Exhibit 10.3
OWNER TRUST ADMINISTRATION AGREEMENT
among
BMW VEHICLE OWNER TRUST 2005-A,
as Issuer,
BMW FINANCIAL SERVICES NA, LLC,
as Owner Trust Administrator,
and
JPMORGAN CHASE BANK, N.A.,
as Indenture Trustee
Dated as of March 1, 2005
TABLE OF CONTENTS
PAGE
Section 1.1. Duties of the Owner Trust Administrator with Respect to the Depository Agreement and the Indenture.................2
Section 1.2. Additional Duties..................................................................................................6
Section 1.3. Non-Ministerial Matters............................................................................................7
Section 2. Records..............................................................................................................8
Section 3. Compensation.........................................................................................................8
Section 4. Additional Information To Be Furnished to the Issuer.................................................................8
Section 5. Independence of the Owner Trust Administrator........................................................................8
Section 6. No Joint Venture.....................................................................................................8
Section 7. Other Activities of Owner Trust Administrator........................................................................8
Section 8. Term of Agreement; Resignation and Removal of Owner Trust Administrator..............................................9
Section 9. Action upon Termination, Resignation or Removal.....................................................................11
Section 10. Notices............................................................................................................11
Section 11. Amendments.........................................................................................................12
Section 12. Successors and Assigns.............................................................................................12
Section 13. Governing Law......................................................................................................13
Section 14. Headings...........................................................................................................13
Section 15. Counterparts.......................................................................................................13
Section 16. Severability.......................................................................................................13
Section 17. Not Applicable to JPMorgan Chase Bank, N.A. in Other Capacities....................................................13
Section 18. Limitation of Liability of Owner Trustee and Indenture Trustee.....................................................13
Section 19. Third-Party Beneficiary............................................................................................14
Section 20. Nonpetition Covenants..............................................................................................14
Section 21. Liability of Owner Trust Administrator.............................................................................14
THIS OWNER TRUST ADMINISTRATION AGREEMENT, dated as of March 1, 2005
is among BMW VEHICLE OWNER TRUST 2005-A, a Delaware statutory trust (the
"Issuer"), BMW FINANCIAL SERVICES NA, LLC, a Delaware, limited liability
company, as administrator (the "Owner Trust Administrator"), and JPMORGAN CHASE
BANK, N.A., a national banking association, not in its individual capacity but
solely as Indenture Trustee (the "Indenture Trustee"),
W I T N E S S E T H :
WHEREAS, the Issuer was formed pursuant to a Trust Agreement dated as
of February 10, 2005 as amended and restated as of March 1, 2005 (as the same
may be further amended and supplemented from time to time, the "Trust
Agreement"), between BMW FS SECURITIES LLC, as depositor (the "Depositor"), and
WILMINGTON TRUST COMPANY, not in its individual capacity but solely as owner
trustee (the "Owner Trustee"), and is issuing 3.0336% Asset Backed Notes, Class
A-1, 3.66% Asset Backed Notes, Class A-2, 4.04% Asset Backed Notes, Class A-3
and 4.28% Asset Backed Notes, Class A-4 (collectively, the "Class A Notes") and
4.43% Asset Backed Notes, Class B (the "Class B Notes" and, collectively with
the Class A Notes, the "Notes") pursuant to the Indenture dated as of March 1,
2005 (as amended and supplemented from time to time, the "Indenture"), between
the Issuer and the Indenture Trustee, and is issuing asset backed certificates
(the "Trust Certificates" and, collectively with the Notes, the "Securities")
pursuant to the Trust Agreement (capitalized terms used and not otherwise
defined herein shall have the meanings assigned to such terms in the Indenture,
the Trust Agreement or the Sale and Servicing Agreement (as defined herein), as
applicable);
WHEREAS, the Issuer has entered into certain agreements in connection
with the issuance of the Securities and of certain beneficial ownership
interests in the Issuer, including (i) a Sale and Servicing Agreement dated as
of March 1, 2005 (as amended and supplemented from time to time, the "Sale and
Servicing Agreement"), among BMW FINANCIAL SERVICES NA, LLC, as seller (in such
capacity, the "Seller"), servicer (in such capacity, the "Servicer"),
administrator and custodian, the Depositor, the Issuer and the Indenture
Trustee, (ii) a Letter of Representations dated March 23, 2005 (as amended and
supplemented from time to time, the "Depository Agreement"), among the Issuer,
the Indenture Trustee, the Owner Trust Administrator and THE DEPOSITORY TRUST
COMPANY ("DTC") relating to the Notes, (iii) the Indenture and (iv) the Trust
Agreement (the Sale and Servicing Agreement, the Depository Agreement, the
Indenture and the Trust Agreement being referred to hereinafter collectively as
the "Related Agreements");
WHEREAS, pursuant to the Related Agreements, the Issuer and Owner
Trustee are required to perform certain duties in connection with (a) the Notes
and the collateral therefor pledged pursuant to the Indenture (the "Collateral")
and (b) the beneficial ownership interests in the Issuer (the registered holders
of such interests being referred to herein as the "Owners");
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WHEREAS, the Issuer and the Owner Trustee desire to have the Owner
Trust Administrator perform certain of the duties of the Issuer and the Owner
Trustee referred to in the preceding clause and to provide such additional
services consistent with the terms of this Agreement and the Related Agreements
as the Issuer and the Owner Trustee may from time to time request; and
WHEREAS, the Owner Trust Administrator has the capacity to provide
the services required hereby and is willing to perform such services for the
Issuer and the Owner Trustee on the terms set forth herein;
NOW, THEREFORE, in consideration of the mutual covenants contained
herein, and other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the parties agree as follows:
Section 1.1. Duties of the Owner Trust Administrator with Respect to the
Depository Agreement and the Indenture.
The Owner Trust Administrator agrees to perform all its duties as
Owner Trust Administrator and all the duties of the Issuer and the Owner Trustee
under the Depository Agreement. In addition, the Owner Trust Administrator shall
consult with the Owner Trustee regarding the duties of the Issuer or the Owner
Trustee under the Indenture and the Depository Agreement. The Owner Trust
Administrator shall monitor the performance of the Issuer and shall advise the
Owner Trustee when action is necessary to comply with the Issuer's or the Owner
Trustee's duties under the Indenture and the Depository Agreement. The Owner
Trust Administrator shall prepare for execution by the Issuer, or shall cause
the preparation by other appropriate persons of, all such documents, reports,
filings, instruments, certificates and opinions that it shall be the duty of the
Issuer or the Owner Trustee to prepare, file or deliver pursuant to the
Indenture and the Depository Agreement. In furtherance of the foregoing, the
Owner Trust Administrator shall take all appropriate action that is the duty of
the Issuer or the Owner Trustee to take pursuant to the Indenture including,
without limitation, such of the foregoing as are required with respect to the
following matters under the Indenture (parenthetical section references are to
sections of the Indenture):
(A) the preparation of or obtaining of the documents and
instruments required for authentication of the Notes and delivery
of the same to the Indenture Trustee (Section 2.02);
(B) the causing of the Note Register to be kept and to give the
Indenture Trustee notice of any appointment of a new Note
Registrar and the location, or change in location, of the Note
Register (Section 2.04);
(C) the notification of Noteholders of the final principal
payment on their Notes (Section 2.08(b));
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(D) the preparation of Definitive Notes in accordance with the
instructions of the Clearing Agency (Section 2.12);
(E) reserved;
(F) the maintenance of an office in the Borough of Manhattan,
City of New York, for registration of transfer or exchange of
Notes (Section 3.02);
(G) the causing of newly appointed Paying Agents, if any, to
deliver to the Indenture Trustee the instrument specified in the
Indenture regarding funds held in trust (Section 3.03);
(H) the direction to the Indenture Trustee to deposit moneys with
Paying Agents, if any, other than the Indenture Trustee (Section
3.03);
(I) the direction to Paying Agents to pay to the Indenture
Trustee all sums held in trust by such Paying Agents (Section
3.03); and
(J) the obtaining and preservation of the Issuer's qualification
to do business in each jurisdiction in which such qualification
is or shall be necessary to protect the validity and
enforceability of the Indenture, the Notes, the Collateral and
each other instrument and agreement included in the Trust Estate
(Section 3.04);
(K) the preparation of all supplements and amendments to the
Indenture and all financing statements, continuation statements,
instruments of further assurance and other instruments and the
taking of such other action as is necessary or advisable to
protect the Trust Estate (Section 3.05);
(L) the delivery of the Opinion of Counsel on the Closing Date
and the annual delivery of Opinions of Counsel as to the Trust
Estate, and the annual delivery of the Officer's Certificate and
certain other statements as to compliance with the Indenture
(Sections 3.06 and 3.09);
(M) the identification to the Indenture Trustee in an Officer's
Certificate of a Person with whom the Issuer has contracted to
perform its duties under the Indenture (Section 3.07(b));
(N) the delivery of written notice to the Indenture Trustee and
the Rating Agencies of a Servicer Termination Event under the
Sale and Servicing Agreement and, if such Servicer Termination
Event arises from the failure of the Servicer to perform any of
its duties under the Sale and Servicing Agreement with respect to
the Receivables, the taking of all reasonable steps available to
remedy such failure (Section 3.07(d));
(O) the notifying of the Indenture Trustee of the appointment of
a Successor Servicer (Section 3.07(f));
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(P) the preparation and obtaining of documents and instruments
required for the release of the Issuer from its obligations under
the Indenture (Section 3.10(b));
(Q) the causing of the Servicer to comply with the Sale and
Servicing Agreement, including Sections 4.09, 4.10, and 4.11 and
Article VII thereof (Section 3.14);
(R) the delivery of written notice to the Indenture Trustee and
the Rating Agencies of each Event of Default under the Indenture
and each default by the Servicer or the Seller under the Sale and
Servicing Agreement (Section 3.19);
(S) the monitoring of the Issuer's obligations as to the
satisfaction and discharge of the Indenture and the preparation
of an Officer's Certificate and the obtaining of the Opinion of
Counsel and the Independent Certificate relating thereto (Section
4.01);
(T) the preparation, obtaining or filing of the instruments,
opinions and certificates and other documents required for the
release of collateral (Section 4.04);
(U) the compliance with any written directive of the Indenture
Trustee with respect to the sale of the Trust Estate in a
commercially reasonable manner if an Event of Default shall have
occurred and be continuing (Section 5.04);
(V) the providing of the Indenture Trustee with the information
necessary to deliver to each Noteholder such information as may
be reasonably required to enable such Holder to prepare its
United States federal and state and local income or franchise tax
returns (Section 6.06).
(W) the preparation and delivery of notice to Noteholders of the
removal of the Indenture Trustee and the appointment of a
successor Indenture Trustee (Section 6.08);
(X) the preparation of any written instruments required to
confirm more fully the authority of any co-trustee or separate
trustee and any written instruments necessary in connection with
the resignation or removal of any co-trustee or separate trustee
(Sections 6.08 and 6.10);
(Y) the maintenance of the effectiveness of the sales finance
company licenses required under the Maryland Code and the
licenses required under the Pennsylvania Motor Vehicle Sales
Finance Act and all required, if any, promissory note licenses in
all applicable jurisdictions (Section 6.15);
(Z) the furnishing to the Indenture Trustee with the names and
addresses of Noteholders during any period when the Indenture
Trustee is not the Note Registrar (Section 7.01);
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(AA) the providing of reasonable and appropriate assistance to
the Depositor or its designees (including JPMorgan Chase Bank,
N.A.), as applicable, with the preparation and filing with the
Commission, any applicable state agencies and the Indenture
Trustee of documents required to be filed on a periodic basis
with, and summaries thereof as may be required by rules and
regulations prescribed by, the Commission and any applicable
state agencies and the transmission of such summaries, as
necessary, to the Noteholders (Section 7.03);
(BB) the opening of one or more accounts in the Issuer's name,
the preparation and delivery of Issuer Orders, Officer's
Certificates and Opinions of Counsel and all other actions
necessary with respect to investment and reinvestment of funds in
the Trust Accounts (Sections 8.02 and 8.03);
(CC) the preparation of an Issuer Request and Officer's
Certificate and the obtaining of an Opinion of Counsel and
Independent Certificates, if necessary, for the release of the
Trust Estate (Sections 8.04 and 8.05);
(DD) the preparation of Issuer Orders and the obtaining of
Opinions of Counsel with respect to the execution of supplemental
indentures and the mailing to the Noteholders of notices with
respect to such supplemental indentures (Sections 9.01, 9.02 and
9.03);
(EE) the execution and delivery of new Notes conforming to any
supplemental indenture (Section 9.05);
(FF) the notifying of Noteholders of redemption of the Notes or
to cause the Indenture Trustee to provide such notification
(Section 10.02);
(GG) the preparation and delivery of all Officer's Certificates,
Opinions of Counsel and Independent Certificates with respect to
any requests by the Issuer to the Indenture Trustee to take any
action under the Indenture (Section 11.01(a));
(HH) the preparation and delivery of Officer's Certificates and
the obtaining of Independent Certificates, if necessary, for the
release of property from the lien of the Indenture (Section
11.01(b));
(II) the notification of the Rating Agencies, upon the failure of
the Indenture Trustee to give such notification, of the
information required pursuant to Section 11.04 of the Indenture
(Section 11.04);
(JJ) the preparation and delivery to Noteholders and the
Indenture Trustee of any agreements with respect to alternate
payment and notice provisions (Section 11.06);
(KK) the recording of the Indenture, if applicable (Section
11.14);
The Owner Trust Administrator will:
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(A) pay the Indenture Trustee (and any separate trustee or
co-trustee appointed pursuant to Section 6.10 of the Indenture (a
"Separate Trustee")) from time to time reasonable compensation
for all services rendered by the Indenture Trustee or Separate
Trustee, as the case may be, under the Indenture;
(B) except as otherwise expressly provided in the Indenture,
reimburse the Indenture Trustee or any Separate Trustee upon its
request for all reasonable expenses, disbursements and advances
incurred or made by the Indenture Trustee or Separate Trustee, as
the case may be, in accordance with any provision of the
Indenture (including the reasonable compensation, expenses and
disbursements of its agents and counsel), except any such
expense, disbursement or advance as may be attributable to its
negligence or bad faith;
(C) indemnify the Indenture Trustee and any Separate Trustee and
their respective agents for, and hold them harmless against, any
losses, liability or expense (including but in no way limited to
reasonable attorney fees and expenses) incurred without
negligence or bad faith on their part, arising out of or in
connection with the acceptance or administration of the
transactions contemplated by the Indenture and the other Basic
Documents, including the reasonable costs and expenses of
defending themselves against any claim or liability in connection
with the exercise or performance of any of their powers or duties
under the Indenture; and
(D) indemnify the Owner Trustee and its agents, successors,
assigns and servants in accordance with Section 8.02 of the Trust
Agreement to the extent that amounts thereunder have not been
paid pursuant to Section 5.06 of the Sale and Servicing
Agreement.
Section 1.2. Additional Duties.
(i) In addition to the duties of the Owner Trust Administrator set
forth above, the Owner Trust Administrator shall perform such calculations and
shall prepare or shall cause the preparation by other appropriate persons of,
and shall execute on behalf of the Issuer or the Owner Trustee, all such
documents, reports, filings, instruments, certificates and opinions that it
shall be the duty of the Issuer or the Owner Trustee to prepare, file or deliver
pursuant to the Related Agreements or Section 5.04 of the Trust Agreement, and
at the request of the Owner Trustee shall take all appropriate action that it is
the duty of the Issuer or the Owner Trustee to take pursuant to the Related
Agreements. In furtherance thereof, the Owner Trustee shall, on behalf of itself
and of the Issuer, execute and deliver to the Owner Trust Administrator and to
each successor Owner Trust Administrator appointed pursuant to the terms hereof,
one or more powers of attorney substantially in the form of Exhibit A hereto,
appointing the Owner Trust Administrator the attorney-in-fact of the Owner
Trustee and the Issuer for the purpose of executing on behalf of the Owner
Trustee and the Issuer all such documents, reports, filings, instruments,
certificates and opinions. Subject to Section 5 of this Agreement, and in
accordance with the directions of the Owner Trustee, the Owner Trust
Administrator shall administer, perform or supervise the performance of such
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other activities in connection with the Collateral (including the Related
Agreements) as are not covered by any of the foregoing provisions and as are
expressly requested by the Owner Trustee and are reasonably within the
capability of the Owner Trust Administrator. Such responsibilities shall include
providing to the Depositor and the Indenture Trustee (i) the monthly servicing
report in an appropriate electronic form and (ii) Pennsylvania and Maryland
renewal notices or forms received by the Owner Trust Administrator and shall
exclude the actual filing of any reports pursuant to the Securities Exchange Act
of 1934.
(ii) Notwithstanding anything in this Agreement or the Related
Agreements to the contrary, the Owner Trust Administrator shall be responsible
for performance of the duties of the Owner Trustee set forth in Sections 5.04
and 5.05(a) of the Trust Agreement with respect to, among other things,
accounting and reports to Owners; provided, however, that the Owner Trustee
shall retain responsibility for the distribution of the Schedule K-1s (as
prepared by the Owner Trust Administrator) necessary to enable each Owner to
prepare its federal and state income tax returns.
(iii) The Owner Trust Administrator shall satisfy its obligations
with respect to Section 5.04 of the Trust Agreement under clause (ii) above by
retaining, at the expense of the Trust payable by the Owner Trust Administrator,
a firm of independent public accountants acceptable to the Owner Trustee, which
shall perform the obligations of the Owner Trust Administrator thereunder.
(iv) The Owner Trust Administrator shall perform the duties of the
Owner Trust Administrator including, without limitation, those specified in
Sections 8.01, 8.02 and 10.02 of the Trust Agreement required to be performed in
connection with the fees, expenses and indemnification and the resignation or
removal of the Owner Trustee, and any other duties expressly required to be
performed by the Owner Trust Administrator under the Trust Agreement.
(v) In carrying out the foregoing duties or any of its other
obligations under this Agreement, the Owner Trust Administrator may enter into
transactions or otherwise deal with any of its affiliates; provided, however,
that the terms of any such transactions or dealings shall be in accordance with
any directions received from the Issuer and shall be, in the Owner Trust
Administrator's opinion, no less favorable to the Issuer than would be available
from unaffiliated parties.
Section 1.3. Non-Ministerial Matters.
With respect to matters that in the reasonable judgment of the Owner
Trust Administrator are non-ministerial, the Owner Trust Administrator shall not
take any action unless within a reasonable time before the taking of such
action, the Owner Trust Administrator shall have notified the Owner Trustee of
the proposed action and the Owner Trustee shall not have withheld consent or
provided an alternative direction. Unless explicitly provided under this Owner
Trust Administration Agreement, for the purpose of the preceding sentence,
"non-ministerial matters" shall include, without limitation:
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(A) the amendment of or any supplement to the Indenture;
(B) the initiation of any claim or lawsuit by the Issuer and the
compromise of any action, claim or lawsuit brought by or against
the Issuer (other than in connection with the collection of the
Receivables);
(C) the amendment, change or modification of the Related
Agreements;
(D) the appointment of successor Note Registrars, successor
Paying Agents and successor Indenture Trustees pursuant to the
Indenture or the appointment of successor Owner Trust
Administrators or successor Servicers, or the consent to the
assignment by the Note Registrar, Paying Agent or Indenture
Trustee of its obligations under the Indenture; and
(E) the removal of the Indenture Trustee.
Notwithstanding anything to the contrary in this Agreement, the Owner
Trust Administrator shall not be obligated to, and shall not, (x) make any
payments to the Noteholders under the Related Agreements, (y) sell the Trust
Estate pursuant to Section 5.04 of the Indenture or (z) take any other action
that the Issuer directs the Owner Trust Administrator not to take on its behalf.
Section 2. Records. The Owner Trust Administrator shall maintain appropriate
books of account and records relating to services performed hereunder, which
books of account and records shall be accessible for inspection by the Issuer at
any time during normal business hours.
Section 3. Compensation. As compensation for the performance of the Owner Trust
Administrator's obligations under this Agreement and as reimbursement for its
expenses related thereto, the Owner Trust Administrator shall be paid a fee by
the Servicer, such fee not to exceed $1,500.
Section 4. Additional Information To Be Furnished to the Issuer. The Owner Trust
Administrator shall furnish to the Issuer from time to time such additional
information regarding the Collateral as the Issuer shall reasonably request.
Section 5. Independence of the Owner Trust Administrator. For all purposes of
this Agreement, the Owner Trust Administrator shall be an independent contractor
and shall not be subject to the supervision of the Issuer or the Owner Trustee
with respect to the manner in which it accomplishes the performance of its
obligations hereunder. Unless expressly authorized by the Issuer, the Owner
Trust Administrator shall have no authority to act for or represent the Issuer
or the Owner Trustee in any way and shall not otherwise be deemed an agent of
the Issuer or the Owner Trustee.
8
Section 6. No Joint Venture. Nothing contained in this Agreement (i)
shall constitute the Owner Trust Administrator and either of the Issuer or the
Owner Trustee as members of any partnership, joint venture, association,
syndicate, unincorporated business or other separate entity, (ii) shall be
construed to impose any liability as such on any of them or (iii) shall be
deemed to confer on any of them any express, implied or apparent authority to
incur any obligation or liability on behalf of the others.
Section 7. Other Activities of Owner Trust Administrator.
Nothing herein shall prevent the Owner Trust Administrator or its
Affiliates from engaging in other businesses or, in its sole discretion, from
acting in a similar capacity as an administrator for any other person or entity
even though such person or entity may engage in business activities similar to
those of the Issuer, the Owner Trustee or the Indenture Trustee.
The Owner Trust Administrator and its affiliates may generally engage
in any kind of business with any person party to a Related Agreement, any of its
Affiliates and any person who may do business with or own securities of any such
person or any of its Affiliates, without any duty to account therefor to the
Issuer, the Owner Trustee or the Indenture Trustee.
Section 8. Term of Agreement; Resignation and Removal of Owner Trust
Administrator.
(a) This Agreement shall continue in force until the dissolution of
the Issuer, upon which event this Agreement shall automatically terminate.
(b) Subject to Sections 8(e) and (f), the Owner Trust Administrator
may resign its duties hereunder by providing the Issuer with at least 60 days
prior written notice.
(c) Subject to Sections 8(e) and (f), the Issuer may remove the Owner
Trust Administrator without cause by providing the Owner Trust Administrator
with at least 60 days' prior written notice.
(d) Subject to Sections 8(e) and (f), at the sole option of the
Issuer, the Owner Trust Administrator may be removed immediately upon written
notice of termination from the Issuer to the Owner Trust Administrator if any of
the following events shall occur:
(i) the Owner Trust Administrator shall default in the
performance of any of its duties under this Agreement and, after
notice of such default, shall not cure such default within ten
Business Days (or, if such default cannot be cured in such time, shall
not give within ten days such assurance of cure as shall be reasonably
satisfactory to the Issuer);
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(ii) a court having jurisdiction in the premises shall enter a
decree or order for relief, and such decree or order shall not have
been vacated within 60 days, in respect of the Owner Trust
Administrator in any involuntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect or appoint
a receiver, liquidator, assignee, custodian, trustee, sequestrator or
similar official for the Owner Trust Administrator or any substantial
part of its property or order the winding-up or liquidation of its
affairs; or
(iii) the Owner Trust Administrator shall commence a voluntary
case under any applicable bankruptcy, insolvency or other similar law
now or hereafter in effect, shall consent to the entry of an order for
relief in an involuntary case under any such law, shall consent to the
appointment of a receiver, liquidator, assignee, trustee, custodian,
sequestrator or similar official for the Owner Trust Administrator or
any substantial part of its property, shall consent to the taking of
possession by any such official of any substantial part of its
property, shall make any general assignment for the benefit of
creditors or shall fail generally to pay its debts as they become due.
The Owner Trust Administrator agrees that if any of the events
specified in clauses (ii) or (iii) of this Section shall occur, it shall give
written notice thereof to the Issuer and the Indenture Trustee within seven days
after the happening of such event.
(e) No resignation or removal of the Owner Trust Administrator
pursuant to this Section shall be effective until (i) a successor Owner Trust
Administrator shall have been appointed by the Issuer and (ii) such successor
Owner Trust Administrator shall have agreed in writing to be bound by the terms
of this Agreement in the same manner as the Owner Trust Administrator is bound
hereunder and (iii) the Owner Trustee and the Indenture Trustee consent to the
successor Owner Trust Administrator.
(f) The appointment of any successor Owner Trust Administrator shall
be effective only after receipt of written confirmation from each Rating Agency
that the proposed appointment will not result in the qualification, downgrading
or withdrawal of any rating assigned to the Notes by such Rating Agency.
(g) A successor Owner Trust Administrator shall execute, acknowledge
and deliver a written acceptance of its appointment hereunder to the resigning
Owner Trust Administrator and to the Issuer. Thereupon the resignation or
removal of the resigning Owner Trust Administrator shall become effective, and
the successor Owner Trust Administrator shall have all the rights, powers and
duties of the Owner Trust Administrator under this Agreement. The successor
Owner Trust Administrator shall mail a notice of its succession to the
Noteholders and the Certificateholders. The resigning Owner Trust Administrator
shall promptly transfer or cause to be transferred all property and any related
agreements, documents and statements held by it as Owner Trust Administrator to
the successor Owner Trust Administrator and the resigning Owner Trust
Administrator shall execute and deliver such instruments and do other things as
may reasonably be required for fully and certainly vesting in the successor
Owner Trust Administrator all rights, power, duties and obligations hereunder.
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(h) In no event shall a resigning Owner Trust Administrator be liable
for the acts or omissions of any successor Owner Trust Administrator hereunder.
(i) In the exercise or administration of its duties hereunder and
under the Related Documents, the Owner Trust Administrator may act directly or
through its agents or attorneys pursuant to agreements entered into with any of
them, and the Owner Trust Administrator 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 Trust Administrator with due care.
Section 9. Action upon Termination, Resignation or Removal. Promptly upon the
effective date of termination of this Agreement pursuant to Section 8(a) or the
resignation or removal of the Owner Trust Administrator pursuant to Section
8(b), (c) or (d), respectively, the Owner Trust Administrator shall be entitled
to be paid all fees and reimbursable expenses accruing to it to the date of such
termination, resignation or removal. The Owner Trust Administrator shall
forthwith upon such termination pursuant to Section 8(a) deliver to the Issuer
all property and documents of or relating to the Collateral then in the custody
of the Owner Trust Administrator. In the event of the resignation or removal of
the Owner Trust Administrator pursuant to Section 8(b), (c) or (d),
respectively, the Owner Trust Administrator shall cooperate with the Issuer and
take all reasonable steps requested to assist the Issuer in making an orderly
transfer of the duties of the Owner Trust Administrator.
Section 10. Notices. Any notice, report or other communication given hereunder
shall be in writing and addressed as follows:
(i) if to the Issuer or the Owner Trustee, to:
BMW Vehicle Owner Trust 2005-A
In care of Wilmington Trust Company
Xxxxxx Square North
0000 Xxxxx Xxxxxx Xxxxxx
Xxxxxxxxxx, Xxxxxxxx 00000-0000
Attention: Corporate Trust Administration
(ii) if to the Owner Trust Administrator, to:
BMW Financial Services NA, LLC
000 Xxxxxxxx Xxxxx Xxxx
Xxxxxxxxx Xxxx, Xxx Xxxxxx 00000
Attention: Vice President of Finance and Risk
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with a copy to:
BMW Financial Services NA, LLC
0000 Xxxxxxxxxx Xxxxxx
Xxxxxx, Xxxx 00000
Attention: Xxxxxxx Xxxx
(iii) if to the Indenture Trustee, to:
JPMorgan Chase Bank, National Association
0 Xxx Xxxx Xxxxx, 0xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Institutional Trust Services/Global Debt -
BMW Vehicle Owner Trust 2005-A
or to such other address as any party shall have provided to the
other parties in writing. Any notice required to be in writing hereunder shall
be deemed given if such notice is mailed by certified mail, postage prepaid, or
hand-delivered to the address of such party as provided above.
Section 11. Amendments. This Agreement may be amended from time to time by a
written amendment duly executed and delivered by the Issuer, the Owner Trust
Administrator and the Indenture Trustee, with the written consent of the Owner
Trustee, without the consent of the Noteholders and the Certificateholders, 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 Certificateholders; provided that such amendment would not
materially and adversely affect the interest of any Noteholder or
Certificateholder. This Agreement may also be amended by the Issuer, the Owner
Trust Administrator and the Indenture Trustee with the written consent of the
Owner Trustee and the holders of Notes evidencing at least a majority of the
Outstanding Amount of the Controlling Class and the holders of Trust
Certificates evidencing at least a majority of the Certificate Percentage
Interests 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 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 the Noteholders or
Certificateholders or (ii) reduce the aforesaid percentage of the holders of
Notes and Trust Certificates which are required to consent to any such
amendment, without the consent of the holders of all the outstanding Notes and
Trust Certificates. Notwithstanding the foregoing, the Owner Trust Administrator
may not amend this Agreement without the permission of the Seller, which
permission shall not be unreasonably withheld.
Section 12. Successors and Assigns. This Agreement may not be assigned by the
Owner Trust Administrator unless such assignment is previously consented to in
writing by the Issuer and the Owner Trustee and subject to the satisfaction of
the Rating Agency Condition in respect thereof. An assignment with such consent
and satisfaction, if accepted by the assignee, shall bind the assignee hereunder
in the same manner as the Owner Trust Administrator is bound hereunder.
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Notwithstanding the foregoing, this Agreement may be assigned by the Owner Trust
Administrator without the consent of the Issuer or the Owner Trustee to a
corporation or other organization that is a successor (by merger, consolidation
or purchase of assets) to the Owner Trust Administrator; provided that such
successor organization executes and delivers to the Issuer, the Owner Trustee
and the Indenture Trustee an agreement in which such corporation or other
organization agrees to be bound hereunder by the terms of said assignment in the
same manner as the Owner Trust Administrator is bound hereunder and represents
that it has the financial ability to satisfy its indemnification obligations
hereunder. Notwithstanding the foregoing, the Owner Trust Administrator can
transfer its obligations to any affiliate that succeeds to substantially all of
the assets and liabilities of the Owner Trust Administrator and who has
represented and warranted that it is not less creditworthy of the Owner Trust
Administrator. Subject to the foregoing, this Agreement shall bind any
successors or assigns of the parties hereto.
Section 13. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.
Section 14. Headings. The section headings hereof have been inserted for
convenience of reference only and shall not be construed to affect the meaning,
construction or effect of this Agreement.
Section 15. Counterparts. This Agreement may be executed in counterparts, each
of which when so executed shall be an original, but all of which together shall
constitute but one and the same agreement.
Section 16. Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall 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 17. Not Applicable to JPMorgan Chase Bank, N.A. in Other Capacities.
Nothing in this Agreement shall affect any obligation JPMorgan Chase Bank, N.A.
may have in any other capacity.
Section 18. Limitation of Liability of Owner Trustee and Indenture Trustee.
(a) Notwithstanding anything contained herein to the contrary, this
instrument has been countersigned by the Owner Trustee solely in its capacity as
Owner Trustee and in no event shall the Owner Trustee in its individual capacity
or any beneficial owner of the Issuer have any liability for the
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representations, warranties, covenants, agreements or other obligations of the
Issuer hereunder, as to all of which recourse shall be had solely to the assets
of the Issuer. For all purposes of this Agreement, in the performance of any
duties or obligations of the Issuer hereunder, the Owner Trustee shall be
subject to, and entitled to the benefits of, the terms and provisions of
Articles VI, VII and VIII of the Trust Agreement.
(b) Notwithstanding anything contained herein to the contrary, this
Agreement has been countersigned by the Indenture Trustee solely as Indenture
Trustee and in no event shall the Indenture Trustee have any liability for the
representations, warranties, covenants, agreements or other obligations of the
Issuer hereunder or in any of the certificates, notices or agreements delivered
pursuant hereto, as to all of which recourse shall be had solely to the assets
of the Issuer.
(c) No recourse under any obligation, covenant or agreement of the
Issuer contained in this Agreement shall be had against any agent of the Issuer
(including the Owner Trust Administrator and the Owner Trustee) as such by the
enforcement of any assessment or by any legal or equitable proceeding, by virtue
of any statute or otherwise; it being expressly agreed and understood that this
Agreement is solely an obligation of the Issuer as a Delaware statutory trust,
and that no personal liability whatever shall attach to or be incurred by any
agent of the Issuer (including the Owner Trust Administrator and the Owner
Trustee), as such, under or by reason of any of the obligations, covenants or
agreements of the Issuer contained in this Agreement, or implied therefrom, and
that any and all personal liability for breaches by the Issuer of any such
obligations, covenants or agreements, either at common law or at equity, or by
statute or constitution, of every such agent is hereby expressly waived as a
condition of and in consideration for the execution of this Agreement.
Section 19. Third-Party Beneficiary. The Seller, the Depositor and the Owner
Trustee are third-party beneficiaries to this Agreement and are entitled to the
rights and benefits hereunder and may enforce the provisions hereof as if each
were a party hereto.
Section 20. Nonpetition Covenants. Notwithstanding any prior termination of this
Agreement, the Owner Trust Administrator and the Indenture Trustee shall not,
prior to the date which is one year and one day after the termination of this
Agreement with respect to the Issuer, acquiesce, petition or otherwise invoke or
cause the Issuer to invoke the process of any court of government authority for
the purpose of commencing or sustaining a case against the Issuer 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 any substantial part of its property, or ordering the winding
up or liquidation of the affairs of the Issuer.
Section 21. Liability of Owner Trust Administrator. Notwithstanding any
provision of this Agreement, the Owner Trust Administrator shall not have any
obligations under this Agreement other than those specifically set forth herein,
and no implied obligations of the Owner Trust Administrator shall be read into
this Agreement. Neither the Owner Trust Administrator nor any of its directors,
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officers, agents or employees shall be liable for any action taken or omitted to
be taken in good faith by it or them under or in connection with this Agreement,
except for its or their own gross negligence or willful misconduct and in no
event shall the Owner Trust Administrator be liable under or in connection with
this Agreement for indirect, special or consequential losses or damages of any
kind, including lost profits, even if advised of the possibility thereof and
regardless of the form of action by which such losses or damages may be claimed.
Without limiting the foregoing, the Owner Trust Administrator may (a) consult
with legal counsel (including counsel for the Issuer), independent public
accountants and other experts selected by it and shall not be liable for any
action taken or omitted to be taken in good faith by it in accordance with the
advice of such counsel, accountants or experts and (b) shall incur no liability
under or in respect if this Agreement by acting upon any notice (including
notice by telephone), consent, certificate or other instrument or writing (which
may be by facsimile) believed by it to be genuine and signed or sent by the
proper party or parties.
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IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed and delivered as of the day and year first above written.
BMW VEHICLE OWNER TRUST 2005-A
By:WILMINGTON TRUST COMPANY, not in
its individual capacity but solely
as Owner Trustee
By: /s/ Xxxxxxx X. Xxxxxxxxxx
---------------------------------
Name: Xxxxxxx X. Xxxxxxxxxx
Title: Financial Services Officer
JPMORGAN CHASE BANK, N.A.,
not in its individual capacity
but solely as Indenture Trustee
By: /s/ Xxxxxxx X. Xxxxx
---------------------------------
Name: Xxxxxxx X. Xxxxx
Title: Vice President
BMW FINANCIAL SERVICES NA, LLC,
as Owner Trust Administrator
By: /s/ Xxxxxx Xxxxxx
---------------------------------
Name: Xxxxxx Xxxxxx
Title: Treasurer
By: /s/ Xxxxxx X. Xxxxxx
---------------------------------
Name: Xxxxxx X. Xxxxxx
Title: Vice President
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POWER OF ATTORNEY
STATE OF DELAWARE }
}
COUNTY OF NEW CASTLE }
KNOW ALL MEN BY THESE PRESENTS, that Wilmington Trust Company, a
Delaware banking corporation, not in its individual capacity but solely as owner
trustee (the "Owner Trustee") for BMW Vehicle Owner Trust 2005-A (the "Trust"),
does hereby make, constitute and appoint BMW Financial Services NA, LLC, as
administrator (the "Owner Trust Administrator") under the Owner Trust
Administration Agreement dated as of March 1, 2005 (the "Owner Trust
Administration Agreement"), among the Trust, the Owner Trust Administrator and
JPMorgan Chase Bank, N.A., as Indenture Trustee, as the same may be amended from
time to time, and its agents and attorneys, as Attorneys-in-Fact to execute on
behalf of the Owner Trustee or the Trust all such documents, reports, filings,
instruments, certificates and opinions as it should be the duty of the Owner
Trustee or the Trust to prepare, file or deliver pursuant to the Basic
Documents, or pursuant to Section 5.04 of the Trust Agreement, including,
without limitation, to appear for and represent the Owner Trustee and the Trust
in connection with the preparation, filing and audit of federal, state and local
tax returns pertaining to the Trust, and with full power to perform any and all
acts associated with such returns and audits that the Owner Trustee could
perform, including without limitation, the right to distribute and receive
confidential information, defend and assert positions in response to audits,
initiate and defend litigation, and to execute waivers of restrictions on
assessments of deficiencies, consents to the extension of any statutory or
regulatory time limit, and settlements.
All powers of attorney for this purpose heretofore filed or executed
by the Owner Trustee are hereby revoked.
Capitalized terms that are used and not otherwise defined herein
shall have the meanings ascribed thereto in the Owner Trust Administration
Agreement.
EXECUTED this ____ day of ____________, 200_.
WILMINGTON TRUST COMPANY,
not in its individual capacity
but solely as Owner Trustee
By:
----------------------------
Name:
Title:
STATE OF ____________ }
}
COUNTY OF __________ }
Before me, the undersigned authority, on this day personally appeared
_______________________, known to me to be the person whose name is subscribed
to the foregoing instrument, and acknowledged to me that s/he signed the same
for the purposes and considerations therein expressed.
Sworn to before me this ___
day of _______, 200_.
Notary Public - State of _________________
