Document:

EX-10.4

 Exhibit 10.4 
  

 
 SUBI TRANSFER AGREEMENT

 dated as of [     ], [    ] 

between  

VOLKSWAGEN AUTO LEASE/LOAN UNDERWRITTEN FUNDING, LLC, 
 as Seller 
 and  

VOLKSWAGEN AUTO LEASE TRUST 20[    ]-[    ], 

as Buyer 
  

 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	ARTICLE I DEFINITIONS	  			
			
	 SECTION 1.1
	 	Certain Terms	  	 	2	  
	 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	  			
			
	 SECTION 2.1
	 	Agreement to Sell and Transfer Transaction SUBI	  	 	2	  
	 SECTION 2.2
	 	Consideration and Payment	  	 	3	  
	 SECTION 2.3
	 	Representations and Warranties	  	 	3	  
	 SECTION 2.4
	 	Protection of Title	  	 	4	  
	 SECTION 2.5
	 	Other Adverse Claims or Interests	  	 	5	  
		
	ARTICLE III MISCELLANEOUS	  			
			
	 SECTION 3.1
	 	Transfers Intended as Sale; Security Interest	  	 	5	  
	 SECTION 3.2
	 	Specific Performance	  	 	6	  
	 SECTION 3.3
	 	Notices, Etc	  	 	6	  
	 SECTION 3.4
	 	CHOICE OF LAW	  	 	6	  
	 SECTION 3.5
	 	Counterparts	  	 	7	  
	 SECTION 3.6
	 	Amendment	  	 	7	  
	 SECTION 3.7
	 	Waivers	  	 	8	  
	 SECTION 3.8
	 	Entire Agreement	  	 	8	  
	 SECTION 3.9
	 	Severability of Provisions	  	 	8	  
	 SECTION 3.10
	 	Binding Effect; Assignability	  	 	8	  
	 SECTION 3.11
	 	Acknowledgment and Agreement	  	 	8	  
	 SECTION 3.12
	 	Cumulative Remedies	  	 	8	  
	 SECTION 3.13
	 	Non-petition Covenant	  	 	8	  
	 SECTION 3.14
	 	Each SUBI Separate; Assignees of SUBI	  	 	9	  
	 SECTION 3.15
	 	SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL	  	 	10	  
	 SECTION 3.16
	 	Limitation of Liability of Owner Trustee	  	 	10	  
		
	Schedule I Perfection Representations, Warranties and Covenants	  			

  
 -i-

 SUBI TRANSFER AGREEMENT 

THIS SUBI TRANSFER AGREEMENT (as amended, supplemented or modified from time to time, this “Agreement”) is made and
entered into as of [ ], [ ] by VOLKSWAGEN AUTO LEASE/LOAN UNDERWRITTEN FUNDING, LLC, a Delaware limited liability company (the “Seller”), and VOLKSWAGEN AUTO LEASE/LOAN TRUST 20[ ]-[ ], a Delaware statutory trust
(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 purchased the Transaction SUBI and the Transaction SUBI Certificate (each as defined below) from VW Credit, Inc., a Delaware corporation (“VCI”),
pursuant to a SUBI Sale Agreement (the “SUBI Sale Agreement”); 
 WHEREAS, the Seller, as depositor, and
[ ], as owner trustee (the “Owner Trustee”), formed Volkswagen Auto Lease Trust 20[ ]-[ ] as a Delaware statutory trust pursuant to a Trust Agreement; 

WHEREAS, on the date hereof, VCI, 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”); 
 WHEREAS, the Seller desires to sell to the Buyer, and the Buyer desires to
acquire, the Seller’s entire interest in (A) the beneficial interest in the Units allocated to the Transaction SUBI (the “Transaction SUBI Portfolio”) and (B) the certificate issued as evidence thereof (the
“Transaction SUBI Certificate”); 
 WHEREAS, the Seller desires to assign rights under the SUBI Sale Agreement
to the Buyer; and 
 WHEREAS, the Buyer will finance its acquisition of the Transaction SUBI Portfolio and the Transaction SUBI
Certificate by issuing notes pursuant to an Indenture dated as of [ ], [ ] (as amended, supplemented or modified from time to time, the “Indenture”) with [ ], as indenture trustee (the “Indenture
Trustee”); 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements set forth herein, the parties
hereto agree as follows: 

  

			
		  	SUBI Transfer Agreement

 ARTICLE I 
 DEFINITIONS 
 SECTION 1.1 Certain Terms. Terms defined in Appendix A to the
Indenture 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 Allocation Price” means, with respect to all Units to be allocated to
the Transaction SUBI 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. 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. The term “include” and all
variations thereon shall mean “include without limitation” and the term “or” shall include “and/or”. 
 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 Transfer Transaction SUBI. 
 On the terms
and subject to the conditions set forth in this Agreement, on the date hereof, the Seller hereby: 

  

			
	2	  	SUBI Transfer Agreement

 (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) assigns all rights of the Seller under the SUBI Sale Agreement to the Buyer, including without limitation, the
Seller’s rights under Section 2.3(c) of the SUBI Sale Agreement. 
 SECTION 2.2 Consideration and
Payment. In consideration of the transfer of the Transaction SUBI, the Transaction SUBI Certificate and the other property conveyed to the Buyer pursuant to Section 2.1 on the Closing Date, the Buyer shall pay to the Seller on the
Closing Date the SUBI Allocation Price with respect thereto by delivering to, or upon the order of, the Seller, all of the Notes and the Certificate on the Closing Date. 
 SECTION 2.3 Representations and Warranties. 
 (a) The Seller hereby
represents and warrants to the Buyer that, as of the date hereof: 
 (i) Existence and Power. The Seller
is a limited liability company duly organized, validly existing and in good standing under the laws of its state of organization and has all power and authority required to carry on its business as it is now conducted. The Seller 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 taken as a whole. 

(ii) Company Authorization and No Contravention. The execution, delivery and performance by the Seller of each
Transaction Document to which it is a party (i) have been duly authorized by all necessary limited liability company action and (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. 
 (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 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 is a party constitutes the legal, valid and binding obligation of the Seller enforceable against the Seller in accordance with its terms, except as limited by bankruptcy, insolvency, or other similar laws of
general application relating to or affecting the enforcement of creditors’ rights generally and subject to general principles of equity. 

  

			
	3	  	SUBI Transfer Agreement

 (v) Ownership and Transfer of Transaction SUBI. Immediately preceding
its sale of the Transaction SUBI and the Transaction SUBI Certificate to the Buyer, the Seller was the owner of the Transaction SUBI and the Transaction SUBI Certificate, free and clear of any Adverse Claim, and after such sale of the Transaction
SUBI and the Transaction SUBI Certificate to the Buyer, the Buyer shall at all times be entitled, with respect to the Transaction SUBI and the Transaction SUBI Certificate, to all of the rights and benefits of a holder of a SUBI and a SUBI
Certificate under the Origination Trust Documents. 
 (vi) Applicable Law. The Seller 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. The Seller is not 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 required to be registered as an “investment company” within
the meaning of the Investment Company Act of 1940, 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) Perfection Representations. The representations, warranties and covenants set forth on Schedule I 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 I 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 I; (ii) shall
provide the Rating Agencies with prompt written notice of any breach of perfection representations contained in Schedule I and (iii) shall not waive a breach of any of the perfection representations contained in Schedule I.

 SECTION 2.4 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 Transaction SUBI Certificate and the Seller’s rights under the SUBI Sale Agreement. 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. 

  

			
	4	  	SUBI Transfer Agreement

 (b) Name Change. The Seller shall not change its name, identity or limited liability
company structure in any manner that would, could, or might make any financing statement or continuation statement filed by the Seller in accordance with Section 2.4(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 5 Business 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 practicable 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 2.4(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) Location; Maintenance of Offices. The Seller shall give the Buyer at least 5 Business 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 practicable 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 2.4(a). The Seller shall at
all times maintain its principal executive office within the United States of America. 
 SECTION 2.5 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. It is further the intention of the parties hereto that the Transaction SUBI, the
Transaction SUBI Certificate and the Seller’s rights under the SUBI Sale Agreement shall not be part of the Seller’s estate in the event of a bankruptcy or insolvency of 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 sold, rather than to the
collectibility of underlying indebtedness. 

  

			
	5	  	SUBI Transfer Agreement

 (b) Notwithstanding the foregoing, in the event that the Transaction SUBI, the Transaction
SUBI Certificate and the Seller’s rights under the SUBI Sale Agreement 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, the Transaction SUBI
Certificate and the Seller’s rights under the SUBI Sale Agreement, 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, the Transaction SUBI Certificate and the Seller’s rights under the
SUBI Sale Agreement, 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
demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first class United States mail, postage prepaid, hand delivery, prepaid courier service, or by telecopier, and addressed in
each case as set forth in Schedule II to the Indenture or at such other address as shall be designated in a written notice to the other parties hereto. Delivery shall occur only upon receipt or reported tender of such communication by an
officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder. 

SECTION 3.4 CHOICE OF LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAW (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS
LAW OF THE STATE OF NEW YORK). 

  

			
	6	  	SUBI Transfer Agreement

 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 Seller without the consent of the Indenture Trustee, any Noteholder, the Buyer or any other Person subject to satisfaction of one of the following conditions: (i) the Seller or the Servicer delivers an Officer’s Certificate
or an Opinion of Counsel to the Indenture Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders or (ii) the Rating Agency Condition is satisfied with respect to such amendment.
Without limiting the foregoing and subject to clause (b) below, any term or provision of this Agreement may be amended by the Seller with the consent of Noteholders evidencing not less than a majority of the Outstanding Note Amount,
voting as a single class. Notwithstanding the foregoing, any amendment that materially and adversely affects the interests of the Certificateholders, the Indenture Trustee or the Buyer shall require the prior written consent of the Persons whose
interests are materially and adversely affected. The consent of the Certificateholders or the Buyer 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 anything herein to the contrary, 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 Outstanding Note Amount, the Holders
of which are required to consent to any matter without the consent of the Holders of at least the percentage of the Outstanding Note Amount which were required to consent to such matter before giving effect to such amendment. 

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

  

			
	7	  	SUBI Transfer Agreement

 SECTION 3.7 Waivers. No failure or delay on the part of the Buyer, the Servicer, the
Seller 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
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 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 provided in Section 3.11 or 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 pledge of the
Transaction SUBI Certificate and the Transaction SUBI and the assignment of all rights and obligations of the Seller related thereto by the Buyer 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 in the event that Buyer shall fail to
exercise the same. 
 SECTION 3.12 Cumulative Remedies. The remedies herein provided are cumulative and not exclusive of
any remedies provided by law. 
 SECTION 3.13 Non-petition Covenant. With respect to each Bankruptcy Remote Party, each
party hereto covenants and agrees that, prior to the date which is one year and one day after payment in full of all obligations under each Financing (i) such party shall not 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 

  

			
	8	  	SUBI Transfer Agreement

 
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) such party shall not
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 Certificate, by virtue of its acceptance of such Transaction SUBI Certificate or pledge thereof, acknowledges and agrees) that (a) the Transaction SUBI is a separate series of the Origination Trust as provided in
Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq., (b)(i) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the
Transaction SUBI or the Transaction SUBI Portfolio shall be enforceable against the Transaction SUBI Portfolio only and not against any Other SUBI Assets or the UTI Portfolio and (ii) the debts, liabilities, obligations and expenses incurred,
contracted for or otherwise existing with respect to any Other SUBI, any Other SUBI Portfolio, the UTI or the UTI Portfolio shall be enforceable against such Other SUBI Portfolio or the UTI Portfolio only, as applicable, and not against the
Transaction SUBI or the Transaction SUBI Portfolio, (c) except to the extent required by law, UTI Assets or SUBI Assets with respect to any Other 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 Other SUBI or any SUBI Assets other than the Transaction SUBI
Portfolio shall be entitled to maintain any action against or recover any assets allocated to the Transaction SUBI, and (e) any purchaser, assignee or pledgee of an interest in the Transaction SUBI or the Transaction SUBI Certificate must,
prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i) give to the Origination Trust a non-petition covenant substantially similar to that set forth in Section 6.9 of the Origination
Trust Agreement, and (ii) execute an agreement for the benefit of each holder, assignee or pledgee from time to time of the UTI or UTI Certificate and any Other SUBI or Other SUBI Certificate, to release all claims to the assets of the
Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio and in the event that such release is not given effect, to fully subordinate all claims it may be deemed to have against the assets of the Origination Trust allocated to
the UTI Portfolio and each Other SUBI Portfolio. 

  

			
	9	  	SUBI Transfer Agreement

 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. 
 SECTION 3.16 Limitation of Liability of Owner Trustee. Notwithstanding anything contained herein to the contrary, this instrument has been signed by [ ] not in its individual capacity but
solely in its capacity as Owner Trustee of the Buyer and in no event shall [ ] in its individual capacity or any beneficial owner of the Buyer have any liability for the representations, warranties, covenants, agreements or other obligations of
the Buyer hereunder, as to all of which recourse shall be had solely to the assets of the Buyer. 
 [Remainder of Page
Intentionally Left Blank] 

  

			
	10	  	SUBI Transfer Agreement

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

			
	 VOLKSWAGEN AUTO LEASE/LOAN
 UNDERWRITTEN FUNDING, LLC

		
	By:	 	 
		 	Name:                            
                                         
             
		 	Title:                            
                                         
               
		
	By:	 	 
		 	Name:                            
                                         
             
		 	Title:                            
                                         
               
		
		 	Address:
		
		 	 2200 Ferdinand Porsche Drive

Herndon, VA 20171
 Attn: Treasurer

Telecopy: (703) 364-7077

  

			
	S-1	  	SUBI Transfer Agreement

 
			
	VOLKSWAGEN AUTO LEASE TRUST 20[ ]-[ ]
	
	By: [ ], not in its individual capacity but solely as owner trustee
		
	By:	 	 
		 	Name:                            
                                         
             
		 	Title:                            
                                         
               
		
		 	Address:

  

			
	S-2	  	SUBI Transfer Agreement

 SCHEDULE I 
 PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 
 In addition to the
representations, warranties and covenants contained in the SUBI Transfer Agreement, the Seller hereby represents, warrants, and covenants to the Buyer as follows on the Closing Date: 
 1. The SUBI Transfer 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 Transfer 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 VCI to the Seller under the SUBI Sale Agreement
and from the Seller to the Buyer 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 the Transaction 

  
 I-1

 
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. 

  
 I-2EX-10.6

 Exhibit 10.6 

 
  
 VW CREDIT LEASING, LTD. 
 TRANSACTION SUBI SUPPLEMENT
20[     ]-[     ] 
 TO ORIGINATION TRUST AGREEMENT 

Between 
 VW
CREDIT, INC., 
 As Settlor And Initial Beneficiary 
 And 
 U.S. BANK NATIONAL ASSOCIATION, 

As Administrative Trustee, UTI Trustee And SUBI Trustee 
 Dated as of [     ], [     ] 
  

 

 CONTENTS 

 

					
	 Clause Subject Matter
	  	Page
		
	PART X DEFINITIONS; THIRD-PARTY BENEFICIARIES	  	2
			
	 Section 10.1
	 	Definitions	  	2
	 Section 10.2
	 	Third-Party Beneficiaries	  	3
		
	 PART XI CREATION OF THE TRANSACTION SUBI
	  	3
			
	 Section 11.1
	 	Initial Creation of Transaction SUBI Portfolio and Transaction SUBI	  	3
	 Section 11.2
	 	Subsequent Removals From the Transaction SUBI Portfolio	  	3
	 Section 11.3
	 	Issuance and Form of Transaction SUBI Certificate	  	4
	 Section 11.4
	 	Filings; Termination of Transaction SUBI; Related Matters	  	4
	 Section 11.5
	 	Acceptance by SUBI Trustee	  	5
	 Section 11.6
	 	Representations and Warranties of SUBI Trustee	  	5
	 Section 11.7
	 	Merger and Consolidation of Origination Trustees	  	6
		
	 PART XII ASSIGNMENT OF THE TRANSACTION SUBI
	  	6
			
	 Section 12.1
	 	Assignment	  	6
		
	 PART XIII MISCELLANEOUS PROVISIONS
	  	7
			
	 Section 13.1
	 	Amendment, Etc.	  	7
	 Section 13.2
	 	Governing Law	  	8
	 Section 13.3
	 	Notices	  	8
	 Section 13.4
	 	Severability of Provisions	  	8
	 Section 13.5
	 	Effect of Transaction SUBI Supplement on Origination Trust Agreement and Transaction Documents	  	8
	 Section 13.6
	 	Each SUBI Separate; Assignees of SUBI	  	9
	 Section 13.7
	 	No Petition; Release of Claims	  	9
	 Section 13.8
	 	Tax Matters	  	10
	 Section 13.9
	 	ENTIRE AGREEMENT	  	10
	 Section 13.10
	 	Submission to Jurisdiction; Waiver of Jury Trial	  	10
	 Section 13.11
	 	Form 10-D Filings	  	11
	 Section 13.12
	 	Form 8-K Filings	  	11
	 Section 13.13
	 	Indemnification	  	11
	 Section 13.14
	 	Several Obligations	  	12

  
 -i-

 CONTENTS 

 

											
	 Clause Subject Matter
	  		  	 	Page	  
			
	        Section 13.15	 	Information to Be Provided by the SUBI Trustee, the UTI Trustee and the Administrative Trustee	  	12	  
		
	 EXHIBIT A Form of Transaction SUBI Certificate
	  		

  
 -ii-

 TRANSACTION SUBI SUPPLEMENT
20[     ]-[     ] 
 TO ORIGINATION TRUST AGREEMENT 

THIS TRANSACTION SUBI SUPPLEMENT 20[ ]-[ ] TO ORIGINATION TRUST AGREEMENT (as amended, modified or supplemented from
time to time, the “Transaction SUBI Supplement”), dated and effective as of [ ], [ ], is between VW CREDIT, INC., a Delaware corporation (“VCI”; in its capacity as settlor, the “Settlor”;
or in its capacity as initial beneficiary, the “Initial Beneficiary”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as successor to U.S. Bank Trust National Association, as administrative trustee (in such
capacity, together with any successor or permitted assign, the “Administrative Trustee”), as UTI trustee (in such capacity, together with any successor or permitted assign, the “UTI Trustee”) [and as trustee with
respect to the Transaction SUBI] (in such capacity, together with any successor or permitted assign, the “SUBI Trustee”; together with the UTI Trustee, the Administrative Trustee and Wilmington Trust Company, as Delaware Trustee
(the “Delaware Trustee”), the “Origination Trustees”). 
 RECITALS 

A. The Settlor, the UTI Trustee, the Administrative Trustee and the Delaware Trustee have entered into that certain Trust Agreement dated
as of June 2, 1999 (as modified, supplemented or amended from time to time, the “Origination Trust Agreement”) pursuant to which the Settlor formed VW Credit Leasing, Ltd., a Delaware statutory trust (the “Origination
Trust”) for the purpose of acting as agent and nominee owner of various Origination Trust Assets in accordance with the Origination Trust Agreement. 
 B. The Origination Trust and VCI, as servicer (in its capacity as servicer, the “Servicer”), also have entered into that certain Servicing Agreement dated as of June 22, 1999 and as
amended and restated as of December 21, 2000 (as modified, supplemented or amended from time to time, the “Servicing Agreement”), which provides, among other things, for the servicing of the Origination Trust Assets by the
Servicer. 
 C. The Origination Trust Agreement contemplates that from time to time the UTI Trustee, on behalf of the
Origination Trust and at the direction of the Initial Beneficiary, will identify and allocate on the Origination Trust’s books and records certain Origination Trust Assets from the Undivided Trust Interest to separate SUBI Portfolios and will
create and issue Certificates to the Initial Beneficiary representing separate special units of beneficial interest in the Origination Trust or “SUBIs”, the beneficiary or beneficiaries of which will hold an exclusive 100% undivided
beneficial ownership interest in the related SUBI Portfolios, all as set forth in the Origination Trust Agreement. 
 D. The
parties hereto desire to supplement the terms of the Origination Trust Agreement (i) to cause the UTI Trustee to identify and allocate Origination Trust Assets to a SUBI Portfolio (the “Transaction SUBI Portfolio”), which shall
consist of Transaction Units consisting of Transaction Leases, Transaction Vehicles and the associated Related Rights, (ii) to create and issue to the Initial Beneficiary a SUBI Certificate (such SUBI Certificate, together with any replacements
thereof, the “Transaction SUBI Certificate”) that will evidence and represent the entire and exclusive beneficial ownership interest in the related SUBI (the 

  

			
		  	 Transaction SUBI Supplement 20[ ]-[ ] to

Origination Trust Agreement

 
“Transaction SUBI”) and the interests in the SUBI Portfolio represented thereby, (iii) to provide for the Origination Trust’s continued holding of record title to the
Transaction SUBI Portfolio (including the Transaction Vehicles) as agent and nominee for (and solely for the benefit of) the holder of the Transaction SUBI Certificate, and (iv) to set forth the terms and conditions thereof. 

E. Concurrently herewith, (i) VCI and Volkswagen Auto Lease/Loan Underwritten Funding, LLC, a Delaware limited liability company
(the “Transferor”), are entering into a SUBI Sale Agreement, pursuant to which the Transferor will purchase the Transaction SUBI and (ii) the Transferor and Volkswagen Auto Lease Trust 20[ ]-[ ], a Delaware statutory
trust (the “Issuer”), are entering into a SUBI Transfer Agreement, pursuant to which the Transferor will transfer the Transaction SUBI to the Issuer. 
 F. Concurrently herewith, the Issuer is entering into an asset-backed financing transaction pursuant to, among other agreements, an Indenture dated as of the date hereof (the “Indenture”)
between the Issuer and [ ], as indenture trustee (the “Indenture Trustee”), pursuant to which, among other things, the Issuer will issue notes and will Grant a security interest to the Indenture Trustee in certain of its
assets, including the Transaction SUBI. 
 G. Also concurrently herewith, the Origination Trust, the Servicer and the SUBI
Trustee are entering into that certain Transaction SUBI Supplement 20[ ]-[ ] to Servicing Agreement (as amended, modified or supplemented from time to time, the “Transaction SUBI Servicing Supplement”) pursuant to which,
among other things, the terms of the Servicing Agreement will be supplemented insofar as they apply to the Transaction SUBI Portfolio, providing for specific servicing obligations. 

NOW THEREFORE, in consideration of the premises and the mutual covenants contained herein and in the Origination Trust Agreement,
the parties hereto agree to the following supplemental obligations with regard to the Transaction SUBI Portfolio: 
 PART X

 DEFINITIONS; THIRD-PARTY BENEFICIARIES 
 Section 10.1 Definitions. 
 For all purposes of this Transaction SUBI
Supplement, except as otherwise expressly provided or unless the context otherwise requires, (a) unless otherwise defined herein, all capitalized terms used herein shall have the meanings attributed to them in Appendix A to the
Indenture, (b) all capitalized terms used herein which are not defined herein or in the Indenture and which are defined in the Origination Trust Agreement shall have the meanings attributed to them by the Origination Trust Agreement,
(c) all references to words such as “herein”, “hereof” and the like shall refer to this Transaction SUBI Supplement as a whole and not to any particular article or section within this Transaction SUBI Supplement,
(d) the term “include” and all variations thereon shall mean “include without limitation”, and (e) the term “or” shall include “and/or”. 

  

			
	2	  	 Transaction SUBI Supplement 20[ ]-[ ] to

Origination Trust Agreement

 Section 10.2 Third-Party Beneficiaries. 

The holder and pledgees of the Transaction SUBI Certificate (including the Issuer and the Indenture Trustee), and their respective
successors, permitted assigns and pledgees are third-party beneficiaries of the Origination Trust Agreement and this Transaction SUBI Supplement, insofar as they apply to the Transaction SUBI. 

PART XI 

CREATION OF THE TRANSACTION SUBI 
 Section 11.1 Initial Creation of Transaction SUBI Portfolio and Transaction SUBI. 
 (a) Pursuant to Section 4.2(a) of the Origination Trust Agreement, the Initial Beneficiary hereby directs the UTI Trustee to identify and allocate or cause to be identified and allocated on
the books and records of the Origination Trust a separate portfolio of SUBI Assets to be accounted for and held in trust independently from all other Origination Trust Assets consisting of those Units (each, a “Transaction SUBI
Asset”), which shall include Leased Vehicles which are identified on Schedule 1 to this Transaction SUBI Supplement, the Transaction Leases relating thereto and all Related Rights to the extent related thereto (other than cash which
does not constitute Collections). Based upon their identification and allocation by the Initial Beneficiary pursuant to such Schedule 1, the UTI Trustee hereby identifies and allocates as Transaction SUBI Assets such portfolio of SUBI Assets
to be held by the Origination Trust, as agent and nominee (and solely for the benefit) of the holder of the Transaction SUBI Certificate, each such SUBI Asset to be identified on the books and accounts of the Origination Trust as belonging
exclusively to the Transaction SUBI Portfolio; provided that any Collections received prior to the Cut-Off Date for any such Transaction Unit identified on Schedule 1 shall not be allocated as Transaction SUBI Assets and shall not
belong to the Transaction SUBI Portfolio. 
 (b) Also pursuant to Section 4.2(a) of the Origination Trust Agreement,
the UTI Trustee hereby creates a SUBI which shall be known as the “VW Credit Leasing Ltd. Transaction Special Unit of Beneficial Interest 20[ ]-[ ] Certificate” or “Transaction SUBI” and which shall represent an
exclusive and specific 100% beneficial ownership interest solely in the Transaction SUBI Portfolio and those proceeds or assets derived from or earned by such Transaction SUBI Portfolio. 

(c) Pursuant to Section 4.2(d) of the Origination Trust Agreement (which requires each holder of a SUBI to appoint for such
SUBI a trustee), VCI has appointed U.S. Bank National Association as the SUBI Trustee for the Transaction SUBI and the Transaction SUBI Portfolio. 
 Section 11.2 Subsequent Removals From the Transaction SUBI Portfolio. 

(a) Upon compliance by VCI with the provisions of Section 2.3(c) of the SUBI Sale Agreement to repurchase the beneficial
interest in any Transaction Unit, such Transaction Unit shall be identified on a schedule to the Servicer Certificate and reallocated from the Transaction SUBI to the Undivided Trust Interest on the Payment Date that such reallocation payment is

  

			
	3	  	 Transaction SUBI Supplement 20[ ]-[ ] to

Origination Trust Agreement

 
made. On the Payment Date of any of the foregoing reallocations, the UTI Trustee and the SUBI Trustee will each make (or cause to be made) a notation in their respective records reflecting the
reallocation of such Origination Trust Assets as of the time thereof. 
 (b) Upon compliance by the Servicer with the provisions
of Section 7.12 of the Transaction SUBI Servicing Supplement to purchase the beneficial interest in any Transaction Unit subject to a Postmaturity Term Extension, such Transaction Unit will be identified on a schedule to the Servicer
Certificate and reallocated from the Transaction SUBI to the Undivided Trust Interest (if the Servicer is VCI) or to an Other SUBI designated by the Servicer (if the Servicer is not VCI) on the Payment Date that such reallocation payment is made. On
the Payment Date of any of the foregoing reallocations, the SUBI Trustee and the UTI Trustee or Other SUBI Trustee, as applicable, will each make (or cause to be made) a notation in their respective records reflecting the reallocation of such
Origination Trust Assets as of the time thereof. 
 Section 11.3 Issuance and Form of Transaction SUBI Certificate.

 (a) The Transaction SUBI shall be represented by a Transaction SUBI Certificate which shall represent an exclusive 100%
beneficial ownership interest in the Transaction SUBI and the Transaction SUBI Portfolio, as further set forth herein. The Transaction SUBI Certificate shall be substantially in the form of Exhibit A attached hereto, with such appropriate
insertions, omissions, substitutions and other variations as are required by this Transaction SUBI Supplement and may have such letters, numbers or other marks of identification and such legends and endorsements placed thereon as may, consistent
herewith and with the Origination Trust Agreement, be directed by the Initial Beneficiary. Any portion of the Transaction SUBI Certificate may be set forth on the reverse thereof. The Transaction SUBI Certificate shall be printed, lithographed,
typewritten, mimeographed, photocopied or otherwise produced or may be produced in any other manner as may, consistently herewith and with the Origination Trust Agreement, be determined by the Initial Beneficiary. 

(b) The Transaction SUBI Certificate shall contain an express written release and subordination of any claim by any holder thereof to any
proceeds or assets of any Origination Trustee and to all of the Origination Trust Assets other than those from time to time included within the Transaction SUBI Portfolio. 
 Section 11.4 Filings; Termination of Transaction SUBI; Related Matters. 
 (a) The Settlor, the UTI Trustee and the SUBI Trustee will undertake all other and future actions and activities as may be required by the Servicer (pursuant to the Transaction SUBI Servicing Supplement)
to perfect (or evidence) and confirm the foregoing identification and allocation of SUBI Assets to the Transaction SUBI Portfolio, including filing or causing to be filed UCC financing statements and executing and delivering all related filings,
documents or writings as may be deemed reasonably necessary by the Servicer hereunder or under any of the Transaction Documents and as are presented to them in final execution form; provided, however, that in no event will the Settlor, the Servicer
or any Origination Trustee be required to take any action to indicate any Person as lienholder or change the Person listed as owner on the Certificate of Title for any Leased Vehicle allocated to the Transaction SUBI Portfolio other than as

  

			
	4	  	 Transaction SUBI Supplement 20[ ]-[ ] to

Origination Trust Agreement

 
provided in Section 11.4(c) below. The Settlor hereby irrevocably makes and appoints each of the SUBI Trustee and the Servicer, and any of their respective officers, employees or
agents, as the true and lawful attorney-in-fact of the Settlor (which appointment is coupled with an interest and is irrevocable) with power to authorize on behalf of the Settlor any financing statements or continuation statements, and to sign on
behalf of the Settlor any security agreements, mortgages, assignments, affidavits, letters of authority, notices or similar documents necessary or appropriate to be executed or filed pursuant to this Section. 

(b) If all of the Transaction Units have been liquidated into cash and all of such cash shall have been distributed in accordance with
the Transaction SUBI Servicing Supplement, then, at the direction of the holder of the Transaction SUBI Certificate, the Transaction SUBI shall be terminated and the Transaction SUBI Certificate shall be returned to the SUBI Trustee and canceled
thereby. 
 (c) Upon a written direction to the SUBI Trustee to revoke and terminate the Transaction SUBI by the holder of the
Transaction SUBI Certificate, the SUBI Trustee shall (i) revoke and terminate the Transaction SUBI and (ii) promptly, at the expense of the holder of the Transaction SUBI Certificate, distribute the Transaction SUBI Assets to the holder of
the Transaction SUBI Certificate; provided, however, that the Transaction SUBI shall not be subject to such revocation and termination prior to the earlier of (A) the sale or other liquidation of the Trust Estate pursuant to Section
Section 5.4 of the Indenture following an Indenture Default or (B) payment in full of principal and accrued interest on the Notes. 
 Section 11.5 Acceptance by SUBI Trustee. 
 The SUBI Trustee shall have
only the rights, powers and duties as set forth herein and in the Origination Trust Agreement with respect to the Transaction SUBI. In accordance with Section 3.1(d) of the Origination Trust Agreement, the SUBI Trustee hereby accepts its
appointment as SUBI Trustee with respect to the Transaction SUBI hereunder and agrees to act as a trustee of the Origination Trust for the benefit of the holder or holders of each Transaction SUBI Certificate in accordance with the terms of this
Transaction SUBI Supplement and the Origination Trust Agreement. Except to execute and deliver the Transaction Documents to which it is a party and to exercise and carry out or cause to be exercised and carried out the rights, duties and obligations
of the SUBI Trustee hereunder and thereunder and except as otherwise authorized by the holder of the Transaction SUBI Certificate, the SUBI Trustee shall have no power, right, duty or authority to manage, control, possess, sell, lease, dispose of or
in any other manner deal in or with the Transaction SUBI Certificate, the Transaction SUBI Portfolio or any Transaction SUBI Asset or any part thereof or interest therein at any time conveyed to or vested in or registered or otherwise standing in
the name of the SUBI Trustee or the Origination Trust. 
 Section 11.6 Representations and Warranties of SUBI
Trustee. 
 The SUBI Trustee hereby makes the following representations and warranties on which the Settlor and Initial
Beneficiary, each of their permitted assignees and each holder of the Transaction SUBI Certificate may rely: 

  

			
	5	  	 Transaction SUBI Supplement 20[ ]-[ ] to

Origination Trust Agreement

 (a) Organization and Good Standing. The SUBI Trustee is a national banking
association, duly organized, validly existing and in good standing under the laws of the United States. 
 (b) Power and
Authority. The SUBI Trustee has full power, authority and right to execute, deliver and perform this Transaction SUBI Supplement and has taken all necessary action to authorize the execution, delivery and performance by it of this Transaction
SUBI Supplement. 
 (c) Due Execution. This Transaction SUBI Supplement has been duly executed and delivered by the SUBI
Trustee, and this Transaction SUBI Supplement and the Origination Trust Agreement are legal, valid and binding instruments enforceable against the SUBI Trustee in accordance with their respective terms, except as such enforceability may be limited
by bankruptcy, insolvency and other similar laws relating to the enforcement of creditors’ rights generally and to general principles of equity. 
 (d) No Conflict. Neither the execution and delivery of this Transaction SUBI Supplement nor the consummation of the transactions herein contemplated, nor compliance with the provisions hereof, will
conflict with or result in a breach of, or constitute a default (with notice or passage of time or both) under, any provision of any law, governmental rule, regulation, judgment, decree or order binding on the SUBI Trustee or the charter or bylaws
of the SUBI Trustee or any provision of any mortgage, indenture, contract, agreement or other instrument to which the SUBI Trustee is a party or by which it is bound. No consent, approval or authorization of, or filing, registration or qualification
with, or the giving of notice or the taking of any other action with respect to, any federal or Delaware state Governmental Authority is required on the part of the SUBI Trustee in connection with the execution, delivery and performance by the SUBI
Trustee of the Origination Trust Agreement, the Servicing Agreement, the Transaction SUBI Servicing Supplement and this Transaction SUBI Supplement. 
 (e) Location of Records. The office where the SUBI Trustee keeps its records concerning the transactions contemplated hereby is located at 190 South LaSalle Street, 7th Floor, Mail Code MK-IL-SL7R, Chicago, Illinois 60603. 

Section 11.7 Merger and Consolidation of Origination Trustees. Each Origination Trustee shall give notice to the Transferor
and the Administrator within a reasonable time after affecting any merger, consolidation, or other transaction set forth in Section 6.5 of the Origination Trust Agreement. 

PART XII 

ASSIGNMENT OF THE TRANSACTION SUBI 
 Section 12.1 Assignment. 
 The parties to this Transaction SUBI
Supplement hereby acknowledge and consent to the mortgage, pledge, assignment and Grant of a security interest by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders of all of the Issuer’s rights
hereunder and the Transaction SUBI. The parties to this Transaction SUBI Supplement hereby acknowledge and consent to (i) the sale from VCI to the Transferor and (ii) the sale from the

  

			
	6	  	 Transaction SUBI Supplement 20[ ]-[ ] to

Origination Trust Agreement

 
Transferor to the Issuer of the Transaction SUBI Portfolio and the Transaction SUBI Certificate. In addition, the parties to this Transaction SUBI Supplement hereby acknowledge and agree that for
so long as the Notes are outstanding, the Indenture Trustee will have the right to exercise all rights, remedies, powers, privileges and claims of the Issuer under this Transaction SUBI Supplement in the event that the Issuer shall fail to exercise
the same; provided, however, that after the occurrence of an Indenture Default, the Indenture Trustee alone will have the right to exercise such rights, remedies, powers, privileges and claims. 

PART XIII 

MISCELLANEOUS PROVISIONS 
 Section 13.1 Amendment, Etc. 
 (a) Notwithstanding
Section 9.1 of the Origination Trust Agreement, the Origination Trust Agreement, as supplemented by this Transaction SUBI Supplement, to the extent that it deals solely with the Transaction SUBI, the Transaction SUBI Portfolio and the
Transaction SUBI Certificate, may be amended in accordance with this Section 13.1. 
 (b) Any term or provision of
the Origination Trust Agreement or this Transaction SUBI Supplement may be amended by the Initial Beneficiary, without the consent of any other Person subject to satisfaction of one of the following conditions: (i) the Initial Beneficiary or
the Servicer delivers an Officer’s Certificate or an Opinion of Counsel to the Indenture Trustee and the Origination Trustees to the effect that such amendment will not materially and adversely affect the interests of the Noteholders or
(ii) the Rating Agency Condition is satisfied with respect to such amendment. Without limiting the foregoing and subject to clause (c) below, any term or provision of this Agreement may be amended by the Transferor with the consent
of Noteholders evidencing not less than a majority of the Outstanding Note Amount, voting as a single class. Notwithstanding the foregoing, any amendment that materially and adversely affects the interests of the Origination Trustees, the Indenture
Trustee or the Owner Trustee shall require the prior written consent of the Persons whose interests are materially and adversely affected. 
 (c) Notwithstanding anything herein to the contrary, 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 Outstanding Note Amount, the Holders of which are required to consent to any matter without the consent of the Holders of at least the percentage of the Outstanding Note
Amount which were required to consent to such matter before giving effect to such amendment. 
 (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 Transaction SUBI Supplement, the Initial Beneficiary 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 Transaction SUBI Supplement, the Initial Beneficiary shall furnish a copy of such amendment to each Rating Agency,
the Origination Trustees, the Owner Trustee and the Indenture Trustee. 

  

			
	7	  	 Transaction SUBI Supplement 20[ ]-[ ] to

Origination Trust Agreement

 (f) Prior to the execution of any amendment to this Transaction SUBI Supplement, the Owner
Trustee, the Indenture Trustee and the Origination Trustees 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 the Origination Trust Agreement or
this Transaction SUBI Supplement and that all conditions precedent to the execution and delivery of such amendment have been satisfied. 
 Section 13.2 Governing Law. 
 THIS TRANSACTION SUBI SUPPLEMENT
SHALL BE CREATED UNDER AND GOVERNED BY AND CONSTRUED UNDER THE INTERNAL LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS. 

Section 13.3 Notices. 
 All demands, notices and communications hereunder shall be in writing and shall be delivered or mailed by registered or certified first class United States mail, postage prepaid, hand delivery, prepaid
courier service, or by telecopier, and addressed in each case as set forth in Schedule II to the Indenture or at such other address as shall be designated in a written notice to the other parties hereto. Delivery shall occur only upon receipt
or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for notices hereunder. 
 Section 13.4 Severability of Provisions. 
 If any one or more of the
covenants, agreements, provisions or terms of this Transaction SUBI Supplement 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 Transaction SUBI Supplement and shall in no way affect the validity or enforceability of the other provisions of this Transaction SUBI Supplement or of the Transaction SUBI Certificate or the rights of the holder thereof.
To the extent permitted by law, the parties hereto waive any provision of law that renders any provision of this Transaction SUBI Supplement invalid or unenforceable in any respect. 

Section 13.5 Effect of Transaction SUBI Supplement on Origination Trust Agreement and Transaction Documents.

 (a) Except as otherwise specifically provided herein: (i) the parties shall continue to be bound by all provisions of
the Origination Trust Agreement; and (ii) the provisions set forth herein shall operate either as additions to or modifications of the obligations of the parties under the Origination Trust Agreement, as the context may require. In the event of
any conflict between the provisions of this Transaction SUBI Supplement and the Origination Trust Agreement with respect to the Transaction SUBI, the provisions of this Transaction SUBI Supplement shall prevail. 

  

			
	8	  	 Transaction SUBI Supplement 20[ ]-[ ] to

Origination Trust Agreement

 (b) For purposes of determining the parties’ obligations under this Transaction SUBI
Supplement with respect to the Transaction SUBI, general references in the Origination Trust Agreement to: (i) the SUBI Portfolio shall be deemed to refer more specifically to the Transaction SUBI Portfolio; (ii) the SUBI Supplement shall
be deemed to refer more specifically to this Transaction SUBI Supplement; and (iii) the SUBI Servicing Agreement Supplement shall be deemed to refer more specifically to the Transaction SUBI Servicing Supplement. 

Section 13.6 Each SUBI Separate; Assignees of SUBI. 
 Each party hereto acknowledges and agrees (and each holder or pledgee of the Transaction SUBI Certificate, by virtue of its acceptance of such Transaction SUBI Certificate or pledge thereof acknowledges
and agrees) that (a) the Transaction SUBI is a separate series of the Origination Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq.,
(b)(i) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Transaction SUBI or the Transaction SUBI Portfolio shall be enforceable against the Transaction SUBI Portfolio only and not
against any Other SUBI Assets or the UTI Portfolio and (ii) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to any Other SUBI, any Other SUBI Portfolio, the UTI or the UTI Portfolio
shall be enforceable against such Other SUBI Portfolio or the UTI Portfolio only, as applicable, and not against the Transaction SUBI or the Transaction SUBI Portfolio, (c) except to the extent required by law, UTI Assets or SUBI Assets with
respect to any Other 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 Other SUBI or any SUBI Assets other than the Transaction SUBI Portfolio shall be entitled to maintain any action against or recover any assets allocated to the Transaction SUBI, and
(e) any purchaser, assignee or pledgee of an interest in the Transaction SUBI or the Transaction SUBI Certificate, must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i) give to the
Origination Trust a non-petition covenant substantially similar to that set forth in Section 6.9 of the Origination Trust Agreement, and (ii) execute an agreement for the benefit of each holder, assignee or pledgee from time to time
of the UTI or UTI Certificate and any Other SUBI or Other SUBI Certificate to release all claims to the assets of the Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio and, in the event that such release is not given
effect, to fully subordinate all claims it may be deemed to have against the assets of the Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio. 
 Section 13.7 No Petition; Release of Claims. 
 With respect to each
Bankruptcy Remote Party, each party hereto (and each holder and pledgee of the Transaction SUBI Certificate, by virtue of its acceptance of such Transaction SUBI Certificate or pledge thereof) covenants and agrees that, prior to the date which is
one year and one day after payment in full of all obligations under each Financing, (i) such party shall not 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 

  

			
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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) such party
shall not 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.

 Section 13.8 Tax Matters. 
 Each of the Initial Beneficiary, the UTI Trustee, the Delaware Trustee, the SUBI Trustee and any holder or pledgee of the Transaction SUBI Certificate (including the Issuer and the Indenture Trustee,
respectively) agree that for federal, state and local income, franchise and/or value added tax purposes it shall not treat this Transaction SUBI Supplement as creating or constituting a trust, partnership, association taxable as a corporation or any
other type of separate entity (and will report for such purposes in a consistent manner therewith). Instead, each of such parties agrees, and will consistently report, that for federal, state and local income, franchise and/or value added tax
purposes the Origination Trust holds the Transaction SUBI Portfolio and each asset therein as a mere agent of the Issuer, as holder of the Transaction SUBI Certificate. Each such party further agrees that the Origination Trust is acting as holder of
record title to the Transaction SUBI Portfolio, including the Transaction Vehicles, solely for the benefit of, and as agent and nominee of, the Issuer, as holder of the Transaction SUBI Certificate, and shall not hold itself out or act in a manner
inconsistent with it acting merely as agent and nominee. 
 Section 13.9 ENTIRE AGREEMENT. 

THIS TRANSACTION SUBI SUPPLEMENT AND THE OTHER TRANSACTION DOCUMENTS EXECUTED AND DELIVERED IN CONNECTION HEREWITH REPRESENT THE FINAL
AGREEMENT BETWEEN THE PARTIES HERETO AND THERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

Section 13.10 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 Transaction SUBI Supplement 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; 

  

			
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 (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 13.3 of this Transaction SUBI Supplement; 

(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, each
party hereto irrevocably waives all right of trial by jury in any action, Proceeding or counterclaim based on, or arising out of, under or in connection with this Transaction SUBI Supplement, any other Transaction Document, or any matter arising
hereunder or thereunder. 
 Section 13.11 Form 10-D Filings. So long as the Transferor is filing Exchange Act
Reports with respect to the Issuer, no later than each Payment Date, the Origination Trustees shall notify the Transferor of any Form 10-D Disclosure Item with respect to the Origination Trustees, together with a description of any such Form 10-D
Disclosure Item in form and substance reasonably acceptable to the Transferor. 
 Section 13.12 Form 8-K Filings. So
long as the Transferor is filing Exchange Act Reports with respect to the Issuer, the Origination Trustees shall promptly notify the Transferor, but in no event later than five (5) Business Days after its occurrence, of any Reportable Event of
which a Responsible Officer of the Origination Trustees has actual knowledge (other than a Reportable Event described in clause (a) or (b) of the definition thereof as to which the Transferor or the Servicer has actual
knowledge). The Origination Trustees shall be deemed to have actual knowledge of any such event to the extent that it relates to the Origination Trustees in their individual capacity or any action by the Origination Trustees under this Transaction
SUBI Supplement or the Origination Trust Agreement. 
 Section 13.13 Indemnification. (a) U.S. Bank and/or
Wilmington Trust Company, as applicable, shall indemnify the Transferor, each Affiliate of the Transferor or each Person who controls any of such parties (within the meaning of Section 15 of the Securities Act and Section 20 of the
Exchange Act) and the respective present and former directors, officers, employees and agents of each of the foregoing, and shall hold each of them harmless from and against any losses, damages, penalties, fines, forfeitures, legal fees and expenses
and related costs, judgments, and any other costs, fees and expenses that any of them may sustain arising out of or based upon: 

(i) (A) any untrue statement of a material fact contained in any information provided in writing by U.S. Bank or Wilmington Trust
Company to the Transferor or its affiliates under Sections 13.11 or 13.12 (such information, the “Provided Information”), or (B) the omission to 

  

			
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state in the Provided Information a material fact required to be stated in the Provided Information, or necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading; provided, by way of clarification, that clause (B) of this paragraph shall be construed solely by reference to the related information and not to any other information communicated in
connection with a sale or purchase of securities, without regard to whether the Provided Information or any portion thereof is presented together with or separately from such other information; or 

(ii) any failure by U.S. Bank or Wilmington Trust Company to deliver any information, report, or other material when and as required
under Sections 13.11 or 13.12. 
 (b) In the case of any failure of performance described in clause (a)(ii)
of this Section, U.S. Bank and/or Wilmington Trust Company, as applicable, shall promptly reimburse the Transferor for all costs reasonably incurred in order to obtain the information, report or other material not delivered as required by U.S. Bank
or Wilmington Trust Company. 
 (c) Notwithstanding anything to the contrary contained herein, in no event shall U.S. Bank or
Wilmington Trust Company be liable for special, indirect or consequential damages of any kind whatsoever, including but not limited to lost profits, even if U.S. Bank or Wilmington Trust Company has been advised of the likelihood of such loss or
damage and regardless of the form of action. 
 Section 13.14 Several Obligations. The obligations of U.S. Bank,
Wilmington Trust Company and the Origination Trustees under Sections 13.11, 13.12 and 13.13 above are separate and not joint obligations of each such Person, and in no event shall such Persons have any liability for the acts or
omissions of any other Person. 
 Section 13.15 Information to Be Provided by the SUBI Trustee, the UTI Trustee and the
Administrative Trustee. The SUBI Trustee, the UTI Trustee and the Administrative Trustee (collectively, the “Titling Trust Trustees”) shall provide the Seller and the Servicer (each a “VW Party” and collectively, the “VW
Parties”) with (i) notification, as soon as practicable and in any event within five Business Days, of all demands communicated (other than by a VW Party) to a Responsible Officer of a Titling Trust Trustee for the repurchase or
replacement of the beneficial interest in any Transaction Unit pursuant to Section 2.3(c) of the SUBI Sale Agreement and (ii) promptly upon written request by a VW Party, any other information reasonably requested by a VW Party in a
Titling Trust Trustee’s possession and that can be provided to the VW Parties without unreasonable effort or expense to facilitate compliance by the VW Parties with Rule 15Ga-1 under the Exchange Act. In no event shall a Titling Trust Trustee
have (i) any responsibility or liability in connection with any filing required to be made by a securitizer under the Exchange Act or Regulation AB or with any VW Parties’ compliance with the Exchange Act or Regulation AB or (ii) any
duty or obligation to undertake any investigation or inquiry related to repurchase activity or otherwise to assume any additional duties or responsibilities in respect of the Basic Documents or the transactions contemplated thereby. A demand does
not include general inquiries, including investor inquiries, regarding asset performance or possible breaches of representations or warranties. 

  

			
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 [SIGNATURES ON NEXT PAGE] 

  

			
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 IN WITNESS WHEREOF, the parties hereto have caused this Transaction SUBI Supplement
to be duly executed by their respective officers as of the day and year first above written. 
  

			
	VW CREDIT, INC.,
	as Settlor and Initial Beneficiary
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

			
	By:	 	 
	Name:	 	 
	Title:	 	 

  

			
	U.S. BANK NATIONAL ASSOCIATION,
	as Administrative Trustee, UTI Trustee [and SUBI Trustee]
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

			
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 Wilmington Trust Company, acting in its capacity as Delaware Trustee, hereby acknowledges its agreement to
be bound by the provisions set forth in Sections 13.11, 13.12 and 13.13 of this Transaction SUBI Supplement. 
  

			
	WILMINGTON TRUST COMPANY,
	as Delaware Trustee
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

			
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 SCHEDULE 1 
 Transaction SUBI Supplement 

20[     ]-[     ] 
 DESCRIPTION OF TRANSACTION UNITS 
 [delivered electronically to the
Indenture Trustee] 

  

			
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 EXHIBIT A 
 FORM OF TRANSACTION SUBI CERTIFICATE 
 VW CREDIT LEASING, LTD.

 TRANSACTION SPECIAL UNIT OF BENEFICIAL INTEREST 20[     ]-[     ]

 CERTIFICATE 
 evidencing an exclusive undivided 100% beneficial ownership interest in all Transaction SUBI Assets (as defined below). 
 (This Certificate does not represent an obligation of, or an interest in, VW Credit, Inc. or any of its affiliates (other than the Origination Trust (as defined below)).) 

Number Transaction SUBI-20[     ]-[     ] 

THIS CERTIFIES THAT
                    is the registered owner of a 100% nonassessable, fully-paid, exclusive undivided interest in the Transaction SUBI Portfolio (such
interest, a “Transaction SUBI”) of VW Credit Leasing, Ltd., a Delaware statutory trust (the “Origination Trust”) formed by VW Credit, Inc., a Delaware corporation, as settlor (“VCI” or, in its
capacity as settlor thereunder, and, together with any successor or assign, the “Settlor”), Wilmington Trust Company, a Delaware banking corporation, as Delaware trustee (the “Delaware Trustee”), and U.S. Bank
National Association (f/k/a U.S. Bank Trust National Association), as administrative trustee (the “Administrative Trustee”) and UTI trustee (the “UTI Trustee”). The Origination Trust was created pursuant to a Trust
Agreement dated as of June 2, 1999 (as modified, supplemented, or amended from time to time, the “Agreement”) among VCI as the Settlor and as the sole initial beneficiary (in such capacity, and, together with any successor or
permitted assign, the “Initial Beneficiary”), the UTI Trustee, the Administrative Trustee and the Delaware Trustee, as supplemented for purposes hereof by that certain Transaction SUBI Supplement
20[     ]-[     ] to Origination Trust Agreement dated as of [ ], [ ] (as amended, modified or supplemented from time to time, the “Transaction SUBI Supplement”) among the
Settlor, the Initial Beneficiary, the UTI Trustee, the Administrative Trustee and U.S. Bank National Association, as the SUBI Trustee (the “SUBI Trustee”; together with the UTI Trustee, the Administrative Trustee and the Delaware
Trustee, the “Origination Trustees”). To the extent not otherwise defined herein, the capitalized terms herein have the meanings set forth in the Agreement. 
 This Certificate is the duly authorized certificate issued under the Agreement and the Transaction SUBI Supplement and is designated as “VW Credit Leasing, Ltd. Transaction Special Unit of Beneficial
Interest 20[ ]-[ ] Certificate” (the “Transaction SUBI Certificate”). This Transaction SUBI Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement and the Transaction SUBI
Supplement, to which Agreement the holder of this Transaction SUBI Certificate by virtue of the acceptance hereof assents and by which such holder is bound. Also to be issued under the Agreement are various other series of Certificates, the first
designated as “VW Credit Leasing, Ltd. Undivided Trust Interest Certificates” (the “Undivided Trust Interest Certificates”), and the others each designated as 

  

			
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“VW Credit Leasing, Ltd. Special Unit of Beneficial Interest Certificates” (the “SUBI Certificates” and, together with the Undivided Trust Interest Certificates, the
“Certificates”). The Undivided Trust Interest Certificates, taken together, evidence an exclusive undivided interest in the assets of the Origination Trust, other than SUBI Assets (each as defined in the Agreement); each other
series of SUBI Certificates, taken together, will evidence an exclusive undivided interest in a separate SUBI Portfolio other than the Transaction SUBI Portfolio. 
 The Certificates do not represent an obligation of, or an interest in, the Settlor, any Origination Trustee or any of their respective affiliates (other than the Origination Trust). A copy of the
Agreement may be examined during normal business hours at the principal office of the Settlor or any Origination Trustee, and at such other places, if any, designated by the Settlor or any Origination Trustee, by the holder hereof upon request.

 By accepting this Certificate, the holder hereof releases (or fully subordinates, but only to the extent such release is not
given effect) any claim in respect of this Certificate to any proceeds or assets of the Origination Trust and to all of the assets of the Origination Trust other than those from time to time included within the Transaction SUBI Portfolio (the
“Transaction SUBI Assets”) and those proceeds or assets derived from or earned by the Transaction SUBI Assets. 

Prior to due presentation of this Certificate for registration of a permitted transfer, the Origination Trustees, the certificate
registrar and any of their respective agents may treat the Person or entity in whose name this Certificate is registered as the owner hereof for the purpose of receiving distributions and for all other purposes, and, except as provided for in the
Agreement, neither the Origination Trustees, the certificate registrar nor any such agent shall be affected by any notice to the contrary. 
 The holder of this Certificate covenants and agrees that prior to the date which is one year and one day after the date upon which all obligations under each Financing have been paid in full, it will not
institute against, or join any other Person in instituting against, the Origination Trust, any Special Purpose Entity, or any general partner of any Special Purpose Entity that is a partnership, any bankruptcy, reorganization, arrangement,
insolvency or liquidation Proceeding or other Proceedings under any federal or state bankruptcy or similar law. 
 No
bankruptcy, reorganization, arrangement, insolvency or liquidation Proceeding or other Proceedings under any federal or state bankruptcy, insolvency or similar law shall be instituted by the Origination Trust without the unanimous consent of all
Origination Trustees and Certificateholders hereunder. A SUBI Trustee shall not so consent unless directed to do so by the holder of the applicable SUBI, and the Delaware Trustee shall not so consent unless directed to do so by all of the
Certificateholders. 
 Unless this Certificate shall have been executed by an authorized officer of the Administrative Trustee
and the SUBI Trustee, by manual signature, this Certificate shall not entitle the holder hereof to any benefit under the Agreement or be valid for any purpose. 

  

			
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 IN WITNESS WHEREOF, the Administrative Trustee and the SUBI Trustee on behalf of the
Origination Trust and not in their individual capacities have caused this Transaction SUBI Certificate to be duly executed. 
  

					
	Dated:	 	VW CREDIT LEASING, LTD.
			
	 	 	By:	 	U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as Administrative Trustee and SUBI Trustee
			
	 	 	By:	 	  
		 		 	Authorized Officer

  

			
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