Document:

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                                                                    EXHIBIT 10.8

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                            ADMINISTRATION AGREEMENT

                                      AMONG

                       VOLKSWAGEN AUTO LEASE TRUST 2004-A,
                                    AS ISSUER

                                VW CREDIT, INC.,
                                AS ADMINISTRATOR

                                       AND

                                 CITIBANK, N.A.,
                              AS INDENTURE TRUSTEE

                         DATED AS OF SEPTEMBER 29, 2004

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                               TABLE OF CONTENTS

<TABLE>
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                                                                                                               PAGE
<S>                                                                                                            <C>
1.    Duties of the Administrator............................................................................    1

2.    Records................................................................................................    2

3.    Compensation; Payment of Fees and Expenses.............................................................    3

4.    Independence of the Administrator......................................................................    4

5.    No Joint Venture.......................................................................................    4

6.    Other Activities of the Administrator..................................................................    4

7.    Representations and Warranties of the Administrator....................................................    4

8.    Administrator Replacement Events; Termination of the Administrator.....................................    5

9.    Action upon Termination or Removal.....................................................................    7

10.   Liens..................................................................................................    7

11.   Notices................................................................................................    7

12.   Amendments.............................................................................................    8

13.   Governing Law; Submission to Jurisdiction..............................................................    9

14.   Headings...............................................................................................   10

15.   Counterparts...........................................................................................   10

16.   Severability of Provisions.............................................................................   10

17.   Not Applicable to VCI in Other Capacities..............................................................   10

18.   Benefits of the Administration Agreement...............................................................   10

19.   Assignment.............................................................................................   10

20.   Nonpetition Covenant...................................................................................   11

21.   Limitation of Liability................................................................................   11

22.   Each SUBI Separate; Assignees of SUBI..................................................................   11

23.   Limitation of Rights...................................................................................   12
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                                      -i-
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         THIS ADMINISTRATION AGREEMENT (this "Agreement") dated as of September
29, 2004, is between Volkswagen Auto lease Trust 2004-A, a Delaware statutory
trust (the "Issuer"), VW CREDIT, Inc., a Delaware corporation, as administrator
("VCI" or in its capacity as administrator, the "Administrator"), and CITIBANK,
N.A., a national banking association, as indenture trustee (the "Indenture
Trustee"). Capitalized terms used herein and not otherwise defined herein shall
have the meanings assigned such terms in Appendix A to the Indenture dated as of
September 29, 2004 (the "Indenture") by and between the Issuer and the Indenture
Trustee.

                              W I T N E S S E T H :

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

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

         WHEREAS, pursuant to the Issuer Documents, the Issuer is required to
perform certain duties;

         WHEREAS, the Issuer desires to have the Administrator perform certain
of the duties of the Issuer, and to provide such additional services consistent
with this Agreement and the Issuer Documents as the Issuer may from time to time
request;

         WHEREAS, the Administrator has the capacity to provide the services
required hereby and is willing to perform such services for the Issuer on the
terms set forth herein;

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

         1.       Duties of the Administrator.

                  (a) Duties with Respect to the Issuer Documents. The
         Administrator shall perform all of its duties as Administrator under
         this Agreement and the Issuer Documents and the duties and obligations
         of the Issuer and the Owner Trustee (in its capacity as owner trustee)
         under the Issuer Documents; provided, however, except as otherwise
         provided in the Issuer Documents, that the Administrator shall have no
         obligation to make any payment required to be made by the Issuer under
         any Issuer Document. In addition, the Administrator shall consult with
         the Issuer and the Owner Trustee regarding its duties and obligations
         under the Issuer Documents. The Administrator shall monitor the
         performance of the Issuer and the Owner Trustee and shall advise the
         Issuer and the Owner Trustee when action is necessary to comply with
         the Issuer's and the Owner Trustee's duties and obligations under the
         Issuer Documents. The Administrator shall

                                            VALT 2004-A Administration Agreement

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         perform such calculations, and shall prepare for execution by the
         Issuer or the Owner Trustee or shall cause the preparation by other
         appropriate persons of all such documents, reports, filings,
         instruments, certificates and opinions as it shall be the duty of the
         Issuer or the Owner Trustee (in its capacity as owner trustee) to
         prepare, file or deliver pursuant to the Issuer Documents. In
         furtherance of the foregoing, the Administrator shall take all
         appropriate action that is the duty of the Issuer or the Owner Trustee
         (in its capacity as owner trustee) to take pursuant to the Issuer
         Documents, and shall prepare and execute on behalf of the Issuer or the
         Owner Trustee all such documents, reports, filings, instruments,
         certificates and opinions as it shall be the duty of the Issuer or the
         Owner Trustee to prepare, file or deliver pursuant to the Issuer
         Documents or otherwise by law.

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

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

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

                           (A) the initiation of any claim or lawsuit by the
                  Issuer and the compromise of any action, claim or lawsuit
                  brought by or against the Issuer;

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

                           (C) the removal of the Indenture Trustee.

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

         2. Records. The Administrator shall maintain appropriate books of
account and records relating to services performed hereunder, which books of
account and records shall be accessible for inspection upon reasonable written
request by the Issuer, the Transferor and the Indenture Trustee at any time
during normal business hours.

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         3. Compensation; Payment of Fees and Expenses.

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

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

                  (i) pay to the Indenture Trustee and any separate trustee or
         co-trustee appointed pursuant to Section 6.10 of the Indenture (a
         "Separate Trustee") from time to time such compensation as the Issuer,
         the Administrator and the Indenture Trustee shall from time to time
         agree in writing for services rendered under the Indenture (which
         compensation shall not be limited by any law on compensation of a
         trustee of an express trust);

                  (ii) except as otherwise expressly provided in the Indenture,
         reimburse the Indenture Trustee and any Separate Trustee for all
         reasonable expenses, disbursements and advances reasonably incurred in
         connection with the performance of their duties under the Indenture;

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

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

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

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

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

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

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

         5. No Joint Venture. Nothing contained in this Agreement (i) shall
constitute the Administrator and the Issuer as members of any partnership, joint
venture, association, syndicate, unincorporated business or other separate
entity, (ii) shall be construed to impose any liability as such on any of them
or (iii) shall be deemed to confer on any of them any express, implied or
apparent authority to incur any obligation or liability on behalf of the others.

         6. Other Activities of the Administrator. Nothing herein shall prevent
the Administrator or its Affiliates from engaging in other businesses or, in its
sole discretion, from acting in a similar capacity as an Administrator for any
other Person even though such Person may engage in business activities similar
to those of the Issuer, the Owner Trustee or the Indenture Trustee.

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

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

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

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

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

         8. Administrator Replacement Events; Termination of the Administrator.

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

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

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

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

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

                           (iii) any representation or warranty of the
                  Administrator made in any Transaction Document to which the
                  Administrator is a party or by which it is

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                  bound or any certificate delivered pursuant to this Agreement
                  proves to have been incorrect in any material respect when
                  made, which failure materially and adversely affects the
                  rights of the Issuer or the Noteholders, and which failure
                  continues unremedied for 90 days after discovery thereof by a
                  Responsible Officer of the Administrator or receipt by the
                  Administrator of written notice thereof from the Indenture
                  Trustee or Noteholders evidencing at least a majority of the
                  aggregate principal amount of the Outstanding Notes, voting
                  together as a single class (it being understood that any
                  repurchase of a Unit by VCI pursuant to Section 2.3 of the
                  SUBI Sale Agreement shall be deemed to remedy any incorrect
                  representation or warranty with respect to such Unit); or

                           (iv) the Administrator suffers a Bankruptcy Event;

                  provided, however, that a delay in or failure of performance
                  referred to under clauses (i), (ii) or (iii) above for a
                  period of 150 days will not constitute an Administrator
                  Replacement Event if such delay or failure was caused by force
                  majeure or other similar occurrence.

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

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

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

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

         11. Notices. Any notice, report or other communication given hereunder
shall be in writing and addressed as follows:

               (a)      if to the Administrator, to:

                        VW Credit, Inc.
                        3800 Hamlin Road
                        Auburn Hills, Michigan 48326
                        Attention: General Counsel
                        Telephone: (248) 754-5000
                        Facsimile: (248) 754-5360

                        with a copy to:

                        Mayer, Brown, Rowe & Maw LLP
                        190 South LaSalle Street
                        Chicago, Illinois 60603
                        Attention: Stuart M. Litwin
                        Facsimile: (312) 701-7711
                        Confirmation No.: (312) 701-7373

               (b)      if to the Issuer, to:

                        Volkswagen Auto Lease Trust 2004-A
                        c/o The Bank of New York
                        Corporate Trust Division
                        101 Barclay Street FL 8W
                        New York, New York 10286
                        Attention: Corporate Trust Division
                        Telephone: (212) 815-6435
                        Facsimile: (212) 815-3883

                        with a copy to the Corporate Trust Office, and

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                           with a copy to:

                           Mayer, Brown, Rowe & Maw LLP
                           190 South LaSalle Street
                           Chicago, Illinois 60603
                           Attention: Stuart M. Litwin
                           Facsimile: (312) 701-7711
                           Confirmation No.: (312) 701-7373

                  (c)      if to the Owner Trustee, to:

                           The Bank of New York (Delaware)
                           c/o The Bank of New York
                           101 Barclay Street Fl 8W
                           New York, New York 10256
                           Attention: Corporate Trust Division
                           Telephone: (212) 815-6435
                           Facsimile: (212) 815-3883

                           with a copy to the Corporate Trust Office

                  (d)      if to the Indenture Trustee, to:

                           Citibank, N.A.
                           111 Wall Street, 14th Floor, Zone 3
                           New York, New York 10005
                           Attention: Citibank Agency & Trust, Structured
                                      Finance Group
                           Telephone: (212) 657-2186
                           Facsimile: (212) 657-4009

or to such other address as any party shall have provided to the other parties
in writing. Any notice required to be in writing hereunder shall be deemed given
if such notice is mailed by certified mail, postage prepaid or hand-delivered to
the address of such party as provided above.

         12. Amendments.

                  (a) Any term or provision of this Agreement may be amended by
         the Administrator without the consent of the Indenture Trustee, any
         Noteholder, the Swap Counterparty or the Issuer; 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, (ii) any amendment
         that materially and adversely affects the interests of the
         Certificateholders, the Swap Counterparty, 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

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         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 Swap
         Counterparty or the Issuer shall be deemed to have been given if the
         Servicer does not receive a written objection from such Person within
         10 Business Days after a written request for such consent shall have
         been given.

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

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

                  (e) Prior to the execution of any amendment to this Agreement,
         the Issuer, 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. 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.

         13. Governing Law; Submission to Jurisdiction.

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

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

                           (i) submits for itself and its property in any legal
                  action or proceeding relating to this Agreement or any
                  documents executed and delivered in connection herewith, or
                  for recognition and enforcement of any judgment in respect
                  thereof,

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                  to the nonexclusive general jurisdiction of the courts of the
                  State of New York, the courts of the United States of America
                  for the Southern District of New York and appellate courts
                  from any thereof;

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

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

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

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

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

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

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

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

         19. Assignment. Each party hereto hereby acknowledges and consents to
the mortgage, pledge, assignment and grant of a security interest by the Issuer
to the Indenture Trustee pursuant to the Indenture for the benefit of the
Noteholders and the Swap Counterparty of all of the Issuer's rights under this
Agreement. In addition, the Administrator hereby

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acknowledges and agrees that for so long as any Notes are outstanding, the
Indenture Trustee will have the right to exercise all waivers and consents,
rights, remedies, powers, privileges and claims of the Issuer under this
Agreement.

         20. 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.

         21. Limitation of Liability. Notwithstanding anything contained herein
to the contrary, this Agreement has been executed and delivered by The Bank of
New York (Delaware), not in its individual capacity but solely as Owner Trustee,
and in no event shall it have any liability for the representations, warranties,
covenants, agreements or other obligations of the Issuer hereunder or under the
Notes or any of the other Transaction Documents or in any of the certificates,
notices or agreements delivered pursuant thereto, as to all of which recourse
shall be had solely to the assets of the Issuer. Under no circumstances shall
the Owner Trustee be personally liable for the payment of any indebtedness or
expense of the Issuer or be liable for the breach or failure of any obligations,
representation, warranty or covenant made or undertaken by the Issuer under the
Transaction Documents. For the purposes of this Agreement, in the performance of
its duties or obligations hereunder, the Owner Trustee shall be subject to, and
entitled to the benefits of, the terms and provisions of Articles VI, VII and
VIII of the Trust Agreement.

         22. Each SUBI Separate; Assignees of SUBI. Each party hereto
acknowledges and agrees (and each holder or pledgee of the Transaction SUBI, by
virtue of its acceptance of such Transaction SUBI or pledge thereof,
acknowledges and agrees) that (a) the Transaction SUBI is a separate series of
the Origination Trust as provided in Section 3806(b)(2) of Chapter 38 of Title
12 of the Delaware Code, 12 Del. Code 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,

                                            VALT 2004-A Administration Agreement

                                       11
<PAGE>

obligations and expenses incurred, contracted for or otherwise existing with
respect to any Other SUBI, any Other SUBI Portfolio, the UTI or the UTI
Portfolio shall be enforceable against such Other SUBI Portfolio or the UTI
Portfolio only, as applicable, and not against the Transaction SUBI or any Other
SUBI Assets, (c) except to the extent required by law, UTI Assets or SUBI Assets
with respect to any SUBI (other than the Transaction SUBI) shall not be subject
to the claims, debts, liabilities, expenses or obligations arising from or with
respect to the Transaction SUBI in respect of such claim, (d)(i) no creditor or
holder of a claim relating to the Transaction SUBI or the Transaction SUBI
Portfolio shall be entitled to maintain any action against or recover any assets
allocated to the UTI or the UTI Portfolio or any Other SUBI or the assets
allocated thereto, and (ii) no creditor or holder of a claim relating to the
UTI, the UTI Portfolio or any SUBI other than the Transaction SUBI or any SUBI
Assets other than the Transaction SUBI Portfolio shall be entitled to maintain
any action against or recover any assets allocated to the Transaction SUBI and
(e) any purchaser, assignee or pledgee of an interest in the Transaction SUBI or
the Transaction SUBI Certificate must, prior to or contemporaneously with the
grant of any such assignment, pledge or security interest, (i) give to the
Origination Trust a non-petition covenant substantially similar to that set
forth in Section 6.9 of the Origination Trust Agreement, and (ii) execute an
agreement for the benefit of each holder, assignee or pledgee from time to time
of the UTI or UTI Certificate and any Other SUBI or Other SUBI Certificate, to
release all claims to the assets of the Origination Trust allocated to the UTI
Portfolio and each Other SUBI Portfolio and in the event that such release is
not given effect, to fully subordinate all claims it may be deemed to have
against the assets of the Origination Trust allocated to the UTI Portfolio and
each Other SUBI Portfolio.

         23. Limitation of Rights. All of the rights of the Swap Counterparty
in, to and under this Agreement shall terminate upon the termination of the
Interest Rate Swap Agreement in accordance with the terms thereof and the
payment in full of all amounts owing to the Swap Counterparty.

                            [SIGNATURES ON NEXT PAGE]

                                            VALT 2004-A Administration Agreement

                                       12
<PAGE>

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

                                      VOLKSWAGEN AUTO LEASE TRUST 2004-A

                                      By: The Bank of New York (Delaware), not
                                      in its individual capacity but solely as
                                      Owner Trustee

                                      By:_______________________________________
                                      Name:
                                      Title:

                                            VALT 2004-A Administration Agreement

                                       S-1
<PAGE>

                                      VW CREDIT, INC., as Administrator

                                      By:_______________________________________
                                      Name:
                                      Title:

                                      By:_______________________________________
                                      Name:
                                      Title:

                                            VALT 2004-A Administration Agreement

                                      S-2
<PAGE>

                                      CITIBANK, N.A., as Indenture Trustee

                                      By:_______________________________________
                                      Name:
                                      Title:

                                            VALT 2004-A Administration Agreement

                                      S-3<PAGE>

                                                                    EXHIBIT 10.9

(MULTICURRENCY -- CROSS BORDER)

                                    ISDA(R)

                  International Swap Dealers Association, Inc.

                                MASTER AGREEMENT

                         dated as of September 29, 4004

_____________________________________and Volkswagen Auto Lease Trust 2004-A

have entered and/or anticipate entering into one or more transactions (each a
"Transaction") that are or will be governed by this Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other confirming
evidence (each a "Confirmation") exchanged between the parties confirming those
Transactions.

Accordingly, the parties agree as follows: --

1.    INTERPRETATION

(a)   DEFINITIONS. The terms defined in Section 14 and in the Schedule will have
the meanings therein specified for the purpose of this Master Agreement.

(b)   INCONSISTENCY. In the event of any inconsistency between the provisions of
the Schedule and the other provisions of this Master Agreement, the Schedule
will prevail. In the event of any inconsistency between the provisions of any
Confirmation and this Master Agreement (including the Schedule), such
Confirmation will prevail for the purpose of the relevant Transaction.

(c)   SINGLE AGREEMENT. All Transactions are entered into in reliance on the
fact that this Master Agreement and all Confirmations form a single agreement
between the parties (collectively referred to as this "Agreement"), and the
parties would not otherwise enter into any Transactions.

2.    OBLIGATIONS

(a)   GENERAL CONDITIONS.

      (i) Each party will make each payment or delivery specified in each
      Confirmation to be made by it, subject to the other provisions of this
      Agreement.

      (ii) Payments under this Agreement will be made on the due date for value
      on that date in the place of the account specified in the relevant
      Confirmation or otherwise pursuant to this Agreement, in freely
      transferable funds and in the manner customary for payments in the
      required currency. Where settlement is by delivery (that is, other than by
      payment), such delivery will be made for receipt on the due date in the
      manner customary for the relevant obligation unless otherwise specified in
      the relevant Confirmation or elsewhere in this Agreement.

      (iii) Each obligation of each party under Section 2(a)(i) is subject to
      (1) the condition precedent that no Event of Default or Potential Event of
      Default with respect to the other party has occurred and is continuing,
      (2) the condition precedent that no Early Termination Date in respect of
      the relevant Transaction has occurred or been effectively designated and
      (3) each other applicable condition precedent specified in this Agreement.

        Copyright(C)1992 by International Swap Dealers Association, Inc.

<PAGE>

(b)   CHANGE OF ACCOUNT. Either party may change its account for receiving a
      payment or delivery by giving notice to the other party at least five
      Local Business Days prior to the scheduled date for the payment or
      delivery to which such change applies unless such other party gives timely
      notice of a reasonable objection to such change.

(c)   NETTING. If on any date amounts would otherwise be payable:--

      (i)   in the same currency; and

      (ii)  in respect of the same Transaction,

by each party to the other, then, on such date, each party's obligation to make
payment of any such amount will be automatically satisfied and discharged and,
if the aggregate amount that would otherwise have been payable by one party
exceeds the aggregate amount that would otherwise have been payable by the other
party, replaced by an obligation upon the party by whom the larger aggregate
amount would have been payable to pay to the other party the excess of the
larger aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net amount
will be determined in respect of all amounts payable on the same date in the
same currency in respect of such Transactions, regardless of whether such
amounts are payable in respect of the same Transaction. The election may be made
in the Schedule or a Confirmation by specifying that subparagraph (ii) above
will not apply to the Transactions identified as being subject to the election,
together with the starting date (in which case subparagraph (ii) above will not,
or will cease to, apply to such Transactions from such date). This election may
be made separately for different groups of Transactions and will apply
separately to each pairing of Offices through which the parties make and receive
payments or deliveries.

(d)   DEDUCTION OR WITHHOLDING FOR TAX.

      (i)   GROSS-UP. All payments under this Agreement will be made without any
      deduction or withholding for or on account of any Tax unless such
      deduction or withholding is required by any applicable law, as modified by
      the practice of any relevant governmental revenue authority, then in
      effect. If a party is so required to deduct or withhold, then that party
      ("X") will:--

            (1)   promptly notify the other party ("Y") of such requirement;

            (2)   pay to the relevant authorities the full amount required to be
            deducted or withheld (including the full amount required to be
            deducted or withheld from any additional amount paid by X to Y under
            this Section 2(d)) promptly upon the earlier of determining that
            such deduction or withholding is required or receiving notice that
            such amount has been assessed against Y;

            (3)   promptly forward to Y an official receipt (or a certified
            copy), or other documentation reasonably acceptable to Y, evidencing
            such payment to such authorities; and

            (4)   if such Tax is an Indemnifiable Tax, pay to Y, in addition to
            the payment to which Y is otherwise entitled under this Agreement,
            such additional amount as is necessary to ensure that the net amount
            actually received by Y (free and clear of Indemnifiable Taxes,
            whether assessed against X or Y) will equal the full amount Y would
            have received had no such deduction or withholding been required.
            However, X will not be required to pay any additional amount to Y to
            the extent that it would not be required to be paid but for:--

                  (A)   the failure by Y to comply with or perform any agreement
                  contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

                  (B)   the failure of a representation made by Y pursuant to
                  Section 3(f) to be accurate and true unless such failure would
                  not have occurred but for (I) any action taken by a taxing
                  authority, or brought in a court of competent jurisdiction, on
                  or after the date on which a Transaction is entered into
                  (regardless of whether such action is taken or brought with
                  respect to a party to this Agreement) or (II) a Change in Tax
                  Law.

                                       2                             ISDA(R)1992

<PAGE>

      (ii)  LIABILITY. IF: --

            (1)   X is required by any applicable law, as modified by the
            practice of any relevant governmental revenue authority, to make any
            deduction or withholding in respect of which X would not be required
            to pay an additional amount to Y under Section 2(d)(i)(4);

            (2)   X does not so deduct or withhold; and

            (3)   a liability resulting from such Tax is assessed directly
            against X,

      then, except to the extent Y has satisfied or then satisfies the liability
      resulting from such Tax, Y will promptly pay to X the amount of such
      liability (including any related liability for interest, but including any
      related liability for penalties only if Y has failed to comply with or
      perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)).

(e)   DEFAULT INTEREST; OTHER AMOUNTS. Prior to the occurrence or effective
designation of an Early Termination Date in respect of the relevant Transaction,
a party that defaults in the performance of any payment obligation will, to the
extent permitted by law and subject to Section 6(c), be required to pay interest
(before as well as after judgment) on the overdue amount to the other party on
demand in the same currency as such overdue amount, for the period from (and
including) the original due date for payment to (but excluding) the date of
actual payment, at the Default Rate. Such interest will be calculated on the
basis of daily compounding and the actual number of days elapsed. If, prior to
the occurrence or effective designation of an Early Termination Date in respect
of the relevant Transaction, a party defaults in the performance of any
obligation required to be settled by delivery, it will compensate the other
party on demand if and to the extent provided for in the relevant Confirmation
or elsewhere in this Agreement.

3.    REPRESENTATIONS

Each party represents to the other party (which representations will be deemed
to be repeated by each party on each date on which a Transaction is entered into
and, in the case of the representations in Section 3(f), at all times until the
termination of this Agreement) that:--

(a)   BASIC REPRESENTATIONS.

      (i)   STATUS. It is duly organised and validly existing under the laws of
      the jurisdiction of its organisation or incorporation and, if relevant
      under such laws, in good standing;

      (ii)  POWERS. It has the power to execute this Agreement and any other
      documentation relating to this Agreement to which it is a party, to
      deliver this Agreement and any other documentation relating to this
      Agreement that it is required by this Agreement to deliver and to perform
      its obligations under this Agreement and any obligations it has under any
      Credit Support Document to which it is a party and has taken all necessary
      action to authorise such execution, delivery and performance;

      (iii) NO VIOLATION OR CONFLICT. Such execution, delivery and performance
      do not violate or conflict with any law applicable to it, any provision of
      its constitutional documents, any order or judgment of any court or other
      agency of government applicable to it or any of its assets or any
      contractual restriction binding on or affecting it or any of its assets;

      (iv)  CONSENTS. All governmental and other consents that are required to
      have been obtained by it with respect to this Agreement or any Credit
      Support Document to which it is a party have been obtained and are in full
      force and effect and all conditions of any such consents have been
      complied with; and

      (v)   OBLIGATIONS BINDING. Its obligations under this Agreement and any
      Credit Support Document to which it is a party constitute its legal, valid
      and binding obligations, enforceable in accordance with their respective
      terms (subject to applicable bankruptcy, reorganisation, insolvency,
      moratorium or similar laws affecting creditors' rights generally and
      subject, as to enforceability, to equitable principles of general
      application (regardless of whether enforcement is sought in a proceeding
      in equity or at law)).

                                       3                             ISDA(R)1992

<PAGE>

(b)   ABSENCE OF CERTAIN EVENTS. No Event of Default or Potential Event of
Default or, to its knowledge, Termination Event with respect to it has occurred
and is continuing and no such event or circumstance would occur as a result of
its entering into or performing its obligations under this Agreement or any
Credit Support Document to which it is a party.

(c)   ABSENCE OF LITIGATION. There is not pending or, to its knowledge,
threatened against it or any of its Affiliates any action, suit or proceeding at
law or in equity or before any court, tribunal, governmental body, agency or
official or any arbitrator that is likely to affect the legality, validity or
enforceability against it of this Agreement or any Credit Support Document to
which it is a party or its ability to perform its obligations under this
Agreement or such Credit Support Document.

(d)   ACCURACY OF SPECIFIED INFORMATION. All applicable information that is
furnished in writing by or on behalf of it to the other party and is identified
for the purpose of this Section 3(d) in the Schedule is, as of the date of the
information, true, accurate and complete in every material respect.

(e)   PAYER TAX REPRESENTATION. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(e) is accurate and true.

(f)   PAYEE TAX REPRESENTATIONS. Each representation specified in the Schedule
as being made by it for the purpose of this Section 3(f) is accurate and true.

4.    AGREEMENTS

Each party agrees with the other that, so long as either party has or may have
any obligation under this Agreement or under any Credit Support Document to
which it is a party:--

(a)   FURNISH SPECIFIED INFORMATION. It will deliver to the other party or, in
certain cases under subparagraph (iii) below, to such government or taxing
authority as the other party reasonably directs:--

      (i)   any forms, documents or certificates relating to taxation specified
      in the Schedule or any Confirmation;

      (ii)  any other documents specified in the Schedule or any Confirmation;
      and

      (iii) upon reasonable demand by such other party, any form or document
      that may be required or reasonably requested in writing in order to allow
      such other party or its Credit Support Provider to make a payment under
      this Agreement or any applicable Credit Support Document without any
      deduction or withholding for or on account of any Tax or with such
      deduction or withholding at a reduced rate (so long as the completion,
      execution or submission of such form or document would not materially
      prejudice the legal or commercial position of the party in receipt of such
      demand), with any such form or document to be accurate and completed in a
      manner reasonably satisfactory to such other party and to be executed and
      to be delivered with any reasonably required certification,

in each case by the date specified in the Schedule or such Confirmation or, if
none is specified, as soon as reasonably practicable.

(b)   MAINTAIN AUTHORISATIONS. It will use all reasonable efforts to maintain in
full force and effect all consents of any governmental or other authority that
are required to be obtained by it with respect to this Agreement or any Credit
Support Document to which it is a party and will use all reasonable efforts to
obtain any that may become necessary in the future.

(c)   COMPLY WITH LAWS. It will comply in all material respects with all
applicable laws and orders to which it may be subject if failure so to comply
would materially impair its ability to perform its obligations under this
Agreement or any Credit Support Document to which it is a party.

(d)   TAX AGREEMENT. It will give notice of any failure of a representation made
by it under Section 3(f) to be accurate and true promptly upon learning of such
failure.

(e)   PAYMENT OF STAMP TAX. Subject to Section 11, it will pay any Stamp Tax
levied or imposed upon it or in respect of its execution or performance of this
Agreement by a jurisdiction in which it is incorporated,

                                       4                             ISDA(R)1992

<PAGE>

organised, managed and controlled, or considered to have its seat, or in which a
branch or office through which it is acting for the purpose of this Agreement is
located ("Stamp Tax Jurisdiction") and will indemnify the other party against
any Stamp Tax levied or imposed upon the other party or in respect of the other
party's execution or performance of this Agreement by any such Stamp Tax
Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the
other party.

5.    EVENTS OF DEFAULT AND TERMINATION EVENTS

(a)   EVENTS OF DEFAULT. The occurrence at any time with respect to a party or,
if applicable, any Credit Support Provider of such party or any Specified Entity
of such party of any of the following events constitutes an event of default (an
"Event of Default") with respect to such party:--

      (i)   FAILURE TO PAY OR DELIVER. Failure by the party to make, when due,
      any payment under this Agreement or delivery under Section 2(a)(i) or 2(e)
      required to be made by it if such failure is not remedied on or before the
      third Local Business Day after notice of such failure is given to the
      party;

      (ii)  BREACH OF AGREEMENT. Failure by the party to comply with or perform
      any agreement or obligation (other than an obligation to make any payment
      under this Agreement or delivery under Section 2(a)(i) or 2(e) or to give
      notice of a Termination Event or any agreement or obligation under Section
      4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party
      in accordance with this Agreement if such failure is not remedied on or
      before the thirtieth day after notice of such failure is given to the
      party;

      (iii) CREDIT SUPPORT DEFAULT.

            (1)   Failure by the party or any Credit Support Provider of such
            party to comply with or perform any agreement or obligation to be
            complied with or performed by it in accordance with any Credit
            Support Document if such failure is continuing after any applicable
            grace period has elapsed;

            (2)   the expiration or termination of such Credit Support Document
            or the failing or ceasing of such Credit Support Document to be in
            full force and effect for the purpose of this Agreement (in either
            case other than in accordance with its terms) prior to the
            satisfaction of all obligations of such party under each Transaction
            to which such Credit Support Document relates without the written
            consent of the other party; or

            (3)   the party or such Credit Support Provider disaffirms,
            disclaims, repudiates or rejects, in whole or in part, or challenges
            the validity of, such Credit Support Document;

      (iv)  MISREPRESENTATION. A representation (other than a representation
      under Section 3(e) or (f)) made or repeated or deemed to have been made or
      repeated by the party or any Credit Support Provider of such party in this
      Agreement or any Credit Support Document proves to have been incorrect or
      misleading in any material respect when made or repeated or deemed to have
      been made or repeated;

      (V)   DEFAULT UNDER SPECIFIED TRANSACTION. The party, any Credit Support
      Provider of such party or any applicable Specified Entity of such party
      (1) defaults under a Specified Transaction and, after giving effect to any
      applicable notice requirement or grace period, there occurs a liquidation
      of, an acceleration of obligations under, or an early termination of, that
      Specified Transaction, (2) defaults, after giving effect to any applicable
      notice requirement or grace period, in making any payment or delivery due
      on the last payment, delivery or exchange date of, or any payment on early
      termination of, a Specified Transaction (or such default continues for at
      least three Local Business Days if there is no applicable notice
      requirement or grace period) or (3) disaffirms, disclaims, repudiates or
      rejects, in whole or in part, a Specified Transaction (or such action is
      taken by any person or entity appointed or empowered to operate it or act
      on its behalf);

      (vi)  CROSS DEFAULT. If "Cross Default" is specified in the Schedule as
      applying to the party, the occurrence or existence of (1) a default, event
      of default or other similar condition or event (however

                                       5                             ISDA(R)1992

<PAGE>

      described) in respect of such party, any Credit Support Provider of such
      party or any applicable Specified Entity of such party under one or more
      agreements or instruments relating to Specified Indebtedness of any of
      them (individually or collectively) in an aggregate amount of not less
      than the applicable Threshold Amount (as specified in the Schedule) which
      has resulted in such Specified Indebtedness becoming, or becoming capable
      at such time of being declared, due and payable under such agreements or
      instruments, before it would otherwise have been due and payable or (2) a
      default by such party, such Credit Support Provider or such Specified
      Entity (individually or collectively) in making one or more payments on
      the due date thereof in an aggregate amount of not less than the
      applicable Threshold Amount under such agreements or instruments (after
      giving effect to any applicable notice requirement or grace period);

      (vii) BANKRUPTCY. The party, any Credit Support Provider of such party or
      any applicable Specified Entity of such party: --

            (1)   is dissolved (other than pursuant to a consolidation,
            amalgamation or merger); (2) becomes insolvent or is unable to pay
            its debts or fails or admits in writing its inability generally to
            pay its debts as they become due; (3) makes a general assignment,
            arrangement or composition with or for the benefit of its creditors;
            (4) institutes or has instituted against it a proceeding seeking a
            judgment of insolvency or bankruptcy or any other relief under any
            bankruptcy or insolvency law or other similar law affecting
            creditors' rights, or a petition is presented for its winding-up or
            liquidation, and, in the case of any such proceeding or petition
            instituted or presented against it, such proceeding or petition (A)
            results in a judgment of insolvency or bankruptcy or the entry of an
            order for relief or the making of an order for its winding-up or
            liquidation or (B) is not dismissed, discharged, stayed or
            restrained in each case within 30 days of the institution or
            presentation thereof; (5) has a resolution passed for its
            winding-up, official management or liquidation (other than pursuant
            to a consolidation, amalgamation or merger); (6) seeks or becomes
            subject to the appointment of an administrator, provisional
            liquidator, conservator, receiver, trustee, custodian or other
            similar official for it or for all or substantially all its assets;
            (7) has a secured party take possession of all or substantially all
            its assets or has a distress, execution, attachment, sequestration
            or other legal process levied, enforced or sued on or against all or
            substantially all its assets and such secured party maintains
            possession, or any such process is not dismissed, discharged, stayed
            or restrained, in each case within 30 days thereafter; (8) causes or
            is subject to any event with respect to it which, under the
            applicable laws of any jurisdiction, has an analogous effect to any
            of the events specified in clauses (1) to (7) (inclusive); or (9)
            takes any action in furtherance of, or indicating its consent to,
            approval of, or acquiescence in, any of the foregoing acts; or

      (viii)MERGER WITHOUT ASSUMPTION. The party or any Credit Support Provider
      of such party consolidates or amalgamates with, or merges with or into, or
      transfers all or substantially all its assets to, another entity and, at
      the time of such consolidation, amalgamation, merger or transfer: --

            (1)   the resulting, surviving or transferee entity fails to assume
            all the obligations of such party or such Credit Support Provider
            under this Agreement or any Credit Support Document to which it or
            its predecessor was a party by operation of law or pursuant to an
            agreement reasonably satisfactory to the other party to this
            Agreement; or

            (2)   the benefits of any Credit Support Document fail to extend
            (without the consent of the other party) to the performance by such
            resulting, surviving or transferee entity of its obligations under
            this Agreement.

(b)   TERMINATION EVENTS. The occurrence at any time with respect to a party or,
if applicable, any Credit Support Provider of such party or any Specified Entity
of such party of any event specified below constitutes an Illegality if the
event is specified in (i) below, a Tax Event if the event is specified in (ii)
below or a Tax Event Upon Merger if the event is specified in (iii) below, and,
if specified to be applicable, a Credit Event

                                       6                             ISDA(R)1992

<PAGE>

Upon Merger if the event is specified pursuant to (iv) below or an Additional
Termination Event if the event is specified pursuant to (v) below:--

      (i)   ILLEGALITY. Due to the adoption of, or any change in, any applicable
      law after the date on which a Transaction is entered into, or due to the
      promulgation of, or any change in, the interpretation by any court,
      tribunal or regulatory authority with competent jurisdiction of any
      applicable law after such date, it becomes unlawful (other than as a
      result of a breach by the party of Section 4(b)) for such party (which
      will be the Affected Party): --

            (1)   to perform any absolute or contingent obligation to make a
            payment or delivery or to receive a payment or delivery in respect
            of such Transaction or to comply with any other material provision
            of this Agreement relating to such Transaction; or

            (2)   to perform, or for any Credit Support Provider of such party
            to perform, any contingent or other obligation which the party (or
            such Credit Support Provider) has under any Credit Support Document
            relating to such Transaction;

      (ii)  TAX EVENT. Due to (x) any action taken by a taxing authority, or
      brought in a court of competent jurisdiction, on or after the date on
      which a Transaction is entered into (regardless of whether such action is
      taken or brought with respect to a party to this Agreement) or (y) a
      Change in Tax Law, the party (which will be the Affected Party) will, or
      there is a substantial likelihood that it will, on the next succeeding
      Scheduled Payment Date (1) be required to pay to the other party an
      additional amount in respect of an Indemnifiable Tax under Section
      2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or
      6(e)) or (2) receive a payment from which an amount is required to be
      deducted or withheld for or on account of a Tax (except in respect of
      interest under Section 2(e), 6(d)(ii) or 6(e)) and no additional amount is
      required to be paid in respect of such Tax under Section 2(d)(i)(4) (other
      than by reason of Section 2(d)(i)(4)(A) or (B));

      (iii) TAX EVENT UPON MERGER. The party (the "Burdened Party") on the next
      succeeding Scheduled Payment Date will either (1) be required to pay an
      additional amount in respect of an Indemnifiable Tax under Section
      2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or
      6(e)) or (2) receive a payment from which an amount has been deducted or
      withheld for or on account of any Indemnifiable Tax in respect of which
      the other party is not required to pay an additional amount (other than by
      reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a
      party consolidating or amalgamating with, or merging with or into, or
      transferring all or substantially all its assets to, another entity (which
      will be the Affected Party) where such action does not constitute an event
      described in Section 5(a)(viii);

      (iv)  CREDIT EVENT UPON MERGER. If "Credit Event Upon Merger" is specified
      in the Schedule as applying to the party, such party ("X"), any Credit
      Support Provider of X or any applicable Specified Entity of X consolidates
      or amalgamates with, or merges with or into, or transfers all or
      substantially all its assets to, another entity and such action does not
      constitute an event described in Section 5(a)(viii) but the
      creditworthiness of the resulting, surviving or transferee entity is
      materially weaker than that of X, such Credit Support Provider or such
      Specified Entity, as the case may be, immediately prior to such action
      (and, in such event, X or its successor or transferee, as appropriate,
      will be the Affected Party); or

      (v)   ADDITIONAL TERMINATION EVENT. If any "Additional Termination Event"
      is specified in the Schedule or any Confirmation as applying, the
      occurrence of such event (and, in such event, the Affected Party or
      Affected Parties shall be as specified for such Additional Termination
      Event in the Schedule or such Confirmation).

(c)   EVENT OF DEFAULT AND ILLEGALITY. If an event or circumstance which would
otherwise constitute or give rise to an Event of Default also constitutes an
Illegality, it will be treated as an Illegality and will not constitute an Event
of Default.

                                       7                             ISDA(R)1992

<PAGE>

6.    EARLY TERMINATION

(a)   RIGHT TO TERMINATE FOLLOWING EVENT OF DEFAULT. If at any time an Event of
Default with respect to a party (the "Defaulting Party") has occurred and is
then continuing, the other party (the "Non-defaulting Party") may, by not more
than 20 days notice to the Defaulting Party specifying the relevant Event of
Default, designate a day not earlier than the day such notice is effective as an
Early Termination Date in respect of all outstanding Transactions. If, however,
"Automatic Early Termination" is specified in the Schedule as applying to a
party, then an Early Termination Date in respect of all outstanding Transactions
will occur immediately upon the occurrence with respect to such party of an
Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the
extent analogous thereto, (8), and as of the time immediately preceding the
institution of the relevant proceeding or the presentation of the relevant
petition upon the occurrence with respect to such party of an Event of Default
specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

(b)   RIGHT TO TERMINATE FOLLOWING TERMINATION EVENT.

      (i)   NOTICE. If a Termination Event occurs, an Affected Party will,
      promptly upon becoming aware of it, notify the other party, specifying the
      nature of that Termination Event and each Affected Transaction and will
      also give such other information about that Termination Event as the other
      party may reasonably require.

      (ii)  TRANSFER TO AVOID TERMINATION EVENT. If either an Illegality under
      Section 5(b)(i)(1) or a Tax Event occurs and there is only one Affected
      Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the
      Affected Party, the Affected Party will, as a condition to its right to
      designate an Early Termination Date under Section 6(b)(iv), use all
      reasonable efforts (which will not require such party to incur a loss,
      excluding immaterial, incidental expenses) to transfer within 20 days
      after it gives notice under Section 6(b)(i) all its rights and obligations
      under this Agreement in respect of the Affected Transactions to another of
      its Offices or Affiliates so that such Termination Event ceases to exist.

      If the Affected Party is not able to make such a transfer it will give
      notice to the other party to that effect within such 20 day period,
      whereupon the other party may effect such a transfer within 30 days after
      the notice is given under Section 6(b)(i).

      Any such transfer by a party under this Section 6(b)(ii) will be subject
      to and conditional upon the prior written consent of the other party,
      which consent will not be withheld if such other party's policies in
      effect at such time would permit it to enter into transactions with the
      transferee on the terms proposed.

      (iii) TWO AFFECTED PARTIES. If an Illegality under Section 5(b)(i)(1) or a
      Tax Event occurs and there are two Affected Parties, each party will use
      all reasonable efforts to reach agreement within 30 days after notice
      thereof is given under Section 6(b)(i) on action to avoid that Termination
      Event.

      (iv)  RIGHT TO TERMINATE. IF: --

            (1)   a transfer under Section 6(b)(ii) or an agreement under
            Section 6(b)(iii), as the case may be, has not been effected with
            respect to all Affected Transactions within 30 days after an
            Affected Party gives notice under Section 6(b)(i); or

            (2)   an Illegality under Section 5(b)(i)(2), a Credit Event Upon
            Merger or an Additional Termination Event occurs, or a Tax Event
            Upon Merger occurs and the Burdened Party is not the Affected Party,

      either party in the case of an Illegality, the Burdened Party in the case
      of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event
      or an Additional Termination Event if there is more than one Affected
      Party, or the party which is not the Affected Party in the case of a
      Credit Event Upon Merger or an Additional Termination Event if there is
      only one Affected Party may, by not more than 20 days notice to the other
      party and provided that the relevant Termination Event is then

                                       8                             ISDA(R)1992

<PAGE>

      continuing, designate a day not earlier than the day such notice is
      effective as an Early Termination Date in respect of all Affected
      Transactions.

(c)   EFFECT OF DESIGNATION.

      (i)   If notice designating an Early Termination Date is given under
      Section 6(a) or (b), the Early Termination Date will occur on the date so
      designated, whether or not the relevant Event of Default or Termination
      Event is then continuing.

      (ii)  Upon the occurrence or effective designation of an Early Termination
      Date, no further payments or deliveries under Section 2(a)(i) or 2(e) in
      respect of the Terminated Transactions will be required to be made, but
      without prejudice to the other provisions of this Agreement. The amount,
      if any, payable in respect of an Early Termination Date shall be
      determined pursuant to Section 6(e).

(d)   CALCULATIONS.

      (i)   STATEMENT. On or as soon as reasonably practicable following the
      occurrence of an Early Termination Date, each party will make the
      calculations on its part, if any, contemplated by Section 6(e) and will
      provide to the other party a statement (1) showing, in reasonable detail,
      such calculations (including all relevant quotations and specifying any
      amount payable under Section 6(e)) and (2) giving details of the relevant
      account to which any amount payable to it is to be paid. In the absence of
      written confirmation from the source of a quotation obtained in
      determining a Market Quotation, the records of the party obtaining such
      quotation will be conclusive evidence of the existence and accuracy of
      such quotation.

      (ii)  PAYMENT DATE. An amount calculated as being due in respect of any
      Early Termination Date under Section 6(e) will be payable on the day that
      notice of the amount payable is effective (in the case of an Early
      Termination Date which is designated or occurs as a result of an Event of
      Default) and on the day which is two Local Business Days after the day on
      which notice of the amount payable is effective (in the case of an Early
      Termination Date which is designated as a result of a Termination Event).
      Such amount will be paid together with (to the extent permitted under
      applicable law) interest thereon (before as well as after judgment) in the
      Termination Currency, from (and including) the relevant Early Termination
      Date to (but excluding) the date such amount is paid, at the Applicable
      Rate. Such interest will be calculated on the basis of daily compounding
      and the actual number of days elapsed.

(e)   PAYMENTS ON EARLY TERMINATION. If an Early Termination Date occurs, the
following provisions shall apply based on the parties' election in the Schedule
of a payment measure, either "Market Quotation" or "Loss", and a payment method,
either the "First Method" or the "Second Method". If the parties fail to
designate a payment measure or payment method in the Schedule, it will be deemed
that "Market Quotation" or the "Second Method", as the case may be, shall apply.
The amount, if any, payable in respect of an Early Termination Date and
determined pursuant to this Section will be subject to any Set-off.

      (i)   EVENTS OF DEFAULT. If the Early Termination Date results from an
      Event of Default: --

            (1)   First Method and Market Quotation. If the First Method and
            Market Quotation apply, the Defaulting Party will pay to the
            Non-defaulting Party the excess, if a positive number, of (A) the
            sum of the Settlement Amount (determined by the Non-defaulting
            Party) in respect of the Terminated Transactions and the Termination
            Currency Equivalent of the Unpaid Amounts owing to the
            Non-defaulting Party over (B) the Termination Currency Equivalent of
            the Unpaid Amounts owing to the Defaulting Party.

            (2)   First Method and Loss. If the First Method and Loss apply, the
            Defaulting Party will pay to the Non-defaulting Party, if a positive
            number, the Non-defaulting Party's Loss in respect of this
            Agreement.

            (3)   Second Method and Market Quotation. If the Second Method and
            Market Quotation apply, an amount will be payable equal to (A) the
            sum of the Settlement Amount (determined by the

                                       9                             ISDA(R)1992

<PAGE>

            Non-defaulting Party) in respect of the Terminated Transactions and
            the Termination Currency Equivalent of the Unpaid Amounts owing to
            the Non-defaulting Party less (B) the Termination Currency
            Equivalent of the Unpaid Amounts owing to the Defaulting Party. If
            that amount is a positive number, the Defaulting Party will pay it
            to the Non-defaulting Party; if it is a negative number, the
            Non-defaulting Party will pay the absolute value of that amount to
            the Defaulting Party.

            (4)   Second Method and Loss, If the Second Method and Loss apply,
            an amount will be payable equal to the Non-defaulting Party's Loss
            in respect of this Agreement. If that amount is a positive number,
            the Defaulting Party will pay it to the Non-defaulting Party; if it
            is a negative number, the Non-defaulting Party will pay the absolute
            value of that amount to the Defaulting Party.

      (ii)  TERMINATION EVENTS. If the Early Termination Date results from a
      Termination Event: --

            (1)   One Affected Party. If there is one Affected Party, the amount
            payable will be determined in accordance with Section 6(e)(i)(3), if
            Market Quotation applies, or Section 6(e)(i)(4), if Loss applies,
            except that, in either case, references to the Defaulting Party and
            to the Non-defaulting Party will be deemed to be references to the
            Affected Party and the party which is not the Affected Party,
            respectively, and, if Loss applies and fewer than all the
            Transactions are being terminated, Loss shall be calculated in
            respect of all Terminated Transactions.

            (2)   Two Affected Parties. If there are two Affected Parties: --

                  (A)   if Market Quotation applies, each party will determine a
                  Settlement Amount in respect of the Terminated Transactions,
                  and an amount will be payable equal to (I) the sum of (a)
                  one-half of the difference between the Settlement Amount of
                  the party with the higher Settlement Amount ("X") and the
                  Settlement Amount of the party with the lower Settlement
                  Amount ("Y") and (b) the Termination Currency Equivalent of
                  the Unpaid Amounts owing to X less (II) the Termination
                  Currency Equivalent of the Unpaid Amounts owing to Y; and

                  (B)   if Loss applies, each party will determine its Loss in
                  respect of this Agreement (or, if fewer than all the
                  Transactions are being terminated, in respect of all
                  Terminated Transactions) and an amount will be payable equal
                  to one-half of the difference between the Loss of the party
                  with the higher Loss ("X") and the Loss of the party with the
                  lower Loss ("Y").

            If the amount payable is a positive number, Y will pay it to X; if
            it is a negative number, X will pay the absolute value of that
            amount to Y.

      (iii) ADJUSTMENT FOR BANKRUPTCY. In circumstances where an Early
      Termination Date occurs because "Automatic Early Termination" applies in
      respect of a party, the amount determined under this Section 6(e) will be
      subject to such adjustments as are appropriate and permitted by law to
      reflect any payments or deliveries made by one party to the other under
      this Agreement (and retained by such other party) during the period from
      the relevant Early Termination Date to the date for payment determined
      under Section 6(d)(ii).

      (iv)  PRE-ESTIMATE. The parties agree that if Market Quotation applies an
      amount recoverable under this Section 6(e) is a reasonable pre-estimate of
      loss and not a penalty. Such amount is payable for the loss of bargain and
      the loss of protection against future risks and except as otherwise
      provided in this Agreement neither party will be entitled to recover any
      additional damages as a consequence of such losses.

                                       10                            ISDA(R)1992

<PAGE>

7.    TRANSFER

Subject to Section 6(b)(ii), neither this Agreement nor any interest or
obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the
other party, except that: --

(a)   a party may make such a transfer of this Agreement pursuant to a
consolidation or amalgamation with, or merger with or into, or transfer of all
or substantially all its assets to, another entity (but without prejudice to any
other right or remedy under this Agreement); and

(b)   a party may make such a transfer of all or any part of its interest in any
amount payable to it from a Defaulting Party under Section 6(e).

Any purported transfer that is not in compliance with this Section will be void.

8.    CONTRACTUAL CURRENCY

(a)   PAYMENT IN THE CONTRACTUAL CURRENCY. Each payment under this Agreement
will be made in the relevant currency specified in this Agreement for that
payment (the "Contractual Currency"). To the extent permitted by applicable law,
any obligation to make payments under this Agreement in the Contractual Currency
will not be discharged or satisfied by any tender in any currency other than the
Contractual Currency, except to the extent such tender results in the actual
receipt by the party to which payment is owed, acting in a reasonable manner and
in good faith in converting the currency so tendered into the Contractual
Currency, of the full amount in the Contractual Currency of all amounts payable
in respect of this Agreement. If for any reason the amount in the Contractual
Currency so received falls short of the amount in the Contractual Currency
payable in respect of this Agreement, the party required to make the payment
will, to the extent permitted by applicable law, immediately pay such additional
amount in the Contractual Currency as may be necessary to compensate for the
shortfall. If for any reason the amount in the Contractual Currency so received
exceeds the amount in the Contractual Currency payable in respect of this
Agreement, the party receiving the payment will refund promptly the amount of
such excess.

(b)   JUDGMENTS. To the extent permitted by applicable law, if any judgment or
order expressed in a currency other than the Contractual Currency is rendered
(i) for the payment of any amount owing in respect of this Agreement, (ii) for
the payment of any amount relating to any early termination in respect of this
Agreement or (iii) in respect of a judgment or order of another court for the
payment of any amount described in (i) or (ii) above, the party seeking
recovery, after recovery in full of the aggregate amount to which such party is
entitled pursuant to the judgment or order, will be entitled to receive
immediately from the other party the amount of any shortfall of the Contractual
Currency received by such party as a consequence of sums paid in such other
currency and will refund promptly to the other party any excess of the
Contractual Currency received by such party as a consequence of sums paid in
such other currency if such shortfall or such excess arises or results from any
variation between the rate of exchange at which the Contractual Currency is
converted into the currency of the judgment or order for the purposes of such
judgment or order and the rate of exchange at which such party is able, acting
in a reasonable manner and in good faith in converting the currency received
into the Contractual Currency, to purchase the Contractual Currency with the
amount of the currency of the judgment or order actually received by such party.
The term "rate of exchange" includes, without limitation, any premiums and costs
of exchange payable in connection with the purchase of or conversion into the
Contractual Currency.

(c)   SEPARATE INDEMNITIES. To the extent permitted by applicable law, these
indemnities constitute separate and independent obligations from the other
obligations in this Agreement, will be enforceable as separate and independent
causes of action, will apply notwithstanding any indulgence granted by the party
to which any payment is owed and will not be affected by judgment being obtained
or claim or proof being made for any other sums payable in respect of this
Agreement.

(d)   EVIDENCE OF LOSS. For the purpose of this Section 8, it will be sufficient
for a party to demonstrate that it would have suffered a loss had an actual
exchange or purchase been made.

                                       11                            ISDA(R)1992

<PAGE>

9.    MISCELLANEOUS

(a)   ENTIRE AGREEMENT. This Agreement constitutes the entire agreement and
understanding of the parties with respect to its subject matter and supersedes
all oral communication and prior writings with respect thereto.

(b)   AMENDMENTS. No amendment, modification or waiver in respect of this
Agreement will be effective unless in writing (including a writing evidenced by
a facsimile transmission) and executed by each of the parties or confirmed by an
exchange of telexes or electronic messages on an electronic messaging system.

(c)   SURVIVAL OF OBLIGATIONS. Without prejudice to Sections 2(a)(iii) and
6(c)(ii), the obligations of the parties under this Agreement will survive the
termination of any Transaction.

(d)   REMEDIES CUMULATIVE. Except as provided in this Agreement, the rights,
powers, remedies and privileges provided in this Agreement are cumulative and
not exclusive of any rights, powers, remedies and privileges provided by law.

(e)   COUNTERPARTS AND CONFIRMATIONS.

      (i)   This Agreement (and each amendment, modification and waiver in
      respect of it) may be executed and delivered in counterparts (including by
      facsimile transmission), each of which will be deemed an original.

      (ii)  The parties intend that they are legally bound by the terms of each
      Transaction from the moment they agree to those terms (whether orally or
      otherwise). A Confirmation shall be entered into as soon as practicable
      and may be executed and delivered in counterparts (including by facsimile
      transmission) or be created by an exchange of telexes or by an exchange of
      electronic messages on an electronic messaging system, which in each case
      will be sufficient for all purposes to evidence a binding supplement to
      this Agreement. The parties will specify therein or through another
      effective means that any such counterpart, telex or electronic message
      constitutes a Confirmation.

(f)   NO WAIVER OF RIGHTS. A failure or delay in exercising any right, power or
privilege in respect of this Agreement will not be presumed to operate as a
waiver, and a single or partial exercise of any right, power or privilege will
not be presumed to preclude any subsequent or further exercise, of that right,
power or privilege or the exercise of any other right, power or privilege.

(g)   HEADINGS, The headings used in this Agreement are for convenience of
reference only and are not to affect the construction of or to be taken into
consideration in interpreting this Agreement.

10.   OFFICES; MULTIBRANCH PARTIES

(a)   If Section 10(a) is specified in the Schedule as applying, each party that
enters into a Transaction through an Office other than its head or home office
represents to the other party that, notwithstanding the place of booking office
or jurisdiction of incorporation or organisation of such party, the obligations
of such party are the same as if it had entered into the Transaction through its
head or home office. This representation will be deemed to be repeated by such
party on each date on which a Transaction is entered into.

(b)   Neither party may change the Office through which it makes and receives
payments or deliveries for the purpose of a Transaction without the prior
written consent of the other party.

(c)   If a party is specified as a Multibranch Party in the Schedule, such
Multibranch Party may make and receive payments or deliveries under any
Transaction through any Office listed in the Schedule, and the Office through
which it makes and receives payments or deliveries with respect to a Transaction
will be specified in the relevant Confirmation.

11.   EXPENSES

A Defaulting Party will, on demand, indemnify and hold harmless the other party
for and against all reasonable out-of-pocket expenses, including legal fees and
Stamp Tax, incurred by such other party by reason of the enforcement and
protection of its rights under this Agreement or any Credit Support Document

                                       12                            ISDA(R)1992

<PAGE>

to which the Defaulting Party is a party or by reason of the early termination
of any Transaction, including, but not limited to, costs of collection.

12.   NOTICES

(a)   EFFECTIVENESS. Any notice or other communication in respect of this
Agreement may be given in any manner set forth below (except that a notice or
other communication under Section 5 or 6 may not be given by facsimile
transmission or electronic messaging system) to the address or number or in
accordance with the electronic messaging system details provided (see the
Schedule) and will be deemed effective as indicated:--

      (i)   if in writing and delivered in person or by courier, on the date it
      is delivered;

      (ii)  if sent by telex, on the date the recipient's answerback is
      received;

      (iii) if sent by facsimile transmission, on the date that transmission is
      received by a responsible employee of the recipient in legible form (it
      being agreed that the burden of proving receipt will be on the sender and
      will not be met by a transmission report generated by the sender's
      facsimile machine);

      (iv)  if sent by certified or registered mail (airmail, if overseas) or
      the equivalent (return receipt requested), on the date that mail is
      delivered or its delivery is attempted; or

      (v)   if sent by electronic messaging system, on the date that electronic
      message is received,

unless the date of that delivery (or attempted delivery) or that receipt, as
applicable, is not a Local Business Day or that communication is delivered (or
attempted) or received, as applicable, after the close of business on a Local
Business Day, in which case that communication shall be deemed given and
effective on the first following day that is a Local Business Day.

(b)   CHANGE OF ADDRESSES. Either party may by notice to the other change the
address, telex or facsimile number or electronic messaging system details at
which notices or other communications are to be given to it.

13.   GOVERNING LAW AND JURISDICTION

(a)   GOVERNING LAW. This Agreement will be governed by and construed in
accordance with the law specified in the Schedule.

(b)   JURISDICTION. With respect to any suit, action or proceedings relating to
this Agreement ("Proceedings"), each party irrevocably:--

      (i)   submits to the jurisdiction of the English courts, if this Agreement
      is expressed to be governed by English law, or to the non-exclusive
      jurisdiction of the courts of the State of New York and the United States
      District Court located in the Borough of Manhattan in New York City, if
      this Agreement is expressed to be governed by the laws of the State of New
      York; and

      (ii)  waives any objection which it may have at any time to the laying of
      venue of any Proceedings brought in any such court, waives any claim that
      such Proceedings have been brought in an inconvenient forum and further
      waives the right to object, with respect to such Proceedings, that such
      court does not have any jurisdiction over such party.

Nothing in this Agreement precludes either party from bringing Proceedings in
any other jurisdiction (outside, if this Agreement is expressed to be governed
by English law, the Contracting States, as defined in Section 1(3) of the Civil
Jurisdiction and Judgments Act 1982 or any modification, extension or
re-enactment thereof for the time being in force) nor will the bringing of
Proceedings in any one or more jurisdictions preclude the bringing of
Proceedings in any other jurisdiction.

(c)   SERVICE OF PROCESS. Each party irrevocably appoints the Process Agent (if
any) specified opposite its name in the Schedule to receive, for it and on its
behalf, service of process in any Proceedings. If for any

                                       13                            ISDA(R)1992

<PAGE>

reason any party's Process Agent is unable to act as such, such party will
promptly notify the other party and within 30 days appoint a substitute process
agent acceptable to the other party. The parties irrevocably consent to service
of process given in the manner provided for notices in Section 12. Nothing in
this Agreement will affect the right of either party to serve process in any
other manner permitted by law.

(d)   WAIVER OF IMMUNITIES. Each party irrevocably waives, to the fullest extent
permitted by applicable law, with respect to itself and its revenues and assets
(irrespective of their use or intended use), all immunity on the grounds of
sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any
court, (iii) relief by way of injunction, order for specific performance or for
recovery of property, (iv) attachment of its assets (whether before or after
judgment) and (v) execution or enforcement of any judgment to which it or its
revenues or assets might otherwise be entitled in any Proceedings in the courts
of any jurisdiction and irrevocably agrees, to the extent permitted by
applicable law, that it will not claim any such immunity in any Proceedings.

14.   DEFINITIONS

As used in this Agreement:--

"ADDITIONAL TERMINATION EVENT" has the meaning specified in Section 5(b).

"AFFECTED PARTY" has the meaning specified in Section 5(b).

"AFFECTED TRANSACTIONS" means (a) with respect to any Termination Event
consisting of an Illegality, Tax Event or Tax Event Upon Merger, all
Transactions affected by the occurrence of such Termination Event and (b) with
respect to any other Termination Event, all Transactions.

"AFFILIATE" means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, "control" of
any entity or person means ownership of a majority of the voting power of the
entity or person.

"APPLICABLE RATE" means:--

(a)   in respect of obligations payable or deliverable (or which would have been
but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

(b)   in respect of an obligation to pay an amount under Section 6(e) of either
party from and after the date (determined in accordance with Section 6(d)(ii))
on which that amount is payable, the Default Rate;

(c)   in respect of all other obligations payable or deliverable (or which would
have been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default
Rate; and

(d)   in all other cases, the Termination Rate.

"BURDENED PARTY" has the meaning specified in Section 5(b).

"CHANGE IN TAX LAW" means the enactment, promulgation, execution or ratification
of, or any change in or amendment to, any law (or in the application or official
interpretation of any law) that occurs on or after the date on which the
relevant Transaction is entered into.

"CONSENT" includes a consent, approval, action, authorisation, exemption,
notice, filing, registration or exchange control consent.

"CREDIT EVENT UPON MERGER" has the meaning specified in Section 5(b).

"CREDIT SUPPORT DOCUMENT" means any agreement or instrument that is specified as
such in this Agreement.

"CREDIT SUPPORT PROVIDER" has the meaning specified in the Schedule.

"DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the relevant payee (as certified by it) if it
were to fund or of funding the relevant amount plus 1% per annum.

                                       14                            ISDA(R)1992

<PAGE>

"DEFAULTING PARTY" has the meaning specified in Section 6(a).

"EARLY TERMINATION DATE" means the date determined in accordance with Section
6(a) or 6(b)(iv).

"EVENT OF DEFAULT" has the meaning specified in Section 5(a) and, if applicable,
in the Schedule.

"ILLEGALITY" has the meaning specified in Section 5(b).

"INDEMNIFIABLE TAX" means any Tax other than a Tax that would not be imposed in
respect of a payment under this Agreement but for a present or former connection
between the jurisdiction of the government or taxation authority imposing such
Tax and the recipient of such payment or a person related to such recipient
(including, without limitation, a connection arising from such recipient or
related person being or having been a citizen or resident of such jurisdiction,
or being or having been organised, present or engaged in a trade or business in
such jurisdiction, or having or having had a permanent establishment or fixed
place of business in such jurisdiction, but excluding a connection arising
solely from such recipient or related person having executed, delivered,
performed its obligations or received a payment under, or enforced, this
Agreement or a Credit Support Document).

"LAW" includes any treaty, law, rule or regulation (as modified, in the case of
tax matters, by the practice of any relevant governmental revenue authority) and
"LAWFUL" AND "UNLAWFUL" will be construed accordingly.

"LOCAL BUSINESS DAY" means, subject to the Schedule, a day on which commercial
banks are open for business (including dealings in foreign exchange and foreign
currency deposits) (a) in relation to any obligation under Section 2(a)(i), in
the place(s) specified in the relevant Confirmation or, if not so specified, as
otherwise agreed by the parties in writing or determined pursuant to provisions
contained, or incorporated by reference, in this Agreement, (b) in relation to
any other payment, in the place where the relevant account is located and, if
different, in the principal financial centre, if any, of the currency of such
payment, (c) in relation to any notice or other communication, including notice
contemplated under Section 5(a)(i), in the city specified in the address for
notice provided by the recipient and, in the case of a notice contemplated by
Section 2(b), in the place where the relevant new account is to be located and
(d) in relation to Section 5(a)(v)(2), in the relevant locations for performance
with respect to such Specified Transaction.

"LOSS" means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency
Equivalent of an amount that party reasonably determines in good faith to be its
total losses and costs (or gain, in which case expressed as a negative number)
in connection with this Agreement or that Terminated Transaction or group of
Terminated Transactions, as the case may be, including any loss of bargain, cost
of funding or, at the election of such party but without duplication, loss or
cost incurred as a result of its terminating, liquidating, obtaining or
reestablishing any hedge or related trading position (or any gain resulting from
any of them). Loss includes losses and costs (or gains) in respect of any
payment or delivery required to have been made (assuming satisfaction of each
applicable condition precedent) on or before the relevant Early Termination Date
and not made, except, so as to avoid duplication, if Section 6(e)(i)(l) or (3)
or 6(e)(ii)(2)(A) applies. Loss does not include a party's legal fees and
out-of-pocket expenses referred to under Section 11.A party will determine its
Loss as of the relevant Early Termination Date, or, if that is not reasonably
practicable, as of the earliest date thereafter as is reasonably practicable. A
party may (but need not) determine its Loss by reference to quotations of
relevant rates or prices from one or more leading dealers in the relevant
markets.

"MARKET QUOTATION" means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an amount,
if any, that would be paid to such party (expressed as a negative number) or by
such party (expressed as a positive number) in consideration of an agreement
between such party (taking into account any existing Credit Support Document
with respect to the obligations of such party) and the quoting Reference
Market-maker to enter into a transaction (the "Replacement Transaction") that
would have the effect of preserving for such party the economic equivalent of
any payment or delivery (whether the underlying obligation was absolute or
contingent and assuming the satisfaction of each applicable condition precedent)
by the parties under Section 2(a)(i) in respect of such Terminated Transaction
or group of Terminated Transactions that would, but for the occurrence of the
relevant Early Termination Date, have

                                       15                            ISDA(R)1992

<PAGE>

been required after that date. For this purpose, Unpaid Amounts in respect of
the Terminated Transaction or group of Terminated Transactions are to be
excluded but, without limitation, any payment or delivery that would, but for
the relevant Early Termination Date, have been required (assuming satisfaction
of each applicable condition precedent) after that Early Termination Date is to
be included. The Replacement Transaction would be subject to such documentation
as such party and the Reference Market-maker may, in good faith, agree. The
party making the determination (or its agent) will request each Reference
Market-maker to provide its quotation to the extent reasonably practicable as of
the same day and time (without regard to different time zones) on or as soon as
reasonably practicable after the relevant Early Termination Date. The day and
time as of which those quotations are to be obtained will be selected in good
faith by the party obliged to make a determination under Section 6(e), and, if
each party is so obliged, after consultation with the other. If more than three
quotations are provided, the Market Quotation will be the arithmetic mean of the
quotations, without regard to the quotations having the highest and lowest
values. If exactly three such quotations are provided, the Market Quotation will
be the quotation remaining after disregarding the highest and lowest quotations.
For this purpose, if more than one quotation has the same highest value or
lowest value, then one of such quotations shall be disregarded. If fewer than
three quotations are provided, it will be deemed that the Market Quotation in
respect of such Terminated Transaction or group of Terminated Transactions
cannot be determined.

"NON-DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the Non-defaulting Party (as certified by it) if
it were to fund the relevant amount.

"NON-DEFAULTING PARTY" has the meaning specified in Section 6(a).

"OFFICE" means a branch or office of a party, which may be such parry's head or
home office.

"POTENTIAL EVENT OF DEFAULT" means any event which, with the giving of notice or
the lapse of time or both, would constitute an Event of Default.

"REFERENCE MARKET-MAKERS" means four leading dealers in the relevant market
selected by the party determining a Market Quotation in good faith (a) from
among dealers of the highest credit standing which satisfy all the criteria that
such party applies generally at the time in deciding whether to offer or to make
an extension of credit and (b) to the extent practicable, from among such
dealers having an office in the same city.

"RELEVANT JURISDICTION" means, with respect to a party, the jurisdictions (a) in
which the party is incorporated, organised, managed and controlled or considered
to have its seat, (b) where an Office through which the party is acting for
purposes of this Agreement is located, (c) in which the party executes this
Agreement and (d) in relation to any payment, from or through which such payment
is made.

"SCHEDULED PAYMENT DATE" means a date on which a payment or delivery is to be
made under Section 2(a)(i) with respect to a Transaction.

"SET-OFF" means set-off, offset, combination of accounts, right of retention or
withholding or similar right or requirement to which the payer of an amount
under Section 6 is entitled or subject (whether arising under this Agreement,
another contract, applicable law or otherwise) that is exercised by, or imposed
on, such payer.

"SETTLEMENT AMOUNT" means, with respect to a party and any Early Termination
Date, the sum of: --

(a)   the Termination Currency Equivalent of the Market Quotations (whether
positive or negative) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation is determined; and

(b)   such party's Loss (whether positive or negative and without reference to
any Unpaid Amounts) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation cannot be determined or would not (in
the reasonable belief of the party making the determination) produce a
commercially reasonable result.

"SPECIFIED ENTITY" has the meanings specified in the Schedule.

                                       16                            ISDA(R)1992

<PAGE>

"SPECIFIED INDEBTEDNESS" means, subject to the Schedule, any obligation (whether
present or future, contingent or otherwise, as principal or surety or otherwise)
in respect of borrowed money.

"SPECIFIED TRANSACTION " means, subject to the Schedule, (a) any transaction
(including an agreement with respect thereto) now existing or hereafter entered
into between one party to this Agreement (or any Credit Support Provider of such
party or any applicable Specified Entity of such party) and the other party to
this Agreement (or any Credit Support Provider of such other party or any
applicable Specified Entity of such other party) which is a rate swap
transaction, basis swap, forward rate transaction, commodity swap, commodity
option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign exchange transaction, cap transaction, floor
transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option or any other similar transaction (including
any option with respect to any of these transactions), (b) any combination of
these transactions and (c) any other transaction identified as a Specified
Transaction in this Agreement or the relevant confirmation.

"STAMP TAX" means any stamp, registration, documentation or similar tax.

"TAX" means any present or future tax, levy, impost, duty, charge, assessment or
fee of any nature (including interest, penalties and additions thereto) that is
imposed by any government or other taxing authority in respect of any payment
under this Agreement other than a stamp, registration, documentation or similar
tax.

"TAX EVENT" has the meaning specified in Section 5(b).

"TAX EVENT UPON MERGER" has the meaning specified in Section 5(b).

"TERMINATED TRANSACTIONS" means with respect to any Early Termination Date (a)
if resulting from a Termination Event, all Affected Transactions and (b) if
resulting from an Event of Default, all Transactions (in either case) in effect
immediately before the effectiveness of the notice designating that Early
Termination Date (or, if "Automatic Early Termination" applies, immediately
before that Early Termination Date).

"TERMINATION CURRENCY" has the meaning specified in the Schedule.

"TERMINATION CURRENCY EQUIVALENT" means, in respect of any amount denominated in
the Termination Currency, such Termination Currency amount and, in respect of
any amount denominated in a currency other than the Termination Currency (the
"Other Currency"), the amount in the Termination Currency determined by the
party making the relevant determination as being required to purchase such
amount of such Other Currency as at the relevant Early Termination Date, or, if
the relevant Market Quotation or Loss (as the case may be), is determined as of
a later date, that later date, with the Termination Currency at the rate equal
to the spot exchange rate of the foreign exchange agent (selected as provided
below) for the purchase of such Other Currency with the Termination Currency at
or about 11:00 a.m. (in the city in which such foreign exchange agent is
located) on such date as would be customary for the determination of such a rate
for the purchase of such Other Currency for value on the relevant Early
Termination Date or that later date. The foreign exchange agent will, if only
one party is obliged to make a determination under Section 6(e), be selected in
good faith by that party and otherwise will be agreed by the parties.

"TERMINATION EVENT" means an Illegality, a Tax Event or a Tax Event Upon Merger
or, if specified to be applicable, a Credit Event Upon Merger or an Additional
Termination Event.

"TERMINATION RATE" means a rate per annum equal to the arithmetic mean of the
cost (without proof or evidence of any actual cost) to each party (as certified
by such party) if it were to fund or of funding such amounts.

"UNPAID AMOUNTS" owing to any party means, with respect to an Early Termination
Date, the aggregate of (a) in respect of all Terminated Transactions, the
amounts that became payable (or that would have become payable but for Section
2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early
Termination Date and which remain unpaid as at such Early Termination Date and
(b) in respect of each Terminated Transaction, for each obligation under Section
2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be
settled by delivery to such party on or prior to such Early Termination Date and
which has not been so settled as at such Early Termination Date, an amount equal
to the fair market

                                       17                            ISDA(R)1992

<PAGE>

value of that which was (or would have been) required to be delivered as of the
originally scheduled date for delivery, in each case together with (to the
extent permitted under applicable law) interest, in the currency of such
amounts, from (and including) the date such amounts or obligations were or would
have been required to have been paid or performed to (but excluding) such Early
Termination Date, at the Applicable Rate. Such amounts of interest will be
calculated on the basis of daily compounding and the actual number of days
elapsed. The fair market value of any obligation referred to in clause (b) above
shall be reasonably determined by the party obliged to make the determination
under Section 6(e) or, if each party is so obliged, it shall be the average of
the Termination Currency Equivalents of the fair market values reasonably
determined by both parties.

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

                                        Volkswagen Auto Lease Trust 2004-A

                                        By: The Bank of New York (Delaware),
                                            not in its individual capacity but
                                            solely as Owner Trustee

______________________________________  ________________________________________
            (Name of Party)                         (Name of Party)

By:___________________________________  By: ____________________________________
   Name:                                    Name:
   Title:                                   Title:
   Date:                                    Date:

                                       18                            ISDA(R)1992

<PAGE>

                                      ISDA
                  International Swap Dealers Association, Inc.

                                    SCHEDULE
                                     to the
                                Master Agreement

                         dated as of September 29, 2004

between ______________________and     Volkswagen Auto Lease Trust 2004-A
             ("Party A")              ----------------------------------
                                                 ("Party B")

Part 1. TERMINATION PROVISIONS.

(a)   The following shall apply:

      (i) TERMINATION BY PARTY A - EVENTS OF DEFAULT Notwithstanding the
      provisions of Section 5(a), the only events which will constitute Events
      of Default when they occur in relation to Party B will be those events
      specified in Sections 5(a)(i) (Failure To Pay Or Deliver) and Section
      5(a)(vii) (Bankruptcy), other than the events specified in Section
      5(a)(vii)(2).

      Accordingly, the provisions of Section 5(a)(ii) (Breach Of Agreement), the
      provisions of Section 5(a)(iii) (Credit Support Default), the provisions
      of Section 5(a)(iv) (Misrepresentation), the provisions of Section 5(a)(v)
      (Default Under Specified Transaction), the provisions of Section 5(a)(vi)
      (Cross Default), the provisions of Section 5(a)(vii)(2) (insolvency) and
      the provisions of Section 5(a)(viii) (Merger Without Assumption) will in
      no circumstances be regarded as having given rise to an Event of Default
      with respect to Party B.

      (ii) TERMINATION BY PARTY A - TERMINATION EVENTS Notwithstanding the
      provisions of Section 5(b), and save as otherwise provided herein, the
      only events which will constitute Termination Events when they occur in
      relation to Party B will be those events specified in Section 5(b)(i)
      (Illegality) and Section 5(b)(v) (Additional Termination Event).
      Accordingly, the provisions of Section 5(b)(iv) (Credit Event Upon

                                        1
<PAGE>

      Merger) will not be regarded as having given rise to a Termination Event
      with respect to Party B and Party A may not designate an Early Termination
      Date related to the provisions of Section 5(b)(ii) (Tax Event) or the
      provisions of Section 5(iii) (Tax Event Upon Merger).

      (iii) TERMINATION BY PARTY B - EVENTS OF DEFAULT AND TERMINATION EVENTS.
      Save as otherwise provided herein, the provisions of Section 5 will apply
      with respect to Party A without amendment save for Section 5(a)(vi) (Cross
      Default) which will in no circumstances be regarded as having given rise
      to an Event of Default with respect to Party A.

(b)   "SPECIFIED ENTITY" none specified in relation to either Party A or Party
      B.

(c)   "SPECIFIED TRANSACTION" will have the meaning specified in Section 14 of
      this Agreement.

(d)   The "AUTOMATIC EARLY TERMINATION" provision of Section 6(a) of this
      Agreement will not apply to Party A and Party B.

(e)   PAYMENTS ON EARLY TERMINATION. For the purpose of Section 6(e) of this
      Agreement:

      (i) Market Quotation will apply.

      (ii) The Second Method will apply.

(f)   "TERMINATION CURRENCY" means U.S. Dollars.

(g)   ADDITIONAL TERMINATION EVENT will apply.

      (i) The occurrence of any of the following events shall be an Additional
      Termination Event:

            (A) "Moody's Creditwatch Event": In the event Moody's assigns (x)
      (i) a long-term debt rating at or below A1 On Watch for Downgrade to Party
      A, or (ii) a short-term debt rating at or below Prime-1 On Watch for
      Downgrade to Party A (if Party A has both long-term and short-term debt
      ratings), or (y) a long-term debt rating at or below Aa3 On Watch for
      Downgrade to Party A (if Party A only has a long-term debt rating) (either
      such event, a "Party A Creditwatch Event"), Party A shall promptly, but in
      no event later than two (2) Local Business Days following the date of such
      Party A

                                        2
<PAGE>

      Creditwatch Event, give Party B, the Servicer and the Indenture Trustee
      written notice of the occurrence of such Party A Creditwatch Event. In
      addition, not later than thirty (30) Local Business Days after such Party
      A Creditwatch Event, Party A shall either (i) obtain (at Party A's
      expense) an unconditional guarantee or other similar assurance in respect
      of Party A's obligations under this Agreement from a guarantor that has
      Rated Debt and which guarantee and guarantor satisfy the Rating Agency
      Condition; or (ii) transfer from time to time to Party B under the Credit
      Support Annex an amount of Eligible Collateral having a value equal to
      Party B's Exposure (as defined in the printed form of the Credit Support
      Annex) under the Affected Transactions (it being understood that all costs
      associated with transfering Eligible Collateral in accordance with the
      Credit Support Annex shall be borne by Party A). Once a Party A
      Creditwatch Event ceases to exist, Party B shall return any such Eligible
      Collateral to Party A as soon as reasonably practicable and to the extent
      such Eligible Collateral has not already been applied in accordance with
      this Agreement or the Credit Support Annex. Party B shall have the right
      to terminate this Agreement if at any time Party A fails to comply with
      any of its obligations under this paragraph in full and in a timely
      manner.

      With respect to the foregoing Additional Termination Event Party A shall
      be the sole Affected Party. In the event of an Early Termination Date in
      respect of a Party A Creditwatch Event and the entering into by Party B of
      alternative swap arrangements, Party A shall pay all reasonable
      out-of-pocket expenses, including legal fees and stamp taxes, relating to
      the entering into of such alternative swap arrangements.

            (B) "Downgrade Termination Event": In the event (i) S&P assigns (x)
      a long-term debt rating equal to or lower than "A" to Party A without (y)
      assigning a short-term debt rating of at least "A-1" to Party A, (ii) S&P
      assigns a long-term debt rating lower than "A+" to Party A (if Party A has
      a long-term debt rating), (iii) Moody's assigns (x) a long-term debt
      rating equal to or lower than "A3" to Party A, or (y) a short-term debt
      rating lower than "Prime-2" to Party A (if Party A has both long-term and
      short-term debt ratings), (iv) Moody's assigns a long-term debt rating
      equal to or lower than A2 to Party A (if Party A only has a long-term debt
      rating), or (v) either S&P or Moody's ceases to assign such ratings to
      Party A, (each such event, a "Party A Rating Downgrade"), Party A shall
      (i) promptly, but in no event later than two (2) Local Business Days
      following the date of such Party A Rating Downgrade, give Party B, the
      Servicer and the Indenture Trustee written notice of the occurrence of
      such Party A Rating Downgrade, and (ii) use reasonable efforts to find a
      Qualified Counterparty

                                       3
<PAGE>

      promptly and transfer, in accordance with and subject to the limitations
      of Part 5(e), its rights and obligations to Qualified Counterparty. Party
      A shall continue to perform its obligations and use reasonable efforts to
      find a Qualified Counterparty until a Qualified Counterparty is in place.
      The cost of finding and putting into place a Qualified Counterparty shall
      be borne by Party A. Not later than thirty (30) Local Business Days after
      such Party A Rating Downgrade, if Party A has not transferred its
      obligations to a Qualified Counterparty in accordance with the foregoing
      provisions, Party A shall either (i) obtain (at Party A's expense) an
      unconditional guarantee or other similar assurance in respect of Party A's
      obligations under this Agreement from a guarantor that has Rated Debt and
      which guarantee and guarantor satisfy the Rating Agency Condition; or (ii)
      transfer from time to time to Party B under the Credit Support Annex the
      amount of Eligible Collateral required under the Credit Support Annex (it
      being understood that all costs associated with transfering Eligible
      Collateral in accordance with the Credit Support Annex shall be borne by
      Party A). In the event Party A complies with the requirements set forth in
      the preceding sentence and the Downgrade Termination Event relates only to
      an action taken by S&P, Party A shall not be required to find a
      replacement counterparty until the time at which S&P assigns a long-term
      senior unsecured debt rating lower than BBB+ to Party A, at which time
      Party A must immediately find and put into place a Qualified Counterparty.
      Once a Qualified Counterparty is in place, Party B shall return any such
      Eligible Collateral to Party A as soon as reasonably practicable and to
      the extent such Eligible Collateral has not already been applied in
      accordance with this Agreement or the Credit Support Annex. Party B shall
      have the right to terminate this Agreement if at any time Party A fails to
      comply with any of its obligations under this paragraph in full and in a
      timely manner.

      With respect to the foregoing Additional Termination Event Party A shall
      be the sole Affected Party. In the event of an Early Termination Date in
      respect of a Downgrade Termination Event and the entering into by Party B
      of alternative swap arrangements, Party A shall pay all reasonable
      out-of-pocket expenses, including legal fees and stamp taxes, relating to
      the entering into of such alternative swap arrangements.

            (C) Any acceleration of the Notes outstanding occurs following an
      event of default under the Indenture.

      With respect to the foregoing Additional Termination Event, Party B shall
      be the sole Affected Party.

                                       4
<PAGE>

Part 2. TAX REPRESENTATIONS

(a)   PAYER REPRESENTATIONS. For the purpose of Section 3(e) of this Agreement,
      Party A will make the following representation and Party B will make the
      following representation:

      It is not required by any applicable law, as modified by the practice of
      any relevant governmental revenue authority, of any Relevant Jurisdiction
      to make any deduction or withholding for or on account of any Tax from any
      payment (other than interest under Section 2(e), 6(d)(ii) or 6(e) of this
      Agreement) to be made by it to the other party under this Agreement. In
      making this representation, it may rely on (i) the accuracy of any
      representations made by the other party pursuant to Section 3(f) of this
      Agreement, (ii) the satisfaction of the agreement contained in Section
      4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness
      of any document provided by the other party pursuant to Section 4(a)(i) or
      4(a)(iii) of this Agreement and (iii) the satisfaction of the agreement of
      the other party contained in Section 4(d) of this Agreement, provided that
      it shall not be a breach of this representation where reliance is placed
      on clause (ii) and the other party does not deliver a form or document
      under Section 4(a)(iii) of this Agreement by reason of material prejudice
      to its legal or commercial position.

(b)   PAYEE REPRESENTATIONS. For the purpose of Section 3(f) of this Agreement,
      Party A and Party B will make the representations in (i) and (ii) below.

      (i)   Party A represents that it is a [________________________] organized
            under the laws of _______.

      (ii)  Party B represents that it is created under and governed by the laws
            of the State of Delaware and is a "United States person" as such
            term is defined in Section 7701(a)(30) of the Code.

Part 3. AGREEMENT TO DELIVER DOCUMENTS.

For the purpose of Sections 4(a)(i) and (ii) of this Agreement, each party
agrees to deliver the following documents, as applicable:

(a)   Tax forms, documents or certificates to be delivered are:

                                       5
<PAGE>

      Party A and Party B shall promptly deliver to the other party (or as
      directed) any form or document accurately completed and in a manner
      reasonably satisfactory to the other party that may be required or
      reasonably requested in order to allow the other party to make a payment
      under a Transaction without any deduction or withholding for or on account
      of any Tax or with such deduction or withholding at a reduced rate,
      promptly upon reasonable demand by the other party.

      (b)   Other documents to be delivered are:

<TABLE>
<CAPTION>
                                                                                      COVERED BY SECTION 3(d)
 PARTY REQUIRED TO DELIVER         FORM/DOCUMENT/           DATE BY WHICH TO BE       REPRESENTATION OF THIS
          DOCUMENT                   CERTIFICATE                 DELIVERED                   AGREEMENT
--------------------------   --------------------------   -------------------------   ----------------------
<S>                          <C>                          <C>                         <C>
Party A and Party B          Evidence of the authority    As soon as practicable                 Yes
                             of the signatories of this   after execution of this
                             Agreement including          Agreement and the first
                             specimen signatures of       Confirmation of a
                             such signatories.            Transaction and, if
                                                          requested, as soon as
                                                          practicable after
                                                          execution of any
                                                          Confirmation of any other
                                                          Transaction.

Party A                      An opinion of counsel                                               No
                             addressed to Party B in
                             form and substance
                             reasonably acceptable to
                             Party B.
</TABLE>

                                       6
<PAGE>

<TABLE>
<CAPTION>
                                                                                      COVERED BY SECTION 3(d)
 PARTY REQUIRED TO DELIVER         FORM/DOCUMENT/           DATE BY WHICH TO BE       REPRESENTATION OF THIS
          DOCUMENT                   CERTIFICATE                 DELIVERED                   AGREEMENT
--------------------------   --------------------------   -------------------------   ----------------------
<S>                          <C>                          <C>                         <C>
Party B                      An opinion of Party B's                                             No
                             counsel addressed to Party
                             A in form and substance
                             reasonably acceptable to
                             Party A.

Party B                      A duly executed                                                     Yes
                             certificate of the
                             secretary or assistant
                             secretary of the Owner
                             Trustee of Party B
                             certifying the name and
                             true signature of each
                             person authorized to
                             execute this Agreement and
                             enter into Transactions
                             for Party B.

Party B                      A duly executed copy of                                             Yes
                             the Indenture.
</TABLE>

Part 4. MISCELLANEOUS.

(a)   ADDRESSES FOR NOTICES. For the purpose of Section 12(a) of this Agreement:

      Address for notices or communications to Party A:

      Address:__________________________________________________________________

      Attention:________________________________________________________________

      Telex No.:__________________________Answerback:___________________________

                                       7
<PAGE>

      Facsimile No.:_______________________ Telephone No.:______________________

      Electronic Messaging System Details:______________________________________

      Address for notices or communications to Party B:

      Address: c/o The Bank of New York
      Corporate Trust Department
      101 Barclay Street FL 8W
      New York, New York 10286
      Attention:  Corporate Trust Department
      Telex No.: Not applicable              Answerback: Not applicable
      Facsimile No.: (212) 815-3883          Telephone No.: (212) 815-6435
      Electronic Messaging System Details: Not applicable

      With a copy to:

      VW Credit, Inc.
      3800 Hamlin Road
      Auburn Hills, MI  48326
      Attention: Treasurer
      Telephone No.: (248) 754-5000
      Facsimile No.: (248) 754-5360

With a copy to the Servicer at:

      VW Credit, Inc.
      3800 Hamlin Road
      Auburn Hills, MI  48326
      Attention: Treasurer
      Telephone No.: (248) 754-5000
      Facsimile No.: (248) 754-5360

With a copy to the Indenture Trustee at:

      Citibank N.A.
      111 Wall Street, 14th Floor, Zone 3

                                       8
<PAGE>

      New York, NY  10005
      Attention:  Agency & Trust, Structured Finance
      Telephone No.: (212) 657-2186
      Facsimile No.: (212) 657-4009

(b)   PROCESS AGENT. For the purpose of Section 13(c) of this Agreement:

      Party A appoints as its Process Agent      [_______________________]
      Party B appoints as its Process Agent      Not applicable

(c)   NOTICES. Section 12(a) of the Agreement is amended by adding the words in
      the third line thereof after the phrase "messaging system" and before the
      ")" the words "; provided, however, any such notice or other communication
      may be given by facsimile transmission if telex is unavailable, no telex
      number is supplied by the party providing notice, or if answer back
      confirmation is not received from the party to whom the telex is sent."

(d)   OFFICES. The provisions of Section 10(a) of this Agreement will apply to
      this Agreement.

(e)   MULTIBRANCH PARTY. For the purpose of Section 10(c) of this Agreement:

      Party A [is] [is not] a Multibranch Party and, if so, may act through the
      following offices: [PLEASE SPECIFY]

      Party B is not a Multibranch Party.

(f)   CALCULATION AGENT. The Calculation Agent is Party B, unless otherwise
      specified in a Confirmation in relation to the relevant Transaction.

(g)   CREDIT SUPPORT DOCUMENT. Details of any Credit Support Document:

      With respect to Party A:       The Credit Support Annex
      With respect to Party B:       Not applicable

(h)   CREDIT SUPPORT PROVIDER. Credit Support Provider means in relation to

                      Party A:   Not applicable.
                      Party B:   Not applicable.

                                       9
<PAGE>

(i)   GOVERNING LAW. This Agreement will be governed by and construed in
      accordance with the laws of the State of New York (without reference to
      choice of laws doctrine except Section 5-1401 and Section 5-1402 of the
      New York General Obligation Law).

(j)   NETTING OF PAYMENTS. The limitation set forth in Section 2(c)(ii) of this
      Agreement will apply and therefore the netting in Section 2(c) of this
      Agreement will be limited to the same Transaction.

(k)   "AFFILIATE" will have the meaning specified in Section 14 of this
      Agreement.

(l)   NO GROSS UP. Section 2(d)(i)(4) is hereby deleted and replaced by the
      following:

      "(4) (A) If Party A is the party so required to deduct or withhold, then
      Party A shall make such additional payment as is necessary to ensure that
      the net amount actually received by Party B (free and clear of all Taxes,
      whether assessed against it or Party B) will equal the full amount Party B
      would have received had no such deduction or withholding been required;
      and

      (B) if Party B is the party so required to deduct or withhold, then Party
      B shall make the relevant payment subject to such deduction or
      withholding.

      For the avoidance of doubt, the fact that any payment is made by Party B
      subject to the provisions of (B) above shall at no time affect the
      obligations of Party A under (A) above."

                                       10
<PAGE>

Part 5. OTHER PROVISIONS.

(a)   ISDA DEFINITIONS

      The definitions and provisions contained in the 2000 ISDA Definitions (the
      "2000 Definitions") as published by the International Swaps and
      Derivatives Association, Inc., the 1998 FX and Currency Option Definitions
      (the "FX Definitions"), as published by ISDA, the Emerging Markets Traders
      Association and The Foreign Exchange Committee, the 1996 ISDA Equity
      Derivatives Definitions (the "Equity Definitions") and the 1997 ISDA
      Government Bond Option Definitions (the "Bond Definitions") as published
      by the International Swaps and Derivatives Association, Inc., the 2000
      Definitions, the FX Definitions, the Equity Definitions and the Bond
      Definitions together known as the "Definitions", each are incorporated by
      reference into this Agreement. The Agreement and each Transaction will be
      governed by the Definitions as they may be officially amended and
      supplemented from time to time by ISDA.

      In the event of any inconsistency between the 2000 Definitions and the FX
      Definitions, the FX Definitions shall prevail with respect to a FX
      Transaction or a Currency Option Transaction as defined in the FX
      Definitions.

      In the event of any inconsistency between the 2000 Definitions and the
      Equity Definitions, the Equity Definitions shall prevail with respect to a
      Transaction as defined in the Equity Definitions.

      In the event of any inconsistency between the 2000 Definitions and the
      Bond Definitions, the Bond Definitions shall prevail with respect to a
      Government Bond Option Transaction as defined in the Bond Definitions.

      For the sake of clarity, unless otherwise specified in this Agreement, the
      following documents shall govern in the order in which they are listed in
      the event of any inconsistency between any of the documents:

      (i) the Confirmation;

      (ii) the Schedule;

      (iii) the Equity Definitions (solely with respect to Transactions as
      defined therein); and the Bond Definitions (solely with respect to
      Government Bond Option Transactions

                                       11
<PAGE>

      as defined therein); and the FX Definitions (solely with respect to FX and
      Currency Option Transactions as defined therein);

      (iv) the 2000 Definitions

      (v) the printed form of ISDA Master Agreement.

(b)   RELATIONSHIP BETWEEN PARTIES

      Each party will be deemed to represent to the other party on the date on
      which it enters into a Transaction that (absent a written agreement
      between the parties that expressly imposes affirmative obligations to the
      contrary for the Transaction):

      (i) NON-RELIANCE. It is acting for its own account, and it has made its
      own independent decisions to enter into that Transaction and as to whether
      that Transaction is appropriate or proper for it based upon its own
      judgement and upon advice from such advisors as it has deemed necessary.
      It is not relying on any communication (written or oral) of the other
      party as investment advice or as a recommendation to enter into that
      Transaction; it being understood that information and explanations related
      to the terms and conditions of a Transaction shall not be considered
      investment advice or a recommendation to enter into that Transaction. It
      has not received from the other party any assurance or guarantee as to the
      expected results of that Transaction.

      (ii) ASSESSMENT AND UNDERSTANDING. It is capable of assessing the merits
      of and understanding (on its own behalf or through independent
      professional advice), and understands and accepts, the terms, conditions
      and risks of that Transaction. It is also capable of assuming, and
      assumes, the risks of that Transaction.

      (iii) STATUS OF PARTIES. Each party is acting as principal and not as
      agent and the other party is not acting as a fiduciary for or as an
      advisor to it in respect of that Transaction.

      (iv) ELIGIBLE CONTRACT PARTICIPANT. It is an "eligible contract
      participant" as defined in Section 1a(12) of the U.S. Commodity Exchange
      Act, 7 U.S.C. Section 1a(12).

      (v) FDIC REQUIREMENTS. If it is a bank subject to the requirements of 12
      U.S.C. Section 1823(e), the necessary action to authorize referred to in
      the representation in Section

                                       12
<PAGE>

      3(a)(ii) includes all authorizations required under the Federal Deposit
      Insurance Act as amended, including amendments effected by the Financial
      Institutions Reform, Recovery and Enforcement Act of 1989, and under any
      agreement, writ, decree, or order entered into with such party's
      supervisory authorities. At all times during the term of this Agreement,
      such party will continuously include and maintain as part of its official
      written books and records this Agreement, this Schedule and all other
      exhibits, supplements, and attachments hereto and documents incorporated
      by reference herein, all Confirmations, and evidence of all necessary
      authorizations.

      (vi) ERISA. It continuously represents that it is not (i) an employee
      benefit plan (an "ERISA PLAN") as defined in Section 3(3) of the Employee
      Retirement Income Security Act of 1974, as amended ("ERISA"), subject to
      Title 1 of ERISA or Section 4975 of the Internal Revenue Code of 1986, as
      amended, (ii) a person or entity acting on behalf of an ERISA Plan or
      (iii) a person or entity the assets of which constitute assets of an ERISA
      Plan." It will provide notice to the other party in the event that it is
      aware that it is in breach of any aspect of this representation or is
      aware that with the passing of time, giving of notice or expiry of any
      applicable grace period, it will breach this representation.

(c)   WAIVER OF JURY TRIAL. Each party hereby irrevocably waives any and all
      rights to trial by jury with respect to any legal proceeding arising out
      of or relating to this Agreement or any Transaction contemplated hereby.

(d)   SEVERABILITY. Any provision of this Agreement which is prohibited or
      unenforceable in any jurisdiction shall, as to such jurisdiction, be
      ineffective to the extent of such prohibition or unenforceability without
      invalidating the remaining provisions of the Agreement or affecting the
      validity or enforceability of such provision in any other jurisdiction
      unless such severance shall substantially impair the benefits of the
      remaining portions of this Agreement or changes the reciprocal obligations
      of the parties. The parties hereto shall endeavour in good faith
      negotiations to replace the prohibited or unenforceable provision with a
      valid provision, the economic effect of which comes as close as possible
      to that of the prohibited or unenforceable provision.

(e)   TRANSFERS. Notwithstanding the provisions of Section 7:

      (i) No transfer by Party A of this Agreement or any interest or obligation
      in or of Party A under this Agreement shall be effective unless:

                                       13
<PAGE>

            (A)   Party B consents to such transferee;

            (B)   The Rating Agency Condition shall have been satisfied;

            (C)   Party A shall have given Party B, the Servicer and the
                  Indenture Trustee at least twenty days prior written notice of
                  the proposed transfer; and

            (D)   such transfer otherwise complies with the terms of the
                  Indenture and the other Transaction Agreements.

            Upon the effectiveness of any transfer, each of Party A and Party B
      shall be released (in each case to the extent of the obligations so
      transferred) from its obligations as a party to this Agreement without any
      further notification or other action.

      (ii) Except to the extent contemplated by the Indenture, neither this
      Agreement nor any interest in or under this Agreement may be transferred
      by Party B to any other entity save with Party A's prior written consent
      (such consent not to be unreasonably withheld or delayed).

(f)   PERMITTED SECURITY INTEREST. For purposes of Section 7 of this Agreement,
      Party A hereby consents to the Permitted Security Interest.

      "PERMITTED SECURITY INTEREST" means the pledge and assignment by Party B
      of the Swap Collateral to the Indenture Trustee pursuant to the Indenture,
      and the granting to the Indenture Trustee of a security interest in the
      Swap Collateral pursuant to the Indenture.

      "SWAP COLLATERAL" means all right, title and interest of Party B in this
      Agreement, each Transaction hereunder, and all present and future amounts
      payable by Party A to Party B under or in connection with this Agreement
      or any Transaction governed by this Agreement, including, without
      limitation, any transfer or termination of any such Transaction.

      "INDENTURE TRUSTEE" means Citibank, N.A. or any successor, acting as
      Indenture Trustee pursuant to the Indenture.

(g)   ABSENCE OF CERTAIN EVENTS. Section 3(b) of this Agreement is herby amended
      by inserting the parenthetical "(with respect to Party A only)"
      immediately after the phrase "No Event of Default or".

                                       14
<PAGE>

(h)   EVENTS OF DEFAULT. Section 5(a)(i) of this Agreement is hereby amended by
      the deletion of the words "if such failure is not remedied on or before
      the third Local Business Day after notice of such failure is given to the
      party" and the addition of the following at the end thereof:

      ", it being understood that amounts payable by Party B are not due except
      to the extent set forth in Section 8.4(a) of the Indenture."

(i)   PAYMENT ON EARLY TERMINATION. If an Early Termination Date occurs in
      respect of which Party A is the Defaulting Party, Party B will not be
      required to pay any amounts payable to Party A under Section 6(e) in
      respect of such Early Termination Date, and Party A will not be permitted
      to set-off in respect of such amounts, until payment in full of all
      amounts outstanding under the Notes.

(j)   NO SET-OFF. Except as set forth in clause (i) above, Party A and Party B
      hereby waive any and all right of set-off with respect to any amounts due
      under this Agreement or any Transaction, provided that nothing herein
      shall be construed to waive or otherwise limit the netting provisions
      contained in Sections 2(c) and 6(e) of this Agreement.

(k)   INDENTURE. Party B hereby acknowledges that Party A is a secured party
      under the Indenture with respect to this Agreement, and Party B agrees for
      the benefit of Party A that it will not amend the Indenture in a manner
      which materially and adversely affects the rights or obligations of Party
      A under the Indenture unless Party A shall have consented in writing to
      such action (and such consent shall be deemed to have been given if Party
      A does not object in writing within ten (10) business days after receipt
      of a written request for such consent).

(l)   NO RECOURSE. The liability of Party B to Party A hereunder is limited in
      recourse solely to the amounts payable to Party A from the Available Funds
      on each Payment Date in accordance with the priority of payments set forth
      in Section 8.4(a) of the Indenture.

(m)   NO PETITION. Party A hereby 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) it 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

                                       15
<PAGE>

      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) it
      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. This section shall survive the termination
      of this Agreement.

      As used above, "BANKRUPTCY REMOTE PARTY" means any of Volkswagen Auto
      Lease Underwritten Funding, LLC, Party B, the Origination Trust or any
      special purpose entity (and the general partner of any special purpose
      entity that is a partnership, or the managing member of any special
      purpose entity that is a limited liability company) that holds a
      beneficial interest in the Origination Trust. "FINANCING" means,
      collectively, (i) any financing transaction of any sort undertaken by VW
      Credit, Inc. or any affiliate of VW Credit, Inc. involving, directly or
      indirectly, Origination Trust assets (including, without limitation, any
      financing undertaken in connection with the issuance and assignment of any
      SUBI, (ii) any sale or purchase by Volkswagen Auto Lease Underwritten
      Funding, LLC or any other special purpose entity of any interest in one or
      more SUBIs and (iii) any other asset securitization, synthetic lease,
      sale-leaseback, secured loan or similar transaction involving assets (or a
      beneficial interest in assets) of the Origination Trust.

(n)   CONFIRMATION. Each party acknowledges and agrees that the Confirmation
      executed as of the date hereof and designated as Party A Global ID No. __
      shall be the only Transactions governed by this Agreement (it being
      understood that, in the event such Confirmation shall be amended (in any
      respect), such amendment shall not constitute (for purposes of this
      paragraph) a separate Transaction or a separate Confirmation). Party A and
      Party B shall not enter into any additional Confirmations or Transactions
      hereunder.

(o)   POTENTIAL EVENTS OF DEFAULT. Section 2(a)(iii) is amended by the deletion
      of the words "or Potential Event of Default".

(p)   LIMITATION OF LIABILITY. Notwithstanding anything contained herein to the
      contrary, in executing this Agreement (including the Schedule, Credit
      Support Annex and each

                                       16
<PAGE>

      Confirmation) on behalf of Party B, The Bank of New York (Delaware) (the
      "Owner Trustee") and the Indenture Trustee are acting solely in its
      capacity as owner trustee of Party B and indenture trustee, respectively,
      and not in its individual capacity, and in no event shall either one of
      them, in their individual capacity, have any liability for the
      representations, warranties, covenants, agreements or other obligations of
      Party B hereunder, for which recourse shall be had solely to the assets of
      Party B, except to the extent of its fraud, breach of trust or willful
      misconduct.

(q)   INTERSERIES WAIVER. Party A hereby covenants 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.Codess.3801 et seq., (b)(i) the debts, liabilities, obligations and
      expenses incurred, contracted for or otherwise existing with respect to
      the Transaction SUBI and the Transaction SUBI assets shall be enforceable
      against the Transaction SUBI assets only, and not against any other SUBI
      assets or the UTI assets and (ii) the debts, liabilities, obligations and
      expenses incurred, contracted for or otherwise existing with respect to
      any other SUBI, any other SUBI assets, the UTI or the UTI assets shall be
      enforceable against such other SUBI assets or the UTI assets 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 assets shall be entitled to maintain any action against
      or recover any assets allocated to the UTI or the UTI assets or any other
      SUBI or the assets allocated thereto, and (ii) no creditor or holder of a
      claim relating to the UTI, the UTI assets or any SUBI other than the
      Transaction SUBI or any SUBI assets other than the Transaction SUBI assets
      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 certificate
      representing the Transaction SUBI 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, 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 assets and each other SUBI and in the event that such
      release is not given effect, to fully subordinate all claims it may be
      deemed to

                                       17
<PAGE>

      have against the assets of the Origination Trust allocated to the UTI and
      each other SUBI. This section shall survive the termination of this
      Agreement.

(r)   DEFINITIONS.

      (i)   As used herein:

      "CREDIT SUPPORT ANNEX" means the 1994 ISDA Credit Support Annex between
      Party A and Party B dated as of September 29, 2004.

      "ELIGIBLE COLLATERAL" means cash, U.S. Treasury Bills and any other forms
      of collateral which are reasonably acceptable to Party B, the Servicer and
      the Indenture Trustee and have been approved by the Rating Agencies.

      "QUALIFIED COUNTERPARTY" means a counterparty that (a) has Rated Debt and
      (b) becomes a party to this Agreement (or party to an agreement in form
      and substance satisfactory to Party B, the Servicer and the Indenture
      Trustee) in accordance with Part 5(e) of this Schedule and pursuant to
      documentation which is not less favorable to Party B than this Agreement.

      "MOODY'S" means Moody's Investors Service, Inc. or its successor.

      "NOTES" mean the Class A-4-B Notes issued by Party B under the Indenture.

      "ORIGINATION TRUST" means VW Credit Leasing, Ltd., a Delaware statutory
      trust.

      "RATED DEBT" means, with respect to a counterparty, (i) S&P assigns (x) a
      long-term debt rating equal to or higher than "A" to the counterparty, and
      (y) assigns a short-term debt rating equal to or higher than "A-1" to the
      counterparty (if the counterparty has both long-term and short-term debt
      ratings), (ii) S&P assigns a long-term debt rating equal to or higher than
      "A+" to the counterparty (if the counterparty only has a long-term debt
      rating), (iii) Moody's assigns (x) a long-term debt rating equal to or
      higher than "A1" to the counterparty, and (y) a short-term debt rating
      equal to or higher than "P1" to the counterparty (if the counterparty has
      both long-term and short-term debt ratings), (iv) Moody's assigns a
      long-term debt rating equal to or higher than Aa3 to the counterparty (if
      the counterparty only has a long-term debt rating).

      "RATING AGENCIES" means S&P and Moody's.

                                       18
<PAGE>

      "RATING AGENCY CONDITION" means, with respect to any event or circumstance
      and each Rating Agency, either (a) written confirmation by such Rating
      Agency that the occurrence of such event or circumstance will not cause it
      to downgrade, qualify or withdraw its rating assigned to any of the Notes
      or (b) that such Rating Agency shall have been given notice of such event
      or circumstance at least ten days prior to the occurrence of such event or
      circumstance (or, if ten days' advance notice is impracticable, as much
      advance notice as is practicable) and such Rating Agency shall not have
      issued any written notice that the occurrence of such event or
      circumstance will cause it to downgrade, qualify or withdraw its rating
      assigned to the Notes.

      "S&P" means Standard & Poor's, a division of the McGraw-Hill Companies
      Inc. or its successor.

      "SERVICER" means VW Credit, Inc. or its successor.

      "SUBI" means a special unit of beneficial interest in the Origination
      Trust.

      "TRANSACTION SUBI" means the SUBI held by Party B and pledged to the
      Indenture Trustee under the Indenture.

      "UTI" means the undivided trust interest in the Origination Trust.

      Reference is made to that certain Indenture dated as of September 29, 2004
(the "Indenture") among Party B as the Issuer thereunder and Citibank, N.A., as
Indenture Trustee. Capitalized terms used but not defined in this Agreement or
this Schedule will have the meanings ascribed to them in the Indenture.

(s)   AMENDMENTS. Section 9(a) of this Agreement is hereby amended by inserting
      the following at the end thereof:

      ; it being a further condition to any such amendment or modification that
      the Rating Agency Condition shall have been satisified.

                                       19
<PAGE>

      IN WITNESS WHEREOF, the parties have executed this Schedule as of the date
first above written.

      ________________________             VOLKSWAGEN AUTO LEASE TRUST 2004-A

      ________________________             By: The Bank of New York (Delaware),
                                           not in its individual capacity but
                                           solely as owner trustee

                                           _____________________________________

                                                      VALT 2004-A: Swap Schedule

                                       20
<PAGE>

                                     ISDA(R)
              INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.

                              CREDIT SUPPORT ANNEX

                             to the Schedule to the
                              ISDA MASTER AGREEMENT

                         dated as of September 29, 2004
                                     between

                 __________________________________ ("Party A")
                                       and
                 VOLKSWAGEN AUTO LEASE TRUST 2004-A ("Party B")

This Annex supplements, forms part of, and is subject to, the ISDA Master
Agreement referred to above (this "Agreement"), is part of its Schedule and is a
Credit Support Document under this Agreement with respect to Party A.

Accordingly, the parties agree as follows:

                        PARAGRAPHS 1 - 12. INCORPORATION

            Paragraphs 1 through 12 inclusive of the ISDA Credit Support Annex
            (Bilateral Form) (ISDA Agreements Subject to New York Law Only)
            published in 1994 by the International Swaps and Derivatives
            Association, Inc. are incorporated herein by reference and made a
            part hereof:

PARAGRAPH 13. ELECTIONS AND VARIABLES

(a)   SECURITY INTEREST FOR "OBLIGATIONS". The term "OBLIGATIONS" as used in
      this Annex includes no additional obligations of Secured Party and, for
      purposes of the definition of Obligations in Paragraph 12, includes no
      additional obligations of Pledgor.

(b)   CREDIT SUPPORT OBLIGATIONS.

      (i)   DELIVERY AMOUNT, RETURN AMOUNT AND CREDIT SUPPORT AMOUNT.

            (A)   "DELIVERY AMOUNT" has the meaning specified in Paragraph 3(a).

            (B)   "RETURN AMOUNT" has the meaning specified in Paragraph 3(b).

            (C)   "CREDIT SUPPORT AMOUNT" means, for any Valuation Date, an
                  amount equal to (x) the Amount required under Paragraph 13(p)
                  (in the case of a Downgrade Termination Event relating to an
                  action taken by S&P); or (y) Party B's Exposure under the
                  Agreement to which this Annex relates (in

                                       1
<PAGE>

                  the case of a Downgrade Termination Event relating to an
                  action taken by Moody's or in the case of a Moody's
                  Creditwatch Event), in each case as calculated on a monthly
                  basis by the Valuation Agent. The Credit Support Amount shall
                  be calculated by reference to the provisions set forth in this
                  Annex which would result in Party A transferring the greatest
                  amount of Eligible Credit Support to Party B.

      (ii)  ELIGIBLE COLLATERAL. The following items will qualify as "ELIGIBLE
            COLLATERAL":

<TABLE>
<CAPTION>
                                                          Valuation
                                                         Percentage:*    Moody's           S&P
<S>                                                      <C>             <C>               <C>
(A)   Cash:  US Dollars in depository account form.                        100%             100%

(B)   U.S. Treasury Securities: negotiable debt                             98%            98.6%
      obligations issued by the U.S. Treasury
      Department ("Treasuries") having a
      remaining maturity of up to and not more
      than 1 year.

(C)   Treasuries having a remaining maturity of                           91.2%            94.1%
      greater than 1 year but not more than 5
      years.

(D)   Treasuries having a remaining maturity of                             86%            90.7%
      greater than 5 years but not more than 10
      years.

(E)   Treasuries having a remaining maturity of                             82%            85.3%
      greater than 10 years but not more than 20
      years.

(F)   Treasuries having a remaining maturity of                             82%            85.3%
      greater than 20 years but not more than 30
      years.

(G)   Agency Securities: negotiable debt                                  80.8%            98.1%
      obligations of the Federal National
      Mortgage Association (FNMA), Federal Home
      Loan Mortgage Corporation (FHLMC), Federal
      Home Loan Banks (FHLB), Federal Farm Credit
      Banks (FFCB), Student Loan Marketing
      Association (SLMA), Tennessee Valley
      Authority (TVA) (collectively, "Agency
      Securities") having a remaining maturity of
      not more than 1 year.

(H)   Agency Securities having a remaining                                 92%             92.9%
      maturity of greater than 1 year but not
      more than 5 years.
</TABLE>

                                       2
<PAGE>

<TABLE>
<S>                                                        <C>        <C>               <C>
(I)   Agency Securities having a remaining                                 88%               88%
      maturity of greater than 5 years but not
      more than 10 years.

(J)   Agency Securities having a remaining                               79.8%             79.8%
      maturity of greater than 10 years but not
      more than 20 years.

(K)   Agency Securities having a remaining                               79.8%             79.8%
      maturity of greater than 20 years but not
      more than 30 years.

(L)   FHLMC Certificates.  Mortgage participation                        81.9%             81.9%
      certificates issued by FHLMC evidencing
      undivided interests or participations in
      pools of first lien conventional or FHA/VA
      residential mortgages or deeds of trust,
      guaranteed by FHLMC, and having a remaining
      maturity of not more than 30 years.

(M)   FNMA Certificates.  Mortgage-backed                                81.9%             81.9%
      pass-through certificates issued by FNMA
      evidencing undivided interests in pools of
      first lien mortgages or deeds of trust on
      residential properties, guaranteed by FNMA,
      having a remaining maturity of not more
      than 30 years.

(N)   GNMA Certificates. Mortgage-backed                                 81.9%             81.9%
      pass-through certificates issued by private
      entities, evidencing undivided interests in
      pools of first lien mortgages or deeds of
      trust on single family residences,
      guaranteed by the Government National
      Mortgage Association (GNMA) with the full
      faith and credit of the United States, and
      having a remaining maturity of not more
      than 30 years.

(O)   Commercial Paper.  Commercial Paper with a                           80%             98.0%
      rating of at least P-1 by Moody's, at least
      F-1 by Fitch and at least A-1+ by S&P and
      having a remaining maturity of not more
      than 30 days.

(P)   Other.  Other items of Credit Support                            % to be           % to be
      approved by each applicable rating agency                       determined        determined
      with such valuation percentages as
      determined by each applicable rating agency.
</TABLE>

* The Valuation Percentage shall equal the percentage specified under such
Rating Agency's name above. If the Class A-4-B Notes are rated by more than one
Rating Agency specified above, the Valuation Percentage shall equal the lowest
of the applicable percentages specified above.

                                       3
<PAGE>

      (iii) OTHER ELIGIBLE SUPPORT. Not applicable.

      (iv)  THRESHOLDS.

      (A)   "INDEPENDENT AMOUNT" means for Pledgor: zero.

            "INDEPENDENT AMOUNT" means for Secured Party: zero

      (B)   "THRESHOLD" means for Pledgor: zero in the event Party A fails to
            assign all of its rights and obligations under the Agreement on or
            before the thirtieth (30) day after the date of a Downgrade
            Termination Event (as described in Part 1(g)(i)(B) of the Schedule)
            or a Moody's Creditwatch Event (as described in Part 1(g)(i)(A) of
            the Schedule) continues to exist; otherwise, the Threshold shall be
            infinite.

      (C)   "MINIMUM TRANSFER AMOUNT" is $[50,000] for any Delivery Amount of
            Pledgor, unless the Pledgor is a Defaulting Party, in which case it
            is zero, and $[50,000] for any Return Amount of the Secured Party,
            unless the Secured Party is a Defaulting Party, in which case it is
            zero.

      (D)   ROUNDING: The Delivery Amount will be rounded up to the nearest
            integral multiple of $10,000, and the Return Amount will be rounded
            down to the nearest integral multiple of $10,000.

(c)   VALUATION AND TIMING.

      (i)   "VALUATION AGENT" means the Pledgor; provided, however, that if an
            Event of Default has occurred and is continuing with respect to the
            Pledgor, then the Secured Party shall be the Valuation Agent. The
            Value of Posted Credit Support other than Cash or of any Transfer of
            Eligible Credit Support or Posted Credit Support (other than Cash),
            as the case may be, will be calculated by the Valuation Agent in
            accordance with standard market practice using third party sources
            (such as, by way of example only, Bloomberg or Reuters).

      (ii)  "VALUATION DATE" means the first Local Business Day of each week.

      (iii) "VALUATION TIME" means the close of business in the city in which
            the Valuation Agent is located on the Local Business Day before the
            Valuation Date or date of calculation, as applicable; provided that
            the calculations of Value and Exposure will be made as of
            approximately the same time on the same date.

      (iv)  "NOTIFICATION TIME" means 11:00 a.m., New York time, on a Local
            Business Day.

(d)   CONDITIONS PRECEDENT AND SECURED PARTY'S RIGHTS AND REMEDIES. No Specified
Conditions apply.

(e)   SUBSTITUTION.

                                       4
<PAGE>

      (i)   "SUBSTITUTION DATE" has the meaning specified in Paragraph 4(d)(ii).

      (ii)  CONSENT. The Pledgor must obtain the Secured Party's prior consent
            to any substitution pursuant to Paragraph 4(d) and shall give
            Secured Party not less than two (2) Local Business Day's notice
            thereof specifying the items of Posted Credit Support intended for
            substitution.

(f)   DISPUTE RESOLUTION.

      (i)   "RESOLUTION TIME" means 1:00 p.m., New York time, on the Local
            Business Day following the date on which the notice is given that
            gives rise to a dispute under Paragraph 5.

      (ii)  VALUE. For the purpose of Paragraphs 5(i)(C) and 5(ii), the Value of
            Posted Credit Support other than Cash will be calculated based upon
            the mid-point between the bid and offered purchase rates or prices
            for that Posted Credit Support as reported on the Bloomberg
            electronic service as of the Resolution Time, or if unavailable, as
            quoted to the Valuation Agent as of the Resolution Time by a dealer
            in that Posted Credit Support of recognized standing selected in
            good faith by the Valuation Agent, which calculation shall include
            any unpaid interest on that Posted Credit Support to the extent it
            is the established practice in the relevant market.

      (iii) ALTERNATIVE. The provisions of Paragraph 5 will apply.

(g)   HOLDING AND USING POSTED COLLATERAL.

      (i)   ELIGIBILITY TO HOLD POSTED COLLATERAL; CUSTODIANS. Secured Party
            will not be entitled to hold Posted Collateral itself, and instead
            the Secured Party will be entitled to hold Posted Collateral through
            the Indenture Trustee which Posted Collateral (i) shall not be
            commingled or used with any other asset held by the Indenture
            Trustee but shall be held in a separate account for this purpose
            only and (ii) shall not be transferred to any other person or entity
            but Party A pursuant to the provisions herein except (x) in any case
            contemplated by Paragraph 8(a) of this Annex with respect to Party A
            or (y) as directed by Party A.

      (ii)  USE OF POSTED COLLATERAL. The provisions of Paragraph 6(c) will not
            apply to Secured Party and without prejudice to Secured Party's
            rights under Paragraph 8 of the Credit Support Annex, Secured Party
            will not take any action specified in such Section 6(c).

(h)   INTEREST AMOUNT.

      (i)   INTEREST RATE. The "INTEREST RATE" means, for any day, the rate set
            forth for that day opposite the caption "Federal Funds (Effective)"
            in the weekly statistical release designated "H.15(519)", or any
            successor publication, published by the Board of Governors of the
            Federal Reserve System.

      (ii)  TRANSFER OF INTEREST AMOUNT. The Transfer of the Interest Amount, if
            any, will be made on the first Local Business Day of each calendar
            month and on any

                                       5
<PAGE>

            Local Business Day that Posted Collateral in the form of Cash is
            Transferred to the Pledgor pursuant to Paragraph 3(b). Any Interest
            Amount paid by Party B to Party A hereunder with respect to cash
            collateral posted by Party A shall not exceed the actual amount of
            interest received by Party B with respect thereto.

      (iii) ALTERNATIVE TO INTEREST AMOUNT. The provisions of Paragraph 6(d)(ii)
            will apply.

(i)   ADDITIONAL REPRESENTATION(S). Not applicable.

(j)   OTHER ELIGIBLE SUPPORT AND OTHER POSTED SUPPORT. Not applicable.

(k)   DEMANDS AND NOTICES. All demands, specifications and notices under this
      Annex will be made to a party as follows unless otherwise specified from
      time to time by that party for purposes of this Annex in a written notice
      given to the other party:

      TO PLEDGOR:

      [____________________________]

      TO SECURED PARTY:

      Volkswagen Auto Lease Trust 2004-A
      c/o The Bank of New York
      Corporate Trust Division
      101 Barclay Street FL 8W
      New York, NY 10286
      Attention: Corporate Trust Division
      Telephone: (212) 815-6435
      Facsimile: (212) 815-3883

      With a copy to:

      VW Credit, Inc.
      3800 Hamlin Road
      Auburn Hills, MI 48326
      Attention: Treasurer
      Telephone:  (248) 754-5000
      Facsimile:  (248) 754-4581

(l)   ADDRESSES FOR TRANSFERS.

(i)   For each Transfer hereunder to Pledgor:

      (ii)  For each Transfer hereunder to Secured Party:

(m)   AGREEMENT AS TO SINGLE SECURED PARTY AND PLEDGOR. Party A and Party B
      agree that, notwithstanding anything to the contrary in the recital of
      this Annex, Paragraph 1(b) or Paragraph 2 of the definitions in Paragraph
      12, (a) the term "Secured Party" as used in this Annex means only Party B,
      (b) the term "Pledgor" as used in this Annex means only Party A, (c) only
      Party A makes the pledge and grant in Paragraph 2, the

                                       6
<PAGE>

      acknowledgment in the final sentence of Paragraph 8(a) and the
      representations in Paragraph 9, (d) only Party A shall be required to post
      Eligible Credit Support hereunder and (e) the Events of Default set forth
      in Paragraph 7(i) will not apply to Party B. Party A also agrees that it
      shall pay all costs of transferring Eligible Credit Support required to be
      delivered by Party A hereunder.

(n)   NO GROSS UP. The Secured Party will have no obligation to pay any
      additional amount of the kind specified in Section 2(d)(i)(4) of the
      Agreement with respect to any Interest Amounts or Distributions.

(o)   ELIMINATION OF DEMAND REQUIREMENTS. The parties agree that the phrase
      "upon a demand made by the Secured Party" shall be deleted from Paragraph
      3(a) of this Credit Support Annex.

(p)   S&P CREDIT SUPPORT AMOUNT. With respect to a Party A Downgrade relating to
      an action taken by S&P, the "CREDIT SUPPORT AMOUNT" shall mean with
      respect to a Pledgor on a Valuation Date the sum of :

      (i)   the greater of MTM and $0, plus

      (ii)  VB

      Where:

      "MTM" means Secured Party's Exposure;

      "VB" means the Notional Amount (as defined in the Confirmation for each
      outstanding Transaction under this Agreement) times the relevant
      percentage set out in Table A below:

TABLE A

<TABLE>
<CAPTION>
                                                  VOLATILITY BUFFER
                                                 ------------------
                                                              Less than 10 years, but
                                Less than 5 years to          more than 5 years to          Greater than 10 years to
                                Termination Date of the       Termination Date of the       Termination Date of the
       Counterparty             Transaction.                  Transaction.                  Transaction.
      --------------            -----------------------       -----------------------       ------------------------
<S>                             <C>                           <C>                           <C>
The rating by S&P of Party              3.25%                       4.00%                          4.75%
A's short-term unsecured,
unsubordinated obligations
is at least equal to "A-2"

The rating by S&P of Party              4.00%                       5.00%                          6.25%
A's short-term unsecured,
unsubordinated obligations
is equal to
</TABLE>

                                          7
<PAGE>

<TABLE>
<S>                             <C>                           <C>                           <C>
 "A-3"
The rating by S&P of Party              4.50%                       6.75%                          7.50%
A's long-term unsecured,
unsubordinated obligations
is equal to or less than
"BB+"
</TABLE>

EXPOSURE.

The Parties agree that in the event of a Downgrade Termination Event relating to
an action taken by S&P, the Valuation Agent shall verify its calculation of the
Secured Party's Exposure on a monthly basis by seeking two quotations from
Reference Market-makers at the end of each month. If 2 Reference Market-makers
are not available to provide a quotation, then fewer than 2 Reference
Market-makers may be used for such purpose. If no Reference Market-makers are
available, then the Valuation Agent's estimates at mid-market will be used. The
Valuation Agent may not obtain the quotations referred to above from the same
person in excess of four times during any 12 month period. Where more than 1
quotation is obtained, the quotation representing the greatest amount of
Exposure shall be used by the Valuation Agent. In the event the verification
procedures set forth above indicate that there is a deficiency in the amount of
Eligible Collateral that has been posted to the Secured Party, the Pledgor shall
post the amount of Eligible Collateral necessary to cure such deficiency to the
Secured Party within three Local Business Days.

                                       8

<PAGE>

IN WITNESS WHEREOF the parties have executed this Credit Support Annex as of the
date hereof.
__________________________________________________________

By: ______________________________________________________
Name:
Title:

VOLKSWAGEN AUTO LEASE TRUST 2004-A

By:  The Bank of New York (Delaware),
not in its individual capacity but solely as owner trustee

By: ______________________________________________________
Name:
Title:

                                       9
<PAGE>

                          SWAP TRANSACTION CONFIRMATION

DATE:       September 29, 2004

TO:         Volkswagen Auto Lease Trust 2004-A ("Party B")
            c/o The Bank of New York (Delaware), as Owner Trustee
            The Bank of New York
            Corporate Trust Division
            101 Barclay Street FL 8W
            New York, New York 10286
            Attention:  Corporate Trust Division
            Telephone:  (212) 815-6435
            Facsimile:  (212) 815-3883

            _______________ ("Party A")

FROM:       ______________________________
REF. NO.    _________

Dear Sir or Madam:

The purpose of this letter (this "Confirmation") is to confirm the terms and
conditions of the Transaction entered into between us on the Trade Date
specified below (the "Transaction"). This Confirmation constitutes a
"Confirmation" as referred to in the ISDA Master Agreement specified below.

1. The definitions and provisions contained in (i) the 2000 ISDA Definitions
(the "ISDA Definitions"), as published by the International Swaps and
Derivatives Association, Inc, and (ii) the Indenture dated as of September 29,
2004 (the "Indenture") between Party B and Citibank, N.A., as indenture trustee
(the "Indenture Trustee"), relating to the issuance by Party B of certain debt
obligations, are incorporated into this Confirmation. In the event of any
inconsistency between the ISDA Definitions and this Confirmation, this
Confirmation will govern. References herein to a "Transaction" shall be deemed
to be references to a "Swap Transaction" for purposes of the ISDA Definitions.
Capitalized terms used but not defined herein have the meanings ascribed to them
in the Indenture.

2. The terms of the particular Transaction to which the Confirmation relates are
as follows:

<TABLE>
<S>                                           <C>
Transaction Type:                             Interest Rate Swap
Currency for Payments:                        U.S. Dollars
</TABLE>

<PAGE>

<TABLE>
<S>                                           <C>
Notional Amount:                              For the Initial Calculation Period, the Notional Amount shall be equal
                                              to USD ___________.  For each subsequent Calculation Period, the
                                              Notional Amount shall be equal to the aggregate Note Balance of the
                                              Class A-4-B Notes on the first day of such Calculation Period.  With
                                              respect to any Payment Date, the aggregate Note Balance of the Class
                                              A-4-B Notes will be determined using the Servicer Certificate issued
                                              on the Determination Date immediately preceding the Payment Date
                                              (giving effect to any reductions of the Note Balance of the Class
                                              A-4-B Notes reflected in such Servicer Certificate).

Initial Calculation Period:                   September 29, 2004 to but excluding October 20, 2004.

Term:
         Trade Date:                          September [__], 2004
         Effective Date:                      September 29, 2004
         Termination Date:                    The earlier of (i) [insert
                                              legal final maturity date of the
                                              Class A-4-B Notes] and (ii) the
                                              date on which the Note Balance of
                                              the Class A-4-B Notes is reduced
                                              to zero.

Fixed Amounts:

         Fixed Rate Payer:                    Party B
         Calculation Period End               Monthly on the 20th of each month, commencing October 20, 2004,
         Dates:                               through and including the Termination Date; No Adjustment.
                                              Monthly on the 20th of each month, commencing
         Payment Dates:                       October 20, 2004, through and including the Termination Date.

         Business Day Convention:             Following

         Business Day:                        New York, Delaware, Illinois, Michigan and the principal place of
                                              business of Party A

         Fixed Rate:                          _____%

         Fixed Rate Day Count
         Basis:                               30/360

Floating Amounts:

         Floating Rate Payer:                 Party A
         Calculation Period End Dates:        Monthly on the 20th of each month, commencing
                                              October 20, 2004, through and including the Termination Date,
                                              subject to adjustment in accordance with the
</TABLE>

<PAGE>

<TABLE>
<S>                                           <C>
                                              Following Business Day Convention.

         Payment Dates:                       Monthly on the 20th of each month, commencing October 20,
                                              2004, through and including the Termination Date.

         Business Day Convention:             Following

         Business Day:
               For Payment Dates:             New York, Delaware, Illinois, Michigan and the principal place of
                                              business of Party A
               For Reset Dates:               London

         Floating Rate Option:                USD-LIBOR-BBA
         Designated Maturity:                 1 Month
         Spread:                              ___________________
         Floating Rate Day Count:             ___________________
         Basis:                               Actual/360
         Reset Dates:                         The first day of each Calculation Period.
         Compounding:                         Inapplicable
</TABLE>

3. The additional provisions of this Confirmation are as follows:

Calculation Agent:                           Party A

Payments to Party A:

Name:
ABA#:
Acct:
AHA:

Payments to Party B:
Name: Citibank, N.A.
ABA#: 021-000-089
Acct: 3617-2242
Ref: VW 2004-A Collection AC
#________

<PAGE>

4.    Documentation

This Confirmation supplements, forms a part of, and is subject to, the 1992 ISDA
Master Agreement dated as of September 29, 2004 (including the Schedule thereto)
as amended and supplemented from time to time (the "Agreement") between you and
us. All provisions contained in the Agreement govern this Confirmation except as
expressly modified herein. Unless otherwise provided in the Agreement, this
Confirmation is governed by the laws of the State of New York.

Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing a copy of this Confirmation and returning it to us.

                                     Very truly yours,

                                     ______________________________________

                                     By: __________________________________
                                     Name:
                                     Title:

Accepted and confirmed as of the date first above written:

VOLKSWAGEN AUTO LEASE TRUST 2004-A

BY:  THE BANK OF NEW YORK (DELAWARE),
NOT IN ITS INDIVIDUAL CAPACITY BUT SOLELY AS OWNER TRUSTEE

By:_________________________________
Name:
Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}]]