Document:

EX-10.2

 Exhibit 10.2 

 
  
 PURCHASE AGREEMENT 
 dated as of [     ] 

between 
 VW
CREDIT, INC. 
 and 
 VOLKSWAGEN AUTO LEASE/LOAN UNDERWRITTEN FUNDING, LLC 
  

 

  

			
		  	Purchase Agreement

 TABLE OF CONTENTS 

 

							
		 		  	 	Page	  
	 ARTICLE I DEFINITIONS AND USAGE
	  	 	1	  
			
	 SECTION 1.1
	 	Definitions	  	 	1	  
	 SECTION 1.2
	 	Other Interpretive Provisions	  	 	1	  
		
	 ARTICLE II PURCHASE
	  	 	2	  
			
	 SECTION 2.1
	 	Agreement to Sell and Contribute on the Closing Date	  	 	2	  
	 SECTION 2.2
	 	Consideration and Payment	  	 	2	  
		
	 ARTICLE III REPRESENTATIONS, WARRANTIES AND COVENANTS
	  	 	2	  
			
	 SECTION 3.1
	 	Representations and Warranties of VCI	  	 	2	  
	 SECTION 3.2
	 	Representations and Warranties of VCI as to each Receivable	  	 	3	  
	 SECTION 3.3
	 	Repurchase upon Breach	  	 	4	  
	 SECTION 3.4
	 	Protection of Title	  	 	4	  
	 SECTION 3.5
	 	Other Liens or Interests	  	 	5	  
	 SECTION 3.6
	 	Perfection Representations, Warranties and Covenants	  	 	5	  
		
	 ARTICLE IV MISCELLANEOUS
	  	 	6	  
			
	 SECTION 4.1
	 	Transfers Intended as Sale; Security Interest	  	 	6	  
	 SECTION 4.2
	 	Notices, Etc	  	 	7	  
	 SECTION 4.3
	 	Choice of Law	  	 	7	  
	 SECTION 4.4
	 	Headings	  	 	7	  
	 SECTION 4.5
	 	Counterparts	  	 	7	  
	 SECTION 4.6
	 	Amendment	  	 	7	  
	 SECTION 4.7
	 	Waivers	  	 	8	  
	 SECTION 4.8
	 	Entire Agreement	  	 	8	  
	 SECTION 4.9
	 	Severability of Provisions	  	 	8	  
	 SECTION 4.10
	 	Binding Effect	  	 	9	  
	 SECTION 4.11
	 	Acknowledgment and Agreement	  	 	9	  
	 SECTION 4.12
	 	Cumulative Remedies	  	 	9	  
	 SECTION 4.13
	 	Nonpetition Covenant	  	 	9	  
	 SECTION 4.14
	 	Submission to Jurisdiction; Waiver of Jury Trial	  	 	9	  

  

			
	i	  	Purchase Agreement

 EXHIBITS 

 

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

  

			
	ii	  	Purchase Agreement

 THIS PURCHASE AGREEMENT is made and entered into as of [ ] (as amended from time to time,
this “Agreement”) by VW CREDIT, INC., a Delaware corporation (“VCI”), and VOLKSWAGEN AUTO LEASE/LOAN UNDERWRITTEN FUNDING, LLC, a Delaware limited liability company (the “Purchaser”). 

WITNESSETH: 

WHEREAS, the Purchaser desires to purchase from VCI a portfolio of motor vehicle receivables, including motor vehicle retail installment
sales contracts and/or installment loans that are secured by new and used automobiles, minivans, and sport utility vehicles; and 
 WHEREAS, VCI is willing to sell such portfolio of motor vehicle receivables and related property to the Purchaser on the terms and conditions set forth in this Agreement. 

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

 ARTICLE I 
 DEFINITIONS AND USAGE 
 SECTION 1.1 Definitions. Except as otherwise
defined herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in Appendix A to the Sale and Servicing Agreement dated as of the date hereof (as from time to time amended,
supplemented or otherwise modified and in effect, the “Sale and Servicing Agreement”) among Volkswagen Auto Loan Enhanced Trust 20[     ]-[     ], VCI, as servicer, the Purchaser, as seller,
and [            ], as indenture trustee, which also contains rules as to usage that are applicable herein. 
 SECTION 1.2 Other Interpretive Provisions. For purposes of this Agreement, unless the context otherwise requires: (a) accounting terms not otherwise defined in this Agreement, and accounting
terms partly defined in this Agreement to the extent not defined, shall have the respective meanings given to them under GAAP (provided, that, to the extent that the definitions in this Agreement and GAAP conflict, the definitions in this
Agreement shall control); (b) terms defined in Article 9 of the UCC as in effect in the relevant jurisdiction and not otherwise defined in this Agreement are used as defined in that Article; (c) the words “hereof,”
“herein” and “hereunder” and words of similar import refer to this Agreement as a whole and not to any particular provision of this Agreement; (d) references to any Article, Section, Schedule, Appendix or Exhibit are
references to Articles, Sections, Schedules, Appendices and Exhibits in or to this Agreement and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or
other subdivision of such Section or definition; (e) the term “including” and all variations thereof means “including without limitation”; (f) except as otherwise expressly provided herein, references to any law or
regulation refer to that law or regulation as amended from time to time and include any successor law or regulation; and (g) references to any Person include that Person’s successors and assigns. 

  

			
		  	Purchase Agreement

 ARTICLE II 
 PURCHASE 
 SECTION 2.1 Agreement to Sell and Contribute on the Closing
Date. On the terms and subject to the conditions set forth in this Agreement, VCI agrees to transfer, assign, set over, sell and otherwise convey to the Purchaser without recourse (subject to the obligations herein) on the Closing Date all of
VCI’s right, title and interest in, to and under the Receivables, the Collections after the Cut-Off Date, the Receivable Files and the Related Security relating thereto, described in an Assignment in the form of Exhibit A delivered on
the Closing Date (collectively, the “Purchased Assets”) having a Net Pool Balance as of the Cut-Off Date equal to $1,320,690,169.55, which sale shall be effective as of the Cut-Off Date. The sale, transfer, assignment, contribution
and conveyance made hereunder does not constitute and is not intended to result in an assumption by the Purchaser of any obligation of the Originator to the Obligors, the Dealers or any other Person in connection with the Receivables or the other
assets and properties conveyed hereunder or any agreement, document or instrument related thereto. 
 SECTION 2.2
Consideration and Payment. In consideration of the transfer of the Purchased Assets conveyed to the Purchaser pursuant to Section 2.1 on the Closing Date, the Purchaser shall pay to VCI on such date an amount equal to the
estimated fair market value of the Purchased Assets, which amount shall be paid (a) in cash to VCI and (b) by a capital contribution by VCI of an undivided interest in such Purchased Assets that increases its equity interest in the
Purchaser in an amount equal to the excess of the estimated fair market value of the Purchased Assets over the amount of cash paid by the Purchaser to VCI. 
 ARTICLE III 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 

SECTION 3.1 Representations and Warranties of VCI. VCI makes the following representations and warranties as of the Closing Date
on which the Purchaser will be deemed to have relied in acquiring the Purchased Assets. The representations and warranties will survive the conveyance of the Purchased Assets to the Purchaser pursuant to this Agreement, the conveyance of the
Purchased Assets to the Issuer pursuant to the Sale and Servicing Agreement and the Grant thereof by the Issuer to the Indenture Trustee pursuant to the Indenture: 
 (a) Existence and Power. VCI is a corporation validly existing and in good standing under the laws of its state of organization and has, in all material respects, all power and authority required
to carry on its business as now conducted. VCI has obtained all necessary licenses and approvals in each jurisdiction where the failure to do so would materially and adversely affect the ability of VCI to perform its obligations under the
Transaction Documents or the enforceability or collectibility of the Receivables or any other part of the Purchased Assets. 

(b) Authorization and No Contravention. The execution, delivery and performance by VCI of each Transaction Document to which it is
a party (i) have been duly authorized by all necessary action on the part of VCI and (ii) do not contravene or constitute a default under (A) any applicable law, rule or regulation, (B) its organizational documents or
(C) any material 

  

			
	-2-	  	Purchase Agreement

 
agreement, contract, order or other instrument to which it is a party or its property is subject (other than violations of which do not affect the legality, validity or enforceability of any of
such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or VCI’s ability to perform its obligations under, the Transaction Documents). 

(c) No Consent Required. No approval or authorization by, or filing with, any Governmental Authority is required in connection with
the execution, delivery and performance by VCI of any Transaction Document other than (i) UCC filings, (ii) approvals and authorizations that have previously been obtained and filings that have previously been made and
(iii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the enforceability or collectibility of the Receivables or any other part of the Purchased Assets or would not materially and
adversely affect the ability of VCI to perform its obligations under the Transaction Documents. 
 (d) Binding Effect.
Each Transaction Document to which VCI is a party constitutes the legal, valid and binding obligation of VCI enforceable against VCI in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, receivership, conservatorship or other similar laws affecting creditors’ rights generally and, if applicable, the rights of creditors of corporations from time to time in effect or by general principles of equity.

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

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

(g) State of Inorporation; Name; No Changes. VCI’s state of incorporation is the State of Delaware. VCI’s exact legal
name is VW Credit, Inc. VCI has not changed its name whether by amendment of its Articles of Incorporation, by reorganization or otherwise, and has not changed its state of incorporation, within the four months preceding the Closing Date.

 SECTION 3.2 Representations and Warranties of VCI as to each Receivable. VCI hereby makes the representations and
warranties set forth on Schedule I as to the Receivables, sold, contributed, transferred, assigned, set over and otherwise conveyed to the Purchaser under this Agreement on which such representations and warranties the Purchaser relies in
acquiring the Receivables. Such representations and warranties shall survive the sale of the Receivables to the Issuer under the Sale and Servicing Agreement, and the Grant of the Receivables by the Issuer to the Indenture Trustee pursuant to the
Indenture. Notwithstanding any statement to the 

  

			
	-3-	  	Purchase Agreement

 
contrary contained herein or in any other Transaction Document, VCI shall not be required to notify any insurer with respect to any Insurance Policy obtained by an Obligor or to notify any Dealer
about any aspect of the transaction contemplated by the Transaction Documents. 
 SECTION 3.3 Repurchase upon Breach.
Upon discovery by or notice to the Purchaser or VCI of a breach of any of the representations and warranties set forth in Section 3.2 with respect to any Receivable at the time such representations and warranties were made which
materially and adversely affects the interests of the Issuer or the Noteholders in such Receivable, the party discovering such breach or receiving such notice shall give prompt written notice thereof to the other party; provided, that
delivery of the Servicer’s Certificate shall be deemed to constitute prompt notice by VCI and the Purchaser of such breach; provided, further, that the failure to give such notice shall not affect any obligation of VCI
hereunder. If the breach materially and adversely affects the interests of the Issuer or the Noteholder in such Receivable, then VCI shall either (a) correct or cure such breach or (b) repurchase such Receivable from the Purchaser, in
either case on or before the Payment Date following the end of the Collection Period which includes the 60th day (or, if VCI elects, an earlier date) after the date that VCI became aware or was notified of such breach, then VCI shall purchase any
Receivable materially and adversely affected by such breach. Any such breach or failure will be deemed not to have a material and adverse effect if such breach or failure does not affect the ability of the Purchaser (or its assignee) to receive and
retain timely payment in full on such Receivable. Any such purchase by VCI shall be at a price equal to the Repurchase Price. In consideration for such repurchase, VCI shall make (or shall cause to be made) a payment to the Purchaser equal to the
Repurchase Price by depositing such amount into the Collection Account prior to 11:00 a.m., New York City time on such date of repurchase. Upon payment of such Repurchase Price by VCI, the Purchaser shall release and shall execute and deliver such
instruments of release, transfer or assignment, in each case without recourse or representation, as may be reasonably requested by VCI to evidence such release, transfer or assignment or more effectively vest in VCI or its designee any Receivable
and any related Purchased Assets repurchased pursuant hereto. It is understood and agreed that the obligation of VCI to repurchase any Receivable as described above shall constitute the sole remedy respecting such breach available to the Purchaser.

 SECTION 3.4 Protection of Title. 
 (a) VCI shall authorize and file such financing statements and cause to be authorized and filed such continuation and other statements, all in such manner and in such places as may be required by law
fully to preserve, maintain and protect the interest of the Purchaser under this Agreement in the Receivables (other than any Related Security with respect thereto, to the extent that the interest of the Purchaser therein cannot be perfected by the
filing of a financing statement). VCI shall deliver (or cause to be delivered) to the Purchaser file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing. 

(b) VCI shall not change its name, identity, corporate structure or jurisdiction of organization in any manner that would make any
financing statement or continuation statement filed by VCI in accordance with paragraph (a) above “seriously misleading” within the meaning of Sections 9-506, 9-507 or 9-508 of the UCC, unless it shall have given the Purchaser
at least 

  

			
	-4-	  	Purchase Agreement

 
five days’ prior written notice thereof and, to the extent necessary, shall have promptly filed amendments to previously filed financing statements or continuation statements described in
paragraph (a) above (or shall have made arrangements to take such action substantially simultaneously with such change, if it is not practicable to take such action in advance). 

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

(d) VCI shall maintain (or shall cause its Sub-Servicer to maintain) accounts and records as to each Receivable accurately and in
sufficient detail to permit (i) the reader thereof to know at any time the status of such Receivable, including payments and recoveries made and payments owing (and the nature of each) and (ii) reconciliation between payments or recoveries
on (or with respect to) each Receivable and the amounts from time to time deposited in the Collection Account in respect of such Receivable. 
 (e) VCI shall maintain (or shall cause its Sub-Servicer to maintain) its computer systems so that, from time to time after the conveyance under this Agreement of the Receivables, the master computer
records (including any backup archives) that refer to a Receivable shall indicate clearly the interest of the Purchaser (or any subsequent assignee of the Purchaser) in such Receivable and that such Receivable is owned by such Person. Indication of
such Person’s interest in a Receivable shall not be deleted from or modified on such computer systems until, and only until, the related Receivable shall have been paid in full or repurchased. 

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

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

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

  

			
	-5-	  	Purchase Agreement

 ARTICLE IV 
 MISCELLANEOUS 
 SECTION 4.1 Transfers Intended as Sale; Security Interest.

 (a) Each of the parties hereto expressly intends and agrees that the transfers contemplated and effected under this Agreement
are complete and absolute sales, transfers, assignments and contributions rather than pledges or assignments of only a security interest and shall be given effect as such for all purposes. It is further the intention of the parties hereto that the
Receivables and related Purchased Assets shall not be part of VCI’s estate in the event of a bankruptcy or insolvency of VCI. The sales and transfers by VCI of the Receivables and related Purchased Assets hereunder are and shall be without
recourse to, or representation or warranty (express or implied) by, VCI, except as otherwise specifically provided herein. The limited rights of recourse specified herein against VCI are intended to provide a remedy for breach of representations and
warranties relating to the condition of the property sold, rather than to the collectibility of the Receivables. 
 (b)
Notwithstanding the foregoing, in the event that the Receivables and other Purchased Assets are held to be property of VCI, or if for any reason this Agreement is held or deemed to create indebtedness or a security interest in the Receivables and
other Purchased Assets, then it is intended that: 
 (i) This Agreement shall be deemed to be a security
agreement within the meaning of Articles 8 and 9 of the New York UCC and the UCC of any other applicable jurisdiction; 
 (ii) The conveyance provided for in Section 2.1 shall be deemed to be a grant by VCI of, and VCI hereby grants to the Purchaser, a security interest in all of its right (including the power to
convey title thereto), title and interest, whether now owned or hereafter acquired, in and to the Receivables and other Purchased Assets, to secure such indebtedness and the performance of the obligations of VCI hereunder; 

(iii) The possession by the Purchaser or its agent of the Receivable Files and any other property as constitute
instruments, money, negotiable documents or chattel paper shall be deemed to be “possession by the secured party” or possession by the purchaser or a person designated by such purchaser, for purposes of perfecting the security interest
pursuant to the New York UCC and the UCC of any other applicable jurisdiction; and 
 (iv) Notifications to
persons holding such property, and acknowledgments, receipts or confirmations from persons holding such property, shall be deemed to be notifications to, or acknowledgments, receipts or confirmations from, bailees or agents (as applicable) of the
Purchaser for the purpose of perfecting such security interest under applicable law. 

  

			
	-6-	  	Purchase Agreement

 SECTION 4.2 Notices, Etc. All demands, notices and communications hereunder shall be
in writing and shall be delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by facsimile and addressed in each case as specified on Schedule II to the Sale and
Servicing Agreement, or at such other address as shall be designated by any of the specified addressees in a written notice to the other parties hereto. Any notice required or permitted to be mailed to a Noteholder shall be given by first class
mail, postage prepaid, at the address of such Noteholder as shown in the Note Register. Delivery shall occur only upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the
address of such recipient for notices hereunder; provided, however, that any notice to a Noteholder mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the
Noteholder shall receive such notice. 
 SECTION 4.3 Choice of Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS,
RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 SECTION 4.4
Headings. The section headings hereof have been inserted for convenience only and shall not be construed to affect the meaning, construction or effect of this Agreement. 

SECTION 4.5 Counterparts. This Agreement may be executed in any number of counterparts, each of which so executed shall be deemed
to be an original, but all of such counterparts shall together constitute but one and the same instrument. 
 SECTION 4.6
Amendment. 
 (a) Any term or provision of this Agreement may be amended by VCI and the Purchaser without the consent of
the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person subject to the satisfaction of one of the following conditions: 
 (i) VCI or the Purchaser delivers an Opinion of Counsel to the Indenture Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders; 

(ii) VCI or the Purchaser delivers an Officer’s Certificate of VCI or the Purchaser, respectively, to the Indenture
Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders; or 
 (iii) the Rating Agency Condition is satisfied with respect to such amendment and VCI or the Purchaser notifies the Indenture Trustee in writing that the Rating Agency Condition is satisfied with respect
to such amendment; 
 provided, that no amendment shall be effective which affects the rights, protections or duties of the Indenture
Trustee or the Owner Trustee without the prior written consent of such Person. 

  

			
	-7-	  	Purchase Agreement

 (b) This Agreement may also be amended from time to time by VCI and the Purchaser, with the
consent of the Holders of Notes evidencing not less than a majority of the aggregate principal balance of the Outstanding Notes for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this
Agreement or of modifying in any manner the rights of the Noteholders. It will not be necessary for the consent of Noteholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves
the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders will be subject to such reasonable
requirements as the Indenture Trustee may prescribe, including the establishment of record dates pursuant to the Note Depository Agreement. 
 (c) Prior to the execution of any such amendment, VCI shall provide written notification of the substance of such amendment to each Rating Agency; and promptly after the execution of any such amendment or
consent, VCI (i) shall furnish a copy of such amendment or consent to each Rating Agency and the Indenture Trustee and (ii) if this Agreement is amended in accordance with clauses (i) or (ii) of Section 4.6(a), shall
furnish a copy of such Opinion of Counsel or Officer’s Certificate, as the case may be, to each of the Rating Agencies. 

(d) Prior to the execution of any amendment to this Agreement, the Purchaser, the Owner Trustee and the Indenture Trustee shall be
entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to the execution and delivery of such amendment have
been satisfied. The Owner Trustee and the Indenture Trustee may, but shall not be obligated to, enter into any such amendment which adversely affects the Owner Trustee’s or the Indenture Trustee’s, as applicable, own rights, duties or
immunities under this Agreement. 
 SECTION 4.7 Waivers. No failure or delay on the part of the Purchaser, the Servicer,
VCI, the Issuer or the Indenture Trustee in exercising any power or right hereunder (to the extent such Person has any power or right hereunder) shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right
preclude any other or further exercise thereof or the exercise of any other power or right. No notice to or demand on the Purchaser or VCI in any case shall entitle it to any notice or demand in similar or other circumstances. No waiver or approval
by either party under this Agreement shall, except as may otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval under this Agreement shall require any similar or dissimilar waiver or approval
thereafter to be granted hereunder. 
 SECTION 4.8 Entire Agreement. The Transaction Documents contain a final and
complete integration of all prior expressions by the parties hereto with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter thereof, superseding all prior oral
or written understandings. There are no unwritten agreements among the parties. 
 SECTION 4.9 Severability of
Provisions. If any one or more of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining
covenants, agreements, provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement. 

  

			
	-8-	  	Purchase Agreement

 SECTION 4.10 Binding Effect. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and permitted assigns. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in full force and effect
until such time as the parties hereto shall agree. 
 SECTION 4.11 Acknowledgment and Agreement. By execution below, VCI
expressly acknowledges and consents to the sale of the Purchased Assets and the assignment of all rights of the Purchaser related thereto and under this Agreement by the Purchaser to the Issuer pursuant to the Sale and Servicing Agreement and the
Grant of a security interest in the Receivables and the other Purchased Assets by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders. In addition, VCI hereby acknowledges and agrees that for so long as
the Notes are outstanding, the Indenture Trustee will have the right to exercise all powers, privileges and claims of the Purchaser under this Agreement in the event that the Purchaser shall fail to exercise the same. 

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

 SECTION 4.13 Nonpetition Covenant. Each party hereto agrees that, prior to the date which is one year and one day
after payment in full of all obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party hereto shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up
or other voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any
jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief
or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of its creditors generally, any party
hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence or join with any other Person in commencing any proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization,
liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. This Section shall survive the termination of this Agreement. 
 SECTION 4.14 Submission to Jurisdiction; Waiver of Jury Trial. Each of the parties hereto hereby irrevocably and unconditionally: 

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

  

			
	-9-	  	Purchase Agreement

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

 (c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by
registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address determined in accordance with Section 4.2; 

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall
limit the right to sue in any other jurisdiction; and 
 (e) to the extent permitted by applicable law, each party
hereto irrevocably waives all right of trial by jury in any action, proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or thereunder.

 [Remainder of Page Intentionally Left Blank] 

  

			
	-10-	  	Purchase Agreement

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

			
	VW CREDIT, INC.
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	VOLKSWAGEN AUTO LEASE/LOAN UNDERWRITTEN FUNDING, LLC
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
		
	By:	 	 
	Name:	 	
	Title:	 	

  

  

			
	S-1	  	Purchase Agreement

 EXHIBIT A 
 FORM OF 
 ASSIGNMENT PURSUANT TO PURCHASE AGREEMENT 

For value received, in accordance with the Purchase Agreement dated as of
[            ] (the “Agreement”), between VW Credit, Inc., a Delaware corporation (“VCI”), and Volkswagen Auto Lease/Loan Underwritten Funding, LLC, a
Delaware limited liability company (the “Purchaser”), on the terms and subject to the conditions set forth in the Agreement, VCI does hereby transfer, assign, set over, sell and otherwise convey to the Purchaser on the Closing Date,
all of its right, title and interest in, to and under the Receivables set forth on the schedule of Receivables delivered by VCI to the Purchaser on the date hereof (such schedule, the “Schedule of Receivables”), the Collections
after the Cut-Off Date, the Receivable Files and the Related Security relating thereto, which sale shall be effective as of the Cut-Off Date. 
 The foregoing sale does not constitute and is not intended to result in any assumption by the Purchaser of any obligation of the Originator to the Obligors, the Dealers or any other Person in connection
with the Receivables, or the other assets and properties conveyed hereunder or any agreement, document or instrument related thereto. 
 This assignment is made pursuant to and upon the representations, warranties and agreements on the part of the undersigned contained in the Agreement and is governed by the Agreement. 

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

[Remainder of page intentionally left blank] 

  

			
	A-1	  	Purchase Agreement

 IN WITNESS HEREOF, the undersigned has caused this assignment to be duly executed as of the
date first above written. 
  

			
	
	VW CREDIT, INC.
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	A-2	  	Purchase Agreement

 SCHEDULE I 
 REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE RECEIVABLES 
  

	(a)	Characteristics of Receivables. Each Receivable: 

  

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

  

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

 

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

  

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

  

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

  

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

 

	 	(vii)	was originated in the United States and denominated in Dollars. 

  

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

 

	 	(i)	each Receivable is secured by a new or used automobile, minivan or sport utility vehicle; 

 

	 	(ii)	each Receivable has an APR of no less than [     ]% and not more than [     ]%; 

 

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

  

			
	Schedule I-1	  	Schedule I to the Purchase Agreement

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

 

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

 

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

  

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

  

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

 

	 	(ix)	each Receivable is a Simple Interest Receivable; 

  

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

  

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

 

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

  

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

  

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

  

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

  

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

  

			
	Schedule I-2	  	 Schedule I to the Purchase Agreement

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

  

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

 

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

  

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

 

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

  

	(m)	Filings. All filings (including, without limitation, UCC filings) necessary in any jurisdiction to give the Issuer a first priority, validly perfected ownership
interest in the Receivables (other than the Related Security with respect thereto), to the extent that any ownership interest therein cannot be perfected by the filing of a financing statement, and to give the Indenture Trustee a first priority
perfected security interest therein, will be made within ten days of the Closing Date. 

  

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

  

			
	Shedule I-3	  	 Schedule I to the Purchase Agreement

 
Documents or that have been terminated. The Purchase Agreement creates a valid and continuing security interest in the Receivable (other than the Related Security with respect thereto) in favor
of the Purchaser which security interest is prior to all other Liens (other than Permitted Liens) and is enforceable as such against all other creditors of and purchasers and assignees from the Purchaser. 

 

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

  

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

 

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

  

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

  

			
	Schedule I-4	  	 Schedule I to the Purchase Agreement

 SCHEDULE II 
 PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 
 In addition to the
representations, warranties and covenants contained in the Agreement, VCI hereby represents, warrants, and covenants to the Purchaser as follows on the Closing Date: 
 General 
 1. This Agreement creates a valid and continuing security
interest (as defined in the applicable UCC) in the Receivables and the other Purchased Assets in favor of the Purchaser, which security interest is prior to all other Liens, and is enforceable as such as against creditors of and purchasers from VCI.

 2. The Receivables constitute “tangible chattel paper,” “accounts,” “instruments” or
“general intangibles,” within the meaning of the UCC. 
 3. Immediately prior to the sale, assignment and transfer
thereof pursuant to this Agreement, each Receivable was secured by a first priority validly perfected security interest in the related Financed Vehicle in favor of the Originator, as secured party, or all necessary actions with respect to such
Receivable have been taken or will be taken to perfect a first priority security interest in the related Financed Vehicle in favor of the Originator, as secured party. 
 Creation 
 4. Immediately prior to the sale, transfer, assignment
and conveyance of a Receivable by VCI to the Purchaser, VCI owned and had good and marketable title to such Receivable free and clear of any Lien and immediately after the sale, transfer, assignment and conveyance of such Receivable to the
Purchaser, the Purchaser will have good and marketable title to such Receivable free and clear of any Lien. 
 5. The Originator
has received all consents and approvals to the sale of the Receivables hereunder to the Purchaser required by the terms of the Receivables that constitute instruments. 
 Perfection 
 6. VCI has caused or will have caused, within ten days
after the effective date of this Agreement, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the sale of the Receivables from VCI to the
Purchaser, and the security interest in the Receivables granted to the Purchaser hereunder; and the Servicer, in its capacity as custodian, has in its possession the original copies of such instruments or tangible chattel paper that constitute or
evidence the Receivables, and all financing statements referred to in this paragraph contain a statement that: “A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured
Party/Purchaser.” 

  

			
	 Schedule
 II-1
	  	 Schedule II to the Purchase Agreement

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

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

 

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

 

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

 Priority

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

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

10. None of the instruments or tangible chattel paper that constitutes or evidences the Receivables has any marks or notations indicating
that they have been pledged, assigned or otherwise conveyed to any Person other than the Purchaser, the Issuer or the Indenture Trustee. 
 Survival of Perfection Representations 
 11. Notwithstanding any
other provision of this Agreement or any other Transaction Document, the perfection representations, warranties and covenants contained in this Schedule II shall be continuing, and remain in full force and effect until such time as all obligations
under the Transaction Documents and the Notes have been finally and fully paid and performed. 
 No Waiver

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

  

			
	 Schedule
 II-2
	  	 Schedule II to the Purchase AgreementEX-10.3

 Exhibit 10.3 
  

 
 SUBI SALE AGREEMENT

 dated as of [     ], [     ] 

between 
 VW
CREDIT, INC., 
 as Seller 
 and 
 VOLKSWAGEN AUTO LEASE/LOAN UNDERWRITTEN FUNDING, LLC, 

as Buyer 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	  
			
	 SECTION 1.1
	 	Certain Terms	  	 	1	  
	 SECTION 1.2
	 	Other Definitional Provisions	  	 	2	  
	 SECTION 1.3
	 	Other Terms	  	 	2	  
	 SECTION 1.4
	 	Computation of Time Periods	  	 	2	  
		
	 ARTICLE II PURCHASE AND CONTRIBUTION
	  	 	2	  
			
	 SECTION 2.1
	 	Agreement to Sell and Contribute	  	 	2	  
	 SECTION 2.2
	 	Consideration and Payment	  	 	3	  
	 SECTION 2.3
	 	Representations, Warranties and Covenants	  	 	3	  
	 SECTION 2.4
	 	Reserved	  	 	5	  
	 SECTION 2.5
	 	Protection of Title	  	 	5	  
	 SECTION 2.6
	 	Other Adverse Claims or Interests	  	 	6	  
		
	 ARTICLE III MISCELLANEOUS
	  	 	6	  
			
	 SECTION 3.1
	 	Transfers Intended as Sale; Security Interest	  	 	6	  
	 SECTION 3.2
	 	Specific Performance	  	 	7	  
	 SECTION 3.3
	 	Notices, Etc	  	 	7	  
	 SECTION 3.4
	 	Choice of Law	  	 	7	  
	 SECTION 3.5
	 	Counterparts	  	 	7	  
	 SECTION 3.6
	 	Amendment	  	 	7	  
	 SECTION 3.7
	 	Waivers	  	 	8	  
	 SECTION 3.8
	 	Entire Agreement	  	 	8	  
	 SECTION 3.9
	 	Severability of Provisions	  	 	8	  
	 SECTION 3.10
	 	Binding Effect; Assignability	  	 	9	  
	 SECTION 3.11
	 	Acknowledgment and Agreement	  	 	9	  
	 SECTION 3.12
	 	Cumulative Remedies	  	 	9	  
	 SECTION 3.13
	 	Non-petition Covenant	  	 	9	  
	 SECTION 3.14
	 	Each SUBI Separate; Assignees of SUBI	  	 	10	  
	 SECTION 3.15
	 	Submission To Jurisdiction; Waiver Of Jury Trial	  	 	10	  
		
	Schedule I Representations and Warranties with Respect to Units	  			
		
	 Schedule II Perfection Representations, Warranties and Covenants
	  			

  
 -i-

 SUBI SALE AGREEMENT 

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

WITNESSETH: 
 WHEREAS, VW Credit Leasing, Ltd. is a Delaware statutory trust (the “Origination Trust”) formed and operated pursuant to that certain Trust Agreement dated as of June 2, 1999 (as
amended, modified or supplemented from time to time, the “Origination Trust Agreement”) for the purpose, among other things, of acquiring title to Units; 
 WHEREAS, on the date hereof, the Seller, as owner of the entire undivided interest in the Origination Trust (the “UTI Portfolio”), and U.S. Bank National Association, as UTI Trustee (in
such capacity, the “UTI Trustee”), SUBI Trustee (in such capacity, the “SUBI Trustee”) and Administrative Trustee (in such capacity, the “Administrative Trustee”; together with the UTI Trustee, the
SUBI Trustee and Wilmington Trust Company, as Delaware Trustee (the “Delaware Trustee”), the “Origination Trustees”), are entering into that certain Transaction SUBI Supplement 20[ ]-[ ] to Origination
Trust Agreement (as amended, modified or supplemented from time to time, the “Transaction SUBI Supplement”) to create a special unit of beneficial interest (the “Transaction SUBI”); and 

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

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

 ARTICLE I 
 DEFINITIONS 
 SECTION 1.1 Certain Terms. Terms defined in Appendix A to the
Indenture, dated as of [ ], [ ] (as amended, supplemented or modified from time to time, the “Indenture”), between Volkswagen Auto Lease Trust 20[ ]-[ ], a Delaware statutory trust (the
“Issuer”), and [ ], as indenture trustee, are, unless otherwise defined herein or unless the context otherwise requires, used herein as defined therein. In addition, the following terms shall have the following meanings (such
terms applicable to both the singular and plural form): 
 “Allocation Price” means, with respect to any Unit,
an amount equal to 100% of the Securitization Value thereof as of the Cut-Off Date. 

  

			
		  	SUBI Sale Agreement

 “SUBI Allocation Price” means, with respect to all Units to be allocated to
the Transaction SUBI in accordance with Section 2.1 on the Closing Date, the aggregate of the Allocation Prices for all Units to be so allocated on such date. 
 SECTION 1.2 Other Definitional Provisions. 
 (a) Each term defined in the
singular form in this Agreement shall mean the plural thereof when the plural form of such term is used in this Agreement or any certificate, report or other document made or delivered pursuant hereto, and each term defined in the plural form in
shall mean the singular thereof when the singular form of such term is used herein or therein. 
 (b) The words
“hereof”, “herein”, “hereunder” and similar terms when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. Article, section, subsection, schedule and
exhibit references herein are references to articles, sections, subsections, schedules and exhibits to or of this Agreement unless otherwise specified. The term “include” and all variations thereon shall mean “include without
limitation” and the term “or” shall include “and/or”. 
 SECTION 1.3 Other Terms. All accounting
terms not specifically defined herein or in Appendix A to the Indenture shall be construed in accordance with GAAP. All terms used in Article 9 of the UCC and not specifically defined herein or in Appendix A to the Indenture are used herein as
defined in such Article 9. 
 SECTION 1.4 Computation of Time Periods. Unless otherwise stated in this Agreement, in the
computation of a period of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each mean “to but excluding”. 

ARTICLE II 

PURCHASE AND CONTRIBUTION 
 SECTION 2.1 Agreement to Sell and Contribute. 
 On the terms and subject to
the conditions set forth in this Agreement, on the date hereof, the Seller hereby: 
 (a) transfers, assigns, sets over, sells
and otherwise conveys to the Buyer, and the Buyer hereby purchases from the Seller, all of the Seller’s right, title and interest in and to the Transaction SUBI Certificate and the Transaction SUBI, including, but not limited to, all
Collections thereunder after the Cut-Off Date; and 
 (b) directs the UTI Trustee and the Servicer to identify from the
Origination Trust Assets allocable to the UTI Portfolio, and to allocate to the Transaction SUBI Portfolio represented by the Transaction SUBI Certificate, the Transaction SUBI Assets identified in Section 11.1 of the Transaction SUBI
Supplement. 

  

			
	2	  	SUBI Sale Agreement

 SECTION 2.2 Consideration and Payment. In consideration of the transfer of the
Transaction SUBI, the Transaction SUBI Certificate and the other property conveyed to the Buyer pursuant to Section 2.1 on the Closing Date, the Buyer shall pay to the Seller on the Closing Date the SUBI Allocation Price with respect thereto by
(i) making a cash payment to the Seller in an amount equal to $[                    ] and (ii) if the SUBI Allocation Price to be paid for
the Units exceeds the amount of any cash payment for the account of the Seller on such day pursuant to clause (i), such excess shall automatically be considered to have been contributed to the Buyer by the Seller as a capital contribution.

 SECTION 2.3 Representations, Warranties and Covenants. 

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

(i) Existence and Power. The Seller is a corporation and the Origination Trust is a statutory trust, in each case
validly existing and in good standing under the laws of its state of organization, and each of the Seller and the Origination Trust has all power and authority required to carry on its business as it is now conducted. Each of the Seller and the
Origination Trust has obtained all necessary licenses and approvals, in all jurisdictions where the failure to do so would materially and adversely affect the business, properties, financial condition or results of operations of the Seller or the
Origination Trust, respectively, taken as a whole. 
 (ii) Corporate Authorization and No Contravention.
The execution, delivery and performance by each of the Seller and the Origination Trust of each Transaction Document to which it is a party (i) have been duly authorized by all necessary corporate action, (ii) do not contravene or
constitute a default under (A) any applicable law, rule or regulation, (B) its organizational documents or (C) any agreement, contract, order or other instrument to which it is a party or its property is subject and (iii) will
not result in any Adverse Claim on the Transaction SUBI or give cause for the acceleration of any indebtedness of the Seller or the Origination Trust. 
 (iii) No Consent Required. No approval, authorization or other action by, or filing with, any Governmental Authority is required in connection with the execution, delivery and performance by the
Seller or the Origination Trust of any Transaction Document other than UCC filings and other than approvals and authorizations that have previously been obtained and filings which have previously been made. 

(iv) Binding Effect. Each Transaction Document to which the Seller or the Origination Trust is a party constitutes
the legal, valid and binding obligation of such Person enforceable against such Person in accordance with its terms, except as limited by bankruptcy, insolvency, or other similar laws of general application relating to or affecting the enforcement
of creditors’ rights generally and subject to general principles of equity. 
 (v) Ownership and Transfer
of Transaction SUBI. Immediately preceding its sale of the Transaction SUBI and the Transaction SUBI Certificate to the Buyer, the Seller was the owner of the Transaction SUBI and the Transaction SUBI Certificate, free

  

			
	3	  	SUBI Sale Agreement

 
and clear of any Adverse Claim, and after such sale of the Transaction SUBI and the Transaction SUBI Certificate to the Buyer, the Buyer shall at all times be entitled, with respect to the
Transaction SUBI and the Transaction SUBI Certificate, to all of the rights and benefits of a holder of a SUBI and a SUBI Certificate under the Origination Trust Documents. 

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

(viii) Status of Seller. The Seller is not required to be registered as an “investment company” within
the meaning of the Investment Company Act of 1940, as amended. 
 (ix) Status of Origination Trust. The
Origination Trust is not required to be registered as an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 
 The representations and warranties set forth in this Section 2.3(a) shall speak only as of the date hereof and shall survive the sale of the Transaction SUBI hereunder. 

(b) The Seller hereby represents and warrants to the Buyer with respect to each Unit being allocated to the Transaction SUBI on the
Closing Date that, as of the Cut-Off Date or the Closing Date, as applicable, the representations and warranties set forth on Schedule I hereto were true and correct with respect to such Unit. The representation and warranties set forth on
Schedule I hereto shall survive the allocation of such Unit hereunder. 
 (c) Upon discovery by the Buyer or the Seller
of a breach of any of the representations and warranties set forth in Section 2.3(b) at the time such representations and warranties were made which materially and adversely affects the interests of the Issuer in the related Transaction
Unit, the party discovering such breach shall give prompt written notice thereof to the other parties, provided that, delivery of the Servicer Certificate shall be deemed to constitute prompt notice by the Seller and the Buyer of such breach.
If the Seller does not correct or cure such breach prior to the end of the Collection Period following the Collection Period in which the Seller was notified of such breach, then the Seller shall direct the SUBI Trustee and the Servicer to
reallocate any applicable Transaction Units from the Transaction SUBI Portfolio to the UTI Portfolio on the Payment Date following the end of such Collection Period. In consideration for such reallocation, the Seller shall make a payment to the
Buyer 

  

			
	4	  	SUBI Sale Agreement

 
equal to the Securitization Value of such Transaction Unit as of the beginning of the Collection Period preceding such Payment Date by depositing such amount into the Collection Account prior to
11:00 a.m., New York City time, on such Payment Date. It is understood and agreed that the obligation of the Seller to reallocate any Transaction Unit as to which such a breach has occurred and is continuing as described above and to make the
related reallocation payment shall constitute the sole remedy respecting such breach available to the Buyer. 
 (d) Perfection
Representations. The representations, warranties and covenants set forth on Schedule II hereto shall be a part of this Agreement for all purposes. Notwithstanding any other provision of this Agreement or any other Transaction Document,
the perfection representations contained in Schedule II shall be continuing, and remain in full force and effect until such time as all obligations under the Indenture have been finally and fully paid and performed. The parties to this
Agreement: (i) shall not waive any of the perfection representations contained in Schedule II; (ii) shall provide the Rating Agencies with prompt written notice of any breach of perfection representations contained in Schedule II
and (iii) shall not waive a breach of any of the perfection representations contained in Schedule II. 
 SECTION 2.4
RESERVED. 
 SECTION 2.5 Protection of Title. 

(a) Filings. The Seller shall file such financing statements and cause to be filed such continuation and other statements, all in
such manner and in such places as may be required by law fully to preserve, maintain and protect the interest of the Buyer under this Agreement in the Transaction SUBI Certificate and the Transaction SUBI. The Seller shall deliver (or cause to be
delivered) to the Buyer file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing. 
 (b) Name Change. The Seller shall not change its name, identity or corporate structure in any manner that would, could, or might make any financing statement or continuation statement filed by the
Seller in accordance with Section 2.5(a) “seriously misleading” within the meaning of Section 9-506, 9-507 and 9-508 of the UCC, unless it shall have given the Buyer at least 5 Business Days’ prior written notice
thereof and shall have taken all action prior to making such change (or shall have made arrangements to take such action substantially simultaneously with such change, if it is not practicable to take such action in advance) reasonably necessary or
advisable in the opinion of the Buyer to amend all previously filed financing statements or continuation statements described in Section 2.5(a). 
 (c) Sales Tax. All sales, property, use, transfer or other similar taxes due and payable upon the purchase of the Transaction SUBI and the beneficial interest in the Units included in the
Transaction SUBI Portfolio by the Buyer will be paid or provided for by the Seller. 
 (d) Location; Maintenance of
Offices. The Seller shall give the Buyer at least 5 Business Days’ prior written notice of any change of location of the Seller for purposes of Section 9-307 of the UCC and shall have taken all action prior to making such change (or
shall have made arrangements to take such action substantially simultaneously with such change, if it is not practicable to take such action in advance) reasonably necessary or advisable in the

  

			
	5	  	SUBI Sale Agreement

 
opinion of the Buyer to amend all previously filed financing statements or continuation statements described in Section 2.5(a). The Seller shall at all times maintain each office from
which it services Origination Trust Assets and its principal executive office within the United States of America. 
 SECTION
2.6 Other Adverse Claims or Interests. Except for the conveyances and grants of security interests pursuant to this Agreement and the other Transaction Documents, the Seller shall not sell, pledge, assign or transfer the Transaction SUBI to
any other Person, or grant, create, incur, assume or suffer to exist any Adverse Claim on any interest therein, and the Seller shall defend the right, title and interest of the Buyer in, to and under the Transaction SUBI against all claims of third
parties claiming through or under the Seller. 
 ARTICLE III 

MISCELLANEOUS 

SECTION 3.1 Transfers Intended as Sale; Security Interest. 

(a) Each of the parties hereto expressly intends and agrees that the transfers contemplated and effected under this Agreement are
complete and absolute sales and contributions rather than pledges or assignments of only a security interest and shall be given effect as such for all purposes. It is further the intention of the parties hereto that the Transaction SUBI and the
Transaction SUBI Certificate shall not be part of the Seller’s estate in the event of a bankruptcy or insolvency of the Seller. The sales and contributions by the Seller of the Transaction SUBI and the Transaction SUBI Certificate and the
beneficial interest in the Units allocated thereto hereunder are and shall be without recourse to, or representation or warranty (express or implied) by, the Seller, except as otherwise specifically provided herein. The limited rights of recourse
specified herein against the Seller are intended to provide a remedy for breach of representations and warranties relating to the condition of the property sold, rather than to the collectibility of underlying indebtedness. 

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

(i) This Agreement shall be deemed to be a security agreement within the meaning of Articles 8 and 9 of the New York UCC
and the UCC of any other applicable jurisdiction; 
 (ii) The conveyance provided for in Section 2.1
shall be deemed to be a grant by the Seller to the Buyer of a security interest in all of its right (including the power to convey title thereto), title and interest, whether now owned or hereafter acquired, in and to the Transaction SUBI and the
Transaction SUBI Certificate, to secure the performance of the obligations of the Seller hereunder; 

  

			
	6	  	SUBI Sale Agreement

 (iii) The possession by the Buyer or its agent of the Transaction SUBI
Certificate shall be deemed to be “possession by the secured party” or possession by the purchaser or a Person designated by such purchaser, for purposes of perfecting the security interest pursuant to the New York UCC and the UCC of any
other applicable jurisdiction; and 
 (iv) Notifications to persons holding such property, and acknowledgments,
receipts or confirmations from persons holding such property, shall be deemed to be notifications to, or acknowledgments, receipts or confirmations from, bailees or agents (as applicable) of the Buyer for the purpose of perfecting such security
interest under applicable law. 
 SECTION 3.2 Specific Performance. Either party may enforce specific performance of this
Agreement. 
 SECTION 3.3 Notices, Etc. All demands, notices and communications hereunder shall be in writing and shall
be delivered or mailed by registered or certified first class United States mail, postage prepaid, hand delivery, prepaid courier service, or by telecopier, and addressed in each case as set forth in Schedule II to the Indenture or at such other
address as shall be designated in a written notice to the other parties hereto. Delivery shall occur only upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of
such recipient for notices hereunder. 
 SECTION 3.4 CHOICE OF LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAW (OTHER THAN SECTIONS
5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 
 SECTION 3.5 Counterparts. This
Agreement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all of such counterparts shall together constitute but one and the same instrument. 

SECTION 3.6 Amendment. 
 (a) Any term or provision of this Agreement may be amended by the parties hereto without the consent of the Indenture Trustee, any Noteholder, the Issuer, the Owner Trustee or any other Person subject to
satisfaction of one of the following conditions: (i) the Seller, the Buyer or the Servicer delivers an Officer’s Certificate or an Opinion of Counsel to the Indenture Trustee to the effect that such amendment will not materially and
adversely affect the interests of the Noteholders or (ii) the Rating Agency Condition is satisfied with respect to such amendment. Without limiting the foregoing and subject to clause (b) below, any term or provision of this
Agreement may be amended by the Seller with the consent of Noteholders evidencing not less than a majority of the Outstanding Note Amount, voting as a single class. Notwithstanding the foregoing, any amendment that materially and adversely affects
the interests of the Certificateholders, the Indenture Trustee or the Owner Trustee shall require the prior written consent of the Persons whose interests are materially and adversely affected. The consent of the

  

			
	7	  	SUBI Sale Agreement

 
Indenture Trustee or the Owner Trustee shall be deemed to have been given if the Servicer does not receive a written objection from such Person within 10 Business Days after a written request for
such consent shall have been given. 
 (b) Notwithstanding anything herein to the contrary, no amendment shall (i) reduce
the interest rate or principal amount of any Note, or delay the Final Scheduled Payment Date of any Note without the consent of the Holder of such Note, or (ii) reduce the percentage of the Outstanding Note Amount, the Holders of which are
required to consent to any matter without the consent of the Holders of at least the percentage of the Outstanding Note Amount which were required to consent to such matter before giving effect to such amendment. 

(c) It shall not be necessary for the consent of any Person pursuant to this Section for such Person to approve the particular form of
any proposed amendment, but it shall be sufficient if such Person consents to the substance thereof. 
 (d) Prior to the
execution of any amendment to this Agreement, the Buyer shall provide each Rating Agency with written notice of the substance of such amendment. No later than 10 Business Days after the execution of any amendment to this Agreement, the Buyer shall
furnish a copy of such amendment to each Rating Agency, the Issuer, the Owner Trustee and the Indenture Trustee. 
 (e) Prior to
the execution of any amendment to this Agreement, the Owner Trustee and the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by
this Agreement and that all conditions precedent to the execution and delivery of such amendment have been satisfied. 
 SECTION
3.7 Waivers. No failure or delay on the part of the Buyer, the Servicer, the Seller, the Issuer or the Indenture Trustee in exercising any power or right hereunder (to the extent such Person has any power or right hereunder) shall operate as
a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise of any other power or right. No notice to or demand on the Buyer or the Seller in any case shall
entitle it to any notice or demand in similar or other circumstances. No waiver or approval by either party under this Agreement shall, except as may otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver
or approval under this Agreement shall require any similar or dissimilar waiver or approval thereafter to be granted hereunder. 

SECTION 3.8 Entire Agreement. The Transaction Documents contain a final and complete integration of all prior expressions by the
parties hereto with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter thereof, superseding all prior oral or written understandings. There are no unwritten
agreements among the parties. 
 SECTION 3.9 Severability of Provisions. If any one or more of the covenants, agreements,
provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and
shall in no way affect the validity or enforceability of the other provisions of this Agreement. 

  

			
	8	  	SUBI Sale Agreement

 SECTION 3.10 Binding Effect; Assignability. This Agreement shall be binding upon and
inure to the benefit of the Buyer and the Seller and their respective successors and permitted assigns. The Seller may not assign any of its rights hereunder or any interest herein without the prior written consent of the Buyer, except as provided
in Section 3.11 or as otherwise herein specifically provided. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms, and shall remain in full force and effect until such
time as the parties hereto shall agree. 
 SECTION 3.11 Acknowledgment and Agreement. By execution below, the Seller
expressly acknowledges and consents to the sale of the Transaction SUBI Certificate and the Transaction SUBI and the assignment of all rights and obligations of the Seller related thereto by the Buyer to the Issuer pursuant to the SUBI Transfer
Agreement and the mortgage, pledge, assignment and grant of a security interest in the Transaction SUBI Certificate and the Transaction SUBI by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders. In
addition, the Seller hereby acknowledges and agrees that for so long as the Notes are outstanding, the Indenture Trustee will have the right to exercise all powers, privileges and claims of the Buyer under this Agreement in the event that the Buyer
shall fail to exercise the same. 
 SECTION 3.12 Cumulative Remedies. The remedies herein provided are cumulative and not
exclusive of any remedies provided by law. 
 SECTION 3.13 Non-petition Covenant. With respect to each Bankruptcy Remote
Party, each party hereto covenants and agrees that, prior to the date which is one year and one day after payment in full of all obligations under each Financing (i) such party hereto shall not authorize such Bankruptcy Remote Party to commence
a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter
in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to
any such relief or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of any party hereto or any
other creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence or join with any other Person in commencing any Proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or
insolvency law or statute now or hereafter in effect in any jurisdiction. Each of the parties hereto agrees that, prior to the date which is one year and one day after the payment in full of all obligations under each Financing, it will not
institute against, or join any other Person in instituting against, any Bankruptcy Remote Party an action in bankruptcy, reorganization, arrangement, insolvency or liquidation Proceedings or similar Proceeding under the laws of the United States or
any State of the United States. 

  

			
	9	  	SUBI Sale Agreement

 SECTION 3.14 Each SUBI Separate; Assignees of SUBI. Each party hereto acknowledges
and agrees (and each holder or pledgee of the Transaction SUBI Certificate, by virtue of its acceptance of such Transaction SUBI Certificate or pledge thereof, acknowledges and agrees) that (a) the Transaction SUBI is a separate series of the
Origination Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq., (b)(i) the debts, liabilities, obligations and expenses incurred, contracted for or
otherwise existing with respect to the Transaction SUBI or the Transaction SUBI Portfolio shall be enforceable against the Transaction SUBI Portfolio only and not against any Other SUBI Assets or the UTI Portfolio and (ii) the debts,
liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to any Other SUBI, any Other SUBI Portfolio, the UTI or the UTI Portfolio shall be enforceable against such Other SUBI Portfolio or the UTI Portfolio
only, as applicable, and not against the Transaction SUBI or the Transaction SUBI Portfolio, (c) except to the extent required by law, UTI Assets or SUBI Assets with respect to any Other SUBI shall not be subject to the claims, debts,
liabilities, expenses or obligations arising from or with respect to the Transaction SUBI in respect of such claim, (d)(i) no creditor or holder of a claim relating to the Transaction SUBI or the Transaction SUBI Portfolio shall be entitled to
maintain any action against or recover any assets allocated to the UTI or the UTI Portfolio or any Other SUBI or the assets allocated thereto, and (ii) no creditor or holder of a claim relating to the UTI, the UTI Portfolio or any Other SUBI or
any SUBI Assets other than the Transaction SUBI Portfolio shall be entitled to maintain any action against or recover any assets allocated to the Transaction SUBI, and (e) any purchaser, assignee or pledgee of an interest in the Transaction
SUBI or the Transaction SUBI Certificate must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i) give to the Origination Trust a non-petition covenant substantially similar to that set forth
in Section 6.9 of the Origination Trust Agreement, and (ii) execute an agreement for the benefit of each holder, assignee or pledgee from time to time of the UTI or UTI Certificate and any Other SUBI or Other SUBI Certificate, to
release all claims to the assets of the Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio and in the event that such release is not given effect, to fully subordinate all claims it may be deemed to have against the
assets of the Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio. 
 SECTION 3.15
SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY: 
 (a) SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY DOCUMENTS EXECUTED AND DELIVERED IN CONNECTION HEREWITH, OR FOR RECOGNITION AND
ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE NONEXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK, THE COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK AND APPELLATE COURTS FROM ANY THEREOF;

 (b) CONSENTS THAT ANY SUCH ACTION OR PROCEEDING MAY BE BROUGHT IN SUCH COURTS AND WAIVES ANY OBJECTION THAT IT
MAY NOW OR HEREAFTER HAVE TO THE VENUE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING WAS BROUGHT IN AN INCONVENIENT COURT AND AGREES NOT TO PLEAD OR CLAIM THE SAME; 

  

			
	10	  	SUBI Sale Agreement

 (c) AGREES THAT SERVICE OF PROCESS IN ANY SUCH ACTION OR PROCEEDING MAY BE
EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO SUCH PERSON AT ITS ADDRESS DETERMINED IN ACCORDANCE WITH SECTION 3.3 OF THIS AGREEMENT; 

(d) AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR
SHALL LIMIT THE RIGHT TO SUE IN ANY OTHER JURISDICTION; AND 
 (e) TO THE EXTENT PERMITTED BY APPLICABLE LAW,
WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT, OR ANY MATTER ARISING HEREUNDER OR THEREUNDER. 

[Signature Pages Follow] 

  

			
	11	  	SUBI Sale Agreement

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

					
	VW CREDIT, INC.
		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

  

					
		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 
		
		 	Address:
		
		 	2200 Ferdinand Porsche Drive
		 	Herndon, VA 20171
		 	Attn: Treasurer
		 	Telecopy: (703) 364-7077

  

			
	S-1	  	SUBI Sale Agreement

 
					
	VOLKSWAGEN AUTO LEASE/LOAN
UNDERWRITTEN FUNDING, LLC
		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

  

					
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 
		
		 	Address:
		
		 	2200 Ferdinand Porsche Drive
		 	Herndon, VA 20171
		 	Attn: Treasurer
		 	Telecopy: (703) 364-7077

  

			
	S-2	  	SUBI Sale Agreement

 SCHEDULE I 
 REPRESENTATIONS AND WARRANTIES 
 WITH RESPECT TO UNITS 

1. Ownership of the Units. 
 (a) As of the Cut-Off Date, good and valid ownership of each Unit will be validly and effectively vested in the Origination Trust, free and clear of all Adverse Claims, except for Permitted Liens (and no
Adverse Claim, other than an Adverse Claim of the type described in clause (1)(f) of the definition of Permitted Liens, shall be noted on the certificate of title for any Vehicle included in any such Unit). 

(b) As of the Closing Date, good and valid ownership of the beneficial interest in each Unit will be validly and effectively conveyed to,
and vested in the Buyer, free and clear of all Adverse Claims, except for Permitted Liens. 
 2. Event of Loss. As of the
Cut-Off Date, to the Seller’s knowledge, no Vehicle included in any such Unit was subject to an event which would constitute an Event of Loss. 
 3. Eligible Units. As of the Cut-Off Date, each Unit included in the Transaction SUBI Portfolio was an Eligible Unit. 
 4. Amortization of Leases. The Lease included in such Unit was written on a constant yield basis and provides for substantially equal monthly payments, such that, at the end of the lease term, the
capitalized cost has been amortized to an amount equal to the Stated Residual Value of the related Vehicle. 
 5. Valid
Assignment. No Transaction Lease was originated in, or is subject to the laws of, any jurisdiction under which the transfer and assignment of a beneficial interest in such Transaction Vehicle pursuant to a transfer of the Transaction SUBI
Certificate or the Transaction SUBI or any other transaction contemplated hereunder to occur on or about the Closing Date, is unlawful, void or voidable. No Transaction Vehicle is subject to the laws of any jurisdiction under which the transfer and
assignment of a beneficial interest in such Vehicle pursuant to transfer of the Transaction SUBI Certificate or the Transaction SUBI, or any other transaction contemplated hereunder to occur on or about the Closing Date, is unlawful, void or
voidable. 
 6. Aggregate Securitization Value. As of the Cut-Off Date, the aggregate Securitization Value of all
Transaction Units was $[ ]. 
 7. New Vehicles. Each Vehicle related to a Unit included in the Transaction SUBI
Portfolio was a new Vehicle at the inception of the related Lease. 
 8. Location of Leases. As of the Closing Date, the
files and records for each Unit included in the Transaction SUBI Portfolio are maintained at the offices of the Servicer. 
 9.
Accuracy of Information. The information relating to each Unit set forth on Schedule 1 to the Transaction SUBI Supplement is true and correct in all material respects. 

  
 I-1

 SCHEDULE II 
 PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS 
 In addition to the
representations, warranties and covenants contained in the SUBI Sale Agreement, the Seller hereby represents, warrants, and covenants to the Buyer as follows on the Closing Date: 
 1. The SUBI Sale Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Transaction SUBI Certificate in favor of the Buyer, which security interest is prior
to all other Adverse Claims and is enforceable as such as against creditors of and purchasers from the Seller. 
 2. The Transaction SUBI
Certificate constitutes a “general intangible,” “instrument,” “certificated security,” or “tangible chattel paper,” within the meaning of the applicable UCC. 

3. The Seller owns and has good and marketable title to the Transaction SUBI Certificate free and clear of any Adverse Claim, claim or encumbrance of any
Person, excepting only liens for taxes, assessments or similar governmental charges or levies incurred in the ordinary course of business that are not yet due and payable or as to which any applicable grace period shall not have expired, or that are
being contested in good faith by proper proceedings and for which adequate reserves have been established, but only so long as foreclosure with respect to such a lien is not imminent and the use and value of the property to which the Adverse Claim
attaches is not impaired during the pendency of such proceeding. 
 4. The Seller has received all consents and approvals to the sale of the
Transaction SUBI Certificate hereunder to the Buyer required by the terms of the Transaction SUBI Certificate to the extent that it constitutes an instrument or a payment intangible. 
 5. The Seller has received all consents and approvals required by the terms of the Transaction SUBI Certificate, to the extent that it constitutes a securities entitlement, certificated security or
uncertificated security, to the transfer to the Buyer of its interest and rights in the Transaction SUBI Certificate hereunder. 
 6. The Seller
has caused or will have caused, within ten days after the effective date of the SUBI Sale Agreement, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to
perfect the sale of the Transaction SUBI Certificate from the Seller to the Buyer and the security interest in the Transaction SUBI Certificate granted to the Buyer hereunder. 
 7. To the extent that the Transaction SUBI Certificate constitutes an instrument or tangible chattel paper, all original executed copies of each such instrument or tangible chattel paper have been
delivered to the Buyer. 
 8. Other than the transfer of the Transaction SUBI Certificate from the Seller to the Buyer under the SUBI Sale
Agreement and from the Buyer to the Issuer under the SUBI Transfer Agreement and the security interest granted to the Indenture Trustee pursuant to the Indenture, the Seller has not pledged, assigned, sold, granted a security interest in, or
otherwise conveyed 

  
 II-1

 
the Transaction SUBI Certificate. The Seller has not authorized the filing of, nor is aware of, any financing statements against the Seller that include a description of collateral covering the
Transaction SUBI Certificate other than any financing statement relating to any security interest granted pursuant to the Transaction Documents or that has been terminated. 
 9. No instrument or tangible chattel paper that constitutes or evidences the Transaction SUBI Certificate has any marks or notations indicating that it has been pledged, assigned or otherwise conveyed to
any Person other than the Indenture Trustee. 

  
 II-2

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