exv10w6






Exhibit 10.6




 





ADMINISTRATION AGREEMENT




among



VOLKSWAGEN AUTO LEASE TRUST 2010-A,

as Issuer



VW CREDIT, INC.,

as Administrator




and



DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Indenture Trustee




Dated as of November 4, 2010



 




 









 






TABLE OF CONTENTS



	 	 	 	 	 
	 	 	Page	 
	1. DUTIES OF THE ADMINISTRATOR
	 	 	1	 
	2. RECORDS
	 	 	3	 
	3. COMPENSATION; PAYMENT OF FEES AND EXPENSES
	 	 	3	 
	4. INDEPENDENCE OF THE ADMINISTRATOR
	 	 	4	 
	5. NO JOINT VENTURE
	 	 	5	 
	6. OTHER ACTIVITIES OF THE ADMINISTRATOR
	 	 	5	 
	7. REPRESENTATIONS AND WARRANTIES OF THE ADMINISTRATOR
	 	 	5	 
	8. ADMINISTRATOR REPLACEMENT EVENTS; TERMINATION OF THE ADMINISTRATOR
	 	 	6	 
	9. ACTION UPON TERMINATION OR REMOVAL
	 	 	7	 
	10. LIENS
	 	 	7	 
	11. NOTICES
	 	 	8	 
	12. AMENDMENTS
	 	 	8	 
	13. GOVERNING LAW; SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL
	 	 	9	 
	14. HEADINGS
	 	 	10	 
	15. COUNTERPARTS
	 	 	10	 
	16. SEVERABILITY OF PROVISIONS
	 	 	10	 
	17. NOT APPLICABLE TO VCI IN OTHER CAPACITIES
	 	 	10	 
	18. BENEFITS OF THE ADMINISTRATION AGREEMENT
	 	 	10	 
	19. ASSIGNMENT
	 	 	10	 
	20. NON-PETITION COVENANT
	 	 	10	 
	21. LIMITATION OF LIABILITY
	 	 	11	 
	22. EACH SUBI SEPARATE; ASSIGNEES OF SUBI
	 	 	11	 






-i- 









 






     THIS ADMINISTRATION AGREEMENT (this “Agreement”) dated as of November 4, 2010, is
between VOLKSWAGEN AUTO LEASE TRUST 2010-A, a Delaware statutory trust (the “Issuer”), VW
CREDIT, INC., a Delaware corporation, as administrator (“VCI” or in its capacity as
administrator, the “Administrator”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York
banking corporation, as indenture trustee (the “Indenture Trustee”). Capitalized terms
used herein and not otherwise defined herein shall have the meanings assigned such terms in
Appendix A to the Indenture dated as of November 4, 2010 (the “Indenture”) by and
between the Issuer and the Indenture Trustee.



W I T N E S S E T H :




     WHEREAS, the Issuer has issued the Notes pursuant to the Indenture and the Certificates
pursuant to the Trust Agreement and has entered into or is subject to certain agreements in
connection therewith, including, (i) the SUBI Transfer Agreement, (ii) the Indenture, (iii) the
Depository Agreement and (iv) the Trust Agreement (each of the agreements referred to in
clauses (i) through (iv) are referred to herein collectively as the “Issuer
Documents”);



     WHEREAS, to secure payment of the Notes, the Issuer has pledged the Collateral to the
Indenture Trustee pursuant to the Indenture;



     WHEREAS, pursuant to the Issuer Documents, the Issuer and the Owner Trustee are required to
perform certain duties;



     WHEREAS, the Issuer and the Owner Trustee desire to have the Administrator perform certain of
the duties of the Issuer and the Owner Trustee (in its capacity as owner trustee under the Trust
Agreement), and to provide such additional services consistent with this Agreement and the Issuer
Documents as the Issuer and the Owner Trustee may from time to time request;



     WHEREAS, the 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 terms and covenants contained herein, and other
good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the
parties agree as follows:



     1. Duties of the Administrator.




     (a) Duties with Respect to the Issuer Documents. The Administrator shall
perform all of its duties as Administrator under this Agreement and the Issuer Documents and
the duties and obligations of the Issuer and the Owner Trustee (in its capacity as owner
trustee under the Trust Agreement) under the Issuer Documents; provided, however, except as
otherwise provided in the Issuer Documents, that the Administrator shall have no obligation
to make any payment required to be made by the Issuer under any Issuer Document; provided,
further, however, that the Administrator shall have no obligation, and the Owner Trustee
shall be required to fully perform its duties, with respect to the obligations of the Owner
Trustee under Sections 11.13, 11.14, 11.15 and 11.16 of the
Trust Agreement and to otherwise comply with the requirements of the






VALT 2010-A Administration Agreement

 









 






Owner Trustee pursuant to or related to Regulation AB. In addition, the Administrator
shall consult with the Issuer and the Owner Trustee regarding its duties and obligations
under the Issuer Documents. The Administrator shall monitor the performance of the Issuer
and the Owner Trustee and shall advise the Issuer and the Owner Trustee when action is
necessary to comply with the Issuer’s and the Owner Trustee’s duties and obligations under
the Issuer Documents. The Administrator shall perform such calculations, and shall prepare
for execution by the Issuer or the Owner Trustee or shall cause the preparation by other
appropriate Persons of all such documents, reports, filings, instruments, notices,
certificates and opinions as it shall be the duty of the Issuer or the Owner Trustee (in its
capacity as owner trustee) to prepare, file or deliver pursuant to the Issuer Documents. In
furtherance of the foregoing, the Administrator shall take all appropriate action that is
the duty of the Issuer or the Owner Trustee (in its capacity as owner trustee) to take
pursuant to the Issuer Documents, and shall prepare, execute and deliver on behalf of the
Issuer or the Owner Trustee all such documents, reports, filings, instruments, notices,
certificates and opinions as it shall be the duty of the Issuer or the Owner Trustee to
prepare, file or deliver pursuant to the Issuer Documents or otherwise by law.




     (b) Notices to Rating Agencies. The Administrator shall give notice to each
Rating Agency of (i) any merger or consolidation of the Owner Trustee pursuant to Section
10.4 of the Trust Agreement; (ii) any merger or consolidation of the Indenture Trustee
pursuant to Section 6.9 of the Indenture; (iii) any resignation or removal of the Indenture
Trustee pursuant to Section 6.8 of the Indenture; (iv) any Default or Indenture Default of
which it has been provided notice pursuant to Section 6.5 of the Indenture; (v) the
termination of, and/or appointment of a successor to, the Servicer pursuant to Sections 8.1
of the Transaction SUBI Servicing Supplement; in the case of each of (i) through
(v), promptly upon the Administrator being notified thereof by the Owner Trustee,
the Indenture Trustee or the Servicer, as applicable.




     (c) No Action by Administrator. Notwithstanding anything to the contrary in
this Agreement, the Administrator shall not be obligated to, and shall not, take any action
that the Issuer directs the Administrator not to take nor which would result in a violation
or breach of the Issuer’s covenants, agreements or obligations under any of the Issuer
Documents.




     (d) Non-Ministerial Matters; Exceptions to Administrator Duties.




     (i) Notwithstanding anything to the contrary in this Agreement, with respect to
matters that in the reasonable judgment of the Administrator are non-ministerial,
the Administrator shall not take any action unless, within a reasonable time before
the taking of such action, the Administrator shall have notified the Issuer of the
proposed action and the Issuer shall not have withheld consent or provided an
alternative direction. For the purpose of the preceding sentence, “non-ministerial
matters” shall include, without limitation:




     (A) 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;



VALT 2010-A Administration Agreement


2









 






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




     (C) the removal of the Indenture Trustee.




     (ii) Notwithstanding anything to the contrary in this Agreement, the
Administrator shall not be obligated to, and shall not, (x) make any payments to the
Noteholders under the Transaction Documents, (y) except as provided in the
Transaction Documents, sell the Trust Estate or (z) take any other action that the
Issuer directs the Administrator not to take on its behalf.



     2. Records. The 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 upon reasonable written request by the Issuer, the Transferor and the Indenture
Trustee at any time during normal business hours.



     3. Compensation; Payment of Fees and Expenses.




     (a) Administration Fee. As compensation for the performance of the
Administrator’s obligations under this Agreement and as reimbursement for its expenses
related thereto, the Administrator shall be entitled to receive the Administration Fee in
accordance with Section 8.4 of the Indenture. The Administrator shall pay all
expenses incurred by it in connection with its activities hereunder.




     (b) Compensation and Indemnification under the Transaction Documents. The
Administrator shall:




     (i) pay to 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 such compensation as the Issuer, the Administrator
and the Indenture Trustee shall from time to time agree in writing for services
rendered under the Indenture (which compensation shall not be limited by any law on
compensation of a trustee of an express trust);




     (ii) except as otherwise expressly provided in the Indenture, reimburse the
Indenture Trustee and any Separate Trustee for all reasonable expenses,
disbursements and advances reasonably incurred in connection with the performance of
their duties under the Indenture, including the obtaining of any modified report
described under Section 11.23(b)(iii) of the Indenture;




     (iii) indemnify the Indenture Trustee and any Separate Trustee, in their
respective individual capacities and as trustees, and their successors, assigns,
directors, officers, employees and agents in accordance with Section 6.7 of
the Indenture;




VALT 2010-A Administration Agreement

3









 






     (iv) defend any claim for which the Indenture Trustee or any Separate Trustee
seeks indemnity and pay the fees and expenses of separate counsel of the Indenture
Trustee or any Separate Trustee related to such defense;




     (v) pay to the Owner Trustee from time to time compensation for all services
rendered by the Owner Trustee under the Trust Agreement in accordance with a fee
letter between the Administrator and the Owner Trustee (which compensation shall not
be limited by any provision of law in regard to the compensation of a trustee of an
express trust);




     (vi) reimburse the Owner Trustee upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Owner Trustee in accordance with
any provision of the Trust Agreement (including the reasonable compensation,
expenses and disbursements of such agents and counsel as the Owner Trustee may
employ in connection with the exercise and performance of its rights and its duties
under the Trust Agreement), except any such expense that may be attributable to the
Owner Trustee’s willful misconduct, gross negligence or bad faith;




     (vii) indemnify the Owner Trustee in its individual capacity and as trustee and
its successors, assigns, directors, officers, employees and agents in accordance
with Section 8.2 of the Trust Agreement;




     (viii) pay to the Issuer Delaware Trustee from time to time compensation for
all services rendered by the Issuer Delaware Trustee under the Trust Agreement in
accordance with a fee letter between the Administrator and the Issuer Delaware
Trustee (which compensation shall not be limited by any provision of law in regard
to the compensation of a trustee of an express trust);




     (ix) reimburse the Issuer Delaware Trustee upon its request for all reasonable
expenses, disbursements and advances incurred or made by the Issuer Delaware Trustee
in accordance with any provision of the Trust Agreement (including the reasonable
compensation, expenses and disbursements of such agents and counsel as the Issuer
Delaware Trustee may employ in connection with the exercise and performance of its
rights and its duties under the Trust Agreement), except any such expense that may
be attributable to the Issuer Delaware Trustee’s willful misconduct, gross
negligence or bad faith; and




     (x) indemnify the Issuer Delaware Trustee in its individual capacity and as
trustee and its successors, assigns, directors, officers, employees and agents in
accordance with Section 8.2 of the Trust Agreement;




provided that, notwithstanding anything to the contrary contained herein or in any
other Transaction Document, clauses (i) through (x) above shall
survive the termination of this Agreement.



     4. Independence of the Administrator. For all purposes of this Agreement, the
Administrator shall be an independent contractor and shall not be subject to the supervision of



VALT 2010-A Administration Agreement

4









 




the Issuer with respect to the manner in which it accomplishes the performance of its
obligations hereunder. Unless expressly authorized by the Issuer, the Administrator shall have no
authority to act for or to represent the Issuer in any way (other than as permitted hereunder) and
shall not otherwise be deemed an agent of the Issuer.




     5. No Joint Venture. Nothing contained in this Agreement (i) shall constitute the
Administrator and the Issuer 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 other.



     6. Other Activities of the Administrator. Nothing herein shall prevent the
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 even though such Person may
engage in business activities similar to those of the Issuer, the Owner Trustee or the Indenture
Trustee.



     7. Representations and Warranties of the Administrator. The Administrator represents
and warrants to the Issuer and the Indenture Trustee as follows:




     (a) Existence and Power. The Administrator is a corporation validly existing
and in good standing under the laws of its state of organization and has, in all material
respects, all power and authority to carry on its business as now conducted. The
Administrator has obtained all necessary licenses and approvals in each jurisdiction where
the failure to do so would materially and adversely affect the ability of the Administrator
to perform its obligations under the Transaction Documents.




     (b) Authorization and No Contravention. The execution, delivery and
performance by the Administrator of the Transaction Documents to which it is a party
(i) have been duly authorized by all necessary action on the part of the Administrator and
(ii) do not contravene or constitute a default under (A) any applicable law, rule or
regulation, (B) its organizational documents or (C) any material agreement, contract, order
or other instrument to which it is a party or its property is subject (other than violations
which do not affect the legality, validity or enforceability of any of such agreements and
which, individually or in the aggregate, would not materially and adversely affect the
transactions contemplated by, or the Administrator’s ability to perform its obligations
under, the Transaction Documents).




     (c) No Consent Required. No approval or authorization by, or filing with, any
Governmental Authority is required in connection with the execution, delivery and
performance by the Administrator of any Transaction Document other than (i) UCC filings,
(ii) approvals and authorizations that have previously been obtained and filings that have
previously been made and (iii) approvals, authorizations or filings which, if not obtained
or made, would not materially and adversely affect the ability of the Administrator to
perform its obligations under the Transaction Documents.


VALT 2010-A Administration Agreement

5









 






     (d) Binding Effect. Each Transaction Document to which the Administrator is a
party constitutes the legal, valid and binding obligation of the Administrator enforceable
against the Administrator in accordance with its terms, except as such enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium, receivership,
conservatorship or other similar laws affecting the enforcement of creditors’ rights
generally and, if applicable, the rights of creditors of corporations from time to time in
effect or by general principles of equity.



     8. Administrator Replacement Events; Termination of the Administrator.




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




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




     (c) The occurrence of any one of the following events (each, an “Administrator
Replacement Event”) shall also entitle the Issuer, subject to Section 19 hereof,
to terminate and replace the Administrator:




     (i) any failure by the Administrator to deliver or cause to be delivered any
required payment to the Indenture Trustee for distribution to the Noteholders, which
failure continues unremedied for ten business days after discovery thereof by the
Administrator or receipt by the Administrator of written notice thereof from the
Indenture Trustee or Noteholders evidencing at least a majority of the aggregate
principal amount of the Outstanding Notes, voting together as a single class;




     (ii) any failure by the Administrator to duly observe or perform in any
material respect any other of its covenants or agreements in this Agreement, which
failure materially and adversely affects the rights of the Issuer or the
Noteholders, and which continues unremedied for 90 days after discovery thereof by
the Administrator or receipt by the Administrator of written notice thereof from the
Indenture Trustee or Noteholders evidencing at least a majority of the Outstanding
Note Amount, voting together as a single class;




     (iii) any representation or warranty of the Administrator made in any
Transaction Document to which the Administrator is a party or by which it is bound
or any certificate delivered pursuant to this Agreement proves to have been
incorrect in any material respect when made, which failure materially and adversely
affects the rights of the Issuer or the Noteholders, and which failure continues
unremedied for 90 days after discovery thereof by the Administrator or receipt by
the Administrator of written notice thereof from the Indenture Trustee or
Noteholders evidencing at least a majority of the Outstanding Note Amount, voting
together as a single class (it being understood that any repurchase of a Unit


VALT 2010-A Administration Agreement

6









 






by VCI pursuant to Section 2.3 of the SUBI Sale Agreement shall be
deemed to remedy any incorrect representation or warranty with respect to such
Unit); or




     (iv) the Administrator suffers a Bankruptcy Event;




provided, however, that a delay in or failure of performance referred to under
clauses (i), (ii) or (iii) above for a period of 120 days
will not constitute an Administrator Replacement Event if such delay or failure was
caused by force majeure or other similar occurrence.




     (d) If an Administrator Replacement Event shall have occurred, the Issuer may, subject
to Section 19 hereof, by notice given to the Administrator and the Owner Trustee,
terminate all or a portion of the rights and powers of the Administrator under this
Agreement, including the rights of the Administrator to receive the annual fee for services
hereunder for all periods following such termination; provided, however, that such
termination shall not become effective until such time as the Issuer, subject to Section
19 hereof, shall have appointed a successor Administrator in the manner set forth below.
Upon any such termination, all rights, powers, duties and responsibilities of the
Administrator under this Agreement shall vest in and be assumed by any successor
Administrator appointed by the Issuer, subject to Section 19 hereof, pursuant to a
management agreement between the Issuer and such successor Administrator, containing
substantially the same provisions as this Agreement (including with respect to the
compensation of such successor Administrator), and the successor Administrator is hereby
irrevocably authorized and empowered to execute and deliver, on behalf of the Administrator,
as attorney-in-fact or otherwise, all documents and other instruments, and to do or
accomplish all other acts or things necessary or appropriate to effect such vesting and
assumption. Further, in such event, the Administrator shall use its commercially reasonable
efforts to effect the orderly and efficient transfer of the administration of the Issuer to
the new Administrator.




     (e) The Issuer, subject to Section 19 hereof, may waive in writing any
Administrator Replacement Event by the Administrator in the performance of its obligations
hereunder and its consequences. Upon any such waiver of a past Administrator Replacement
Event, such Administrator Replacement Event shall cease to exist, and any Administrator
Replacement Event arising therefrom shall be deemed to have been remedied for every purpose
of this Agreement. No such waiver shall extend to any subsequent or other Administrator
Replacement Event or impair any right consequent thereon.



     9. Action upon Termination or Removal. Promptly upon the effective date of
termination of this Agreement pursuant to Section 8, or the removal of the Administrator
pursuant to Section 8, the Administrator shall be entitled to be paid all fees and
reimbursable expenses accruing to it to the date of such termination or removal.



     10. Liens. The Administrator will not directly or indirectly create, allow or suffer
to exist any Lien on the Collateral other than Permitted Liens.


VALT 2010-A Administration Agreement

7









 





     11. Notices. All demands, notices and communications hereunder shall be in writing
and shall be delivered or mailed by registered or certified first class United States mail, postage
prepaid, hand delivery, prepaid courier service, or by telecopier, and addressed in each case as
set forth in Schedule II to the Indenture or at such other address as shall be designated
in a written notice to the other parties hereto. Delivery shall occur only upon receipt or
reported tender of such communication by an officer of the recipient entitled to receive such
notices located at the address of such recipient for notices hereunder.



     12. Amendments.




     (a) Any term or provision of this Agreement may be amended by the Administrator without
the consent of the Indenture Trustee, any Noteholder, the Issuer or any other Person subject
to satisfaction of one of the following conditions: (i) the Administrator or the Servicer
delivers an Officer’s Certificate or an Opinion of Counsel to the Indenture Trustee to the
effect that such amendment will not materially and adversely affect the interests of the
Noteholders or (ii) the Rating Agency Condition is satisfied with respect to such amendment.
Without limiting the foregoing and subject to clause (b) below, any term or
provision of this Agreement may be amended by the Administrator with the consent of
Noteholders evidencing not less than a majority of the Outstanding Note Amount, voting as a
single class. Notwithstanding the foregoing, any amendment that materially and adversely
affects the interests of the Certificateholders, the Indenture Trustee, the Issuer Delaware
Trustee or the Owner Trustee shall require the prior written consent of the Persons whose
interests are materially and adversely affected. The consent of the Certificateholders or
the Issuer shall be deemed to have been given if the Servicer does not receive a written
objection from such Person within 10 Business Days after a written request for such consent
shall have been given.




     (b) It shall not be necessary for the consent of any Person pursuant to this Section
for such Person to approve the particular form of any proposed amendment, but it shall be
sufficient if such Person consents to the substance thereof.




     (c) Prior to the execution of any amendment to this Agreement, the Administrator shall
provide each Rating Agency with written notice of the substance of such amendment. No later
than 10 Business Days after the execution of any amendment to this Agreement, the
Administrator shall furnish a copy of such amendment to each Rating Agency, the Issuer, the
Owner Trustee, the Issuer Delaware Trustee and the Indenture Trustee.




     (d) Prior to the execution of any amendment to this Agreement, the Issuer, the Owner
Trustee, the Issuer Delaware Trustee and the Indenture Trustee shall be entitled to receive
and conclusively rely upon an Opinion of Counsel stating that the execution of such
amendment is authorized or permitted by this Agreement and that all conditions precedent to
the execution and delivery of such amendment have been satisfied. The Owner Trustee, the
Issuer Delaware Trustee and the Indenture Trustee may, but shall not be obligated to, enter
into any such amendment which adversely affects the Owner Trustee’s, the Issuer Delaware
Trustee’s or the Indenture Trustee’s, as applicable, own rights, duties or immunities under
this Agreement.


VALT 2010-A Administration Agreement

8









 





     13. Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.




     (a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS, WITHOUT GIVING EFFECT TO PRINCIPLES OF
CONFLICTS OF LAW (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF
THE STATE OF NEW YORK).




     (b) Each of the parties hereto hereby irrevocably and unconditionally:




     (i) submits for itself and its property in any legal action or Proceeding
relating to this Agreement or any documents executed and delivered in connection
herewith, or for recognition and enforcement of any judgment in respect thereof, to
the nonexclusive general jurisdiction of the courts of the State of New York, the
courts of the United States of America for the Southern District of New York and
appellate courts from any thereof;




     (ii) consents that any such action or Proceeding may be brought in such courts
and waives any objection that it may now or hereafter have to the venue of such
action or Proceeding in any such court or that such action or Proceeding was brought
in an inconvenient court and agrees not to plead or claim the same;




     (iii) agrees that service of process in any such action or Proceeding may be
effected by mailing a copy thereof by registered or certified mail (or any
substantially similar form of mail), postage prepaid, to such Person at its address
determined in accordance with Section 11 of this Agreement;




     (iv) agrees that nothing herein shall affect the right to effect service of
process in any other manner permitted by law or shall limit the right to sue in any
other jurisdiction; and




     (v) to the extent permitted by applicable law, each party hereto irrevocably
waives all right of trial by jury in any action, Proceeding or counterclaim based
on, or arising out of, under or in connection with this Agreement, any other
Transaction Document, or any matter arising hereunder or thereunder.



     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.



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


VALT 2010-A Administration Agreement

9









 





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



     17. Not Applicable to VCI in Other Capacities. Nothing in this Agreement shall affect
any obligation VCI may have in any other capacity.



     18. Benefits of the Administration Agreement. Nothing in this Agreement, expressed or
implied, shall give to any Person other than the parties hereto and their successors hereunder, the
Owner Trustee, the Issuer Delaware Trustee, any separate trustee or co-trustee appointed under
Section 6.10 of the Indenture and the Noteholders, any benefit or any legal or equitable
right, remedy or claim under this Agreement. For the avoidance of doubt, the Owner Trustee and the
Issuer Delaware Trustee are each a third party beneficiary of this Agreement and are entitled to
the rights and benefits hereunder and may enforce the provisions hereof as if such party were a
party hereto.



     19. Assignment. Each party hereto hereby acknowledges and consents to the mortgage,
pledge, assignment and Grant of a security interest by the Issuer to the Indenture Trustee pursuant
to the Indenture for the benefit of the Noteholders of all of the Issuer’s rights under this
Agreement. In addition, the Administrator hereby acknowledges and agrees that for so long as any
Notes are outstanding, the Indenture Trustee will have the right to exercise all waivers and
consents, rights, remedies, powers, privileges and claims of the Issuer under this Agreement.



     20. Non-petition Covenant. With respect to each Bankruptcy Remote Party, each party
hereto agrees that, prior to the date which is one year and one day after payment in full of all
obligations under each Financing (i) no party hereto shall authorize such Bankruptcy Remote Party
to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation,
reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any
bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or
seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other
similar official with respect to such Bankruptcy Remote Party or any substantial part of its
property or to consent to any such relief or to the appointment of or taking possession by any such
official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party,
or to make a general assignment for the benefit of any party hereto or any other creditor of such
Bankruptcy Remote Party, and (ii) none of the parties hereto shall commence or join with any other
Person in commencing any Proceeding against such Bankruptcy Remote Party under any bankruptcy,
reorganization, liquidation or insolvency law or statute now or hereafter in effect in any
jurisdiction.



     21. Limitation of Liability. Notwithstanding anything contained herein to the
contrary, this Agreement has been executed and delivered by Citibank, N.A., not in its individual
capacity but solely as Owner Trustee, and in no event shall it have any liability for the
representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or
under the Notes or any of the other Transaction Documents or in any of the certificates, notices


VALT 2010-A Administration Agreement

10









 




or agreements delivered pursuant thereto, as to all of which recourse shall be had solely to
the assets of the Issuer. Under no circumstances shall the Owner Trustee be personally liable for
the payment of any indebtedness or expense of the Issuer or be liable for the breach or failure of
any obligations, representation, warranty or covenant made or undertaken by the Issuer under the
Transaction Documents. For the purposes of this Agreement, in the performance of its duties or
obligations 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.




     22. Each SUBI Separate; Assignees of SUBI. Each party hereto acknowledges and agrees
(and each holder or pledgee of the Transaction SUBI, by virtue of its acceptance of such
Transaction SUBI or pledge thereof, acknowledges and agrees) that (a) the Transaction SUBI is a
separate series of the Origination Trust as provided in Section 3806(b)(2) of Chapter 38 of Title
12 of the Delaware Code, 12 Del. Code § 3801 et seq., (b)(i) the debts,
liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect
to the Transaction SUBI or the Transaction SUBI Portfolio shall be enforceable against the
Transaction SUBI Portfolio only and not against any Other SUBI Assets or the UTI Portfolio and (ii)
the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing
with respect to any Other SUBI, any Other SUBI Portfolio, the UTI or the UTI Portfolio shall be
enforceable against such Other SUBI Portfolio or the UTI Portfolio only, as applicable, and not
against the Transaction SUBI or any Other SUBI Assets, (c) except to the extent required by law,
UTI Assets or SUBI Assets with respect to any SUBI (other than the Transaction SUBI) shall not be
subject to the claims, debts, liabilities, expenses or obligations arising from or with respect to
the Transaction SUBI in respect of such claim, (d)(i) no creditor or holder of a claim relating to
the Transaction SUBI or the Transaction SUBI Portfolio shall be entitled to maintain any action
against or recover any assets allocated to the UTI or the UTI Portfolio or any Other SUBI or the
assets allocated thereto, and (ii) no creditor or holder of a claim relating to the UTI, the UTI
Portfolio or any SUBI other than the Transaction SUBI or any SUBI Assets other than the Transaction
SUBI Portfolio shall be entitled to maintain any action against or recover any assets allocated to
the Transaction SUBI and (e) any purchaser, assignee or pledgee of an interest in the Transaction
SUBI or the Transaction SUBI Certificate must, prior to or contemporaneously with the grant of any
such assignment, pledge or security interest, (i) give to the Origination Trust a non-petition
covenant substantially similar to that set forth in Section 6.9 of the Origination Trust
Agreement, and (ii) execute an agreement for the benefit of each holder, assignee or pledgee from
time to time of the UTI or UTI Certificate and any Other SUBI or Other SUBI Certificate, to release
all claims to the assets of the Origination Trust allocated to the UTI Portfolio and each Other
SUBI Portfolio and in the event that such release is not given effect, to fully subordinate all
claims it may be deemed to have against the assets of the Origination Trust allocated to the UTI
Portfolio and each Other SUBI Portfolio.



[SIGNATURES ON NEXT PAGE]









VALT 2010-A Administration Agreement

11









 








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



	 	 	 	 	 
	 	VOLKSWAGEN AUTO LEASE TRUST 2010-A

 	 
	 	By:  	Citibank, N.A., not in its individual capacity but solely as Owner Trustee
 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 



VALT 2010-A Administration Agreement

S-1









 






	 	 	 	 	 



	 	 	 	 	 
	 	VW CREDIT, INC., as Administrator

 	 
	 	By:  	 	 
	 	 	Name:  	Martin Luedtke 	 
	 	 	Title:  	Treasurer 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	Lawrence S. Tolep 	 
	 	 	Title:  	Assistant Treasurer 	 



VALT 2010-A Administration Agreement

S-2









 






	 	 	 	 	 



	 	 	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Indenture

Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 




VALT 2010-A Administration Agreement

S-3