Document:

<PAGE>

                                                                    EXHIBIT 10.2

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                               PURCHASE AGREEMENT

                           dated as of [____________]

                                     between

                                 VW CREDIT, INC.

                                       and

                 VOLKSWAGEN PUBLIC AUTO LOAN SECURITIZATION, LLC

================================================================================

                                                              Purchase Agreement

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            Page
                                                                            ----
<S>                                                                         <C>
ARTICLE I DEFINITIONS AND USAGE .........................................     1
   SECTION 1.1  Definitions .............................................     1
   SECTION 1.2  Other Interpretive Provisions ...........................     1

ARTICLE II PURCHASE .....................................................     2
   SECTION 2.1  Agreement to Sell and Contribute on the Closing Date ....     2
   SECTION 2.2  Consideration and Payment ...............................     2

ARTICLE III REPRESENTATIONS, WARRANTIES AND COVENANTS ...................     2
   SECTION 3.1  Representations and Warranties of VCI ...................     2
   SECTION 3.2  Representations and Warranties of VCI as to each
                Receivable ..............................................     3
   SECTION 3.3  Repurchase upon Breach ..................................     3
   SECTION 3.4  Protection of Title .....................................     4
   SECTION 3.5  Other Liens or Interests ................................     5
   SECTION 3.6  Perfection Representations, Warranties and Covenants ....     5

ARTICLE IV MISCELLANEOUS ................................................     5
   SECTION 4.1  Transfers Intended as Sale; Security Interest ...........     5
   SECTION 4.2  Notices, Etc ............................................     6
   SECTION 4.3  Choice of Law ...........................................     7
   SECTION 4.4  Headings ................................................     7
   SECTION 4.5  Counterparts ............................................     7
   SECTION 4.6  Amendment ...............................................     7
   SECTION 4.7  Waivers .................................................     8
   SECTION 4.8  Entire Agreement ........................................     8
   SECTION 4.9  Severability of Provisions ..............................     8
   SECTION 4.10 Binding Effect ..........................................     8
   SECTION 4.11 Acknowledgment and Agreement ............................     8
   SECTION 4.12 Cumulative Remedies .....................................     9
   SECTION 4.13 Nonpetition Covenant ....................................     9
   SECTION 4.14 Submission to Jurisdiction ..............................     9
</TABLE>

                                       i

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                                    EXHIBITS

Exhibit A     Form of Assignment Pursuant to Purchase Agreement
Schedule I    Representations and Warranties With Respect to the Receivables
Schedule II   Perfection Representations, Warranties and Covenants

                                       ii

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     THIS PURCHASE AGREEMENT is made and entered into as of [____________] (as
amended from time to time, this "Agreement") by VW CREDIT, INC., a Delaware
corporation ("VCI"), and VOLKSWAGEN PUBLIC AUTO LOAN SECURITIZATION, LLC, a
Delaware limited liability company (the "Purchaser").

                                   WITNESSETH:

     WHEREAS, the Purchaser desires to purchase from VCI a portfolio of motor
vehicle receivables, including retail motor vehicle installment sales contracts
and/or installment loans that are secured by new and used automobiles and
light-duty trucks; and

     WHEREAS, VCI is willing to sell such portfolio of motor vehicle receivables
and related property to the Purchaser on the terms and conditions set forth in
this Agreement.

     NOW, THEREFORE, in consideration of the premises and the mutual agreements
set forth herein, the parties hereto agree as follows:

                                   ARTICLE I

                              DEFINITIONS AND USAGE

     SECTION 1.1 Definitions. Except as otherwise defined herein or as the
context may otherwise require, capitalized terms used but not otherwise defined
herein are defined in Appendix A to the Sale and Servicing Agreement dated as of
the date hereof (as from time to time amended, supplemented or otherwise
modified and in effect, the "Sale and Servicing Agreement") among Volkswagen
Auto Loan Enhanced Trust 20[__]-[__], VCI, as servicer, the Purchaser, as
seller, and [_________], as indenture trustee, which also contains rules as to
usage that are applicable herein.

     SECTION 1.2 Other Interpretive Provisions. For purposes of this Agreement,
unless the context otherwise requires: (a) accounting terms not otherwise
defined in this Agreement, and accounting terms partly defined in this Agreement
to the extent not defined, shall have the respective meanings given to them
under GAAP; (b) terms defined in Article 9 of the UCC as in effect in the
relevant jurisdiction and not otherwise defined in this Agreement are used as
defined in that Article; (c) the words "hereof," "herein" and "hereunder" and
words of similar import refer to this Agreement as a whole and not to any
particular provision of this Agreement; (d) references to any Article, Section,
Schedule, Appendix or Exhibit are references to Articles, Sections, Schedules,
Appendices and Exhibits in or to this Agreement and references to any paragraph,
subsection, clause or other subdivision within any Section or definition refer
to such paragraph, subsection, clause or other subdivision of such Section or
definition; (e) the term "including" means "including without limitation"; (f)
except as otherwise expressly provided herein, references to any law or
regulation refer to that law or regulation as amended from time to time and
include any successor law or regulation; (g) references to any Person include
that Person's successors and assigns; and (h) headings are for purposes of
reference only and shall not otherwise affect the meaning or interpretation of
any provision hereof.

<PAGE>

                                   ARTICLE II

                                    PURCHASE

     SECTION 2.1 Agreement to Sell and Contribute on the Closing Date. On the
terms and subject to the conditions set forth in this Agreement, VCI agrees to
transfer, assign, set over, sell and otherwise convey to the Purchaser without
recourse (subject to the obligations herein) on the Closing Date all of its
right, title and interest in, to and under the Receivables, the Collections
after the Cut-Off Date and the Related Security relating thereto, described in
an Assignment in the form of Exhibit A delivered on the Closing Date (the
"Purchased Assets") having a Net Pool Balance as of the Cut-Off Date equal to
$[____________], which sale shall be effective as of the Cut-Off Date. The sale,
transfer, assignment and conveyance made hereunder does not constitute and is
not intended to result in an assumption by the Purchaser of any obligation of
the applicable Originator to the Obligors, the Dealers or any other Person in
connection with the Receivables or the other assets and properties conveyed
hereunder or any agreement, document or instrument related thereto.

     SECTION 2.2 Consideration and Payment. In consideration of the transfer of
the Purchased Assets conveyed to the Purchaser on the Closing Date, the
Purchaser shall pay in cash to VCI on such date an amount equal to
$[__________], and VCI elects to contribute to the Purchaser such Purchased
Assets as had an Outstanding Principal Balance equal to $[__________].

                                  ARTICLE III

                    REPRESENTATIONS, WARRANTIES AND COVENANTS

     SECTION 3.1 Representations and Warranties of VCI. VCI makes the following
representations and warranties as of the Closing Date on which the Purchaser
will be deemed to have relied in acquiring the Purchased Assets. The
representations and warranties will survive the conveyance of the Purchased
Assets to the Purchaser, the conveyance of the Purchased Assets to the Issuer
pursuant to the Sale and Servicing Agreement and the Grant thereof by the Issuer
to the Indenture Trustee pursuant to the Indenture:

     (a) Existence and Power. VCI 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 required to carry on its business as now
conducted. VCI has obtained all necessary licenses and approvals in each
jurisdiction where the failure to do so would materially and adversely affect
the ability of VCI to perform its obligations under the Transaction Documents or
the enforceability or collectibility of the Receivables or any other part of the
Purchased Assets.

     (b) Authorization and No Contravention. The execution, delivery and
performance by VCI of each Transaction Document to which it is a party (i) have
been duly authorized by all necessary action on the part of VCI 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 of 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

                                      -2-

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affect the transactions contemplated by, or VCI'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 VCI 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 have a material adverse
effect on the enforceability or collectibility of the Receivables or any other
part of the Purchased Assets or would not materially and adversely affect the
ability of VCI to perform its obligations under the Transaction Documents.

     (d) Binding Effect. Each Transaction Document to which VCI is a party
constitutes the legal, valid and binding obligation of VCI enforceable against
VCI 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 creditors' rights generally and,
if applicable, the rights of creditors of corporations from time to time in
effect or by general principles of equity.

     (e) No Proceedings. There are no actions, suits or proceedings pending or,
to the knowledge of VCI, threatened against VCI before or by any Governmental
Authority that (i) assert the invalidity or unenforceability of this Agreement
or any of the other Transaction Documents, (ii) seeking to prevent the issuance
of the Notes or the consummation of any of the transactions contemplated by this
Agreement or any of the other Transaction Documents, (iii) seeking any
determination or ruling that would materially and adversely affect the
performance by VCI of its obligations under this Agreement or any of the other
Transaction Documents, or (iv) relate to VCI that would materially and adversely
affect the federal or Applicable Tax State income, excise, franchise or similar
tax attributes of the Notes.

     (f) Lien Filings. VCI is not aware of any material judgment, ERISA or tax
lien filings against VCI.

     SECTION 3.2 Representations and Warranties of VCI as to each Receivable.
VCI hereby makes the representations and warranties set forth on Schedule I as
to the Receivables, sold, transferred, assigned, set over, sold and otherwise
conveyed to the Purchaser on which such representations and warranties the
Purchaser relies in acquiring the Receivables. Such representations and
warranties shall survive the sale of the Receivables to the Issuer under the
Sale and Servicing Agreement, and the Grant of the Receivables by the Issuer to
the Indenture Trustee pursuant to the Indenture. Notwithstanding any statement
to the contrary contained herein or in any other Transaction Document, VCI shall
not be required to notify any insurer with respect to any Insurance Policy
obtained by an Obligor or to notify any Dealer about any aspect of the
transaction contemplated by the Transaction Documents.

     SECTION 3.3 Repurchase upon Breach. Upon discovery by or notice to the
Purchaser or VCI of a breach of any of the representations and warranties set
forth in Section 3.2 at the time such representations and warranties were made
which materially and adversely affects the interests of the Issuer or the
Noteholders, the party discovering such breach or

                                      -3-

<PAGE>

receiving such notice shall give prompt written notice thereof to the other
party; provided that delivery of the Servicer's Certificate shall be deemed to
constitute prompt notice by the Servicer and the Issuer of such breach;
provided, further, that the failure to give such notice shall not affect any
obligation of VCI hereunder. If VCI does not correct or cure such breach prior
to the end of the Collection Period which includes the 60th day (or, if VCI
elects, an earlier date) after the date that VCI became aware or was notified of
such breach, then VCI shall purchase any Receivable materially and adversely
affected by such breach from the Purchaser on the Payment Date following the end
of such Collection Period. Any such breach or failure will not be deemed to have
a material and adverse effect if such breach or failure does not affect the
ability of the Purchaser (or its assignee) to receive and retain timely payment
in full on such Receivable. Any such purchase by VCI shall be at a price equal
to the Repurchase Price. In consideration for such repurchase, VCI shall make
(or shall cause to be made) a payment to the Purchaser equal to the Repurchase
Price by depositing such amount into the Collection Account prior to 11:00 am,
New York City time on such Payment Date. Upon payment of such Repurchase Price
by VCI, the Purchaser shall release and shall execute and deliver such
instruments of release, transfer or assignment, in each case without recourse or
representation, as may be reasonably requested by VCI to evidence such release,
transfer or assignment or more effectively vest in VCI or its designee any
Receivable repurchased pursuant hereto. It is understood and agreed that the
obligation of VCI to purchase any Receivable as described above shall constitute
the sole remedy respecting such breach available to the Purchaser.

     SECTION 3.4 Protection of Title.

     (a) VCI shall authorize and file such financing statements and cause to be
authorized and filed such continuation and other statements, all in such manner
and in such places as may be required by law fully to preserve, maintain and
protect the interest of the Purchaser under this Agreement in the Receivables.
VCI shall deliver (or cause to be delivered) to the Purchaser file-stamped
copies of, or filing receipts for, any document filed as provided above, as soon
as available following such filing.

     (b) VCI shall not change its name, identity, corporate structure or
jurisdiction of organization in any manner that would make any financing
statement or continuation statement filed by VCI in accordance with paragraph
(a) above "seriously misleading" within the meaning of Sections 9-506, 9-507 or
9-508 of the UCC, unless it shall have given the Purchaser at least five days'
prior written notice thereof and, to the extent necessary, shall have promptly
filed amendments to previously filed financing statements or continuation
statements described in paragraph (a) above.

     (c) VCI shall give the Purchaser at least ten days' prior written notice of
any change of location of VCI for purposes of Section 9-307 of the UCC and shall
have taken all action prior to making such change (or shall have made
arrangements to take such action substantially simultaneously with such change,
if it is not possible to take such action in advance) reasonably necessary or
advisable in the opinion of the Purchaser to amend all previously filed
financing statements or continuation statements described in paragraph (a)
above.

     (d) VCI shall maintain (or shall cause its Sub-Servicer to maintain)
accounts and records as to each Receivable accurately and in sufficient detail
to permit (i) the reader thereof to

                                      -4-

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know at any time the status of such Receivable, including payments and
recoveries made and payment owing (and the nature of each) and (ii)
reconciliation between payments or recoveries on (or with respect to) each
Receivable and the amounts from time to time deposited in the Collection Account
in respect of such Receivable.

     (e) VCI shall maintain (or shall cause its Sub-Servicer to maintain) its
computer systems so that, from time to time after the conveyance under this
Agreement of the Receivables, the master computer records (including any backup
archives) that refer to a Receivable shall indicate clearly the interest of the
Purchaser (or any subsequent assignee of the Purchaser) in such Receivable and
that such Receivable is owned by such Person. Indication of such Person's
interest in a Receivable shall not be deleted from or modified on such computer
systems until, and only until, the related Receivable shall have been paid in
full or repurchased.

     (f) If at any time VCI shall propose to sell, grant a security interest in
or otherwise transfer any interest in motor vehicle receivables to any
prospective purchaser, lender or other transferee, VCI shall give to such
prospective purchaser, lender or other transferee computer tapes, records or
printouts (including any restored from backup archives) that, if they shall
refer in any manner whatsoever to any Receivable, shall indicate clearly that
such Receivable has been sold and is owned by the Purchaser (or any subsequent
assignee of the Purchaser).

     SECTION 3.5 Other Liens or Interests. Except for the conveyances and grants
of security interests pursuant to this Agreement and the other Transaction
Documents, VCI shall not sell, pledge, assign or transfer the Receivables or
other property transferred to the Purchaser to any other Person, or grant,
create, incur, assume or suffer to exist any Lien (other than Permitted Liens)
on any interest therein, and VCI shall defend the right, title and interest of
the Purchaser in, to and under such Receivables or other property transferred to
the Purchaser against all claims of third parties claiming through or under VCI.

     SECTION 3.6 Perfection Representations, Warranties and Covenants. VCI
hereby makes the perfection representations, warranties and covenants attached
set forth on Schedule II hereto to the Purchaser and the Purchaser shall be
deemed to have relied on such representations, warranties and covenants in
acquiring the Purchased Assets.

                                   ARTICLE IV

                                  MISCELLANEOUS

     SECTION 4.1 Transfers Intended as Sale; Security Interest.

     (a) Each of the parties hereto expressly intends and agrees that the
transfers contemplated and effected under this Agreement are complete and
absolute sales and transfers rather than pledges or assignments of only a
security interest and shall be given effect as such for all purposes. It is
further the intention of the parties hereto that the Receivables and related
Purchased Assets shall not be part of VCI's estate in the event of a bankruptcy
or insolvency of VCI. The sales and transfers by VCI of the Receivables and
related Purchased Assets hereunder are and shall be without recourse to, or
representation or warranty (express or implied) by, VCI, except as otherwise
specifically provided herein. The limited rights of recourse specified herein

                                      -5-

<PAGE>

against VCI are intended to provide a remedy for breach of representations and
warranties relating to the condition of the property sold, rather than to the
collectibility of the Receivables.

     (b) Notwithstanding the foregoing, in the event that the Receivables and
other Purchased Assets are held to be property of VCI, or if for any reason this
Agreement is held or deemed to create indebtedness or a security interest in the
Receivables and other Purchased Assets, then it is intended that:

          (i) This Agreement shall be deemed to be a security agreement within
     the meaning of Articles 8 and 9 of the New York Uniform Commercial Code and
     the Uniform Commercial Code of any other applicable jurisdiction;

          (ii) The conveyance provided for in Section 2.1 shall be deemed to be
     a grant by VCI of, and VCI hereby grants to the Purchaser, a security
     interest in all of its right (including the power to convey title thereto),
     title and interest, whether now owned or hereafter acquired, in and to the
     Receivables and other Purchased Assets, to secure such indebtedness and the
     performance of the obligations of VCI hereunder;

          (iii) The possession by the Purchaser or its agent of the Receivable
     Files and any other property as constitute instruments, money, negotiable
     documents or chattel paper shall be deemed to be "possession by the secured
     party" or possession by the purchaser or a person designated by such
     purchaser, for purposes of perfecting the security interest pursuant to the
     New York Uniform Commercial Code and the Uniform Commercial Code of any
     other applicable jurisdiction; and

          (iv) Notifications to persons holding such property, and
     acknowledgments, receipts or confirmations from persons holding such
     property, shall be deemed to be notifications to, or acknowledgments,
     receipts or confirmations from, bailees or agents (as applicable) of the
     Purchaser for the purpose of perfecting such security interest under
     applicable law.

     SECTION 4.2 Notices, Etc. 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 facsimile and addressed in each case as specified on Schedule II
to the Sale and Servicing Agreement, or at such other address as shall be
designated by any of the specified addressees in a written notice to the other
parties hereto. Any notice required or permitted to be mailed to a Noteholder
shall be given by first class mail, postage prepaid, at the address of such
Noteholder as shown in the Note Register. 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; provided, however, that any notice to a Noteholder mailed within the
time prescribed in this Agreement shall be conclusively presumed to have been
duly given, whether or not the Noteholder shall receive such notice.

     SECTION 4.3 Choice of Law. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW
YORK WITHOUT REFERENCE TO THE RULES

                                      -6-

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THEREOF RELATING TO CONFLICTS OF LAW, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF
THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES
OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     SECTION 4.4 Headings. The section headings hereof have been inserted for
convenience only and shall not be construed to affect the meaning, construction
or effect of this Agreement.

     SECTION 4.5 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.

     SECTION 4.6 Amendment.

     (a) Any term or provision of this Agreement may be amended by VCI and the
Purchaser without the consent of the Indenture Trustee, any Noteholder, the
Issuer, the Owner Trustee or any other Person; provided that such amendment
shall not, as evidenced by an Opinion of Counsel delivered to the Indenture
Trustee materially and adversely affect the interests of the Noteholders.

     (b) Any term or provision of this Agreement may be amended by VCI and the
Purchaser without the consent of the Indenture Trustee, any Noteholder, the
Issuer, the Owner Trustee or any other Person to add, modify or eliminate any
provisions as may be necessary or advisable in order to enable VCI, the
Purchaser or any of their Affiliates to comply with or obtain more favorable
treatment under any law or regulation or any accounting rule or principle, it
being a condition to any such amendment that the Rating Agency Condition shall
have been satisfied.

     (c) This Agreement may also be amended from time to time by VCI and the
Purchaser, with the consent of the Holders of Notes evidencing not less than a
majority of the aggregate principal amount of the Outstanding Notes, voting as a
single class, 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. It will not be necessary for the
consent of Noteholders to approve the particular form of any proposed amendment
or consent, but it will be sufficient if such consent approves the substance
thereof. The manner of obtaining such consents (and any other consents of
Noteholders provided for in this Agreement) and of evidencing the authorization
of the execution thereof by Noteholders will be subject to such reasonable
requirements as the Indenture Trustee may prescribe, including the establishment
of record dates pursuant to the Note Depository Agreement.

     (d) Prior to the execution of any such amendment, VCI shall provide written
notification of the substance of such amendment to each Rating Agency; and
promptly after the execution of any such amendment or consent, VCI shall furnish
a copy of such amendment or consent to each Rating Agency and the Indenture
Trustee.

     (e) Prior to the execution of any amendment to this Agreement, the
Purchaser, the Owner Trustee and the Indenture Trustee shall be entitled to
receive and conclusively rely upon

                                      -7-

<PAGE>

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
and the Indenture Trustee may, but shall not be obligated to, enter into any
such amendment which adversely affects the Owner Trustee's or the Indenture
Trustee's, as applicable, own rights, duties or immunities under this Agreement.

     SECTION 4.7 Waivers. No failure or delay on the part of the Purchaser, the
Servicer, VCI, the Issuer or the Indenture Trustee in exercising any power or
right hereunder (to the extent such Person has any power or right hereunder)
shall operate as a waiver thereof, nor shall any single or partial exercise of
any such power or right preclude any other or further exercise thereof or the
exercise of any other power or right. No notice to or demand on the Purchaser or
VCI in any case shall entitle it to any notice or demand in similar or other
circumstances. No waiver or approval by either party under this Agreement shall,
except as may otherwise be stated in such waiver or approval, be applicable to
subsequent transactions. No waiver or approval under this Agreement shall
require any similar or dissimilar waiver or approval thereafter to be granted
hereunder.

     SECTION 4.8 Entire Agreement. The Transaction Documents contain a final and
complete integration of all prior expressions by the parties hereto with respect
to the subject matter thereof and shall constitute the entire agreement among
the parties hereto with respect to the subject matter thereof, superseding all
prior oral or written understandings. There are no unwritten agreements among
the parties.

     SECTION 4.9 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.

     SECTION 4.10 Binding Effect. This Agreement shall be binding upon and inure
to the benefit of the parties hereto and their respective successors and
permitted assigns. This Agreement shall create and constitute the continuing
obligations of the parties hereto in accordance with its terms, and shall remain
in full force and effect until such time as the parties hereto shall agree.

     SECTION 4.11 Acknowledgment and Agreement. By execution below, VCI
expressly acknowledges and consents to the sale of the Purchased Assets and the
assignment of all rights and obligations of VCI related thereto by the Purchaser
to the Issuer pursuant to the Sale and Servicing Agreement and the Grant of a
security interest in the Receivables and the other Purchased Assets by the
Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the
Noteholders. In addition, VCI hereby acknowledges and agrees that for so long as
the Notes are outstanding, the Indenture Trustee will have the right to exercise
all powers, privileges and claims of the Purchaser under this Agreement.

     SECTION 4.12 Cumulative Remedies. The remedies herein provided are
cumulative and not exclusive of any remedies provided by law.

                                      -8-

<PAGE>

     SECTION 4.13 Nonpetition Covenant. Each party hereto agrees that, prior to
the date which is one year and one day after payment in full of all obligations
of each Bankruptcy Remote Party in respect of all securities issued by any
Bankruptcy Remote Party (i) such party hereto shall not authorize any 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 its creditors generally, 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. This Section shall survive the termination of this
Agreement.

     SECTION 4.14 Submission to Jurisdiction. Each of the parties hereto hereby
irrevocably and unconditionally:

     (a) 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;

     (b) 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;

     (c) 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 4.2; and

     (d) 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.

                  [Remainder of Page Intentionally Left Blank]

                                      -9-

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the day and year first written above.

                                        VW CREDIT, INC.

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

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

                                        VOLKSWAGEN PUBLIC AUTO LOAN
                                        SECURITIZATION, LLC

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

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

                                       S-1

<PAGE>

                                    EXHIBIT A

                                     FORM OF
                    ASSIGNMENT PURSUANT TO PURCHASE AGREEMENT

     For value received, in accordance with the Purchase Agreement dated as of
[_________________] (the "Agreement"), between VW Credit, Inc., a Delaware
corporation ("VCI"), and Volkswagen Public Auto Loan Securitization, LLC, a
Delaware limited liability company (the "Purchaser"), on the terms and subject
to the conditions set forth in the Agreement, VCI does hereby transfer, assign,
set over, sell and otherwise convey to the Purchaser on the Closing Date, all of
its right, title and interest in, to and under the Receivables set forth on the
schedule of Receivables delivered by VCI to the Purchaser on the date hereof
(such schedule, the "Schedule of Receivables"), and the Collections after the
Cut-Off Date and the Related Security relating thereto, which sale shall be
effective as of the Cut-Off Date.

     The foregoing sale does not constitute and is not intended to result in any
assumption by the Purchaser of any obligation of the undersigned to the
Obligors, insurers or any other Person in connection with the Receivables, or
the other assets and properties conveyed hereunder or any agreement, document or
instrument related thereto.

     This assignment is made pursuant to and upon the representations,
warranties and agreements on the part of the undersigned contained in the
Agreement and is governed by the Agreement.

     Capitalized terms used herein and not otherwise defined shall have the
meaning assigned to them in the Agreement.

                  [Remainder of page intentionally left blank]

                                       A-1

<PAGE>

     IN WITNESS HEREOF, the undersigned has caused this assignment to be duly
executed as of [_______________].

                                        VW CREDIT, INC.

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

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

                                      A-2

<PAGE>

                                                                      SCHEDULE I

         REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE RECEIVABLES

(a)  Characteristics of Receivables. Each Receivable:

     (i)  has been fully and properly executed by the Obligor thereto;

     (ii) has either (A) been originated by a Dealer in the ordinary course of
          such Dealer's business to finance the retail sale by a Dealer of the
          related Financed Vehicle and has been purchased by the applicable
          Originator in the ordinary course of its respective business or (B)
          has been originated or acquired directly by the applicable Originator
          in accordance with its customary practices;

     (iii) as of the Closing Date is secured by a first priority validly
          perfected security interest in the Financed Vehicle in favor of the
          applicable Originator, as secured party, or all necessary actions have
          been commenced that would result in a first priority security interest
          in the Financed Vehicle in favor of the applicable Originator, as
          secured party, which security interest, in either case, is assignable
          and has been so assigned (x) by VW Bank to VCI, if such Receivable was
          originated by VW Bank, (y) by VCI to the Purchaser and (z) by the
          Purchaser to the Issuer;

     (iv) contains customary and enforceable provisions such that the rights and
          remedies of the holder thereof are adequate for realization against
          the collateral of the benefits of the security;

     (v)  provides, at origination, for level monthly payments which fully
          amortize the initial Outstanding Principal Balance over the original
          term; provided that the amount of the first or last payment may be
          different but in no event more than three times the level monthly
          payment;

     (vi) provides for interest at the Contract Rate specified in the Schedule
          of Receivables; and

     (vii) was originated in the United States.

(b)  Individual Characteristics. Each Receivable has the following individual
     characteristics as of the Cut-Off Date:

     (i)  each Receivable is secured by a new or used automobile or light-duty
          truck;

     (ii) each Receivable has a Contract Rate of no less than [_________]% and
          not more than [_________]%;

     (iii) each Receivable had an original term to maturity of not more than
          [_________] months and not less than [_________] months and each
          Receivable has a remaining term to maturity, as of the Cut-Off Date,
          of [_________] months or more;

                                            Schedule I to the Purchase Agreement

                                  Schedule I-1

<PAGE>

     (iv) each Receivable had an original Outstanding Principal Balance less
          than or equal to $[_________];

     (v)  each Receivable has an Outstanding Principal Balance as of the Cut-Off
          Date of greater than or equal to $[_________];

     (vi) no Receivable has a scheduled maturity date later than [_________];

     (vii) no Receivable was more than 30 days past due as of the Cut-Off Date;

     (viii) as of the Cut-off Date, no Receivable was noted in the records of
          VCI or the Servicer as being the subject of any pending bankruptcy or
          insolvency proceeding;

     (ix) no Receivable is subject to a force-placed Insurance Policy on the
          related Financed Vehicle;

     (x)  each Receivable is a Simple Interest Receivable;

     (xi) each of the Receivables were selected using selection procedures that
          were not known or intended by VCI or the Servicer to be adverse to the
          Purchaser; and

     (xii) the Dealer of the Financed Vehicle has no participation in, or other
          right to receive, any proceeds of such Receivable.

(c)  Schedule of Receivables. The information with respect to a Receivable
     transferred on the Closing Date set forth in the Schedule of Receivables
     was true and correct in all material respects as of the Cut-Off Date.

(d)  Compliance with Law. The Receivable complied at the time it was originated
     or made, in all material respects with all requirements of applicable
     federal, state and local laws, and regulations thereunder, including, to
     the extent applicable, usury laws, the Federal Truth in Lending Act, the
     Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Federal
     Trade Commission Act, the Fair Debt Collection Practices Act, the Fair
     Credit Billing Act, the Magnuson-Moss Warranty Act, Federal Reserve Board
     Regulations B and Z, the Servicemembers Civil Relief Act of 2003, state
     adaptations of the National Consumer Act and of the Uniform Consumer Credit
     Code and any other consumer credit, equal opportunity and disclosure laws
     applicable to that Receivable.

(e)  Binding Obligation. The Receivable constitutes the legal, valid and binding
     payment obligation in writing of the Obligor, enforceable in all respects
     by the holder thereof in accordance with its terms, subject, as to
     enforcement, to applicable bankruptcy, insolvency, reorganization,
     liquidation or other similar laws and equitable principles relating to or
     affecting the enforcement of creditors' rights generally.

(f)  Receivable in Force. The Receivable has not been satisfied, subordinated or
     rescinded nor has the related Financed Vehicle been released from the lien
     granted by the Receivable in whole or in part.

                                  Schedule I-2

<PAGE>

(g)  No Waiver. As of the Cut-Off Date, no provision of a Receivable has been
     waived.

(h)  No Default. Except for payment delinquencies continuing for a period of not
     more than 30 days as of the Cut-Off Date, the records of the Servicer did
     not disclose that any default, breach, violation or event permitting
     acceleration under the terms of the Receivable existed as of the Cut-Off
     Date or that any continuing condition that with notice or lapse of time, or
     both, would constitute a default, breach, violation or event permitting
     acceleration under the terms of the Receivable had arisen as of the Cut-Off
     Date.

(i)  Insurance. The Receivable requires the Obligor thereunder to insure the
     Financed Vehicle under a physical damage insurance policy.

(j)  No Government Obligor. The Obligor on the Receivable is not the United
     States of America or any state thereof or any local government, or any
     agency, department, political subdivision or instrumentality of the United
     States of America or any state thereof or any local government.

(k)  Assignment. No Receivable has been originated in, or is subject to the laws
     of, any jurisdiction under which the sale, transfer, assignment, conveyance
     or pledge of such Receivable would be unlawful, void, or voidable. VCI has
     not entered into any agreement with any Obligor that prohibits, restricts
     or conditions the assignment of the related Receivable.

(l)  Good Title. It is the intention of VCI that the sale, transfer, assignment
     and conveyance herein contemplated constitute an absolute sale, transfer,
     assignment and conveyance of the Receivables and that the Receivables not
     be part of VCI's estate in the event of the filing of a bankruptcy petition
     by or against the Purchaser under any bankruptcy law. No Receivable has
     been sold, transferred, assigned, conveyed or pledged to any Person other
     than pursuant to the Transaction Documents. As of the Closing Date, and
     immediately prior to the sale and transfer herein contemplated, VCI had
     good and marketable title to Receivable free and clear of all Liens, and,
     immediately upon the sale and transfer thereof, the Purchaser will have
     good and marketable title to each Receivable, free and clear of all Liens
     (other than Permitted Liens).

(m)  Filings. All filings (including, without limitation, UCC filings) necessary
     in any jurisdiction to give the Issuer a first priority, validly perfected
     ownership interest in the Receivables (other than the Related Security with
     respect thereto), and to give the Indenture Trustee a first priority
     perfected security interest therein, will be made within ten days of the
     Closing Date.

(n)  Priority. The Receivable is not pledged, assigned, sold, subject to a
     security interest, or otherwise conveyed other than pursuant to the
     Transaction Documents. VCI has not authorized the filing of and is not
     aware of any financing statements against VCI or the Purchaser that include
     a description of collateral covering the Receivables other than any
     financing statement relating to security interests granted under the
     Transaction Documents or that have been terminated. The Purchase Agreement
     creates a valid and

                                  Schedule I-3

<PAGE>

     continuing security interest in the Receivable (other than the Related
     Security with respect thereto) in favor of the Purchaser which security
     interest is prior to all other Liens (other than Permitted Liens) and is
     enforceable as such against all other creditors of and purchasers and
     assignees from the Purchaser.

(o)  Characterization of Receivables. Each Receivable constitutes either
     "tangible chattel paper", an "account", a "promissory note" or a "payment
     intangible", each as defined in the UCC.

(p)  One Original. There is only one original executed copy of each Receivable
     in existence. The Servicer (or its agent) has possession of such original.
     If such original has been marked, then such original does not have any
     marks or notations indicating that it has been pledged, assigned or
     otherwise conveyed to any Person other than to a party to the Transaction
     Documents.

(q)  No Defenses. VCI has no knowledge either of any facts which would give rise
     to any right of rescission, set-off, counterclaim or defense, or of the
     same being asserted or threatened, with respect to any Receivable.

(r)  No Repossession. As of the Cut-Off Date, no Financed Vehicle shall have
     been repossessed.

                                  Schedule I-4

<PAGE>

                                                                     SCHEDULE II

              PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS

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

                                     GENERAL

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

     2. The Receivables constitute "tangible chattel paper," "accounts,"
"instruments" or "general intangibles," within the meaning of the UCC.

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

                                    CREATION

     4. Immediately prior to the sale, transfer, assignment and conveyance of a
Receivable by VCI to the Purchaser, VCI owned and had good and marketable title
to such Receivable free and clear of any Lien and immediately after the sale,
transfer, assignment and conveyance of such Receivable to the Purchaser, the
Purchaser will have good and marketable title to such Receivable free and clear
of any Lien.

     5. The related Originator has received all consents and approvals to the
sale of the Receivables hereunder to the Purchaser required by the terms of the
Receivables that constitute instruments.

                                   PERFECTION

     6. VCI has caused or will have caused, within ten days after the effective
date of this Agreement, the filing of all appropriate financing statements in
the proper filing office in the appropriate jurisdictions under applicable law
in order to perfect the sale of the Receivables from VCI to the Purchaser, and
the security interest in the Receivables granted to the Purchaser hereunder; and
the Servicer, in its capacity as custodian, has in its possession the original
copies of such instruments or tangible chattel paper that constitute or evidence
the Receivables, and all financing statements referred to in this paragraph
contain a statement that: "A purchase of or security interest in any collateral
described in this financing statement will violate the rights of the Secured
Party/Purchaser".

                                           Schedule II to the Purchase Agreement

                                 Schedule II-1

<PAGE>

     7. With respect to Receivables that constitute an instrument or tangible
chattel paper, either:

     a.   All original executed copies of each such instrument or tangible
          chattel paper have been delivered to the Indenture Trustee; or

     b.   Such instruments or tangible chattel paper are in the possession of
          the Servicer and the Indenture Trustee has received a written
          acknowledgment from the Servicer that the Servicer (in its capacity as
          custodian) is holding such instruments or tangible chattel paper
          solely on behalf and for the benefit of the Indenture Trustee; or

     c.   The Servicer received possession of such instruments or tangible
          chattel paper after the Indenture Trustee received a written
          acknowledgment from the Servicer that the Servicer is acting solely as
          agent of the Indenture Trustee.

                                    PRIORITY

     8. VCI has not authorized the filing of, or is aware of, any financing
statements against VCI that include a description of collateral covering the
Receivables other than any financing statement (i) relating to the security
interest granted to the Purchaser hereunder or (ii) that has been terminated.

     9. VCI is not aware of any material judgment, ERISA or tax lien filings
against VCI.

     10. None of the instruments or tangible chattel paper that constitutes or
evidences the Receivables has any marks or notations indicating that they have
been pledged, assigned or otherwise conveyed to any Person other than the
Purchaser, the Issuer or the Indenture Trustee.

                     SURVIVAL OF PERFECTION REPRESENTATIONS

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

                                    NO WAIVER

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

                                 Schedule II-2<PAGE>

                                                                    Exhibit 10.3

================================================================================

                               SUBI SALE AGREEMENT

                        dated as of [__________], [_____]

                                     between

                                VW CREDIT, INC.,
                                    as Seller

                                       and

                VOLKSWAGEN AUTO LEASE UNDERWRITTEN FUNDING, LLC,
                                    as Buyer

================================================================================

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
ARTICLE I DEFINITIONS....................................................     1
   SECTION 1.1  Certain Terms............................................     1
   SECTION 1.2  Other Definitional Provisions............................     2
   SECTION 1.3  Other Terms..............................................     2
   SECTION 1.4  Computation of Time Periods..............................     2

ARTICLE II PURCHASE AND CONTRIBUTION.....................................     2
   SECTION 2.1  Agreement to Sell and Contribute.........................     2
   SECTION 2.2  Consideration and Payment................................     2
   SECTION 2.3  Representations, Warranties and Covenants................     3
   SECTION 2.4  Subordinated Note........................................     5
   SECTION 2.5  Protection of Title......................................     5
   SECTION 2.6  Other Adverse Claims or Interests........................     6

ARTICLE III MISCELLANEOUS................................................     6
   SECTION 3.1  Transfers Intended as Sale; Security Interest............     6
   SECTION 3.2  Specific Performance.....................................     7
   SECTION 3.3  Notices, Etc.............................................     7
   SECTION 3.4  Choice of Law............................................     7
   SECTION 3.5  Counterparts.............................................     8
   SECTION 3.6  Amendment................................................     8
   SECTION 3.7  Waivers..................................................     9
   SECTION 3.8  Entire Agreement.........................................     9
   SECTION 3.9  Severability of Provisions...............................     9
   SECTION 3.10 Binding Effect; Assignability............................     9
   SECTION 3.11 Acknowledgment and Agreement.............................     9
   SECTION 3.12 No Waiver; Cumulative Remedies...........................    10
   SECTION 3.13 Nonpetition Covenant.....................................    10
   SECTION 3.14 Each SUBI Separate; Assignees of SUBI....................    10
   SECTION 3.15 Submission to Jurisdiction; Waiver of Jury Trial.........    11

Schedule I Representations and Warranties with Respect to Units

Schedule II Perfection Representations, Warranties and Covenants
</TABLE>

                                       -i-

<PAGE>

                               SUBI SALE AGREEMENT

     THIS SUBI SALE AGREEMENT is made and entered into as of [_____], [_____]
(as amended, supplemented or modified from time to time, this "Agreement") by VW
CREDIT, INC., a Delaware corporation (the "Seller"), and VOLKSWAGEN AUTO LEASE
UNDERWRITTEN FUNDING, LLC, a Delaware limited liability company (the "Buyer").

                                   WITNESSETH:

     WHEREAS, VW Credit Leasing, Ltd. is a Delaware statutory trust (the
"Origination Trust") formed and operated pursuant to that certain Trust
Agreement dated as of June 2, 1999 (as amended, modified or supplemented from
time to time, the "Origination Trust Agreement") for the purpose, among other
things, of acquiring title to Units;

     WHEREAS, on the date hereof, the Seller, as owner of the entire undivided
interest in the Origination Trust (the "UTI Portfolio"), and U.S. Bank National
Association, as UTI Trustee (in such capacity, the "UTI Trustee"), SUBI Trustee
(in such capacity, the "SUBI Trustee") and Administrative Trustee (in such
capacity, the "Administrative Trustee"; together with the UTI Trustee, the SUBI
Trustee and Wilmington Trust Company, as Delaware Trustee (the "Delaware
Trustee"), the "Origination Trustees"), are entering into that certain
Transaction SUBI Supplement 20[__]-[__] to Origination Trust Agreement (as
amended, modified or supplemented from time to time, the "Transaction SUBI
Supplement") to create a special unit of beneficial interest (the "Transaction
SUBI"); and

     WHEREAS, the Seller desires to sell to the Buyer, and the Buyer desires to
acquire, the Seller's entire beneficial ownership interest in (A) the Units
allocated to the Transaction SUBI (the "Transaction SUBI Portfolio") and (B) the
certificate issued as evidence thereof (the "Transaction SUBI Certificate");

     NOW, THEREFORE, in consideration of the premises and the mutual agreements
set forth herein, the parties hereto agree as follows:

                                   ARTICLE I

                                   DEFINITIONS

     SECTION 1.1 Certain Terms. Terms defined in Appendix A to the Indenture,
dated as of [_____], [_____] (as amended, supplemented or modified from time to
time, the "Indenture"), between Volkswagen Auto Lease Trust 20[__]-[__], a
Delaware statutory trust (the "Issuer"), and [_____], as indenture trustee, are,
unless otherwise defined herein or unless the context otherwise requires, used
herein as defined therein. In addition, the following terms shall have the
following meanings (such terms applicable to both the singular and plural form):

     "Allocation Price" means, with respect to any Unit, an amount equal to 100%
of the Securitization Value thereof as of the Cut-Off Date.

                                                             SUBI Sale Agreement

<PAGE>

     "SUBI Allocation Price" means, with respect to all Units to be allocated to
the Transaction SUBI in accordance with Section 2.1 on the Closing Date, the
aggregate of the Allocation Prices for all Units to be so allocated on such
date.

     SECTION 1.2 Other Definitional Provisions.

     (a) Each term defined in the singular form in this Agreement shall mean the
plural thereof when the plural form of such term is used in this Agreement or
any certificate, report or other document made or delivered pursuant hereto, and
each term defined in the plural form in shall mean the singular thereof when the
singular form of such term is used herein or therein.

     (b) The words "hereof", "herein", "hereunder" and similar terms when used
in this Agreement shall refer to this Agreement as a whole and not to any
particular provision of this Agreement, and article, section, subsection,
schedule and exhibit references herein are references to articles, sections,
subsections, schedules and exhibits to or of this Agreement unless otherwise
specified.

     SECTION 1.3 Other Terms. All accounting terms not specifically defined
herein or in Appendix A to the Indenture shall be construed in accordance with
GAAP. All terms used in Article 9 of the UCC and not specifically defined herein
or in Appendix A to the Indenture are used herein as defined in such Article 9.

     SECTION 1.4 Computation of Time Periods. Unless otherwise stated in this
Agreement, in the computation of a period of time from a specified date to a
later specified date, the word "from" means "from and including" and the words
"to" and "until" each mean "to but excluding".

                                   ARTICLE II

                            PURCHASE AND CONTRIBUTION

     SECTION 2.1 Agreement to Sell and Contribute.

     On the terms and subject to the conditions set forth in this Agreement, on
the date hereof, the Seller hereby:

     (a) transfers, assigns, sets over, sells and otherwise conveys to the
Buyer, and the Buyer hereby purchases from the Seller, all of the Seller's
right, title and interest in and to the Transaction SUBI Certificate and the
Transaction SUBI, including, but not limited to, all Collections thereunder
after the Cut-Off Date; and

     (b) directs the UTI Trustee and the Servicer to identify from the
Origination Trust Assets allocable to the UTI Interest, and to allocate to the
Transaction SUBI Portfolio represented by the Transaction SUBI Certificate, the
Transaction SUBI Assets identified in Section 11.1 of the Transaction SUBI
Supplement.

     SECTION 2.2 Consideration and Payment. In consideration of the transfer of
the Transaction SUBI transferred to the Buyer on the Closing Date, the Buyer
shall pay to the Seller

                                       2

<PAGE>

on the Closing Date the SUBI Allocation Price with respect thereto by (i) making
a cash payment to the Seller to the extent that the Buyer has received a cash
payment from the Issuer pursuant to the SUBI Transfer Agreement and (ii) if the
SUBI Allocation Price to be paid for the Units exceeds the amount of any cash
payment for the account of the Seller on such day pursuant to clause (i), (x)
such excess shall automatically be considered to have been contributed to the
Buyer by the Seller as a capital contribution or (y) at the option of the Seller
(as evidenced by notice to the Buyer), to the extent the Buyer would not be left
with insufficient capital to meet, with a reasonable degree of certainty, its
reasonably foreseeable obligations as they come due, the Buyer may increase the
principal amount due and outstanding under the Subordinated Note (as defined
below). As of the Closing Date, the Buyer paid in cash $[__________] of the SUBI
Allocation Price, and the Seller contributed to the Buyer such Units as had an
aggregate Securitization Value equal to $[ ] and received the Subordinated Note
(as defined below) in an initial outstanding principal amount of $[__________].

     SECTION 2.3 Representations, Warranties and Covenants.

     (a) The Seller hereby represents and warrants to the Buyer that, as of the
date hereof:

          (i) Existence and Power. The Seller is a corporation and the
     Origination Trust is a statutory trust, in each case, duly organized,
     validly existing and in good standing under the laws of its state of
     organization, and each of the Seller and the Origination Trust has all
     power and authority required to carry on its business as it is now
     conducted. Each of the Seller and the Origination Trust has obtained all
     necessary licenses and approvals, in all jurisdictions where the failure to
     do so would materially and adversely affect the business, properties,
     financial condition or results of operations of the Seller or the
     Origination Trust, respectively, taken as a whole.

          (ii) Corporate Authorization and No Contravention. The execution,
     delivery and performance by each of the Seller and the Origination Trust of
     each Transaction Document to which it is a party (i) have been duly
     authorized by all necessary corporate action, (ii) do not contravene or
     constitute a default under (A) any applicable law, rule or regulation, (B)
     its organizational documents or (C) any agreement, contract, order or other
     instrument to which it is a party or its property is subject and (iii) will
     not result in any Adverse Claim on the Transaction SUBI or give cause for
     the acceleration of any indebtedness of the Seller or the Origination
     Trust.

          (iii) No Consent Required. No approval, authorization or other action
     by, or filing with, any Governmental Authority is required in connection
     with the execution, delivery and performance by the Seller or the
     Origination Trust of any Transaction Document other than UCC filings and
     other than approvals and authorizations that have previously been obtained
     and filings which have previously been made.

          (iv) Binding Effect. Each Transaction Document to which the Seller or
     the Origination Trust is a party constitutes the legal, valid and binding
     obligation of such Person enforceable against such Person in accordance
     with its terms, except as limited by bankruptcy, insolvency, or other
     similar laws of general application relating to or

                                       3

<PAGE>

     affecting the enforcement of creditors' rights generally and subject to
     general principles of equity.

          (v) Ownership and Transfer of Transaction SUBI. Immediately preceding
     its sale of the Transaction SUBI to the Buyer, the Seller was the owner of
     the Transaction SUBI, free and clear of any Adverse Claim, and after such
     sale of the Transaction SUBI to the Buyer, the Buyer shall at all times be
     entitled, with respect to the Transaction SUBI, to all of the rights and
     benefits of a holder of a SUBI under the Origination Trust Documents.

          (vi) Applicable Law. Each of the Seller and the Origination Trust is
     in compliance with all Applicable Laws, the failure to comply with which
     would have a material adverse effect.

          (vii) Litigation. There are no actions, suits or proceedings pending
     or, to the knowledge of the Seller, threatened against the Seller before or
     by any Governmental Authority that (i) question the validity or
     enforceability of this Agreement or adversely affect the ability of the
     Seller to perform its obligations hereunder or (ii) individually or in the
     aggregate would have a material adverse effect. Neither the Seller nor the
     Origination Trust is in default with respect to any orders of any
     Governmental Authority, the default under which individually or in the
     aggregate would have a material adverse effect.

          (viii) Status of Seller. The Seller is not an "investment company"
     within the meaning of the Investment Company Act of 1940, as amended. The
     Seller is not subject to regulation as a "holding company", an "affiliate"
     of a "holding company", or a "subsidiary company" of a "holding company",
     within the meaning of the Public Utility Holding Company Act of 1935, as
     amended.

          (ix) Status of Origination Trust. The Origination Trust is not an
     "investment company" within the meaning of the Investment Company Act of
     1940, as amended. The Origination Trust is not subject to regulation as a
     "holding company", an "affiliate" of a "holding company", or a "subsidiary
     company" of a "holding company", within the meaning of the Public Utility
     Holding Company Act of 1935, as amended.

     The representations and warranties set forth in this Section 2.3(a) shall
speak only as of the date hereof and shall survive the sale of the Transaction
SUBI hereunder.

     (b) The Seller hereby represents and warrants to the Buyer with respect to
each Unit being allocated to the Transaction SUBI on the Closing Date that, as
of the Cut-Off Date or the Closing Date, as applicable, the representations and
warranties set forth on Schedule I hereto were true and correct with respect to
such Unit. The representation and warranties set forth on Schedule I hereto
shall survive the allocation of such Unit hereunder.

     (c) Upon discovery by the Buyer or the Seller of a breach of any of the
representations and warranties set forth in Section 2.3(b) at the time such
representations and warranties were made which materially and adversely affects
the interests of the Issuer in the related Unit, the party discovering such
breach shall give prompt written notice thereof to the

                                       4

<PAGE>

other parties. If the Seller does not correct or cure such breach prior to the
end of the Collection Period after the date that the Seller was notified of such
breach, then the Seller shall direct the SUBI Trustee and the Servicer to
reallocate the noncompliant Units from the Transaction SUBI Portfolio to the UTI
Portfolio on the Payment Date following the end of such Collection Period. In
consideration for such reallocation, the Seller shall make a payment to the
Buyer equal to the Securitization Value of such Unit as of the beginning of the
Collection Period preceding such Payment Date by depositing such amount into the
Collection Account prior to 11:00 a.m., New York City time, on such Payment
Date. It is understood and agreed that the obligation of the Seller to
reallocate any Unit as to which such a breach has occurred and is continuing as
described above and to make the related reallocation payment shall constitute
the sole remedy respecting such breach available to the Buyer.

     (d) Perfection Representations. The representations, warranties and
covenants set forth on Schedule II hereto shall be a part of this Agreement for
all purposes. Notwithstanding any other provision of this Agreement or any other
Transaction Document, the perfection representations contained in Schedule II
shall be continuing, and remain in full force and effect until such time as all
obligations under the Indenture have been finally and fully paid and performed.
The parties to this Agreement: (i) shall not waive any of the perfection
representations contained in Schedule II; (ii) shall provide the Rating Agencies
with prompt written notice of any breach of perfection representations contained
in this Schedule and (iii) shall not waive a breach of any of the perfection
representations contained in Schedule II.

     SECTION 2.4 Subordinated Note.

     (a) On the Closing Date, the Buyer will deliver to the Seller a
subordinated promissory note, payable to the order of the Seller (as the same
may be amended, supplemented, endorsed or otherwise modified from time to time,
together with any promissory note issued from time to time in substitution
therefor or renewal thereof, being herein called the "Subordinated Note").

     (b) The Seller shall make all appropriate record keeping entries with
respect to the Subordinated Note to reflect the payments on and adjustment of
the Subordinated Note. The Seller's books and records shall constitute
rebuttable presumptive evidence of the principal amount of and accrued interest
on the Subordinated Note at any time, and the Seller hereby promises to mark the
Subordinated Note "CANCELED" and return it to the Buyer upon the final payment
thereof.

     SECTION 2.5 Protection of Title.

     (a) Filings. The Seller shall file such financing statements and cause to
be filed such continuation and other statements, all in such manner and in such
places as may be required by law fully to preserve, maintain and protect the
interest of the Buyer under this Agreement in the Transaction SUBI. The Seller
shall deliver (or cause to be delivered) to the Buyer file-stamped copies of, or
filing receipts for, any document filed as provided above, as soon as available
following such filing.

                                       5

<PAGE>

     (b) Name Change. The Seller shall not change its name, identity or
corporate structure in any manner that would, could, or might make any financing
statement or continuation statement filed by the Seller in accordance with
Section 2.5(a) "seriously misleading" within the meaning of Section 9-506, 9-507
and 9-508 of the UCC, unless it shall have given the Buyer at least 30 days'
prior written notice thereof and shall have taken all action prior to making
such change (or shall have made arrangements to take such action substantially
simultaneously with such change, if it is not possible to take such action in
advance) reasonably necessary or advisable in the opinion of the Buyer to amend
all previously filed financing statements or continuation statements described
in Section 2.5(a).

     (c) Sales Tax. All sales, property, use, transfer or other similar taxes
due and payable upon the purchase of the Transaction SUBI and the beneficial
interest in the Units included in the Transaction SUBI Portfolio by the Buyer
will be paid or provided for by the Seller.

     (d) Executive Office; Maintenance of Offices. The Seller shall give the
Buyer at least 30 days' prior written notice of any change of location of the
Seller for purposes of Section 9-307 of the UCC and shall have taken all action
prior to making such change (or shall have made arrangements to take such action
substantially simultaneously with such change, if it is not possible to take
such action in advance) reasonably necessary or advisable in the opinion of the
Buyer to amend all previously filed financing statements or continuation
statements described in Section 2.5(a). The Seller shall at all times maintain
each office from which it services Origination Trust Assets and its principal
executive office within the United States of America.

     SECTION 2.6 Other Adverse Claims or Interests. Except for the conveyances
and grants of security interests pursuant to this Agreement and the other
Transaction Documents, the Seller shall not sell, pledge, assign or transfer the
Transaction SUBI to any other Person, or grant, create, incur, assume or suffer
to exist any Adverse Claim on any interest therein, and the Seller shall defend
the right, title and interest of the Buyer in, to and under the Transaction SUBI
against all claims of third parties claiming through or under the Seller.

                                  ARTICLE III

                                 MISCELLANEOUS

     SECTION 3.1 Transfers Intended as Sale; Security Interest.

     (a) Each of the parties hereto expressly intends and agrees that the
transfers contemplated and effected under this Agreement are complete and
absolute sales and contributions rather than pledges or assignments of only a
security interest and shall be given effect as such for all purposes. The sale
and contribution of the Transaction SUBI and the Transaction SUBI Certificate
shall be reflected on the Seller's balance sheet and other financial statements
as a sale and contribution of assets by the Seller. The sales and contributions
by the Seller of the Transaction SUBI and the Transaction SUBI Certificate and
the beneficial interest in the Units allocated thereto hereunder are and shall
be without recourse to, or representation or warranty (express or implied) by,
the Seller, except as otherwise specifically provided herein. The limited rights
of recourse specified herein against the Seller are intended to provide a remedy
for breach of representations and warranties relating to the condition of the
property

                                       6

<PAGE>

sold, rather than to the collectibility of underlying indebtedness, and
therefore are intended to be consistent with warranties ordinarily given by a
seller of goods under Article 2 of the UCC.

     (b) Notwithstanding the foregoing, in the event that the Transaction SUBI
and the Transaction SUBI Certificate are held to be property of the Seller, or
if for any reason this Agreement is held or deemed to create a security interest
in the Transaction SUBI and the Transaction SUBI Certificate, then it is
intended that:

          (i) This Agreement shall be deemed to be a security agreement within
     the meaning of Articles 8 and 9 of the New York UCC and the UCC of any
     other applicable jurisdiction;

          (ii) The conveyance provided for in Section 2.1 shall be deemed to be
     a grant by the Seller to the Buyer of a security interest in all of its
     right (including the power to convey title thereto), title and interest,
     whether now owned or hereafter acquired, in and to the Transaction SUBI and
     the Transaction SUBI Certificate, to secure the performance of the
     obligations of the Seller hereunder;

          (iii) The possession by the Buyer or its agent of the Transaction SUBI
     Certificate shall be deemed to be "possession by the secured party" or
     possession by the purchaser or a person designated by such purchaser, for
     purposes of perfecting the security interest pursuant to the New York UCC
     and the UCC of any other applicable jurisdiction; and

          (iv) Notifications to persons holding such property, and
     acknowledgments, receipts or confirmations from persons holding such
     property, shall be deemed to be notifications to, or acknowledgments,
     receipts or confirmations from, bailees or agents (as applicable) of the
     Buyer for the purpose of perfecting such security interest under applicable
     law.

     SECTION 3.2 Specific Performance. Either party may enforce specific
performance of this Agreement.

     SECTION 3.3 Notices, Etc. All notices and other communications provided for
hereunder shall, unless otherwise stated herein, be in writing (including
facsimile communication) and shall be personally delivered or sent by certified
mail, postage prepaid, or by facsimile, to the intended party at the address or
facsimile number of such party set forth under its name on the signature pages
hereof or at such other address or facsimile number as shall be designated by
such party in a written notice to the other parties hereto. All such notices and
communications shall be effective (a) if personally delivered when received, (b)
if sent by certified mail, three Business Days after having been deposited in
the mail, postage prepaid, (c) if sent by overnight courier, one Business Day
after having been given to such courier, and (d) if transmitted by facsimile,
when sent, receipt confirmed by telephone or electronic means.

     SECTION 3.4 Choice of Law. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW
YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW AND THE
OBLIGATIONS,

                                       7

<PAGE>

RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
WITH SUCH LAWS.

     SECTION 3.5 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.

     SECTION 3.6 Amendment.

     (a) Any term or provision of this Agreement may be amended by the parties
hereto without the consent of the Indenture Trustee, any Noteholder, the Issuer
or the Owner Trustee; provided that (i) any amendment that materially and
adversely affects the interests of the Noteholders shall require the consent of
Noteholders evidencing not less than a majority of the aggregate outstanding
principal amount of the Outstanding Notes, voting as a single class, and (ii)
any amendment that materially and adversely affects the interests of the
Certificateholders, the Indenture Trustee or the Owner Trustee shall require the
prior written consent of the Persons whose interests are materially and
adversely affected. An amendment shall be deemed not to materially and adversely
affect the interests of the Noteholders if the Rating Agency Condition is
satisfied with respect to such amendment. The consent of the Certificateholders,
the Indenture Trustee or the Owner Trustee 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) Notwithstanding the foregoing, no amendment shall (i) reduce the
interest rate or principal amount of any Note, or delay the Final Scheduled
Payment Date of any Note without the consent of the Holder of such Note, or (ii)
reduce the percentage of the aggregate outstanding principal amount of the
Outstanding Notes, the Holders of which are required to consent to any matter
without the consent of the Holders of at least the percentage of the aggregate
outstanding principal amount of the Outstanding Notes which were required to
consent to such matter before giving effect to such amendment.

     (c) Notwithstanding anything herein to the contrary, any term or provision
of this Agreement may be amended by the parties hereto without the consent of
any of the Noteholders or any other Person to add, modify or eliminate any
provisions as may be necessary or advisable in order to comply with or obtain
more favorable treatment under or with respect to any law or regulation or any
accounting rule or principle (whether now or in the future in effect); it being
a condition to any such amendment that the Rating Agency Condition shall have
been satisfied.

     (d) 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.

     (e) Prior to the execution of any amendment to this Agreement, the Buyer
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 Buyer shall furnish a copy of such amendment to each
Rating Agency, the Issuer, the Owner Trustee and the Indenture Trustee.

                                       8

<PAGE>

     (f) Prior to the execution of any amendment to this Agreement, the Owner
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.

     SECTION 3.7 Waivers. No failure or delay on the part of the Buyer, the
Servicer, the Seller, the Issuer or the Indenture Trustee in exercising any
power or right hereunder (to the extent such Person has any power or right
hereunder) shall operate as a waiver thereof, nor shall any single or partial
exercise of any such power or right preclude any other or further exercise
thereof or the exercise of any other power or right. No notice to or demand on
the Buyer or the Seller in any case shall entitle it to any notice or demand in
similar or other circumstances. No waiver or approval by the Buyer under this
Agreement shall, except as may otherwise be stated in such waiver or approval,
be applicable to subsequent transactions. No waiver or approval under this
Agreement shall require any similar or dissimilar waiver or approval thereafter
to be granted hereunder.

     SECTION 3.8 Entire Agreement. The Transaction Documents contain a final and
complete integration of all prior expressions by the parties hereto with respect
to the subject matter thereof and shall constitute the entire agreement among
the parties hereto with respect to the subject matter thereof, superseding all
prior oral or written understandings. There are no unwritten agreements among
the parties.

     SECTION 3.9 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.

     SECTION 3.10 Binding Effect; Assignability. This Agreement shall be binding
upon and inure to the benefit of the Buyer and the Seller and their respective
successors and permitted assigns. The Seller may not assign any of its rights
hereunder or any interest herein without the prior written consent of the Buyer,
except as otherwise herein specifically provided. This Agreement shall create
and constitute the continuing obligations of the parties hereto in accordance
with its terms, and shall remain in full force and effect until such time as the
parties hereto shall agree.

     SECTION 3.11 Acknowledgment and Agreement. By execution below, the Seller
expressly acknowledges and consents to the sale of the Transaction SUBI and the
assignment of all rights and obligations of the Seller related thereto by the
Buyer to the Issuer pursuant to the SUBI Transfer Agreement and the mortgage,
pledge, assignment and grant of a security interest in the Transaction SUBI by
the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of
the Noteholders. In addition, the Seller hereby acknowledges and agrees that for
so long as the Notes are outstanding, the Indenture Trustee will have the right
to exercise all powers, privileges and claims of the Buyer under this Agreement.

                                       9
<PAGE>

     SECTION 3.12 No Waiver; Cumulative Remedies. The remedies herein provided
are cumulative and not exclusive of any remedies provided by law.

     SECTION 3.13 Nonpetition 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. Each of the parties
hereto agrees that, prior to the date which is one year and one day after the
payment in full of all obligations under each Financing, it will not institute
against, or join any other Person in instituting against, any Bankruptcy Remote
Party an action in bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings or similar proceeding under the laws of the United
States or any State of the United States.

     SECTION 3.14 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 Section 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 Transaction 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)

                                       10

<PAGE>

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.

     SECTION 3.15 Submission to Jurisdiction; Waiver of Jury Trial. Each of the
parties hereto hereby irrevocably and unconditionally:

     (a) 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;

     (b) 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;

     (c) 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 3.3 of this Agreement;

     (d) 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

     (e) to the extent permitted by applicable law, 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.

                            [Signature Page Follows]

                                       11

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the day and year first written above.

                                        VW CREDIT, INC.

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

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

                                        Address:

                                        3800 Hamlin Road
                                        Auburn Hills, Michigan 48326
                                        Attn: Treasurer
                                        Telephone: (248) 754-5360
                                        Telecopy: (248) 754-4581

                                       S-1

<PAGE>

                                        VOLKSWAGEN AUTO LEASE UNDERWRITTEN
                                        FUNDING, LLC

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

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

                                        Address:

                                        3800 Hamlin Road
                                        Auburn Hills, Michigan 48326
                                        Attn: Treasurer
                                        Telephone: (248) 754-5360
                                        Telecopy: (248) 754-4581

                                       S-2

<PAGE>

                                   SCHEDULE I

                         REPRESENTATIONS AND WARRANTIES
                              WITH RESPECT TO UNITS

     1. Ownership of the Units.

     (a) As of the Cut-Off Date, good and valid ownership of each Unit will be
validly and effectively vested in the Origination Trust, free and clear of all
Adverse Claims, except for Permitted Liens (and no Adverse Claim, other than an
Adverse Claim of the type described in clause (f) of the definition of Permitted
Liens, shall be noted on the certificate of title for any Vehicle included in
any such Unit).

     (b) As of the Closing Date, good and valid ownership of the beneficial
interest in each Unit will be validly and effectively conveyed to, and vested in
the Buyer, free and clear of all Adverse Claims, except for Permitted Liens.

     2. Event of Loss. As of the Cut-Off Date, to the Seller's knowledge, no
Vehicle included in any such Unit was subject to an event which would constitute
an Event of Loss.

     3. Eligible Units. As of the Cut-Off Date, each Unit included in the
Transaction SUBI Portfolio was an Eligible Unit.

     4. Amortization of Leases. The Lease included in such Unit was written on a
constant yield basis and provides for substantially equal monthly payments, such
that, at the end of the lease term, the capitalized cost has been amortized to
an amount equal to the Stated Residual Value of the related Vehicle.

     5. Valid Assignment. No Transaction Lease was originated in, or is subject
to the laws of, any jurisdiction under which the transfer and assignment of a
beneficial interest in such Transaction Vehicle pursuant to a transfer of the
Transaction SUBI Certificate or the Transaction SUBI or any other transaction
contemplated hereunder to occur on or about the Closing Date, is unlawful, void
or voidable. No Transaction Vehicle is subject to the laws of any jurisdiction
under which the transfer and assignment of a beneficial interest in such Vehicle
pursuant to transfer of the Transaction SUBI Certificate or the Transaction
SUBI, or any other transaction contemplated hereunder to occur on or about the
Closing Date, is unlawful, void or voidable.

     6. Aggregate Securitization Value. As of the Cut-Off Date, the aggregate
Securitization Value of all Transaction Units was $[___________].

     7. New Vehicles. Each Vehicle related to a Unit included in the Transaction
SUBI Portfolio was new Vehicle at the inception of the related Lease.

     8. Location of Leases. As of the Closing Date, the files and records for
each Unit included in the Transaction SUBI Portfolio are maintained at the
offices of the Servicer.

     9. Accuracy of Information. The information relating to each Unit set forth
on Schedule 1 to the Transaction SUBI Supplement is true and correct in all
material respects.

                                       I-1

<PAGE>

                                   SCHEDULE II

              PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS

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

     1. The SUBI Sale Agreement creates a valid and continuing security interest
(as defined in the applicable UCC) in the Transaction SUBI Certificate in favor
of the Buyer, which security interest is prior to all other Adverse Claims and
is enforceable as such as against creditors of and purchasers from the Seller.

     2. The Transaction SUBI Certificate constitutes a "general intangible,"
"instrument," "certificated security," or "tangible chattel paper," within the
meaning of the applicable UCC.

     3. The Seller owns and has good and marketable title to the Transaction
SUBI Certificate free and clear of any Adverse Claim, claim or encumbrance of
any Person, excepting only liens for taxes, assessments or similar governmental
charges or levies incurred in the ordinary course of business that are not yet
due and payable or as to which any applicable grace period shall not have
expired, or that are being contested in good faith by proper proceedings and for
which adequate reserves have been established, but only so long as foreclosure
with respect to such a lien is not imminent and the use and value of the
property to which the Adverse Claim attaches is not impaired during the pendency
of such proceeding.

     4. The Seller has received all consents and approvals to the sale of the
Transaction SUBI Certificate hereunder to the Buyer required by the terms of the
Transaction SUBI Certificate to the extent that it constitutes an instrument or
a payment intangible.

     5. The Seller has received all consents and approvals required by the terms
of the Transaction SUBI Certificate, to the extent that it constitutes a
securities entitlement, certificated security or uncertificated security, to the
transfer to the Buyer of its interest and rights in the Transaction SUBI
Certificate hereunder.

     6. The Seller has caused or will have caused, within ten days after the
effective date of the SUBI Sale Agreement, the filing of all appropriate
financing statements in the proper filing office in the appropriate
jurisdictions under applicable law in order to perfect the sale of the
Transaction SUBI Certificate from the Seller to the Buyer and the security
interest in the Transaction SUBI Certificate granted to the Buyer hereunder.

     7. To the extent that the Transaction SUBI Certificate constitutes an
instrument or tangible chattel paper, all original executed copies of each such
instrument or tangible chattel paper have been delivered to the Buyer.

     8. Other than the transfer of the Transaction SUBI Certificate from the
Seller to the Buyer under the SUBI Sale Agreement and from the Buyer to the
Issuer under the SUBI Transfer Agreement and the security interest granted to
the Indenture Trustee pursuant to the Indenture, the Seller has not pledged,
assigned, sold, granted a security interest in, or otherwise conveyed

                                      II-1

<PAGE>

the Transaction SUBI Certificate. The Seller has not authorized the filing of,
nor is aware of, any financing statements against the Seller that include a
description of collateral covering the Transaction SUBI Certificate other than
any financing statement relating to any security interest granted pursuant to
the Transaction Documents or that has been terminated.

     9. No instrument or tangible chattel paper that constitutes or evidences
the Transaction SUBI Certificate has any marks or notations indicating that it
has been pledged, assigned or otherwise conveyed to any Person other than the
Indenture Trustee.

                                      II-2

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