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	 	 	3	 
	SECTION 3.4
	 	Protection of Title	 	 	4	 
	SECTION 3.5
	 	Other Liens or Interests	 	 	5	 
	SECTION 3.6
	 	Perfection Representations, Warranties and Covenants	 	 	5	 
	 
	 	 	 	 	 	 
	ARTICLE IV MISCELLANEOUS	 	 	5	 
	SECTION 4.1
	 	Transfers Intended as Sale; Security Interest	 	 	5	 
	SECTION 4.2
	 	Notices, Etc	 	 	6	 
	SECTION 4.3
	 	Choice of Law	 	 	7	 
	SECTION 4.4
	 	Headings	 	 	7	 
	SECTION 4.5
	 	Counterparts	 	 	7	 
	SECTION 4.6
	 	Amendment	 	 	7	 
	SECTION 4.7
	 	Waivers	 	 	8	 
	SECTION 4.8
	 	Entire Agreement	 	 	8	 
	SECTION 4.9
	 	Severability of Provisions	 	 	8	 
	SECTION 4.10
	 	Binding Effect	 	 	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

 

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

 

     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 retail motor vehicle installment sales contracts and/or installment loans that are
secured by new and used automobiles and light-duty trucks; and

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

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

ARTICLE I

DEFINITIONS AND USAGE

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

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

 

 

ARTICLE II

PURCHASE

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

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

ARTICLE III

REPRESENTATIONS, WARRANTIES AND COVENANTS

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

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

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

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affect the transactions contemplated by, or VCI’s ability to perform its obligations under,
the Transaction Documents).

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

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

     (e) No Proceedings. There are no actions, suits or proceedings pending or, to the
knowledge of VCI, threatened against VCI before or by any Governmental Authority that (i) assert
the invalidity or unenforceability of this Agreement or any of the other Transaction Documents,
(ii) 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.

     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, sold 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 contrary
contained herein or in any other Transaction Document, VCI shall not be required to notify any
insurer with respect to any Insurance Policy obtained by an Obligor or to notify any Dealer about
any aspect of the transaction contemplated by the Transaction Documents.

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

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

     SECTION 3.4 Protection of Title.

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

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

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

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

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

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

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

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

ARTICLE IV

MISCELLANEOUS

     SECTION 4.1 Transfers Intended as Sale; Security Interest.

     (a) Each of the parties hereto expressly intends and agrees that the transfers contemplated
and effected under this Agreement are complete and absolute sales and 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

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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.

     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.

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     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) VCI or the Purchaser delivers to the Indenture Trustee written confirmation from
each Rating Agency that such amendment will not cause it to downgrade, qualify or withdraw
its rating assigned to any of the Notes;

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.

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

     (c) This Agreement may also be amended from time to time by VCI and the Purchaser, with the
consent of the Holders of Notes evidencing not less than a majority of the aggregate principal
amount of the Outstanding Notes, voting as a single class, for the purpose of

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adding any provisions to or changing in any manner or eliminating any of the provisions of
this Agreement or of modifying in any manner the rights of the Noteholders. It will not be
necessary for the consent of Noteholders to approve the particular form of any proposed amendment
or consent, but it will be sufficient if such consent approves the substance thereof. The manner
of obtaining such consents (and any other consents of Noteholders provided for in this Agreement)
and of evidencing the authorization of the execution thereof by Noteholders will be subject to such
reasonable requirements as the Indenture Trustee may prescribe, including the establishment of
record dates pursuant to the Note Depository Agreement.

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

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

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

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

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

     SECTION 4.13 Nonpetition Covenant. Each party hereto agrees that, prior to the date
which is one year and one day after payment in full of all obligations of each Bankruptcy Remote
Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party hereto
shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other
voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect
to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar law
now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a
trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy
Remote Party or any substantial part of its property or to consent to any such relief or to the
appointment of or taking possession by any such official in an involuntary case or other proceeding
commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of
its creditors generally, any party hereto or any other creditor of such Bankruptcy Remote Party,
and (ii) none of the parties hereto shall commence or join with any other Person in commencing any
proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation
or insolvency law or statute now or hereafter in effect in any jurisdiction. This Section shall
survive the termination of this Agreement.

     SECTION 4.14 Submission to Jurisdiction; 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

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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-

 

     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

 

	 	 	 	 	 

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 Receivables 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 undersigned 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

 

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

	 	 	 	 	 
	 	VW CREDIT, INC.

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

A-2

 

	 	 	 	 	 

SCHEDULE I

REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE RECEIVABLES

	(a)	 	Characteristics of Receivables. Each Receivable:

	 	(i)	 	has been fully and properly executed by the Obligor thereto;
	 
	 	(ii)	 	has either (A) been originated by a Dealer in the ordinary course of such
Dealer’s business to finance the retail sale by a Dealer of the related Financed
Vehicle and has been purchased by the applicable Originator in the ordinary course of
its respective business or (B) has been originated or acquired directly by the
applicable Originator in accordance with its customary practices;
	 
	 	(iii)	 	as of the Closing Date is secured by a first priority validly perfected
security interest in the Financed Vehicle in favor of the applicable Originator, as
secured party, or all necessary actions have been commenced that would result in a
first priority security interest in the Financed Vehicle in favor of the applicable
Originator, as secured party, which security interest, in either case, is assignable
and has been so assigned (x) by 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.

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

	 	(i)	 	each Receivable is secured by a new or used automobile or light-duty truck;
	 
	 	(ii)	 	each Receivable has a Contract Rate of no less than [ ]% and not more than [
]%;
	 
	 	(iii)	 	each Receivable had an original term to maturity of not more than [ ] months
and not less than [ ] months and each Receivable has a remaining term to maturity, as
of the Cut-Off Date, of [ ] months or more;

Schedule I to the Purchase Agreement

Schedule I-1

 

 

	 	(iv)	 	each Receivable had an original Outstanding Principal Balance less than or
equal to $[ ];
	 
	 	(v)	 	each Receivable has an Outstanding Principal Balance as of the Cut-Off Date of
greater than or equal to $[ ];
	 
	 	(vi)	 	no Receivable has a scheduled maturity date later than [ ];
	 
	 	(vii)	 	no Receivable was more than 30 days past due as of the Cut-Off Date;
	 
	 	(viii)	 	as of the Cut-off Date, no Receivable was noted in the records of VCI or the Servicer
as being the subject of any pending bankruptcy or insolvency proceeding;
	 
	 	(ix)	 	no Receivable is subject to a force-placed Insurance Policy on the related
Financed Vehicle;
	 
	 	(x)	 	each Receivable is a Simple Interest Receivable;
	 
	 	(xi)	 	each of the Receivables were selected using selection procedures that were not
known or intended by VCI or the Servicer to be adverse to the Purchaser; and
	 
	 	(xii)	 	the Dealer of the Financed Vehicle has no participation in, or other right to
receive, any proceeds of such Receivable.

	(c)	 	Schedule of Receivables. The information with respect to a Receivable transferred on the
Closing Date set forth in the Schedule of Receivables was true and correct in all material
respects as of the Cut-Off Date.
	 
	(d)	 	Compliance with Law. The Receivable complied at the time it was originated or made, in all
material respects with all requirements of applicable federal, state and local laws, and
regulations thereunder, including, to the extent applicable, usury laws, the Federal Truth in
Lending Act, the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Federal
Trade Commission Act, the Fair Debt Collection Practices Act, the Fair Credit Billing Act, the
Magnuson-Moss Warranty Act, Federal Reserve Board Regulations B and Z, the Servicemembers
Civil Relief Act of 2003, state adaptations of the National Consumer Act and of the Uniform
Consumer Credit Code and any other consumer credit, equal opportunity and disclosure laws
applicable to that Receivable.
	 
	(e)	 	Binding Obligation. The Receivable constitutes the legal, valid and binding payment
obligation in writing of the Obligor, enforceable in all respects by the holder thereof in
accordance with its terms, subject, as to enforcement, to applicable bankruptcy, insolvency,
reorganization, liquidation or other similar laws and equitable principles relating to or
affecting the enforcement of creditors’ rights generally.
	 
	(f)	 	Receivable in Force. The Receivable has not been satisfied, subordinated or rescinded nor
has the related Financed Vehicle been released from the lien granted by the Receivable in
whole or in part.

Schedule I-2

 

 

	(g)	 	No Waiver. As of the Cut-Off Date, no provision of a Receivable has been waived.
	 
	(h)	 	No Default. Except for payment delinquencies continuing for a period of not more than 30
days as of the Cut-Off Date, the records of the Servicer did not disclose that any default,
breach, violation or event permitting acceleration under the terms of the Receivable existed
as of the Cut-Off Date or that any continuing condition that with notice or lapse of time, or
both, would constitute a default, breach, violation or event permitting acceleration under the
terms of the Receivable had arisen as of the Cut-Off Date.
	 
	(i)	 	Insurance. The Receivable requires the Obligor thereunder to insure the Financed Vehicle
under a physical damage insurance policy.
	 
	(j)	 	No Government Obligor. The Obligor on the Receivable is not the United States of America or
any state thereof or any local government, or any agency, department, political subdivision or
instrumentality of the United States of America or any state thereof or any local government.
	 
	(k)	 	Assignment. No Receivable has been originated in, or is subject to the laws of, any
jurisdiction under which the sale, transfer, assignment, conveyance or pledge of such
Receivable would be unlawful, void, or voidable. VCI has not entered into any agreement with
any Obligor that prohibits, restricts or conditions the assignment of the related Receivable.
	 
	(l)	 	Good Title. It is the intention of VCI that the sale, 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. 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, and, immediately upon the sale and transfer thereof,
the Purchaser will have good and marketable title to each Receivable, free and clear of all
Liens (other than Permitted Liens).
	 
	(m)	 	Filings. All filings (including, without limitation, UCC filings) necessary in any
jurisdiction to give the Issuer a first priority, validly perfected ownership interest in the
Receivables (other than the Related Security with respect thereto), and to give the Indenture
Trustee a first priority perfected security interest therein, will be made within ten days of
the Closing Date.
	 
	(n)	 	Priority. The Receivable is not pledged, assigned, sold, subject to a security interest, or
otherwise conveyed other than pursuant to the Transaction Documents. VCI has not authorized
the filing of and is not aware of any financing statements against VCI or the Purchaser that
include a description of collateral covering the Receivables other than any financing
statement relating to security interests granted under the Transaction Documents or that have
been terminated. The Purchase Agreement creates a valid and

Schedule I-3

 

 

	 	 	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 II

PERFECTION REPRESENTATIONS, WARRANTIES AND COVENANTS

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

General

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

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

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

Creation

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

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

Perfection

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

Schedule II to the Purchase Agreement

Schedule

II-1

 

 

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

	 	a.	 	All original executed copies of each such instrument or
tangible chattel paper have been delivered to the Indenture Trustee; or
	 
	 	b.	 	Such instruments or tangible chattel paper are in the
possession of the Servicer and the Indenture Trustee has received a written
acknowledgment from the Servicer that the Servicer (in its capacity as
custodian) is holding such instruments or tangible chattel paper solely on
behalf and for the benefit of the Indenture Trustee; or
	 
	 	c.	 	The Servicer received possession of such instruments or
tangible chattel paper after the Indenture Trustee received a written
acknowledgment from the Servicer that the Servicer is acting solely as agent of
the Indenture Trustee.

Priority

     8. VCI has not authorized the filing of, 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 the Purchase Agreement or any other Transaction
Document, the perfection representations, warranties and covenants contained in this Schedule II
shall be continuing, and remain in full force and effect until such time as all obligations under
the Transaction Documents and the Notes have been finally and fully paid and performed.

No Waiver

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

Schedule

II-2EX-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	 	 	2	 
	SECTION 2.3
	 	Representations, Warranties and Covenants	 	 	3	 
	SECTION 2.4
	 	Subordinated Note	 	 	5	 
	SECTION 2.5
	 	Protection of Title	 	 	5	 
	SECTION 2.6
	 	Other Adverse Claims or Interests	 	 	6	 
	 
	ARTICLE III    MISCELLANEOUS	 	 	6	 
	SECTION 3.1
	 	Transfers Intended as Sale; Security Interest	 	 	6	 
	SECTION 3.2
	 	Specific Performance	 	 	7	 
	SECTION 3.3
	 	Notices, Etc	 	 	7	 
	SECTION 3.4
	 	Choice of Law	 	 	7	 
	SECTION 3.5
	 	Counterparts	 	 	8	 
	SECTION 3.6
	 	Amendment	 	 	8	 
	SECTION 3.7
	 	Waivers	 	 	9	 
	SECTION 3.8
	 	Entire Agreement	 	 	9	 
	SECTION 3.9
	 	Severability of Provisions	 	 	9	 
	SECTION 3.10
	 	Binding Effect; Assignability	 	 	9	 
	SECTION 3.11
	 	Acknowledgment and Agreement	 	 	9	 
	SECTION 3.12
	 	No Waiver; Cumulative Remedies	 	 	10	 
	SECTION 3.13
	 	Nonpetition Covenant	 	 	10	 
	SECTION 3.14
	 	Each SUBI Separate; Assignees of SUBI	 	 	10	 
	SECTION 3.15
	 	Submission to Jurisdiction; Waiver of Jury Trial	 	 	11	 
	 
	Schedule I    Representations and Warranties with Respect to Units	 	 	 	 
	 
	 	 	 	 	 	 
	Schedule II    Perfection Representations, Warranties and Covenants	 	 	 	 

-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 beneficial ownership interest in (A) the Units allocated to the Transaction SUBI
(the “Transaction SUBI Portfolio”) and (B) the certificate issued as evidence thereof (the
“Transaction SUBI Certificate”);

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

ARTICLE I

DEFINITIONS

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

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

SUBI Sale Agreement

 

 

     “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 Interest, and to allocate to the Transaction SUBI Portfolio represented by the
Transaction SUBI Certificate, the Transaction SUBI Assets identified in Section 11.1 of the
Transaction SUBI Supplement.

2

 

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

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

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

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

 

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

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

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

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

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

4

 

such breach, then the Seller shall direct the SUBI Trustee and the Servicer to reallocate any
applicable Units from the Transaction SUBI Portfolio to the UTI Portfolio on the Payment Date
following the end of such Collection Period. In consideration for such reallocation, the Seller
shall make a payment to the Buyer equal to the Securitization Value of such Unit as of the
beginning of the Collection Period preceding such Payment Date by depositing such amount into the
Collection Account prior to 11:00 a.m., New York City time, on such Payment Date. It is understood
and agreed that the obligation of the Seller to reallocate any Unit as to which such a breach has
occurred and is continuing as described above and to make the related reallocation payment shall
constitute the sole remedy respecting such breach available to the Buyer.

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

     SECTION 2.4 Subordinated Note.

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

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

     SECTION 2.5 Protection of Title.

     (a) Filings. The Seller shall file such financing statements and cause to be filed
such continuation and other statements, all in such manner and in such places as may be required by
law fully to preserve, maintain and protect the interest of the Buyer under this Agreement in the
Transaction SUBI 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

5

 

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 possible to take such action in
advance) reasonably necessary or advisable in the opinion of the Buyer to amend all previously
filed financing statements or continuation statements described in Section 2.5(a).

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

     (d) Executive Office; Maintenance of Offices. The Seller shall give the Buyer at
least 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
possible to take such action in advance) reasonably necessary or advisable in the opinion of the
Buyer to amend all previously filed financing statements or continuation statements described in
Section 2.5(a). The Seller shall at all times maintain each office from which it services
Origination Trust Assets and its principal executive office within the United States of America.

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

ARTICLE III

MISCELLANEOUS

     SECTION 3.1 Transfers Intended as Sale; Security Interest.

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

6

 

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

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

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

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

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

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

     SECTION 3.3 Notices, Etc. All 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).

7

 

     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.
Subject to clause (b) below, any term or provision of this Agreement may be amended by the
Transferor with the consent of Noteholders evidencing not less than a majority of the Outstanding
Note Amount, voting as a single class. Notwithstanding the foregoing, any amendment that
materially and adversely affects the interests of the 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 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 (including clause (c) below), 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) Notwithstanding anything herein to the contrary, any term or provision of this Agreement
may be amended by the parties hereto without the consent of any of the Noteholders or any other
Person to add, modify or eliminate any provisions as may be necessary or advisable in order to
comply with or obtain more favorable treatment under or with respect to any law or regulation or
any accounting rule or principle (whether now or in the future in effect); it being a condition to
any such amendment that the Rating Agency Condition shall have been satisfied.

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

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

8

 

     (f) Prior to the execution of any amendment to this Agreement, the Owner Trustee and the
Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel
stating that the execution of such amendment is authorized or permitted by this Agreement and that
all conditions precedent to the execution and delivery of such amendment have been satisfied.

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

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

     SECTION 3.9 Severability of Provisions. If any one or more of the covenants,
agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid,
then such covenants, agreements, provisions or terms shall be deemed severable from the remaining
covenants, agreements, provisions or terms of this Agreement and shall in no way affect the
validity or enforceability of the other provisions of this Agreement.

     SECTION 3.10 Binding Effect; Assignability. This Agreement shall be binding upon and
inure to the benefit of the Buyer and the Seller and their respective successors and permitted
assigns. The Seller may not assign any of its rights hereunder or any interest herein without the
prior written consent of the Buyer, except as provided in Section 3.11 or as otherwise
herein specifically provided. This Agreement shall create and constitute the continuing
obligations of the parties hereto in accordance with its terms, and shall remain in full force and
effect until such time as the parties hereto shall agree.

     SECTION 3.11 Acknowledgment and Agreement. By execution below, the Seller expressly
acknowledges and consents to the 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.

9

 

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

     SECTION 3.13 Nonpetition Covenant. With respect to each Bankruptcy Remote Party, each
party hereto agrees that, prior to the date which is one year and one day after payment in full of
all obligations under each Financing (i) no party hereto shall authorize such Bankruptcy Remote
Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking
liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its
debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any
jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator,
custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial
part of its property or to consent to any such relief or to the appointment of or taking possession
by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy
Remote Party, or to make a general assignment for the benefit of any party hereto or any other
creditor of such Bankruptcy Remote Party, and (ii) none of the parties hereto shall commence or
join with any other Person in commencing any Proceeding against such Bankruptcy Remote Party under
any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect
in any jurisdiction. Each of the parties hereto agrees that, prior to the date which is one year
and one day after the payment in full of all obligations under each Financing, it will not
institute against, or join any other Person in instituting against, any Bankruptcy Remote Party an
action in bankruptcy, reorganization, arrangement, insolvency or liquidation Proceedings or similar
Proceeding under the laws of the United States or any State of the United States.

     SECTION 3.14 Each SUBI Separate; Assignees of SUBI. Each party hereto acknowledges
and agrees (and each holder or pledgee of the Transaction SUBI, by virtue of its acceptance of such
Transaction SUBI or pledge thereof, acknowledges and agrees) that (a) the Transaction SUBI is a
separate series of the Origination Trust as provided in Section 3806(b)(2) of Chapter 38 of Title
12 of the Delaware Code, 12 Del. Code § 3801 et seq., (b)(i) the debts,
liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect
to the Transaction SUBI or the Transaction SUBI Portfolio shall be enforceable against the
Transaction SUBI Portfolio only and not against any Transaction SUBI Assets or the UTI Portfolio
and (ii) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise
existing with respect to any Other SUBI, any Other SUBI Portfolio, the UTI or the UTI Portfolio
shall be enforceable against such Other SUBI Portfolio or the UTI Portfolio only, as applicable,
and not against the Transaction SUBI or any Other SUBI Assets, (c) except to the extent required by
law, UTI Assets or SUBI Assets with respect to any SUBI (other than the Transaction SUBI) shall not
be subject to the claims, debts, liabilities, expenses or obligations arising from or with respect
to the Transaction SUBI in respect of such claim, (d)(i) no creditor or holder of a claim relating
to the Transaction SUBI or the Transaction SUBI Portfolio shall be entitled to maintain any action
against or recover any assets allocated to the UTI or the UTI Portfolio or any Other SUBI or the
assets allocated thereto, and (ii) no creditor or holder of a claim relating to the UTI, the UTI
Portfolio or any SUBI other than the Transaction SUBI or any SUBI Assets other than the Transaction
SUBI Portfolio shall be entitled to maintain any action against or recover any assets allocated to
the Transaction SUBI, and (e) any purchaser, assignee or pledgee of an interest in the Transaction
SUBI or the Transaction SUBI Certificate must, prior to or contemporaneously with the grant of any
such assignment, pledge or security interest, (i)

10

 

give to the Origination Trust a non-petition covenant substantially similar to that set forth
in Section 6.9 of the Origination Trust Agreement, and (ii) execute an agreement for the
benefit of each holder, assignee or pledgee from time to time of the UTI or UTI Certificate and any
Other SUBI or Other SUBI Certificate, to release all claims to the assets of the Origination Trust
allocated to the UTI Portfolio and each Other SUBI Portfolio and in the event that such release is
not given effect, to fully subordinate all claims it may be deemed to have against the assets of
the Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio.

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

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

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

     (c) agrees that service of process in any such action or Proceeding may be effected by mailing
a copy thereof by registered or certified mail (or any substantially similar form of mail), postage
prepaid, to such Person at its address determined in accordance with Section 3.3 of this
Agreement;

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

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

[Signature Page Follows]

11

 

     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

 

	 	 	 	 	 
	 	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

 

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 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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