SEC Contract Filing

Filing Date: 2022-05-12

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>6
<FILENAME>exhibit10-3.htm
<DESCRIPTION>SALE AND SERVICING AGREEMENT
<TEXT>
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 <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 10.3</font><br>
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 <div style="text-align: center; margin-top: 24pt; margin-bottom: 24pt; font-family: 'Times New Roman';"><a name="z_Hlk102144784"></a>FORM OF SALE AND SERVICING AGREEMENT</div>
 <div style="text-align: center; margin-top: 24pt; margin-bottom: 24pt; font-family: 'Times New Roman';">among</div>
 <div style="text-align: center; margin-top: 24pt; margin-bottom: 24pt; font-family: 'Times New Roman';">BMW VEHICLE OWNER TRUST 2022-A,<br>
 as Issuer,</div>
 <div style="text-align: center; margin-top: 24pt; margin-bottom: 24pt; font-family: 'Times New Roman';">BMW FS SECURITIES LLC,<br>
 as Depositor,</div>
 <div style="text-align: center; margin-top: 24pt; margin-bottom: 24pt; font-family: 'Times New Roman';">BMW FINANCIAL SERVICES NA, LLC,<br>
 as Sponsor, Servicer, Administrator and Custodian,</div>
 <div style="text-align: center; margin-top: 24pt; margin-bottom: 24pt; font-family: 'Times New Roman';">U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,<br>
 as Indenture Trustee,</div>
 <div style="text-align: center; margin-top: 24pt; margin-bottom: 24pt; font-family: 'Times New Roman';">and</div>
 <div style="text-align: center; margin-top: 24pt; margin-bottom: 24pt; font-family: 'Times New Roman';">U.S. BANK NATIONAL ASSOCIATION,<br>
 as Securities Intermediary</div>
 <div style="text-align: center; margin-top: 24pt; margin-bottom: 24pt; font-family: 'Times New Roman';">Dated as of May 18, 2022</div>
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 <div style="text-align: center; font-family: 'Times New Roman';"><u>TABLE OF CONTENTS</u></div>
 <div style="text-align: right; font-family: 'Times New Roman';"><u>PAGE</u></div>
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 <div style="text-align: center; font-family: 'Times New Roman';"><a name="mpTableOfContents"></a>ARTICLE I.</div>
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 <div style="text-align: center; font-family: 'Times New Roman';">DEFINITIONS</div>
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 <div style="margin-right: 36pt; font-family: 'Times New Roman';">SECTION 1.01.</div>
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 <div style="margin-right: 36pt; font-family: 'Times New Roman';">Definitions</div>
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 <div style="text-align: right; font-family: 'Times New Roman';">1</div>
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 <div style="margin-right: 36pt; font-family: 'Times New Roman';">SECTION 1.02.</div>
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 <div style="margin-right: 36pt; font-family: 'Times New Roman';">Other Definitional Provisions</div>
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 <div style="text-align: right; font-family: 'Times New Roman';">20</div>
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 <div style="text-align: center; font-family: 'Times New Roman';">ARTICLE II.</div>
 <div style="text-align: center; font-family: 'Times New Roman';"> <br>
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 <div style="text-align: center; font-family: 'Times New Roman';">CONVEYANCE OF RECEIVABLES</div>
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 <div style="margin-right: 36pt; font-family: 'Times New Roman';">SECTION 2.01.</div>
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 <div style="margin-right: 36pt; font-family: 'Times New Roman';">Conveyance of Receivables</div>
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 <div style="text-align: right; font-family: 'Times New Roman';">21</div>
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 <div style="text-align: center; font-family: 'Times New Roman';">ARTICLE III.</div>
 <div style="text-align: center; font-family: 'Times New Roman';"> <br>
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 <div style="text-align: center; font-family: 'Times New Roman';">THE RECEIVABLES</div>
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 <div style="margin-right: 36pt; font-family: 'Times New Roman';">SECTION 3.01.</div>
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 <div style="margin-right: 36pt; font-family: 'Times New Roman';">Survival of Representations and Warranties</div>
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 <div style="text-align: right; font-family: 'Times New Roman';">22</div>
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 <div style="margin-right: 36pt; font-family: 'Times New Roman';">SECTION 3.02.</div>
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 <div style="margin-right: 36pt; font-family: 'Times New Roman';">Representations and Warranties of the Depositor</div>
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 <div style="text-align: right; font-family: 'Times New Roman';">23</div>
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