any
        dissolution of the Trust, specifying the Payment Date upon which Certificateholders shall surrender their Trust Certificates to the Paying Agent for payment of the final distribution and cancellation, shall be given by the Owner Trustee by letter
        to the Certificateholders mailed within five (5) Business Days of receipt of notice of such dissolution from the Servicer given pursuant to Section 9.01 of the Sale and Servicing Agreement, stating (i) the Payment Date upon or with respect to which
        final payment of the Trust Certificates shall be

    
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    made upon presentation and surrender of the Trust Certificates at the office of the Paying Agent therein designated, (ii) the amount of
        any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being made only upon presentation and surrender of the Trust Certificates at the office of the Paying Agent therein
        specified.  The Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Paying Agent at the time such notice is given to the Certificateholders.  Upon presentation and surrender of the Trust
        Certificates, the Paying Agent shall, subject to any payments required by applicable law, cause to be distributed to the Certificateholders amounts distributable on such Payment Date pursuant to Section 5.02.

    In the event that all of the Certificateholders shall not surrender their Trust Certificates for cancellation within
        six months after the date specified in the above mentioned written notice, the Owner Trustee shall give a second written notice to the remaining Certificateholders to surrender their Trust Certificates for cancellation and receive the final
        distribution with respect thereto.  If within one year after the second notice all the Trust Certificates shall not have been surrendered for cancellation, the Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate
        steps, to contact the remaining Certificateholders concerning surrender of their Trust Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Agreement.  Any funds remaining in the Trust
        after exhaustion of such remedies shall be distributed by the Owner Trustee to the Depositor, subject to applicable escheat laws.

    (d)      Upon the winding up of
        the Trust and the written instructions of the Administrator, the Owner Trustee shall wind up the business and affairs of the Trust as required under Section 3808 of the Statutory Trust Statute and the Owner Trustee shall cause the Certificate of
        Trust to be cancelled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Statute and at the expense of the Depositor.  Thereupon the Trust and this Agreement
        (other than Article VIII) shall terminate.

    ARTICLE X

        

        SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

    Section 10.01.  Eligibility
        Requirements for Owner Trustee.  The Owner Trustee shall (i) be a corporation satisfying the provisions of Section 3807(a) of the Statutory Trust Statute; (ii) at all times be able and authorized to exercise corporate trust powers; (iii) have (or
        have a parent which has) a long‐term debt rating of at least investment grade by each Rating Agency or such other ratings for which the Rating Agency Condition is satisfied with respect to each Rating Agency; (iv) have (or have a parent which has)
        combined capital and surplus of at least $50,000,000; and (v) be subject to supervision or examination by federal or state authorities.  If the Owner Trustee shall publish reports of condition at least annually pursuant to law or to the
        requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of the Owner Trustee shall be deemed to be its combined capital and surplus as set forth in its most recent
        report of condition so published.  In case at any time the Owner Trustee shall cease to be eligible in accordance with

    
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    the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.02.

    Section 10.02.  Resignation or
        Removal of Owner Trustee.  The Owner Trustee may, at any time with thirty (30) days prior written notice to the Administrator and the Indenture Trustee, resign and be discharged from the trusts hereby created.  Upon receiving such notice of
        resignation, the Administrator shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Owner Trustee and one copy to the successor Owner Trustee.  If no
        successor Owner Trustee shall have been so appointed and have accepted appointment within thirty (30) days after the giving of such notice of resignation, the resigning Owner Trustee may petition any court of competent jurisdiction for the
        appointment of a successor Owner Trustee.

    If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 10.01 and
        shall fail to resign after written request therefor by the Administrator, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall be
        appointed, or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Administrator may remove the Owner Trustee with thirty (30)
        days’ prior written notice.  If the Administrator shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Administrator shall promptly appoint a successor Owner Trustee by written instrument, in duplicate, one
        copy of which instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee, and shall pay all fees owed to the outgoing Owner Trustee.

    Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the
        provisions of this Section shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.03 and payment of all fees and expenses owed to the outgoing Owner Trustee.  The Administrator shall make
        notice of such resignation or removal of the Owner Trustee available to each Rating Agency.  Any costs associated with the resignation or removal of the Owner Trustee shall be paid by the Administrator.

    Section 10.03.  Successor Owner
        Trustee.  Any successor Owner Trustee appointed pursuant to Section 10.01 or 10.02 shall execute, acknowledge and deliver to the Administrator and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement, and
        thereupon the resignation or removal of the predecessor Owner Trustee shall become effective, and such successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and
        obligations of its predecessor under this Agreement, with like effect as if originally named as Owner Trustee.  The predecessor Owner Trustee shall, upon payment of its fees and expenses, deliver to the successor Owner Trustee all documents and
        statements and monies held by it under this Agreement; and the Administrator and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and
        confirming in the successor Owner Trustee all such rights, powers, duties and obligations.

    
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    No successor Owner Trustee shall accept appointment as provided in this Section unless at the time of such acceptance
        such successor Owner Trustee shall be eligible pursuant to Section 10.01.

    Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section, the Administrator shall mail
        notice thereof to all Certificateholders, the Servicer, the Indenture Trustee, the Noteholders and the Rating Agencies.  If the Administrator shall fail to mail such notice within ten (10) days after acceptance of such appointment by the successor
        Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Administrator.

    Any successor Owner Trustee appointed pursuant to this Section 10.03 shall promptly file an amendment to the
        Certificate of Trust with the Secretary of State identifying the name and principal place of business of such successor Owner Trustee in the State of Delaware.

    Section 10.04.  Merger or
        Consolidation of Owner Trustee.  Any Person into which the Owner Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a
        party, or any Person succeeding to all or substantially all of the statutory trust business of the Owner Trustee, shall be the successor of the Owner Trustee hereunder, without the execution or filing of any instrument or any further act on the
        part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, that such Person shall be eligible pursuant to Section 10.01; and provided further, that the Owner Trustee shall mail notice of such merger or
        consolidation to the Administrator and the Administrator shall make such notice available to each Rating Agency; and provided further, that such successor Owner Trustee shall file an amendment to the Certificate of Trust as described in Section
        10.03.

    Section 10.05.  Appointment of
        Co-Trustee or Separate Trustee.  Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Estate or any Financed Vehicle may at the
        time be located, the Administrator and the Owner Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Administrator and Owner Trustee to act as co-trustee, jointly
        with the Owner Trustee, or as separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person, in such capacity, such title to the Trust Estate or any part thereof and, subject to the other provisions of
        this Section, such powers, duties, obligations, rights and trusts as the Administrator and the Owner Trustee may consider necessary or desirable.  If the Administrator shall not have joined in such appointment within fifteen (15) days after the
        receipt by it of a request so to do, the Owner Trustee alone shall have the power to make such appointment.  No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor Owner Trustee
        pursuant to Section 10.01 and no notice of the appointment of any co-trustee or separate trustee shall be required pursuant to Section 10.03.

    Each separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the
        following provisions and conditions:

    
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    (a)      all rights, powers,
        duties and obligations conferred or imposed upon the Owner Trustee shall be conferred upon and exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee
        is not authorized to act separately without the Owner Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed, the Owner Trustee shall be incompetent or
        unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such
        separate trustee or co-trustee, but solely at the direction of the Owner Trustee;

    (b)      no trustee under this
        Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement; and

    (c)      the Administrator and
        the Owner Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee.

    Any notice, request or other writing given to the Owner Trustee shall be deemed to have been given to each of the then
        separate trustees and co-trustees, as effectively as if given to each of them.  Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Article.  Each separate trustee and co-trustee,
        upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee or separately, as may be provided therein, subject to all the provisions of
        this Agreement, specifically including every provision of this Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee.  Each such instrument shall be filed with the Owner Trustee and a copy
        thereof given to the Administrator.

    Any separate trustee or co-trustee may at any time appoint the Owner Trustee as its agent or attorney-in-fact with
        full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name.  If any separate trustee or co-trustee shall die, become incapable of acting, resign or be
        removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor co-trustee or separate trustee.

    ARTICLE XI

        

        MISCELLANEOUS

    Section 11.01.  Supplements and
        Amendments.  This Agreement may be amended by the Depositor and the Owner Trustee, with prior written notice made available by the Administrator to each Rating Agency, without the consent of any of the Noteholders or the Certificateholders, to cure
        any ambiguity, to correct or supplement any provisions in this Agreement or for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions in this Agreement or of modifying in any manner the rights of the
        Noteholders or the Certificateholders; provided, however, that such action shall not, as evidenced by an Opinion of Counsel with respect to such amendment, adversely affect in any

    
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    material respect the interests of any Noteholder or Certificateholder; provided, further, that such amendment shall be deemed not to
        adversely affect in any material respect the interest of any Noteholder or Certificateholder and no Opinion of Counsel shall be required if the Rating Agency Condition is satisfied with respect to each Rating Agency.

    This Agreement may also be amended from time to time by the Depositor and the Owner Trustee, with prior written notice
        made available by the Administrator to each Rating Agency, with the consent of the Holders (as defined in the Indenture) of Notes evidencing not less than a majority of the Outstanding Amount of the Notes and the consent of the Holders of Trust
        Certificates evidencing not less than a majority of the aggregate 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 the Noteholders or the Certificateholders; provided, however, that no such amendment shall (a) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments on Receivables or
        distributions that shall be required to be made for the benefit of the Noteholders or the Certificateholders or (b) reduce the aforesaid percentage of the Outstanding Amount of the Notes and the Certificate Percentage Interest required to consent
        to any such amendment, without the consent of the Holders of all then-outstanding Notes and Trust Certificates.

    Promptly after the execution of any such amendment or consent, the Owner Trustee shall furnish written notification of
        the substance of such amendment or consent to each Certificateholder, the Indenture Trustee and the Administrator, and the Administrator shall make such notice available to each Rating Agency.

    It shall not be necessary for the consent of Certificateholders or Noteholders pursuant to this Section to approve the
        particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof.  The manner of obtaining such consents (and any other consents of Certificateholders provided for in this
        Agreement or in any other Basic Document) and of evidencing the authorization of the execution thereof by Certificateholders shall be subject to such reasonable requirements as the Owner Trustee may prescribe.

    Promptly after the execution of any amendment to the Certificate of Trust, the Owner Trustee shall cause the filing of
        such amendment with the Secretary of State.

    Prior to the execution of any amendment to this Agreement or the Certificate of Trust, the Owner Trustee (and the
        Paying Agent and Certificate Registrar) shall be entitled to receive and rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and an Officer’s Certificate from the Depositor
        stating that all the conditions precedent to the execution and delivery of such amendment have been met.  The Owner Trustee, Paying Agent, Certificate Registrar and authenticating agent may, but shall not be obligated to, enter into any such
        amendment that affects their respective rights, duties or immunities under this Agreement or otherwise.

    Section 11.02.  No Legal Title
        to Trust Estate in Certificateholders.  Neither the Depositor nor the Certificateholders shall have legal title to any part of the Trust Estate.  The

    
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    Certificateholders shall be entitled to receive distributions with respect to their undivided ownership interest therein only in
        accordance with Articles V and IX.  No transfer, by operation of law or otherwise, of any right, title or interest of the Certificateholders to and in their ownership interest in the Trust Estate shall operate to terminate this Agreement or the
        trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Trust Estate.

    Section 11.03.  Limitations on
        Rights of Others.  The provisions of this Agreement are solely for the benefit of the Owner Trustee, the Depositor, the Certificateholders, the Administrator and, to the extent expressly provided herein, the Indenture Trustee, the Asset
        Representations Reviewer and the Noteholders, and nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Trust Estate or under or in respect of this
        Agreement or any covenants, conditions or provisions contained herein.

    Section 11.04.  Notices.

    (a)      Unless otherwise
        expressly specified or permitted by the terms hereof, all notices shall be in writing and shall be deemed given upon receipt by the intended recipient or three (3) Business Days after mailing if mailed by certified mail, postage prepaid (except
        that notice to the Owner Trustee shall be deemed given only upon actual receipt by the Owner Trustee), if to the Owner Trustee, addressed to the Corporate Trust Office; if to the Depositor, addressed to 300 Chestnut Ridge Road, Woodcliff Lake, NJ
        07677; or, as to each party, at such other address as shall be designated by such party in a written notice to each other party.  A copy of any such notice shall also be mailed to the Servicer, addressed to the attention of Vice President -
        Finance, 300 Chestnut Ridge Road, Woodcliff Lake, NJ 07677.

    (b)      Any notice required or
        permitted to be given to a Certificateholder shall be given by first class mail, postage prepaid, at the address of such Certificateholder as shown in the Certificate Register.  Any notice so mailed within the time prescribed in this Agreement
        shall be conclusively presumed to have been duly given, whether or not such Certificateholder receives such notice.

    Section 11.05.  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.

    Section 11.06.  Separate
        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.

    Section 11.07.  Successors and
        Assigns.  All covenants and agreements contained herein shall be binding upon, and inure to the benefit of, each of the Depositor and its permitted assignees, the Owner Trustee and its successors and each Certificateholder and its successors and
        permitted assigns, all as herein provided.  Any request, notice, direction, consent, waiver or other

    
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    instrument or action by a Certificateholder shall bind the successors and assigns of such Certificateholder.

    Section 11.08.  Covenants of
        the Depositor.  The Depositor will not at any time petition or otherwise invoke or cause the Trust to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Trust under any federal or
        state bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Trust or any substantial part of its property, or ordering the winding up or liquidation
        of the affairs of the Trust.

    Section 11.09.  No Petition. 
        To the fullest extent permitted by applicable law, the Owner Trustee, by entering into this Agreement, each Certificateholder, by accepting a Trust Certificate, and the Indenture Trustee and each Noteholder, by accepting the benefits of this
        Agreement, hereby covenant and agree that they will not, at any time, petition or otherwise invoke or cause the Trust or the Depositor to invoke the process of any court or government authority for the purpose of commencing or sustaining a case
        against the Trust or the Depositor under any federal or state bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Trust or the Depositor or any
        substantial part of its property, or ordering the winding up or liquidation of the affairs of the Trust or the Depositor.

    Section 11.10.  No Recourse. 
        (a) Each Certificateholder by accepting a Trust Certificate acknowledges that such Trust Certificate represents a beneficial interest in the Trust only and does not represent an interest in or an obligation of the Depositor, the Servicer, the
        Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Trust Certificates or the
        Basic Documents.

    (b)      In furtherance of and
        not in derogation of the foregoing, to the extent the Depositor enters into other securitization transactions, each Certificateholder, by accepting a Trust Certificate, acknowledges and agrees that it shall have no right, title or interest in or to
        any assets or interests therein of the Depositor (other than the Trust Estate and Reserve Account relating to this transaction) conveyed or purported to be conveyed by the Depositor to another securitization trust or other Person or Persons in
        connection therewith (whether by way of a sale, capital contribution or by virtue of the granting of a lien) (“Other Assets”).  To the extent that, notwithstanding the agreements and provisions contained herein, a Certificateholder either (i)
        asserts an interest or claim to, or benefit from, Other Assets, whether asserted against or through the Depositor or any other Person owned by the Depositor, or (ii) is deemed to have any such interest, claim or benefit in or from Other Assets,
        whether by operation of law, legal process, pursuant to applicable provisions of insolvency laws or otherwise (including by virtue of Section 1111(b) of the Federal Bankruptcy Code or any successor provision having similar effect under the
        Bankruptcy Code), and whether deemed asserted against or through the Depositor or any other Person owned by the Depositor, then each Certificateholder, by accepting a Trust Certificate, further acknowledges and agrees that any such interest, claim
        or benefit in or from Other Assets is and shall be expressly subordinated to the indefeasible payment in full of all obligations and liabilities of the Depositor which, under the terms of the relevant documents relating to the securitization of
        such Other Assets, are entitled to be paid from, entitled to the

    
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    benefits of, or otherwise secured by such Other Assets (whether or not any such entitlement or security interest is legally perfected or
        otherwise entitled to priority of distribution or application under applicable law, including insolvency laws, and whether asserted against Depositor or any other Person owned by the Depositor), including the payment of post-petition interest on
        such other obligations and liabilities.  This subordination agreement shall be deemed a subordination agreement within the meaning of Section 510(a) of the Bankruptcy Code.  Each Certificateholder, by acceptance of a Trust Certificate, further
        acknowledges and agrees that no adequate remedy at law exists for a breach of this paragraph and the terms of this paragraph may be enforced by an action for specific performance.  The provisions of this paragraph shall be for the third party
        benefit of those entitled to rely thereon and shall survive the termination of the Trust Agreement.

    Section 11.11.  Headings.  The
        headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof.

    Section 11.12.  Governing Law. 
        THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
        SUCH LAWS.

    Section 11.13.  Communications
        with Rating Agencies.  If the Owner Trustee shall receive any written or oral communication from any Rating Agency (or any of their respective officers, directors or employees) with respect to the transactions contemplated hereby or under the Basic
        Documents or in any way relating to the Notes, the Owner Trustee agrees to refrain from communicating with such Rating Agency and to promptly (and, in any event, within three (3) Business Days) notify the Administrator of such communication.  The
        Owner Trustee agrees to coordinate with the Administrator with respect to any communication to a Rating Agency and further agrees that in no event shall the Owner Trustee engage in any oral communication with respect to the transactions
        contemplated hereby or under the Basic Documents or in any way relating to the Notes with any Rating Agency (or any of their respective officers, directors or employees) without the participation of the Administrator.

    ARTICLE XII

        

        COMPLIANCE WITH REGULATION AB

                The Depositor and the Owner Trustee acknowledge and agree that the purpose of Article XII of this Agreement is to facilitate
        compliance by the Depositor with the provisions of Regulation AB and related rules and regulations of the Commission.

                Neither the Depositor nor the Owner Trustee shall exercise its right to request delivery of information or other performance
        under these provisions other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder (or the provision in a private offering of disclosure
        comparable to that required under the Securities Act).  The Owner Trustee acknowledges that

    
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    interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the
        Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with requests made by the Depositor in good faith for delivery of information under these provisions
        on the basis of evolving interpretations of Regulation AB.  In connection therewith, the Owner Trustee shall cooperate fully with the Depositor to deliver to the Depositor (including any of its assignees or designees), any and all statements,
        reports, certifications, records, attestations, and any other information necessary in the good faith determination of the Depositor, to permit the Depositor to comply with the provisions of Regulation AB, together with such disclosures relating to
        the Owner Trustee or the servicing of the Receivables, reasonably believed by the Depositor to be necessary in order to effect such compliance.

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

    BMW FS SECURITIES LLC,

    as Depositor

    By: _____________________________ 

          

    Name:

    Title:

    By:  _____________________________

    Name:

    Title:

    [____________], as Owner Trustee

    By: _____________________________

    Name:

    Title:

    
      
        

    

    
    EXHIBIT A

    FORM OF TRUST CERTIFICATE

    BMW VEHICLE OWNER TRUST 20[__]-[__]

    ASSET BACKED TRUST CERTIFICATE

    (This Trust Certificate does not represent an interest in or obligation of BMW FS Securities LLC or any of its
        Affiliates, except to the extent described below.)

    (This Trust Certificate is subordinate to the Notes, as set forth in the Sale and Servicing Agreement.)

    THIS TRUST CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
        ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER
        APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO. IT AGREES, ON ITS OWN BEHALF AND ON BEHALF OF ANY ACCOUNTS FOR WHICH IT IS ACTING AS AGENT, THAT SUCH TRUST CERTIFICATE MAY BE
        RESOLD, ASSIGNED, PLEDGED OR TRANSFERRED ONLY TO A UNITED STATES PERSON WITHIN THE MEANING OF SECTION 7701(a)(30) OF THE CODE (A) SO LONG AS THE TRUST CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”),
        TO SUCH PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A (“QIB”) ACTING FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR OTHERS
        (WHICH OTHERS ALSO ARE QIBS) TO WHOM NOTICE IS GIVEN THAT THE RESALE, ASSIGNMENT, PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (C) SUCH RESALE,
        ASSIGNMENT, PLEDGE OR OTHER TRANSFER IS MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND OTHER SECURITIES OR “BLUE SKY” LAWS, IN SUCH CASE THE CERTIFICATE REGISTRAR SHALL REQUIRE (I) THAT THE PROSPECTIVE
        TRANSFEREE CERTIFY TO THE OWNER TRUSTEE, THE CERTIFICATE REGISTRAR AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE OWNER TRUSTEE AND THE CERTIFICATE REGISTRAR
        AND (II) IF REQUESTED BY THE OWNER TRUSTEE OR THE CERTIFICATE REGISTRAR, A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE OWNER TRUSTEE, THE CERTIFICATE REGISTRAR OR THE DEPOSITOR) SATISFACTORY TO THE OWNER TRUSTEE, THE
        CERTIFICATE REGISTRAR AND THE DEPOSITOR, TO THE EFFECT THAT SUCH

    
      A-1

      
        

    

    

    

    TRANSFER WILL NOT VIOLATE THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE
        OR JURISDICTION. ANY ATTEMPTED TRANSFER IN CONTRAVENTION OF THE IMMEDIATELY PRECEDING RESTRICTIONS WILL BE VOID AB INITIO AND THE PURPORTED TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF THE TRUST CERTIFICATE FOR ALL PURPOSES.

    THIS TRUST CERTIFICATE MAY NOT BE PURCHASED OR HELD WITH PLAN ASSETS OF ANY OF (I) AN EMPLOYEE BENEFIT PLAN, AS
        DEFINED IN SECTION 3(3) OF ERISA, THAT IS SUBJECT TO TITLE I OF ERISA, (II) A PLAN DESCRIBED IN SECTION 4975(e)(1) OF THE CODE, (III) A GOVERNMENTAL OR CHURCH PLAN, AS DEFINED IN SECTIONS 3(32) AND 3(33) OF ERISA, RESPECTIVELY, SUBJECT TO ANY
        FEDERAL, STATE OR LOCAL LAW WHICH IS SUBSTANTIALLY SIMILAR TO THE PROVISIONS OF SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE, (IV) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE ENTITY (WITHIN THE
        MEANING OF DEPARTMENT OF LABOR REGULATION 29 C.F.R. SECTION 2510.3‐101) OR (V) A PERSON INVESTING “PLAN ASSETS” OF ANY SUCH PLAN OR ENTITY (EACH A “BENEFIT PLAN”).  BY ACCEPTANCE OF THIS TRUST CERTIFICATE OR AN INTEREST THEREIN, THE HOLDER HEREOF
        SHALL BE DEEMED TO REPRESENT AND WARRANT THAT ITS ACQUISITION AND HOLDING IS IN COMPLIANCE WITH THE FOREGOING RESTRICTION ON BENEFIT PLAN ASSETS.

    THIS CERTIFIES THAT [__________] is the registered owner of a [____]% Certificate Percentage Interest that is
        nonassessable, fully-paid, beneficial ownership interest in certain distributions of BMW Vehicle Owner Trust 20[__]-[__] (the “Trust”) formed by BMW FS Securities LLC, a Delaware limited liability company (the “Depositor”).

    The Trust was created pursuant to a Trust Agreement dated [____________], 20[__] as amended and restated as of
        [____________], 20[__] (the “Trust Agreement”), between the Depositor and [____________], as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of which is set forth below. To the extent not otherwise defined
        herein or in the Trust Agreement, the capitalized terms used herein have the meanings assigned to them in the Sale and Servicing Agreement among the Trust, the Depositor, as seller, BMW Financial Services NA, LLC, as Sponsor, Servicer,
        Administrator and Custodian (the “Servicer”) and [_______________], as Indenture Trustee (“Indenture Trustee”), dated as of [____________], 20[__], as the same may be amended or supplemented from time to time.

    This Certificate is one of the duly authorized Trust Certificates designated as BMW Vehicle Owner Trust 20[__]-[__]
        Asset Backed Trust Certificates (herein called the “Trust Certificates”). Also issued under the Indenture dated as of [____________], 20[__], between the Trust, as issuer and Indenture Trustee, are five classes of Notes designated as [__]% Class
        A-1 Asset Backed Notes (the “Class A-1 Notes”), [__]% Class A-2a Asset Backed Notes (the “Class A-2a Notes”), LIBOR plus [__]% Class A-2b Asset Backed Notes (the “Class A-2b Notes”), [__]% Class A-3 Asset Backed Notes (the “Class A-3 Notes”) and
        [__]% Class A-4 Asset Backed Notes (the “Class A-4 Notes”) and [__]% Class B Asset Backed Notes (the “Class

    
      A-2

      
        

    

    

    

    B Notes” and, together with the Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3 Notes and the Class A-4 Notes,
        the “Notes”). This Trust Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the holder of this Trust Certificate by virtue of the acceptance hereof assents and by
        which such holder is bound.

    Under the Trust Agreement, there will be distributed on the [__][__] day of each month (or, if such [__][__] day is not a Business Day, the next Business Day), commencing in [____________], 20[__] to
        the Person in whose name this Trust Certificate is registered at the close of business on the related Record Date, such Certificateholder’s Certificate Percentage Interest in the amount to be distributed to Certificateholders on such date. 
        Distributions on this Trust Certificate will be made by the Paying Agent by wire transfer or by check mailed to the Certificateholder of record in the Certificate Register on the related Record Date without the presentation or surrender of this
        Trust Certificate or the making of any notation hereon.  Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final payment on this Trust Certificate will be made after due notice by the Owner Trustee of the
        pendency of such payment and only upon presentation and surrender of this Trust Certificate at the office or agency maintained for such purpose by the Trust in The City of New York.

    The holder of this Trust Certificate acknowledges and agrees that its rights to receive distributions in respect of
        this Trust Certificate are subordinated to the rights of the Noteholders as described in the Sale and Servicing Agreement, the Indenture and the Trust Agreement, as applicable.

    It is the intent of the Depositor, the Servicer and the Certificateholders that, for purposes of federal income, state
        and local income and franchise tax, until the Trust Certificates are held by other than the Depositor, the Trust will be disregarded as an entity separate from its owner.  At such time that the Trust Certificates are held by more than one person,
        it is the intent of the Seller, the Servicer and the Certificateholders that, for purposes of federal income, state and local income and franchise tax, the Trust will be treated as a partnership, the assets of which are the assets held by the
        Trust, and the Certificateholders will be treated as partners in that partnership. The Seller and the other Certificateholders, by acceptance of this Trust Certificate, agree to treat, and to take no action inconsistent with the treatment of, the
        Trust Certificates as such for tax purposes.

    Each Certificateholder, by its acceptance of this Trust Certificate, covenants and agrees that such Certificateholder
        will not at any time petition or otherwise invoke or cause the Trust or the Depositor to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Trust or the Depositor under any federal
        or state bankruptcy, insolvency or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Trust or the Depositor or any substantial part of its property, or ordering the
        winding up or liquidation of the affairs of the Trust or the Depositor.

    Each Certificateholder by accepting this Trust Certificate acknowledges that such Trust Certificate represents
        beneficial interests in the Trust only and does not represent interests in or obligations of the Depositor, the Servicer, the Administrator, the Sellers, the Owner

    
      A-3

      
        

    

    

    

    Trustee, the Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except as
        expressly set forth or contemplated in the Trust Agreement, this Trust Certificate or the Basic Documents.

    In furtherance of and not in derogation of the foregoing, to the extent the Depositor enters into other securitization
        transactions, each Certificateholder, by accepting this Trust Certificate, acknowledges and agrees that it shall have no right, title or interest in or to any assets or interests therein of the Depositor (other than the Trust Estate and Reserve
        Account relating to this transaction) conveyed or purported to be conveyed by the Depositor to another securitization trust or other Person or Persons in connection therewith (whether by way of a sale, capital contribution or by virtue of the
        granting of a lien) (“Other Assets”). To the extent that, notwithstanding the agreements and provisions contained herein, a Certificateholder either (i) asserts an interest or claim to, or benefit from, Other Assets, whether asserted against or
        through the Depositor or any other Person owned by the Depositor, or (ii) is deemed to have any such interest, claim or benefit in or from Other Assets, whether by operation of law, legal process, pursuant to applicable provisions of insolvency
        laws or otherwise (including by virtue of Section 1111(b) of the Federal Bankruptcy Code or any successor provision having similar effect under the Bankruptcy Code), and whether deemed asserted against or through the Depositor or any other Person
        owned by the Depositor, then each Certificateholder, by accepting this Trust Certificate, further acknowledges and agrees that any such interest, claim or benefit in or from Other Assets is and shall be expressly subordinated to the indefeasible
        payment in full of all obligations and liabilities of the Depositor which, under the terms of the relevant documents relating to the securitization of such Other Assets, are entitled to be paid from, entitled to the benefits of, or otherwise
        secured by such Other Assets (whether or not any such entitlement or security interest is legally perfected or otherwise entitled to priority of distribution or application under applicable law, including insolvency laws, and whether asserted
        against Depositor or any other Person owned by the Depositor), including the payment of post-petition interest on such other obligations and liabilities. This subordination agreement shall be deemed a subordination agreement within the meaning of
        Section 510(a) of the Bankruptcy Code. Each Certificateholder, by acceptance of this Trust Certificate, further acknowledges and agrees that no adequate remedy at law exists for a breach of this paragraph and the terms of this paragraph may be
        enforced by an action for specific performance. The provisions of this paragraph shall be for the third party benefit of those entitled to rely thereon and shall survive the termination of the Trust Agreement.

    The Trust Certificates may not be acquired by or for the account of a Benefit Plan.  By accepting and holding this
        Trust Certificate, the Holder hereof shall be deemed to have represented and warranted that it is not a Benefit Plan.

    Unless the certificate of authentication hereon shall have been executed by an authorized officer of Owner Trustee or
        the Authenticating Agent, by manual signature, this Trust Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose.

    Each Certificateholder, by acceptance of this Certificate, acknowledges and agrees that the purpose of Article XII of
        the Indenture is to facilitate compliance with the FDIC Rule by the FDIC Rule Parties and that the interpretations of the requirements of the FDIC Rule may change over time, whether due to interpretive guidance provided by the FDIC or its staff,

    
      A-4

      
        

    

    

    

    consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees that the provisions set
        forth in Article XII of the Indenture shall have the effect and meanings that are appropriate under the FDIC Rule as such effect and meanings change over time on the basis of evolving interpretations of the FDIC Rule.

    THIS TRUST CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO
        ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

    
      A-5

      
        

    

    IN WITNESS WHEREOF, Owner Trustee, on behalf of the Trust and not in its individual capacity, has caused this Trust
        Certificate to be duly executed.

    BMW VEHICLE OWNER TRUST 20[__]-[__]

    By:      [____________], not in its individual capacity, but solely as Owner Trustee

     

      

    By:      

          Authorized Signatory

    AUTHENTICATING AGENT’S CERTIFICATE OF AUTHENTICATION

    This is one of the Trust Certificates referred to in the within-mentioned Trust Agreement.

    	 	
            [_______________],

            not in its individual capacity, but solely

            as authenticating agent

          
	 
	 	 
	 	 
	 	
            By:  _____________________________

          
	 	
                 Authorized Signatory

          

    

    

    
      A-6

      
        

    

    [Reverse of Trust Certificate]

    This Trust Certificate is not guaranteed by any governmental agency or instrumentality and is limited in right of
        payment to certain collections and recoveries and certain other amounts respecting the assets of the Trust, all as more specifically set forth in the Indenture.  The Depositor will furnish, upon the request of any holder of a Trust Certificate,
        such information as is specified in paragraph (d)(4) of Rule 144A of the Securities Act of 1933, as amended, with respect to the Issuer.

    The Trust Agreement may be amended by the Depositor and the Owner Trustee, in some cases without the consent of any of
        the Securityholders in the manner set forth therein, and any such amendment will bind each holder and transferee of this Trust Certificate.

    As provided in the Trust Agreement, and if the Depositor delivers an Opinion of Counsel that the Trust Certificates
        are transferable in accordance with the terms set forth therein, which opinion the Depositor has not determined can be given under the Code and existing and proposed regulations thereunder, the transfer of this Trust Certificate is registerable in
        the Certificate Register upon surrender of this Trust Certificate for registration of transfer at the offices or agencies of the Certificate Registrar maintained by the Certificate Registrar in the Borough of Manhattan, The City of New York,
        accompanied by a written instrument of transfer in form satisfactory to the Owner Trustee and the Certificate Registrar duly executed by the Certificateholder hereof or such Certificateholder’s attorney duly authorized in writing, and thereupon one
        or more new Trust Certificates of the same class and in authorized denominations evidencing the same aggregate interest in the Issuer will be issued to the designated transferee.  The initial Certificate Registrar appointed under the Trust
        Agreement is [_______________].

    The Trust Certificates are issuable only as registered Trust Certificates without coupons or principal balance.  As
        provided in the Trust Agreement and subject to certain limitations therein set forth, Trust Certificates are exchangeable for new Trust Certificates of authorized denominations evidencing the same aggregate denomination, as requested by the Holder
        surrendering the same.  No service charge will be made for any such registration of transfer or exchange, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge payable in
        connection therewith.

    The Owner Trustee, the Certificate Registrar and any agent of the Owner Trustee or the Certificate Registrar may treat
        the Person in whose name this Trust Certificate is registered as the owner hereof for all purposes, and none of the Owner Trustee, the Certificate Registrar or any such agent shall be affected by any notice to the contrary.

    The obligations and responsibilities created by the Trust Agreement and the trust created thereby shall terminate upon
        the payment to Certificateholders of all amounts required to be paid to them pursuant to the Trust Agreement and the Indenture and the disposition of all property held as part of the Trust Estate.

    

    

    

    

    
      A-7

      
        

    

    
    EXHIBIT B

    ASSIGNMENT

    FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto

    PLEASE INSERT SOCIAL SECURITY OR

    OTHER IDENTIFYING NUMBER OF ASSIGNEE

    

    

     

    

    _________________________________________________________________________________________

                                 (Please print or type name and address, including postal zip code, of assignee)

    

    

    the within Trust Certificate, and all rights thereunder, and hereby irrevocably constitutes and appoints _______________, 

    attorney, to transfer said Trust Certificate on the books of the Certificate Registrar, with full power of substitution in the premises.

    

    

    Dated:                                                    */                             

          

                                                                                                                     Signature Guaranteed:

             
                              */                             

    

    

     

    

    _________________

    */      NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Trust
        Certificate in every particular, without alteration, enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Certificate Registrar, which requirements include
        membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Certificate Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
        amended.

    
      B-1

      
        

    

    
    EXHIBIT C

    FORM OF TRANSFEREE LETTER

    [Date]

    BMW Vehicle Owner Trust 20[__]-[__],

    as Issuer

    c/o [____________],

    as Owner Trustee

    [____________],

    as Owner Trustee

    [_______________],

    as Certificate Registrar

    Ladies and Gentlemen:

    In connection with our proposed purchase of the ____% Certificate Percentage Interest Asset Backed Trust Certificates
        (the “Trust Certificates”) of BMW Vehicle Owner Trust 20[__]-[__] (the “Issuer”), a trust formed by BMW FS Securities LLC (the “Depositor”), we confirm that:

    a.      We are a “qualified institutional buyer” as defined in Rule 144A (“QIB”) and are acquiring the Trust
        Certificate for our own institutional account (and not for the account of others) or as a fiduciary or agent for others (which others also are QIBs).

    b.      We acknowledge that the Trust Certificates have not been and will not be registered under the Securities Act
        or the securities laws of any jurisdiction.

    c.      We are familiar with Rule 144A and are aware that the sale is being made in reliance on Rule 144A and we are
        not acquiring the Trust Certificates with a view to, or for resale in connection with, a distribution that would constitute a public offering within the meaning of the Securities Act or a violation of the Securities Act, and that, if in the future
        we decide to resell, assign, pledge or otherwise transfer any Trust Certificates, such Trust Certificates may be resold, assigned, pledged or transferred only (i) to the Depositor or any Affiliate thereof, (ii) so long as such Trust Certificate is
        eligible for resale pursuant to Rule 144A, to a person whom we reasonably believe after due inquiry is a QIB acting for its own account (and not for the account of others) or as a fiduciary or agent for others (which others also are QIBs) to whom
        notice is given that the resale, pledge, assignment or transfer is being made in reliance on Rule 144A, (iii) pursuant to an effective registration statement under the Securities Act or (iv) in a sale, pledge or other transfer made in a transaction
        otherwise exempt from the registration requirements of the Securities Act, in which case (A) the Owner Trustee will require that both the prospective transferor and the prospective transferee certify to the Owner Trustee and the Depositor in
        writing the facts surrounding such transfer, which certification shall be in

    
      C-1

      
        

    

    

    

    form and substance satisfactory to the Owner Trustee and the Depositor and (B) the Owner Trustee will require a written opinion of
        counsel (which shall not be at the expense of the Depositor or the Owner Trustee) satisfactory to the Depositor and the Owner Trustee to the effect that such transfer will not violate the Securities Act, in each case in accordance with any
        applicable securities or “Blue Sky” laws of any state of the United States.

    d.      We have neither acquired nor will we transfer any Trust Certificate we purchase (or any interest therein) or
        cause any such Trust Certificate (or any interest therein) to be marketed on or through an “established securities market” within the meaning of Section 7704(b)(1) of the Code, including, without limitation, an over-the-counter-market or an
        interdealer quotation system that regularly disseminates firm buy or sell quotations.

    e.      We are acquiring the Certificate for our own account and either (A) are not, and will not become, a
        partnership, Subchapter S corporation or grantor trust for U.S. federal income tax purposes or (B) are such an entity, but none of the direct or indirect beneficial owners of any of the interests in such transferee have allowed or caused, or will
        allow or cause, 50% or more (or such other percentage as the Depositor may establish prior to the time of such proposed transfer) of the value of such interests to be attributable to such transferee’s ownership of Trust Certificates.

    f.      We understand that no subsequent transfer of the Trust Certificates is permitted unless (A) such transfer is
        of a Trust Certificate with a Certificate Percentage Interest of at least 5%, (B) we cause the proposed transferee to provide to the Trust and the Depositor a letter substantially in the form of Exhibit C to the Trust Agreement, as applicable, or
        such other written statement as the Depositor shall prescribe and (C) the Trust consents in writing to the proposed transfer, which consent shall be granted unless the Depositor determines that such transfer would create a risk that the Trust would
        be classified for federal or any applicable state tax purposes as an association (or a publicly traded partnership) taxable as a corporation; provided, however, that any attempted transfer that would either cause the number of registered holders of
        Trust Certificates in the aggregate to exceed 100 shall be a void transfer.

    g.      We understand that the Opinion of Counsel to the Trust that the Trust is not a publicly traded partnership
        taxable as a corporation is dependent in part on the accuracy of the representations in paragraphs (d), (e) and (f) above.

    h.      We are a “United States person” within the meaning of Section 7701(a)(30) of the Code.

    i.      We are not a Benefit Plan and we are not acquiring and will not hold the Trust Certificate for the account of
        a Benefit Plan.

    j.      We are aware that we (or any account for which we are purchasing) may be required to bear the economic risk of
        an investment in the Trust Certificates for an indefinite period, and we (or such account) are able to bear such risk for an indefinite period.

    k.      We understand that the Trust Certificates will bear legends substantially as set forth in Section 3.12 of the
        Trust Agreement.

    
      C-2

      
        

    

    

    

    l.      If we are acquiring any Trust Certificates for the account of one or more QIBs, we represent that we have sole
        investment direction with respect to each such account and that we have full power to make the foregoing acknowledgments, representations and agreements on behalf of each such account.

    m.      We will not acquire or hold a Trust Certificate if, as a result of being related to a non-United States person
        that holds Notes, our acquisition or holding of the Trust Certificate would require the Indenture Trustee or the Trust to be obligated to withhold on interest payments on any Note.

    n.      We acknowledge that the Owner Trustee, the Depositor, and their Affiliates, and others will rely upon the
        truth and accuracy of the foregoing acknowledgments, representations and agreements.

    Capitalized terms used and not otherwise defined herein have the meanings assigned to them in the Amended and Restated
        Trust Agreement, dated as of [____________], 20[__], between the Depositor and [____________], as Owner Trustee.

    You are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to
        any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby.

    Very truly yours,

    By:  ________________________________

    Name:

    Title:

    
      C-3

      
        

    

    
    EXHIBIT D

    FORM OF

    CERTIFICATE OF TRUST

    OF

    BMW VEHICLE OWNER TRUST 20[__]-[__]

    THIS Certificate of Trust of BMW Vehicle Owner Trust 20[__]-[__] (the “Trust”) is being duly executed and filed on behalf of the Trust by the undersigned, as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12 Del. C. § 3801 et. seq.) (the “Act”).

    1.      Name.  The name of the statutory trust formed hereby is BMW Vehicle Owner Trust 20[__]-[__].

    2.      Delaware Trustee.  The name and business address of the trustee of the Trust in the State of Delaware is
        [____________], [____________], Attention: [____________].

    3.      Effective Date.  This Certificate of Trust shall be effective upon filing.

    IN WITNESS WHEREOF, the undersigned has duly executed this Certificate of Trust in accordance with Section 3811(a)(1)
        of the Act.

    [____________], not in its individual capacity but solely as trustee

    By:  _____________________________

    Name:

    Title:

    
      D-1

      
        

    

    
    EXHIBIT E

    FORM OF TRANSFEROR CERTIFICATE

    _______________, ____

    	
            [Seller]

          
	 
	 
	 

    

    

    BMW FS Securities LLC,

    as Depositor

    [____________],

    as Owner Trustee

    [_______________],

    as Certificate Registrar

    

    

    Re:      BMW Vehicle Owner Trust 20[__]-[__]

        Asset Backed Certificates                       

    Dear Sirs:

    In connection with our disposition of the above-referenced Asset Backed Certificates (the “Certificates”) we certify
        that (i) we understand that the Certificates have not been registered under the Securities Act of 1933, as amended (the “Act”), and are being transferred by us in a transaction that is exempt from the registration requirements of the Act and (ii)
        we have not offered or sold any Certificates to, or solicited offers to buy any Certificates from, any person, or otherwise approached or negotiated with any person with respect thereto, in a manner that would be deemed, or taken any other action
        which would result in, a violation of Section 5 of the Act.

    	 	
            Very truly yours,

            [NAME OF TRANSFEROR]

          	 
	 	
            By

          	 	 
	 	 	
            Authorized Officer     

              

          	 

    

    

    

    

  

  E-1

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