Common use of Capitalized Terms; Interpretive Provisions Clause in Contracts

Capitalized Terms; Interpretive Provisions. 1 1.2. Duties of the Administrator. 2 1.3. Records 8 1.4. Compensation 8 1.5. Additional Information to be Furnished to the Issuer 8 1.6. Independence of the Administrator 8 1.7. No Joint Venture 8 1.8. Other Activities of Administrator 8 1.9. Term of Agreement; Resignation and Removal of Administrator 8 1.10. Action Upon Termination, Resignation or Removal 9 1.11. Notices 10 1.12. Amendments 10 1.13. Successors and Assigns 10 1.14. Governing Law 11 1.15. Headings 11 1.16. Counterparts 11 1.17. Severability 11 1.18. Limitation of Liability of Owner Trustee and Indenture Trustee. 11 1.19. Third-Party Beneficiary 12 1.20. Nonpetition Covenants 12 1.21. Form 10-Ds; Investor Communications. 12 This Issuer Administration Agreement, dated as of March 10, 2021 (the “Agreement”), is among BMW Vehicle Lease Trust 2021-1, a Delaware statutory trust, as issuer (the “Issuer”), BMW Financial Services NA, LLC, a Delaware limited liability company (“BMW FS”), as administrator (in such capacity, the “Administrator”), BMW Auto Leasing LLC, a Delaware limited liability company, as transferor (the “Transferor”), and U.S. Bank National Association, a national banking association, as indenture trustee (the “Indenture Trustee”).

Capitalized Terms; Interpretive Provisions. 1 1.2. Duties of the Administrator. 2 1.3. Records 8 7 1.4. Compensation 8 1.5. Additional Information to be Furnished to the Issuer 8 1.6. Independence of the Administrator 8 1.7. No Joint Venture 8 1.8. Other Activities of Administrator 8 1.9. Term of Agreement; Resignation and Removal of Administrator 8 1.10. Action Upon Termination, Resignation or Removal 9 1.11. Notices 10 1.12. Amendments 10 1.13. Successors and Assigns 10 1.14. Governing Law 11 1.15. Headings 11 1.16. Counterparts 11 1.17. Severability 11 1.18. Limitation of Liability of Owner Trustee and Indenture Trustee. 11 1.19. Third-Party Beneficiary 12 1.20. Nonpetition Covenants 12 1.21. Form 10-Ds; Investor Communications. 12 This Issuer Administration Agreement, dated as of March 10[____________], 2021 20[__] (the “Agreement”), is among BMW Vehicle Lease Trust 2021-120[__]-[__], a Delaware statutory trust, as issuer (the “Issuer”), BMW Financial Services NA, LLC, a Delaware limited liability company (“BMW FS”), as administrator (in such capacity, the “Administrator”), BMW Auto Leasing LLC, a Delaware limited liability company, as transferor (the “Transferor”), and U.S. Bank National Association[_____________], a national banking association[___________], as indenture trustee (the “Indenture Trustee”).

Capitalized Terms; Interpretive Provisions. 1 1.2. Duties of the Administrator. 2 1.3. Records 8 1.4. Compensation 8 1.5. Additional Information to be Furnished to the Issuer 8 1.6. Independence of the Administrator 8 1.7. No Joint Venture 8 1.8. Other Activities of Administrator 8 1.9. Term of Agreement; Resignation and Removal of Administrator 8 1.10. Action Upon Termination, Resignation or Removal 9 1.11. Notices 10 1.12. Amendments 10 1.13. Successors and Assigns 10 1.14. Governing Law 11 1.15. Headings 11 1.16. Counterparts 11 1.17. Severability 11 1.18. Limitation of Liability of Owner Trustee and Indenture Trustee. 11 1.19. Third-Party Beneficiary 12 1.20. Nonpetition Covenants 12 1.21. Form 10-Ds; Investor Communications. 12 This Issuer Administration Agreement, dated as of March 10October 11, 2021 2023 (the “Agreement”), is among BMW Vehicle Lease Trust 20212023-12, a Delaware statutory trust, as issuer (the “Issuer”), BMW Financial Services NA, LLC, a Delaware limited liability company (“BMW FS”), as administrator (in such capacity, the “Administrator”), BMW Auto Leasing LLC, a Delaware limited liability company, as transferor (the “Transferor”), and U.S. Bank Trust Company, National Association, a national banking association, as indenture trustee (the “Indenture Trustee”).