Document:

EX-10.8

 Exhibit 10.8 
  

 
 VW CREDIT LEASING, LTD.,

 [U.S. BANK NATIONAL ASSOCIATION], 
 Not in its Individual Capacity 
 but Solely as SUBI Trustee, 

and 
 VW CREDIT,
INC., 
 as Servicer 
 TRANSACTION SUBI SUPPLEMENT 20[    ]-[    ] TO 
 SERVICING AGREEMENT 
 Dated as of [    ],
[    ] 
  
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	ARTICLE V DEFINITIONS	  	 	2	  
			
	 Section 5.1
	 	Definitions	  	 	2	  
		
	ARTICLE VI REPRESENTATIONS AND WARRANTIES OF SERVICER	  	 	3	  
			
	 Section 6.1
	 	Existence and Power	  	 	3	  
	 Section 6.2
	 	Authorization and No Contravention	  	 	3	  
	 Section 6.3
	 	No Consent Required	  	 	3	  
	 Section 6.4
	 	Binding Effect	  	 	3	  
	 Section 6.5
	 	No Proceedings	  	 	3	  
		
	 ARTICLE VII SPECIFIC REQUIREMENTS FOR ADMINISTRATION AND SERVICING OF THE TRANSACTION SUBI PORTFOLIO
	  	 	4	  
			
	 Section 7.1
	 	Appointment of Servicer	  	 	4	  
	 Section 7.2
	 	Servicer Bound by Servicing Agreement	  	 	4	  
	 Section 7.3
	 	Application of Proceeds	  	 	5	  
	 Section 7.4
	 	Servicer Certificate	  	 	5	  
	 Section 7.5
	 	Servicing Fee	  	 	6	  
	 Section 7.6
	 	Insurance Lapses; Repairs	  	 	6	  
	 Section 7.7
	 	Licensing of Origination Trust	  	 	6	  
	 Section 7.8
	 	Servicer Advances	  	 	6	  
	 Section 7.9
	 	Payment of Fees and Expenses	  	 	6	  
	 Section 7.10
	 	Annual Independent Public Accountants’ Servicing Report	  	 	6	  
	 Section 7.11
	 	Annual Officer’s Certificate; Annual ERISA Certification	  	 	7	  
	 Section 7.12
	 	Postmaturity Term Extension	  	 	7	  
	 Section 7.13
	 	Insurance Policies; Additional Insureds	  	 	8	  
	 Section 7.14
	 	Security Deposits	  	 	8	  
	 Section 7.15
	 	Pull-Ahead and Other Early Termination Marketing Programs	  	 	8	  
	 Section 7.16
	 	1934 Act Filings	  	 	8	  
		
	ARTICLE VIII TERMINATION OF SERVICER	  	 	8	  
			
	 Section 8.1
	 	Termination of Servicer as to Transaction SUBI Portfolio	  	 	8	  
	 Section 8.2
	 	No Effect on Other Parties	  	 	9	  
		
	ARTICLE IX MISCELLANEOUS	  	 	10	  
			
	 Section 9.1
	 	Amendment	  	 	10	  
	 Section 9.2
	 	Governing Law	  	 	11	  
	 Section 9.3
	 	Notices	  	 	11	  
	 Section 9.4
	 	Third-Party Beneficiaries	  	 	11	  
	 Section 9.5
	 	Severability	  	 	11	  
	 Section 9.6
	 	Binding Effect	  	 	11	  
	 Section 9.7
	 	Article and Section Headings	  	 	11	  
	 Section 9.8
	 	Execution in Counterparts	  	 	11	  
	 Section 9.9
	 	Further Assurances	  	 	11	  
	 Section 9.10
	 	Each SUBI Separate; Assignees of SUBI	  	 	12	  

  
 -i-

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 9.11
	 	No Petition	  	 	12	  
	 Section 9.12
	 	SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL	  	 	13	  
	 Section 9.13
	 	Limitation of Liability of U.S. Bank	  	 	13	  
	 Section 9.14
	 	Information Requests	  	 	14	  
	 Section 9.15
	 	Regulation AB	  	 	14	  

 EXHIBIT A - Form of Annual Officer’s Certificate 
 EXHIBIT B - Form of Annual ERISA Certification 

  
 ii 

 TRANSACTION SUBI SUPPLEMENT 20[ ]-[ ] TO 

SERVICING AGREEMENT 
 THIS TRANSACTION SUBI SUPPLEMENT 20[ ]-[ ] TO SERVICING AGREEMENT (as amended, modified or supplemented from time to time, the “Transaction SUBI Servicing
Supplement”), dated as of [ ], [ ], is among VW CREDIT LEASING, LTD., a Delaware statutory trust (the “Origination Trust”), U.S. BANK NATIONAL ASSOCIATION, a national banking association, as successor to U.S. Bank
Trust National Association, not in its individual capacity but solely as a SUBI Trustee (hereinafter, together with its successors and assigns, the “SUBI Trustee”) of the Origination Trust, and VW CREDIT, INC., a Delaware
corporation (“VCI”), as Servicer (in such capacity, the “Servicer”). 
 RECITALS

 A. VCI (in its capacity as settlor, the “Settlor”), Wilmington Trust Company, as Delaware Trustee (the
“Delaware Trustee”), and U.S. Bank National Association, as successor to U.S. Bank Trust National Association, as Administrative Trustee and UTI Trustee (in such capacity, together with any successor or permitted assign, the
“Administrative Trustee” and the “UTI Trustee”, respectively; collectively with the Delaware Trustee and the SUBI Trustee, the “Origination Trustees”) have entered into that certain Trust Agreement
dated as of June 2, 1999 (as modified, supplemented or amended from time to time, the “Origination Trust Agreement”) pursuant to which the Settlor formed the Origination Trust for the purpose of acting as agent and nominee
owner of various Origination Trust Assets in accordance with the Origination Trust Agreement. 
 B. The Origination Trust and
the Servicer also have entered into that certain Servicing Agreement dated as of June 22, 1999, as amended and restated as of December 21, 2000 (as modified, supplemented or amended from time to time, the “Servicing
Agreement”), which provides, among other things, for the servicing of the Origination Trust Assets by the Servicer. 

C. The Origination Trust Agreement contemplates that from time to time the UTI Trustee, on behalf of the Origination Trust and at the
direction of the Initial Beneficiary, will identify and allocate on the Origination Trust’s books and records certain Origination Trust Assets within separate SUBI Portfolios and create and issue to the Initial Beneficiary separate special
units of beneficial interest in the Origination Trust or “SUBIs”, the beneficiary or beneficiaries of which will hold an exclusive 100% beneficial ownership interest in the related SUBI Portfolios, all as set forth in the
Origination Trust Agreement. 
 D. Concurrently herewith, Volkswagen Auto Lease/Loan Underwritten Funding, LLC (the
“Transferor”) will purchase the Transaction SUBI and the Transaction SUBI Certificate from VCI and the Issuer will purchase the Transaction SUBI Certificate from the Transferor. The Issuer is expected to fund such purchase from
proceeds of the issuance of the Notes and Certificates. 

  

			
		  	Transaction SUBI Servicing Supplement 

 E. Concurrently herewith, Volkswagen Auto Lease Trust 20[ ]-[ ], a Delaware
statutory trust (the “Issuer”), is entering into an asset-backed financing transaction pursuant to, among other agreements, an indenture (the “Indenture”) with [ ], as indenture trustee (the “Indenture
Trustee”), pursuant to which the Issuer will issue asset-backed notes and will grant a security interest to the Indenture Trustee in certain of its assets. 
 F. Concurrently herewith, the Initial Beneficiary, the UTI Trustee, the Administrative Trustee and the SUBI Trustee 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 supplement the terms of the Origination Trust Agreement (i) to cause the UTI Trustee to identify and
allocate Origination Trust Assets to a particular SUBI Portfolio (the “Transaction SUBI Portfolio”), which shall consist of Origination Trust Assets which shall constitute SUBI Assets, and (ii) to create and issue to VCI a SUBI
Certificate (such SUBI Certificate, together with any replacements thereof, the “Transaction SUBI Certificate”), that will evidence the entire beneficial ownership interest in the related SUBI Portfolio (the “Transaction
SUBI”) including the Transaction Vehicles, with the Origination Trust continuing to hold record title to the Transaction Vehicles as agent and nominee for the holder of the Transaction SUBI Certificate, and (iii) to set forth the terms
and conditions thereof. 
 G. Concurrently herewith, the UTI Trustee, on behalf of the Origination Trust and at the direction of
the Initial Beneficiary, is issuing to VCI the Transaction SUBI Certificate, representing all of the Initial Beneficiary’s right, title and interest in and to the Transaction SUBI, and the right to realize on any property that may be included
in the Transaction SUBI Portfolio, and all proceeds thereof. 
 H. The Origination Trust desires to retain the Servicer to
provide certain services with respect to the Transaction SUBI Portfolio beneficially owned by the Issuer, and the parties hereto desire, pursuant to this Transaction SUBI Servicing Supplement, to supplement the terms of the Servicing Agreement
insofar as they apply to the Transaction SUBI Portfolio, providing for specific servicing obligations that will benefit the Issuer, as holder of the Transaction SUBI Certificate, and the Indenture Trustee, as the pledgee of the Transaction SUBI
Certificate on behalf of the Noteholders. 
 NOW THEREFORE, in consideration of the premises and the mutual covenants
herein contained and in the Servicing Agreement, the parties hereto agree to the following supplemental obligations with regard to the Transaction SUBI Portfolio: 
 ARTICLE V 
 DEFINITIONS 

Section 5.1 Definitions. For all purposes of this Transaction SUBI Servicing Supplement, except as otherwise expressly
provided or unless the context otherwise requires, (a) unless otherwise defined herein, all capitalized terms used herein shall have the meanings attributed to them (i) in Appendix A of the Indenture, (ii) if not defined
therein, by the Servicing Agreement, (iii) if not defined therein, by the Origination Trust Agreement, or (iv) if not defined therein, by the Transaction SUBI Supplement, (b) the capitalized terms defined in this Transaction SUBI
Servicing Supplement have the meanings assigned to them in this Transaction SUBI Servicing Supplement and include (i) all genders and (ii) the plural as well as the singular, 

  

			
	2	  	Transaction SUBI Servicing Supplement 

 
(c) all references to words such as “herein”, “hereof” and the like shall refer to this Transaction SUBI Servicing Supplement as a whole and not to any particular article or
section within this Transaction SUBI Servicing Supplement, (d) the term “include” and all variations thereon shall mean “include without limitation”, and (e) the term “or” shall include “and/or”.

 ARTICLE VI 
 REPRESENTATIONS AND WARRANTIES OF SERVICER 
 The Servicer represents
and warrants to the Transferor, the Issuer and the Indenture Trustee on behalf of the Noteholders as follows: 

Section 6.1 Existence and Power. The Servicer is a corporation, duly organized, validly existing and in good standing
under the laws of the State of Delaware and has all power and authority required to carry on its business as it is now conducted. The Servicer 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 Servicer, taken as a whole. 
 Section 6.2 Authorization and No Contravention. The execution, delivery and performance by the Servicer of each Transaction Document to which it is a party (i) have been duly
authorized by all necessary corporate action and (ii) do not violate or constitute a default under (A) any applicable law, rule or regulation, (B) its organizational instruments 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 any Transaction Unit or Collection or give cause for the acceleration of any indebtedness of the Servicer. 

Section 6.3 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 Servicer 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. 
 Section 6.4 Binding Effect. Each Transaction Document to which the Servicer is
a party constitutes the legal, valid and binding obligation of the Servicer enforceable against the Servicer 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. 

Section 6.5 No Proceedings. There is no action, suit, Proceeding or investigation pending or, to the knowledge of the
Servicer, threatened against the Servicer which, either in any one instance or in the aggregate, would result in any material adverse change in the business, operations, financial condition, properties or assets of the Servicer, or in any material
impairment of the right or ability of the Servicer to carry on its business substantially as now conducted, or in any material liability on the part of the Servicer, or which would render invalid the Servicing Agreement, this Transaction SUBI
Servicing Supplement or the Transaction Units or the obligations of the Servicer contemplated herein, or which would materially impair the ability of the Servicer to perform under the terms of this Transaction SUBI Servicing Supplement or any other
Transaction Document. 

  

			
	3	  	Transaction SUBI Servicing Supplement 

 ARTICLE VII 
 SPECIFIC REQUIREMENTS FOR 
 ADMINISTRATION AND SERVICING OF THE

 TRANSACTION SUBI PORTFOLIO 
 Section 7.1 Appointment of Servicer. 
 (a) The Servicer shall
manage, service and administer the Transaction SUBI Assets, at its own expense and for the benefit of each holder and pledgee of the Transaction SUBI Certificate, and shall make collections on the Transaction Units in accordance with its Customary
Servicing Practices in effect from time to time, using the same degree of skill and attention that the Servicer exercises with respect to all comparable retail automotive leases that it services for itself or others. 

(b) The Servicer may delegate its duties and obligations as Servicer in accordance with Section 2.10 of the Servicing
Agreement. 
 (c) The Servicer is hereby authorized to commence, in its own name or in the name of the Origination Trust, a
legal Proceeding (including a bankruptcy Proceeding) relating to or involving a Transaction Unit, a Lessee or a Leased Vehicle. If the Servicer shall commence a legal Proceeding to enforce a Transaction Unit, the Origination Trust shall thereupon be
deemed to have automatically assigned, solely for the purpose of collection, such Transaction Unit to the Servicer. If in any enforcement suit or legal Proceeding it shall be held that the Servicer may not enforce a Transaction Unit on the ground
that it is not a real party in interest or a holder entitled to enforce such Transaction Unit, the Origination Trust shall, at the Servicer’s expense and direction, take steps to enforce such Transaction Unit, including bringing suit in its
name. 
 (d) The Servicer shall account for the Transaction SUBI Portfolio separately from any other SUBI Portfolio. 

Section 7.2 Servicer Bound by Servicing Agreement. 

(a) The Servicer shall continue to be bound by all provisions of the Servicing Agreement with respect to the Transaction Units allocated
to the Transaction SUBI Portfolio, including the provisions of Article II thereof relating to the administration and servicing of Leases; and the provisions set forth herein shall operate either as additions to or modifications of the
existing obligations of the Servicer under the Servicing Agreement, as the context may require. In the event of any conflict between the provisions of this Transaction SUBI Servicing Supplement and the Servicing Agreement with respect to the
Transaction SUBI, the provisions of this Transaction SUBI Servicing Supplement shall prevail. 
 (b) For purposes of determining
the Servicer’s obligations with respect to the servicing of the Transaction SUBI Portfolio under this Transaction SUBI Servicing Supplement, general references in the Servicing Agreement to: (i) a SUBI Portfolio shall be deemed to refer

  

			
	4	  	Transaction SUBI Servicing Supplement 

 
more specifically to the Transaction SUBI Portfolio; (ii) a SUBI Servicing Agreement Supplement shall be deemed to refer more specifically to this Transaction SUBI Servicing Supplement; and
(iii) a SUBI Supplement shall be deemed to refer more specifically to the Transaction SUBI Supplement. 

Section 7.3 Application of Proceeds. 
 (a) Prior to the satisfaction and discharge of the Indenture with respect to the Collateral, the Servicer shall deposit an amount equal to all Collections received in respect of the Transaction SUBI
during any Collection Period into the Collection Account on or prior to 11:00 a.m., New York City time, on the related Payment Date; provided, however, that if the Monthly Remittance Condition is not satisfied, the Servicer shall
deposit an amount equal to all Collections into the Collection Account within two Business Days after identification thereof (it being understood that, with respect to Sales Proceeds, the Servicer shall be obligated to remit an amount equal to Sales
Proceeds into the Collection Account and shall not be obligated to remit the actual Sales Proceeds but instead such actual Sales Proceeds shall be held by the Qualified Intermediary or in a Qualified Intermediary Account which shall not constitute
Collateral). The “Monthly Remittance Condition” shall be deemed to be satisfied if (i) VCI is the Servicer, (ii) no Servicer Replacement Event has occurred and is continuing, and (iii)(x) Volkswagen AG has a short-term
debt rating of at least “[            ]” from [            ] and
“[            ]” from [            ], (y) both
[            ] and [            ] are then rating a debt issuance of Volkswagen Group of America, Inc. or VCI (and, in the case
of VCI, such debt issuance is guaranteed by Volkswagen AG) and (z) VCI remains a direct or indirect wholly-owned subsidiary of Volkswagen AG. Pending deposit into the Collection Account, Collections may be used by the Servicer at its own risk
and for its own benefit and will not be segregated from its own funds. 
 (b) After the satisfaction and discharge of the
Indenture with respect to the Collateral, the Servicer shall pay an amount equal to Collections in accordance with the instructions provided from time to time by the holder of the Transaction SUBI Certificate. 

(c) Notwithstanding anything to the contrary contained in this Transaction SUBI Servicing Supplement, for so long as the Monthly
Remittance Condition has been satisfied, the Servicer shall be permitted to deposit into the Collection Account only the net amount distributable to the Issuer, as holder of the Transaction SUBI Certificate, on each Payment Date. The Servicer shall,
however, account for all Collections as if all of the deposits and distributions described herein were made individually. 

Section 7.4 Servicer Certificate. On each Determination Date prior to the satisfaction and discharge of the Indenture
with respect to the Collateral, the Servicer shall deliver prior to 11:00 a.m., New York City time, on such date to the Indenture Trustee, the Issuer, the SUBI Trustee, the Administrator and each Paying Agent a Servicer Certificate reflecting
information as of the close of business of the Servicer for the immediately preceding Collection Period containing the information described in Section 8.3(a) of the Indenture. At the sole option of the Servicer, each Servicer
Certificate may be delivered in electronic or hard copy format. 

  

			
	5	  	Transaction SUBI Servicing Supplement 

 Section 7.5 Servicing Fee. Notwithstanding anything to the contrary in
Section 2.5 of the Servicing Agreement, on each Payment Date, the Issuer shall pay to the Servicer in accordance with Section 8.4(a) or Section 5.4(b) of the Indenture the Servicing Fee for the immediately
preceding Collection Period as compensation for its services. In addition, the Servicer may retain any Supplemental Servicing Fees. 
 Section 7.6 Insurance Lapses; Repairs. The Servicer shall not be required to monitor whether any Lessee has, and shall have no liability in the event that any Lessee fails to maintain
in full force and effect, a physical damage insurance policy covering any Transaction Unit or naming the Origination Trust as loss payee. Without limiting the foregoing, in no event shall the Servicer be obligated to perform or be liable for any
repairs or maintenance with respect to any Transaction Unit. 
 Section 7.7 Licensing of Origination Trust.
The Servicer shall cause the Origination Trust to apply for and maintain at all times all licenses and permits necessary to carry on the Origination Trust’s leasing business in each jurisdiction in which the Origination Trust operates, except
where the failure to have any license or permit would not materially and adversely affect the business, properties, financial condition or results of operation of the Origination Trust, taken as a whole. 

Section 7.8 Servicer Advances. On each Payment Date, the Servicer shall deposit into the Collection Account prior to
11:00 a.m., New York City time, an advance in an amount equal to the lesser of (a) any shortfall in the amounts available to make the payments in clauses (i) through (iv) of Section 8.4(a) of the Indenture and
(b) the aggregate scheduled monthly lease payments due on Included Units but not received (or not received in full) during and prior to the related Collection Period (an “Advance”); provided, however, that the
Servicer will not be obligated to make an Advance if the Servicer reasonably determines in its sole discretion that such Advance is not likely to be repaid from future cash flows from the Transaction SUBI Portfolio. No Advances will be made with
respect to Defaulted Leases. Notwithstanding the foregoing, following any replacement of VCI as Servicer pursuant to Section 8.1, the successor Servicer shall not be required to make any Advances. 

Section 7.9 Payment of Fees and Expenses. The Servicer shall pay all expenses (other than expenses described in the
definition of Sales Proceeds) incurred in connection with the administration and servicing of the Transaction SUBI and the Transaction Units, including, without limitation, expenses incurred by it in connection with its activities hereunder,
including fees and disbursements of the SUBI Trustee, independent accountants, taxes imposed on the Servicer and any SUBI Trustee indemnity claims. The Servicer shall pay any and all taxes levied or assessed upon the Issuer or upon all or any part
of the Trust Estate. 
 Section 7.10 Annual Independent Public Accountants’ Servicing Report. For so
long as the Transferor is filing reports under the Exchange Act with respect to the Issuer, on or before the 90th day following the end of each fiscal year of the Issuer (or, if such day is not a Business Day, the next Business Day), beginning with
the fiscal year ending [            ], the Servicer shall cause a firm of independent registered public accountants (who may also render other services to the Servicer, the Transferor or
their respective Affiliates) to furnish to the Indenture Trustee, the Servicer and the Transferor each attestation report on assessments of 

  

			
	6	  	Transaction SUBI Servicing Supplement 

 
compliance with the Servicing Criteria with respect to the Servicer or any Affiliate thereof during the related fiscal year (or since the Closing Date, in the case of the first such attestation
report) delivered by such accountants pursuant to paragraph (c) of Rule 13a-18 or Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB. The certification required by this paragraph may be replaced by any similar certification
using other procedures or attestation standards which are now or in the future in use by servicers of comparable assets or which otherwise comply with any rule, regulation, “no action” letter or similar guidance promulgated by the
Commission. 
 Section 7.11 Annual Officer’s Certificate; Annual ERISA Certification. 

(a) The Servicer will deliver to the Rating Agencies, the Issuer and the Indenture Trustee on or before the
90th day following the end of the fiscal year of the
Issuer (or, if such day is not a Business Day, the next Business Day) beginning with the fiscal year ending [            ],
[            ], an Officers’ Certificate substantially in the form of Exhibit A providing such information as is required under Item 1123 of Regulation AB. 

(b) The Servicer will deliver to the Rating Agencies, the Issuer and the Indenture Trustee on or before the
120th day following the end of the fiscal year of the
Issuer (or, if such day is not a Business Day, the next Business Day) beginning with the fiscal year ending [            ],an Officers’ Certificate substantially in the form of
Exhibit B with respect to the ERISA plans maintained or sponsored by the Servicer or any of its ERISA Affiliates. 
 (c) For so long as the Transferor is filing reports under the Exchange Act with respect to the Issuer, the Servicer will deliver to the Issuer, on or before the 90th day following the end of the fiscal year of the Issuer (or, if such
day is not a Business Day, the next Business Day) beginning with the fiscal year ending [            ], [            ], a report
regarding the Servicer’s assessment of compliance with the Servicing Criteria during the immediately preceding calendar year (or since the Closing Date, in the case of the first such report) including disclosure of any material instance of
non-compliance identified by the Servicer, as required under paragraph (b) of Rule 13a-18, Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB. 
 Section 7.12 Postmaturity Term Extension. Consistent with its Customary Servicing Practices, the Servicer may, in its discretion, grant a Postmaturity Term Extension with respect to any
Transaction Lease. If the Servicer grants a Postmaturity Term Extension with respect to a Transaction Lease, then the Servicer shall direct the SUBI Trustee and the Servicer to reallocate the Transaction Unit related to such Transaction Lease from
the Transaction SUBI Portfolio to the UTI Portfolio (if the Servicer is VCI) or to an Other SUBI designated by the Servicer (if the Servicer is not VCI) on the Payment Date following the beginning of the Collection Period during which such
Postmaturity Term Extension was granted. In consideration for such reallocation, the Servicer shall make a payment to the Issuer equal to the Securitization Value of such Transaction Unit as of the end 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. 

  

			
	7	  	Transaction SUBI Servicing Supplement 

 Section 7.13 Insurance Policies; Additional Insureds. The Servicer shall
cause all policies of insurance required to be maintained pursuant to Section 2.9 of the Servicing Agreement to name the Transferor, the Issuer, the Owner Trustee and the Indenture Trustee as additional insureds. 

Section 7.14 Security Deposits. In accordance with Section 2.4 of the Servicing Agreement, on the Payment
Date related to the Collection Period in which a Security Deposit (as defined in the Servicing Agreement) becomes a Collection, the Servicer shall deposit such amounts in the Collection Account. 

Section 7.15 Pull-Ahead and Other Early Termination Marketing Programs. The Servicer may, in its discretion, with
respect to any Included Unit, permit the Lessee under the related Lease to terminate such Lease prior to its scheduled termination date as part of a “pull-ahead” or other marketing program; provided, however, that such early
termination shall not be permitted unless all Pull-Ahead Amounts due and payable by the Lessee under such Lease on or before the date of such Lessee’s election to terminate the Lease have been paid by or on behalf of such Lessee and are
deposited in the Collection Account within the time period thereafter stated in Section 7.3 of this Transaction SUBI Servicing Supplement. Following such early termination, the Servicer shall charge the related Lessee any applicable
Excess Wear and Tear Charges and Excess Mileage Charges in accordance with Customary Servicing Practices with respect to Leases that are terminated early by the related Lessee in the absence of a “pull-ahead” or other marketing program.

 Section 7.16 1934 Act Filings. The Origination Trust hereby authorizes the Servicer to prepare, sign,
certify and file on behalf of the Origination Trust any and all reports, statements and information respecting the Origination Trust required to be filed or made pursuant to the Exchange Act and the rules thereunder. 

ARTICLE VIII 
 TERMINATION OF SERVICER 
 Section 8.1 Termination of
Servicer as to Transaction SUBI Portfolio. 
 (a) Upon the occurrence and continuation of any Servicer Replacement
Event, the Servicer shall provide to the Indenture Trustee, the Issuer, the Administrator and each Rating Agency prompt notice specifying such Servicer Replacement Event, together with a description of its efforts to perform its obligations. The
Servicer may not resign except in accordance with Section 2.10(a) of the Servicing Agreement. 
 (b) If a Servicer
Replacement Event shall have occurred and be continuing, the SUBI Trustee on behalf of the holder of the Transaction SUBI Certificate, shall, at the direction of the Required Related Holders, by notice given to the Servicer, the Issuer, the
Indenture Trustee and the Administrator, terminate the rights and obligations of the Servicer under this Transaction SUBI Servicing Supplement and the Servicing Agreement with respect to the Transaction SUBI and the Included Units. In the event the
Servicer is removed or resigns as Servicer with respect to servicing the Transaction SUBI Assets, the Required Related Holders shall appoint a successor Servicer. With respect to any Servicer Replacement Event, the SUBI

  

			
	8	  	Transaction SUBI Servicing Supplement 

 
Trustee, acting at the direction of the Required Related Holders, may waive any default of the Servicer. For purposes of this Section, so long as the Lien of the Indenture is in place, the
“Required Related Holders” shall be deemed to be the Indenture Trustee, acting at the direction of the Holders of not less than 66 2/3% of the Outstanding Notes and thereafter, the Issuer, acting at the direction of the Majority
Certificateholders. 
 (c) If replaced, the Servicer agrees that it will use commercially reasonable efforts to effect the
orderly and efficient transfer of the servicing of the Transaction Units to a successor Servicer. 
 (d) Upon the effectiveness
of the assumption by the successor Servicer of its duties pursuant to this Section 8.1, the successor Servicer shall be the successor in all respects to the Servicer in its capacity as Servicer under the Servicing Agreement with respect
to the Transaction SUBI Portfolio, and shall be subject to all the responsibilities, duties and liabilities relating thereto, except with respect to the obligations of the predecessor Servicer that survive its termination as Servicer as set forth in
Section 8.1(e). No Servicer shall resign or be relieved of its duties under the Servicing Agreement, as Servicer of the Transaction SUBI Portfolio, until a newly appointed Servicer for the Transaction SUBI Portfolio shall have assumed
the responsibilities and obligations of the resigning or terminated Servicer under this Transaction SUBI Servicing Supplement and provided in writing the information reasonably requested by the Transferor to comply with its reporting obligations
under the Exchange Act with respect to a replacement Servicer. In the event of a replacement of VCI as Servicer, the Required Related Holders shall cause the successor Servicer to agree to indemnify VCI against any losses, liabilities, damages or
expenses (including attorneys’ fees) as a result of the negligence or willful misconduct of such successor Servicer. The predecessor Servicer shall be entitled to receive reimbursement for any outstanding Advances made with respect to the
Transaction Units to the extent funds are available therefor in accordance with the Indenture. 
 (e) No termination or
resignation of the Servicer as to the Transaction SUBI Portfolio shall affect the obligations of the Servicer pursuant to Section 2.7(c) of the Servicing Agreement; provided that following the replacement of the Servicer pursuant
to this Section 8.1, such Servicer shall have no duties, responsibilities or other obligations hereunder with respect to matters arising after such replacement. 
 Section 8.2 No Effect on Other Parties. Upon any termination of the rights and powers of the Servicer with respect to the Transaction SUBI Portfolio pursuant to Section 8.1
hereof, or upon any appointment of a successor Servicer with respect to the Transaction SUBI Portfolio, all the rights, powers, duties and obligations of the Origination Trustees, the UTI Holder and the Settlor under the Origination Trust Agreement,
the Servicing Agreement, the Transaction SUBI Supplement, any other SUBI Supplement, any other SUBI Servicing Agreement Supplement or any other Origination Trust Document shall remain unaffected by such termination or appointment and shall remain in
full force and effect thereafter, except as otherwise expressly provided herein or therein. 

  

			
	9	  	Transaction SUBI Servicing Supplement 

 ARTICLE IX 
 MISCELLANEOUS 
 Section 9.1 Amendment.

 (a) Notwithstanding any provision of the Servicing Agreement, the Servicing Agreement, as supplemented by this Transaction
SUBI Servicing Supplement, to the extent that it deals solely with the Transaction SUBI and the Transaction SUBI Portfolio, may be amended in accordance with this Section 9.1. 

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

 (c) Notwithstanding anything herein to the contrary, no amendment shall (i) reduce the interest rate or principal amount
of any Note, or delay the Final Scheduled Payment Date of any Note without the consent of the Holder of such Note, or (ii) reduce the percentage of the Outstanding Note Amount, the Holders of which are required to consent to any matter without
the consent of the Holders of at least the percentage of the Outstanding Note Amount which were required to consent to such matter before giving effect to such amendment. 
 (d) It shall not be necessary for the consent of any Person pursuant to this Section for such Person to approve the particular form of any proposed amendment, but it shall be sufficient if such Person
consents to the substance thereof. 
 (e) Prior to the execution of any amendment to this Transaction SUBI Servicing Supplement,
the Servicer shall provide each Rating Agency with written notice of the substance of such amendment. No later than 10 Business Days after the execution of any amendment to this Transaction SUBI Servicing Supplement, the Servicer shall furnish a
copy of such amendment to each Rating Agency, the Origination Trustees, the Owner Trustee and the Indenture Trustee. 
 (f)
Prior to the execution of any amendment to this Transaction SUBI Servicing Supplement, the Owner Trustee, the Indenture Trustee and the Origination Trustees shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that
the execution of such amendment is authorized or permitted by the Servicing Agreement or this Transaction SUBI Servicing Supplement and that all conditions precedent to the execution and delivery of such amendment have been satisfied. 

  

			
	10	  	Transaction SUBI Servicing Supplement 

 Section 9.2 Governing Law. THIS TRANSACTION SUBI SERVICING SUPPLEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS, WITHOUT GIVING EFFECT TO PRINCIPLES OF
CONFLICTS OF LAW (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 

Section 9.3 Notices. All demands, notices and communications hereunder shall be in writing and shall be delivered or
mailed by registered or certified first class United States mail, postage prepaid, hand delivery, prepaid courier service, or by telecopier, and addressed in each case as set forth in Schedule II to the Indenture or at such other address as shall be
designated in a written notice to the other parties hereto. Delivery shall occur only upon receipt or reported tender of such communication by an officer of the recipient entitled to receive such notices located at the address of such recipient for
notices hereunder. 
 Section 9.4 Third-Party Beneficiaries. The Issuer and the Indenture Trustee, as holder
and pledgee, respectively, of the Transaction SUBI Certificate, and their respective successors, permitted assigns and pledgees are third-party beneficiaries of the obligations of the parties hereto and may directly enforce the performance of any of
such obligations hereunder. 
 Section 9.5 Severability. If one or more of the provisions of this Transaction
SUBI Servicing Supplement shall be for any reason whatever held invalid or unenforceable, such provisions shall be deemed severable from the remaining covenants, agreements and provisions of this Transaction SUBI Servicing Supplement, and such
invalidity or unenforceability shall in no way affect the validity or enforceability of such remaining covenants, agreements and provisions, or the rights of any parties hereto. To the extent permitted by law, the parties hereto waive any provision
of law that renders any provision of this Transaction SUBI Servicing Supplement invalid or unenforceable in any respect. 

Section 9.6 Binding Effect. The provisions of the Servicing Agreement and this Transaction SUBI Servicing Supplement,
insofar as they relate to the Transaction SUBI Portfolio, shall be binding upon and inure to the benefit of the respective successors and permitted assigns of the parties hereto. 

Section 9.7 Article and Section Headings. The article and section headings herein are for convenience of reference
only, and shall not limit or otherwise affect the meaning hereof. 
 Section 9.8 Execution in Counterparts.
This Transaction SUBI Servicing Supplement may be executed in any number of counterparts, each of which so executed and delivered shall be deemed to be an original, but all of which shall together constitute but one and the same instrument.

 Section 9.9 Further Assurances. Each party will do such acts, and execute and deliver to any other party
such additional documents or instruments, as may be reasonably requested in order to effect the purposes of this Transaction SUBI Servicing Supplement and to better assure and confirm unto the requesting party its rights, powers and remedies
hereunder. 

  

			
	11	  	Transaction SUBI Servicing Supplement 

 Section 9.10 Each SUBI Separate; Assignees of SUBI. Each party hereto
acknowledges and agrees (and each holder or pledgee of the Transaction SUBI Certificate, by virtue of its acceptance of such Transaction SUBI Certificate or pledge thereof acknowledges and agrees) that (a) the Transaction SUBI is a separate
series of the Origination Trust as provided in Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code § 3801 et seq., (b)(i) the debts, liabilities, obligations and expenses
incurred, contracted for or otherwise existing with respect to the Transaction SUBI or the Transaction SUBI Portfolio shall be enforceable against the Transaction SUBI Portfolio only and not against any Other SUBI Assets or the UTI Portfolio and
(ii) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to any Other SUBI, any Other SUBI Portfolio, the UTI or the UTI Portfolio shall be enforceable against such Other SUBI Portfolio
or the UTI Portfolio only, as applicable, and not against the Transaction SUBI or the Transaction SUBI Portfolio, (c) except to the extent required by law, UTI Assets or SUBI Assets with respect to any Other SUBI shall not be subject to the
claims, debts, liabilities, expenses or obligations arising from or with respect to the Transaction SUBI, in respect of such claim, (d)(i) no creditor or holder of a claim relating to the Transaction SUBI or the Transaction SUBI Portfolio shall be
entitled to maintain any action against or recover any assets allocated to the UTI or the UTI Portfolio or any Other SUBI or the assets allocated thereto, and (ii) no creditor or holder of a claim relating to the UTI, the UTI Portfolio or any
Other SUBI or any SUBI Assets other than the Transaction SUBI Portfolio shall be entitled to maintain any action against or recover any assets allocated to the Transaction SUBI, and (e) any purchaser, assignee or pledgee of an interest in the
Transaction SUBI or, the Transaction SUBI Certificate, must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i) give to the Origination Trust a non-petition covenant substantially similar to
that set forth in Section 6.9 of the Origination Trust Agreement, and (ii) execute an agreement for the benefit of each holder, assignee or pledgee from time to time of the UTI or UTI Certificate and any Other SUBI or Other SUBI
Certificate to release all claims to the assets of the Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio and, in the event that such release is not given effect, to fully subordinate all claims it may be deemed to have
against the assets of the Origination Trust allocated to the UTI Portfolio and each Other SUBI Portfolio. 

Section 9.11 No Petition. With respect to each Bankruptcy Remote Party, each party hereto (and each holder and pledgee
of the Transaction SUBI Certificate, by virtue of its acceptance of such Transaction SUBI Certificate or pledge thereof) covenants and agrees that, prior to the date which is one year and one day after payment in full of all obligations under each
Financing, (i) such party shall not authorize such Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect 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, 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 

  

			
	12	  	Transaction SUBI Servicing Supplement 

 
creditor of such Bankruptcy Remote Party, and (ii) such party shall not commence or join with any other Person in commencing any Proceeding against such Bankruptcy Remote Party under any
bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. 

Section 9.12 SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND
UNCONDITIONALLY: 
 (a) SUBMITS FOR ITSELF AND ITS PROPERTY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS TRANSACTION SUBI
SERVICING SUPPLEMENT OR ANY DOCUMENTS EXECUTED AND DELIVERED IN CONNECTION HEREWITH, OR FOR RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF, TO THE NONEXCLUSIVE GENERAL JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK, THE COURTS
OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK AND APPELLATE COURTS FROM ANY THEREOF; 
 (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 9.3 OF THIS TRANSACTION SUBI SERVICING
SUPPLEMENT; 
 (d) AGREES THAT NOTHING HEREIN SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY OTHER MANNER PERMITTED
BY LAW OR SHALL LIMIT THE RIGHT TO SUE IN ANY OTHER JURISDICTION; AND 
 (e) TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH
PARTY HERETO IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BASED ON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS TRANSACTION SUBI SERVICING SUPPLEMENT, ANY OTHER TRANSACTION DOCUMENT, OR ANY MATTER
ARISING HEREUNDER OR THEREUNDER. 
 Section 9.13 Limitation of Liability of U.S. Bank. Notwithstanding
anything contained herein to the contrary, this instrument has been signed by U.S. Bank not in its individual capacity but solely in its capacities as Administrative Trustee and as SUBI Trustee and in no event shall U.S. Bank in its individual
capacity have any liability for the representations, warranties, covenants, agreements or other obligations of the Origination Trust hereunder, as to all of which recourse shall be had solely to the assets of the Origination Trust. 

  

			
	13	  	Transaction SUBI Servicing Supplement 

 Section 9.14 Information Requests. The parties hereto shall provide any
information reasonably requested by the Servicer, the Issuer, the Transferor or any of their Affiliates, in order to comply with or obtain more favorable treatment under any current or future law, rule, regulation, accounting rule or principle.

 Section 9.15 Regulation AB. The Servicer shall cooperate fully with the Transferor and the Issuer to
deliver to the Transferor and the Issuer (including any of its assignees or designees) any and all statements, reports, certifications, records and any other information necessary in the good faith determination of the Transferor or the Issuer to
permit the Transferor to comply with the provisions of Regulation AB and its reporting obligations under the Exchange Act, together with such disclosures relating to the Servicer and the Units, or the servicing of the Units, reasonably believed by
the Transferor to be necessary in order to effect such compliance. 
 [SIGNATURES ON THE FOLLOWING PAGE] 

  

			
	14	  	Transaction SUBI Servicing Supplement 

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

			
	VW CREDIT LEASING, LTD.
		
	By:	 	U.S. Bank National Association, not in its individual capacity but solely as Administrative Trustee
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

			
	S-1	  	Transaction SUBI Servicing Supplement 

 
			
	VW CREDIT, INC., as Servicer
		
	By:	 	 
	Name:	 	 
	Title:	 	 
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

			
	S-2	  	Transaction SUBI Servicing Supplement 

 
			
	 [U.S. BANK NATIONAL ASSOCIATION], not in its individual capacity but solely as SUBI Trustee

		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

			
	S-3	  	Transaction SUBI Servicing Supplement 

 EXHIBIT A 
 FORM OF ANNUAL OFFICER’S CERTIFICATE 
 (As required to be delivered on or
before [March 30] of each 
 calendar year beginning with [March 30],
[            ], pursuant to 
 Section 7.11 of the
Transaction SUBI Servicing Supplement) 
 VW Credit, Inc. Annual Compliance Certificate 

Pursuant to Section 7.11 of the Transaction SUBI Servicing Supplement 

And Item 1123 of Regulation AB 
  

 
 VOLKSWAGEN AUTO
LEASE TRUST [            ] 
  

 
 The undersigned, duly authorized officers of VW
Credit, Inc. (“VCI”), as Servicer (the “Servicer”), under the Transaction SUBI Supplement [            ] to Servicing Agreement dated as of
[            ], [            ] (as amended and supplemented, or otherwise modified and in effect from time to time, the
“Transaction SUBI Servicing Supplement”), by and among VW Credit Leasing, Ltd., VCI, as Servicer, and U.S. Bank National Association, as SUBI Trustee, do hereby certify that: 

 

	 	1.	A review of the activities of the Servicer during the period from [            ],
[            ] through December 31, [            ], and of its performance under the Transaction SUBI Servicing Supplement
was conducted under our supervision. 

  

	 	2.	To the best of our knowledge, based on such review, the Servicer has, fulfilled all of its obligations under the Transaction SUBI Servicing Supplement in all material
respects throughout such period, [except that for the period beginning [            ], [            ] through
[            ], [            ] [describe each failure, if any, of the Servicer to fulfill its obligations under the provisions of
the Transaction SUBI Servicing Supplement in any material respect and the nature and status thereof]]. 

  

			
	A-1	  	Transaction SUBI Servicing Supplement 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Certificate on behalf of
the Servicer this             day of             , [            ].

  

                   
                                         
                                         
                                         
  
 Name: 
 Title: 
  
                                  
                                         
                                         
                             

Name: 
 Title: 

  

			
	A-2	  	Transaction SUBI Servicing Supplement 

 EXHIBIT B 
 FORM OF ANNUAL ERISA CERTIFICATION 
 (As required to be delivered on or before
[April 30] of each 
 calendar year beginning with [April 30], 20[    ], pursuant to 

Section 7.11 of the Transaction SUBI Servicing Supplement) 

VW CREDIT, INC. 
  

 
 VOLKSWAGEN AUTO
LEASE TRUST 20[    ]-[    ] 
  

 
 The undersigned,
duly authorized representatives of VW Credit, Inc. (“VCI”), as Servicer, pursuant to the Transaction SUBI Supplement 20[    ]-[    ] to Servicing Agreement dated as of
[            ], [2009] (as amended and supplemented, or otherwise modified and in effect from time to time, the “Transaction SUBI Servicing Supplement”), by and among VW
CREDIT LEASING, LTD., VCI, as Servicer, and U.S. BANK NATIONAL ASSOCIATION, not in its individual capacity but solely as SUBI Trustee, do hereby certify that: 
 1. The undersigned are Authorized Officers of VCI. 
 2. As of the end of VCI’s
preceding fiscal year, with respect to the ERISA plans subject to Title IV of ERISA maintained or sponsored by VCI or any of VCI’s ERISA Affiliates (i.e., any member of VCI’s “controlled group,” within the meaning of
Section 4001 of ERISA) (collectively, the “Plans”): 
 (a) [Plan assets exceed the present value of accrued
benefits][The present value of the accrued benefits exceeds plan assets] under each of the Plans as of the close of the most recent Plan year, as required to be reported in the financial statements for such Plan filed with the most recent Form 5500
for such Plan (the “Most Recent Plan Financial Statements”). 
 [Select from the following statements]

 [(b) [Neither VCI nor any of its ERISA Affiliates (i) anticipates that the value of the assets of any Plan it maintains
would not be sufficient to cover any Funding Target; or (ii) is contemplating benefit improvements with respect to any Plan then maintained by any such entity or the establishment of any new Plan, either of which would cause any such entity to
maintain a Plan with a Funding Target in excess of plan assets. The term “Funding Target” has the meaning set forth in section 430(d) of the Internal Revenue Code.][Describe any failure of the certifications in clauses (i) and
(ii) to be true.] 

  

			
	B-1	  	Transaction SUBI Servicing Supplement 

 [(c) If all of the Plans (other than a multiemployer Plan) were terminated (disregarding any
Plans with surpluses), the unfunded liabilities at such date with respect to such Plans, their participants or beneficiaries, and the PBGC, would not have exceeded [5%] of the consolidated net worth of Volkswagen AG or [25%] of the consolidated net
worth of Volkswagen Group of America, Inc. at such date.] 
 [(d) If VCI or any of VCI’s ERISA Affiliates withdrew or were
to have withdrawn from all multiemployer Plans at such date, the aggregate withdrawal liability would not have exceeded 5% of the consolidated net worth of Volkswagen AG or 25% of the consolidated net worth of Volkswagen Group of America, Inc. at
such date.] 
 [(e) There are no unpaid minimum required contributions with respect to any Plan as disclosed on the Most Recent
Plan Financial Statements.] 
 [(f) [Describe any facts that would cause the statements in clauses (b), (c), (d), or (e) to
be incorrect.] 
 Capitalized terms used but not defined herein are used as defined in the Transaction SUBI Servicing
Supplement. 

  

			
	B-2	  	Transaction SUBI Servicing Supplement 

 IN WITNESS WHEREOF, each of the undersigned has duly executed this Certificate this
            day of             . 

 

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

  

			
	B-3	  	Transaction SUBI Servicing SupplementEX-10.9

 Exhibit 10.9 

ISDA 

International Swap Dealers Association, Inc. 
 SCHEDULE 
 to the 

Master Agreement 

dated as of                     

  

			
		 	[Volkswagen Auto Loan Enhanced Trust 200[ ] — [ ]
	between
                     and        	 	[Volkswagen Auto Lease Trust 200[ ] — [ ]
	                (“Party A”)	 	                        (“Party
B”)

 Part 1. Termination Provisions. 

 

	(a)	The following shall apply: 

 (i)
Termination by Party A — Events of Default Notwithstanding the provisions of Section 5(a), the only events which will constitute Events of Default when they occur in relation to Party B will be those events specified in
Sections 5(a)(i) (Failure To Pay Or Deliver) and Section 5(a)(vii) (Bankruptcy), other than the events specified in Section 5(a)(vii)(2). 
 Accordingly, the provisions of Section 5(a)(ii) (Breach Of Agreement), the provisions of Section 5(a)(iii) (Credit Support Default), the provisions of Section 5(a)(iv) (Misrepresentation),
the provisions of Section 5(a)(v) (Default Under Specified Transaction), the provisions of Section 5(a)(vi) (Cross Default), the provisions of Section 5(a)(vii)(2) (insolvency) and the provisions of Section 5(a)(viii)
(Merger Without Assumption) will in no circumstances be regarded as having given rise to an Event of Default with respect to Party B. 
 (ii) Termination by Party A — Termination Events Notwithstanding the provisions of Section 5(b), and save as otherwise provided herein, the only events which will constitute Termination
Events when they occur in relation to Party B will be those events specified in Section 5(b)(i) (Illegality) and Section 5(b)(v) (Additional 

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

(iii) Termination by Party B — Events of Default and Termination Events. Save as otherwise provided herein, the
provisions of Section 5 will apply with respect to Party A without amendment save for Section 5(a)(vi) (Cross Default) which will in no circumstances be regarded as having given rise to an Event of Default with respect to Party A.

  

	(b)	“Specified Entity” none specified in relation to either Party A or Party B. 

 

	(c)	“Specified Transaction” will have the meaning specified in Section 14 of this Agreement. 

 

	(d)	The “Automatic Early Termination” provision of Section 6(a) of this Agreement will not apply to Party A and Party B. 

 

	(e)	Payments on Early Termination. For the purpose of Section 6(e) of this Agreement: 

(i) Market Quotation will apply. 
 (ii) The Second Method will apply. 
  

	(f)	“Termination Currency” means U.S. Dollars. 

  

	(g)	Additional Termination Event will apply. 

 (i) The occurrence of any of the following events shall be an Additional Termination Event: 
 (A) “Moody’s Creditwatch Event”: In the event Moody’s assigns (x) (i) a long-term debt rating at or below A1 On Watch for Downgrade to [Party A][Party A’s Credit Support
Provider], or (ii) a short-term debt rating at or below Prime-1 On Watch for Downgrade to [Party A][Party A’s Credit Support Provider] (if [Party A][Party A’s Credit Support Provider] has both long-term and short-term debt ratings),
or (y) a long-term debt rating at or below Aa3 On Watch for Downgrade to [Party A][Party A’s Credit 

  
 2 

 
Support Provider] (if [Party A][Party A’s Credit Support Provider] only has a long-term debt rating) (either such event, a “Party A Creditwatch Event”), Party A shall promptly, but
in no event later than two (2) Local Business Days following the date of such Party A Creditwatch Event, give Party B, the Servicer and the Indenture Trustee written notice of the occurrence of such Party A Creditwatch Event. In addition, not
later than thirty (30) Local Business Days after such Party A Creditwatch Event, Party A shall either (i) obtain (at Party A’s expense) an unconditional guarantee or other similar assurance in respect of Party A’s obligations
under this Agreement from a guarantor that has Rated Debt and which guarantee and guarantor satisfy the Rating Agency Condition; or (ii) transfer from time to time to Party B under the Credit Support Annex an amount of Eligible Collateral
having a value equal to Party B’s Exposure (as defined in the printed form of the Credit Support Annex) under the Affected Transactions. Once a Party A Creditwatch Event ceases to exist, Party B shall return any such Eligible Collateral to
Party A as soon as reasonably practicable and to the extent such Eligible Collateral has not already been applied in accordance with this Agreement or the Credit Support Annex. Party B shall have the right to terminate this Agreement if at any time
Party A fails to comply with any of its obligations under this paragraph in full and in a timely manner. 
 With respect to the
foregoing Additional Termination Event Party A shall be the sole Affected Party. In the event of an Early Termination Date in respect of a Party A Creditwatch Event and the entering into by Party B of alternative swap arrangements, Party A shall pay
all reasonable out-of-pocket expenses, including legal fees and stamp taxes, relating to the entering into of such alternative swap arrangements. 
 (B) “Downgrade Termination Event”: In the event (i) S&P assigns (x) a long-term debt rating equal to or lower than “A” to [Party A][Party A’s Credit Support
Provider] without (y) assigning a short-term debt rating of at least “A-1” to [Party A][Party A’s Credit Support Provider], (ii) S&P assigns a long-term debt rating lower than “A+” to [Party A][Party A’s
Credit Support Provider] (if [Party A][Party A’s Credit Support Provider] only has a long-term debt rating), (iii) Moody’s assigns (x) a long-term debt rating equal to or lower than “A3” to [Party A][Party A’s
Credit Support Provider], or (y) a short-term debt rating lower than “Prime-2” to [Party A][Party A’s Credit Support Provider] (if [Party A][Party A’s Credit Support Provider] has both long-term and short-term debt ratings),
(iv) Moody’s assigns a long-term debt rating equal to or lower than A2 to [Party A][Party A’s Credit Support Provider] (if [Party A][Party A’s Credit Support 

  
 3 

 
Provider] only has a long-term debt rating), (v) [Fitch assigns (x) a long-term senior unsecured debt rating lower than “A” to [Party A][Party A’s Credit Support
Provider] or (y) a short-term senior unsecured debt rating lower than “F1” to [Party A][Party A’s Credit Support Provider] or (vi)] either S&P, Moody’s [or Fitch] ceases to assign such ratings to [Party A][Party A’s
Credit Support Provider], (each such event, a “Party A Rating Downgrade”), Party A shall (i) promptly, but in no event later than two (2) Local Business Days following the date of such Party A Rating Downgrade, give Party B, the
Servicer and the Indenture Trustee written notice of the occurrence of such Party A Rating Downgrade, and (ii) use reasonable efforts to find a Qualified Counterparty promptly and transfer, in accordance with and subject to the limitations of
Part 5(e), its rights and obligations to Qualified Counterparty. Party A shall continue to perform its obligations and use reasonable efforts to find a Qualified Counterparty until a Qualified Counterparty is in place. The cost of finding and
putting into place a Qualified Counterparty shall be borne by Party A. Not later than thirty (30) Local Business Days after such Party A Rating Downgrade, if Party A has not transferred its obligations to a Qualified Counterparty in accordance
with the foregoing provisions, Party A shall either (i) obtain (at Party A’s expense) an unconditional guarantee or other similar assurance in respect of Party A’s obligations under this Agreement from a guarantor that has Rated Debt
and which guarantee and guarantor satisfy the Rating Agency Condition; or (ii) transfer from time to time to Party B under the Credit Support Annex the amount of Eligible Collateral required under the Credit Support Annex. In the event Party A
complies with the requirements set forth in the preceding sentence and the Downgrade Termination Event relates only to an action taken by S&P, Party A shall not be required to find a replacement counterparty until the time at which S&P
assigns a long-term senior unsecured debt rating lower than BBB+ to [Party A][Party A’s Credit Support Provider], at which time Party A must immediately find and put into place a Qualified Counterparty. Once a Qualified Counterparty is in
place, Party B shall return any such Eligible Collateral to Party A as soon as reasonably practicable and to the extent such Eligible Collateral has not already been applied in accordance with this Agreement or the Credit Support Annex. Party B
shall have the right to terminate this Agreement if at any time Party A fails to comply with any of its obligations under this paragraph in full and in a timely manner. 
 With respect to the foregoing Additional Termination Event Party A shall be the sole Affected Party. In the event of an Early Termination Date in respect of a Downgrade Termination Event and the entering
into by Party B of alternative swap arrangements, Party A shall pay all reasonable out-of-pocket expenses, including legal fees and stamp taxes, relating to the entering into of such alternative swap arrangements. 

  
 4 

 (C) Any acceleration of the Notes outstanding occurs following an event of
default under the Indenture. 
 With respect to the foregoing Additional Termination Event, Party B shall be the sole Affected
Party. 
 Part 2. Tax Representations 

 

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

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

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

  

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

  
 5 

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

 Part 3. Agreement to Deliver Documents.  

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

 

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

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

  
 6 

	(b)	Other documents to be delivered are: 

  

									
	 Party required to

deliver document
	  	 Form/Document/

Certificate
	  	 Date by which to be

delivered
	  	Covered by Section
3(d) 
Representation
of this Agreement
	Party A and Party B	  	Evidence of the authority of the signatories of this Agreement including specimen signatures of such signatories.	  	As soon as practicable after execution of this Agreement and the first Confirmation of a Transaction and, if requested, as soon as practicable after execution of any Confirmation of
any other Transaction.	  	Yes
				
	Party A	  	An opinion of counsel addressed to Party B in form and substance reasonably acceptable to Party B.	  		  	No
				
	Party B	  	An opinion of Party B’s counsel addressed to Party A in form and substance reasonably acceptable to Party A.	  		  	No
				
	Party B	  	A duly executed certificate of the secretary or assistant secretary of the Owner Trustee of	  		  	Yes

  
 7 

									
				
		  	Party B certifying the name and true signature of each person authorized to execute this Agreement and enter into Transactions for Party B.	  		  	
				
	Party B	  	A duly executed copy of the Indenture.	  		  	Yes

 Part 4. Miscellaneous.  
  

	(a)	Addresses for Notices. For the purpose of Section 12(a) of this Agreement: 

Address for notices or communications to Party A: 
 Address:
                                         
                                         
                                         
                                         
                     

Attention:
                                         
                                         
                                         
                                         
                   
 Telex No.:
                                         
                                Answerback:
                                         
                                         
  
 Facsimile No.:
                                         
                                Telephone No.:
                                         
                                  

Electronic Messaging System Details:
                                         
                                         
                                         
              
 Address for notices or communications to
Party B: 
 Address: c/o [Owner Trustee]  
 Attention:
                                         
                                         
                                         
                                         
                 
 Telex No.: Not
applicable        Answerback: Not applicable 
 Facsimile No.:
                                         
                                Telephone No.:
                                         
                                

Electronic Messaging System Details: Not applicable 
 With a copy to: 

  
 8 

 VW Credit, Inc. 
 2200 Ferdinand Porsche Drive 
 Herndon, VA 20171 

Attention: Treasurer 
 Telephone No.: (703) 364-7000 
 Facsimile No.: (703) 364-7077 

 

	(b)	Process Agent. For the purpose of Section 13(c) of this Agreement: 

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

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

  

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

 

	(e)	Multibranch Party. For the purpose of Section 10(c) of this Agreement: 

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

Party B is not a Multibranch Party. 
  

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

  

	(g)	Credit Support Document. Details of any Credit Support Document: 

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

	(h)	Credit Support Provider. Credit Support Provider means in relation to 

  
 9 

 Party A: [Not applicable]. 

Party B: Not applicable. 
  

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

  

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

  

	(k)	“Affiliate” will have the meaning specified in Section 14 of this Agreement. 

 

	(l)	No Gross Up. Section 2(d)(i)(4) is hereby deleted and replaced by the following: 

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

 (B) if Party B is the party so required to deduct or withhold, then Party B shall make the relevant payment subject to
such deduction or withholding. 
 For the avoidance of doubt, the fact that any payment is made by Party B subject to the
provisions of (B) above shall at no time affect the obligations of Party A under (A) above.” 

  
 10 

 Part 5. Other Provisions.  

 

	(a)	ISDA Definitions 

The definitions and provisions contained in the 2000 ISDA Definitions (the “2000 Definitions”) as published by the International
Swaps and Derivatives Association, Inc., the 1998 FX and Currency Option Definitions (the “FX Definitions”), as published by ISDA, the Emerging Markets Traders Association and The Foreign Exchange Committee, the 1996 ISDA Equity
Derivatives Definitions (the “Equity Definitions”) and the 1997 ISDA Government Bond Option Definitions (the “Bond Definitions”) as published by the International Swaps and Derivatives Association, Inc., the 2000 Definitions, the
FX Definitions, the Equity Definitions and the Bond Definitions together known as the “Definitions”, each are incorporated by reference into this Agreement. The Agreement and each Transaction will be governed by the Definitions as they may
be officially amended and supplemented from time to time by ISDA. 
 In the event of any inconsistency between the 2000
Definitions and the FX Definitions, the FX Definitions shall prevail with respect to a FX Transaction or a Currency Option Transaction as defined in the FX Definitions. 
 In the event of any inconsistency between the 2000 Definitions and the Equity Definitions, the Equity Definitions shall prevail with respect to a Transaction as defined in the Equity Definitions.

 In the event of any inconsistency between the 2000 Definitions and the Bond Definitions, the Bond Definitions shall prevail
with respect to a Government Bond Option Transaction as defined in the Bond Definitions. 
 For the sake of clarity, unless
otherwise specified in this Agreement, the following documents shall govern in the order in which they are listed in the event of any inconsistency between any of the documents: 

(i) the Confirmation; 
 (ii) the Schedule; 
 (iii) the Equity Definitions (solely with respect to
Transactions as defined therein); and the Bond Definitions (solely with respect to Government Bond Option Transactions as defined therein); and the FX Definitions (solely with respect to FX and Currency Option Transactions as defined therein);

  
 11 

 (iv) the 2000 Definitions 

(v) the printed form of ISDA Master Agreement. 
  

	(b)	Relationship Between Parties 

 Each party will be deemed to represent to the other party on the date on which it enters into a Transaction that (absent a written agreement between the parties that expressly imposes affirmative
obligations to the contrary for the Transaction): 
 (i) Non-Reliance. It is acting for its own account, and it has made
its own independent decisions to enter into that Transaction and as to whether that Transaction is appropriate or proper for it based upon its own judgement and upon advice from such advisors as it has deemed necessary. It is not relying on any
communication (written or oral) of the other party as investment advice or as a recommendation to enter into that Transaction; it being understood that information and explanations related to the terms and conditions of a Transaction shall not be
considered investment advice or a recommendation to enter into that Transaction. It has not received from the other party any assurance or guarantee as to the expected results of that Transaction. 

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

(iii) Status of Parties. Each party is acting as principal and not as agent and the other party is not acting as a fiduciary for or
as an advisor to it in respect of that Transaction. 
 (iv) Eligible Contract Participant. It is an “eligible
contract participant” as defined in Section 1a(12) of the U.S. Commodity Exchange Act, 7 U.S.C. Section 1a(12). 

  
 12 

 (v) FDIC Requirements. If it is a bank subject to the requirements of 12 U.S.C.
§ 1823(e), the necessary action to authorize referred to in the representation in Section 3(a)(ii) includes all authorizations required under the Federal Deposit Insurance Act as amended, including amendments effected by the Financial
Institutions Reform, Recovery and Enforcement Act of 1989, and under any agreement, writ, decree, or order entered into with such party’s supervisory authorities. At all times during the term of this Agreement, such party will continuously
include and maintain as part of its official written books and records this Agreement, this Schedule and all other exhibits, supplements, and attachments hereto and documents incorporated by reference herein, all Confirmations, and evidence of all
necessary authorizations. 
 (vi) ERISA. It continuously represents that it is not (i) an employee benefit plan (an
“ERISA Plan”) as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), subject to Title 1 of ERISA or Section 4975 of the Internal Revenue Code of 1986, as
amended, (ii) a person or entity acting on behalf of an ERISA Plan or (iii) a person or entity the assets of which constitute assets of an ERISA Plan.” It will provide notice to the other party in the event that it is aware that it is
in breach of any aspect of this representation or is aware that with the passing of time, giving of notice or expiry of any applicable grace period, it will breach this representation. 

 

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

  

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

  

	(e)	Transfers. Notwithstanding the provisions of Section 7:- 

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

  
 13 

	 	(A)	Party B consents to such transferee; 

  

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

  

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

  

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

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

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

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

 “Permitted Security Interest” means the pledge and assignment by Party B of the Swap Collateral
to the Indenture Trustee pursuant to the Indenture, and the granting to the Indenture Trustee of a security interest in the Swap Collateral pursuant to the Indenture. 
 “Swap Collateral” means all right, title and interest of Party B in this Agreement, each Transaction hereunder, and all present and future amounts payable by Party A to Party B under or
in connection with this Agreement or any Transaction governed by this Agreement, including, without limitation, any transfer or termination of any such Transaction. 
 “Indenture Trustee” means                  or any successor, acting as Indenture Trustee
pursuant to the Indenture. 
  

	(g)	Absence of Certain Events. Section 3(b) of this Agreement is herby amended by inserting the parenthetical “(with respect to Party A only)”
immediately after the phrase “No Event of Default or”. 

  
 14 

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

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

 

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

  

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

 

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

  

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

  

	(m)	 No Petition. Party A hereby covenants and agrees that prior to the date which is one year and one day after payment in full of all obligations
under each Financing (i) it shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy
Remote Party or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other

  
 15 

	 	
similar official with respect to such Bankruptcy Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such
official in an involuntary case or other proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) it shall not
commence or join with any other Person in commencing any proceeding against such Bankruptcy Remote Party under any bankruptcy, reorganization, liquidation or insolvency law or statute now or hereafter in effect in any jurisdiction. This section
shall survive the termination of this Agreement. 

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

	(n)	Confirmation. Each party acknowledges and agrees that the [two] Confirmations executed as of the date hereof and designated as Party A Global ID Nos.
     and      shall be the only Transactions governed by this Agreement (it being understood that, in the event such Confirmations shall be amended (in any respect), such amendment
shall not constitute (for purposes of this paragraph) a separate Transaction or a separate Confirmation). Party A and Party B shall not enter into any additional Confirmations or Transactions hereunder. 

 

	(o)	Potential Events of Default. Section 2(a)(iii) is amended by the deletion of the words “or Potential Event of Default”. 

  
 16 

	(p)	Limitation of Liability. Notwithstanding anything contained herein to the contrary, in executing this Agreement (including the Schedule, Credit Support Annex and
each Confirmation) on behalf of Party B,                      (the “Owner Trustee”) and the Indenture Trustee
are acting solely in its capacity as owner trustee of Party B and indenture trustee, respectively, and not in its individual capacity, and in no event shall either one of them, in their individual capacity, have any liability for the
representations, warranties, covenants, agreements or other obligations of Party B hereunder, for which recourse shall be had solely to the assets of Party B, except to the extent of its fraud, breach of trust or willful misconduct.

  

	[(q)	Interseries Waiver. Party A hereby covenants and agrees that (a) the Transaction SUBI is a separate series of the Origination Trust as provided in
Section 3806(b)(2) of Chapter 38 of Title 12 of the Delaware Code, 12 Del.Code § 3801 et seq., (b)(i) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the
Transaction SUBI and the Transaction SUBI assets shall be enforceable against the Transaction SUBI assets only, and not against any other SUBI assets or the UTI assets and (ii) the debts, liabilities, obligations and expenses incurred,
contracted for or otherwise existing with respect to any other SUBI, any other SUBI assets, the UTI or the UTI assets shall be enforceable against such other SUBI assets or the UTI assets only, as applicable, and not against the Transaction SUBI or
any other SUBI assets, (c) except to the extent required by law, UTI assets or SUBI assets with respect to any SUBI (other than the Transaction SUBI) shall not be subject to the claims, debts, liabilities, expenses or obligations arising from
or with respect to the Transaction SUBI in respect of such claim, (d)(i) no creditor or holder of a claim relating to the Transaction SUBI or the Transaction SUBI assets shall be entitled to maintain any action against or recover any assets
allocated to the UTI or the UTI assets or any other SUBI or the assets allocated thereto, and (ii) no creditor or holder of a claim relating to the UTI, the UTI assets or any SUBI other than the Transaction SUBI or any SUBI assets other than
the Transaction SUBI assets shall be entitled to maintain any action against or recover any assets allocated to the Transaction SUBI, and (e) any purchaser, assignee or pledgee of an interest in the Transaction SUBI or the certificate
representing the Transaction SUBI must, prior to or contemporaneously with the grant of any such assignment, pledge or security interest, (i) give to the Origination Trust a non-petition covenant, and (ii) execute an agreement for the
benefit of each holder, assignee or pledgee from time to time of the UTI or UTI certificate and any other SUBI or other SUBI certificate, to release all claims to the assets of the Origination Trust allocated to the UTI assets and each other SUBI
and in the event that such release is not given effect, to fully subordinate all claims it may be deemed to have against the assets of the Origination Trust allocated to the UTI and each other SUBI. This section shall survive the termination of this
Agreement.] 

  
 17 

	(r)	Definitions. 

 (i) As used
herein: 
 “Credit Support Annex” means the 1994 ISDA Credit Support Annex between Party A and Party B dated as
of . 
 “Eligible Collateral” means cash, U.S. Treasury Bills and any other forms of collateral which are
reasonably acceptable to Party B, the Servicer and the Indenture Trustee and have been approved by the Rating Agencies. 

[“Fitch” means Fitch, Inc. or its successor.] 
 “Qualified Counterparty” means a counterparty that (a) has Rated Debt and (b) becomes a party to this Agreement (or party to an agreement in form and substance satisfactory to
Party B, the Servicer and the Indenture Trustee) in accordance with Part 5(e) of this Schedule and pursuant to documentation which is not less favorable to Party B than this Agreement. 

“Moody’s” means Moody’s Investors Service, Inc. or its successor. 

“Notes” mean the Class Notes issued by Party B under the Indenture. 

[“Origination Trust” means VW Credit Leasing, Ltd., a Delaware statutory trust.] 

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

  
 18 

 “Rating Agencies” means S&P, Moody’s [and Fitch]. 

“Rating Agency Condition” means, with respect to any event or circumstance and each Rating Agency, either
(a) written confirmation by such Rating Agency that the occurrence of such event or circumstance will not cause it to downgrade, qualify or withdraw its rating assigned to any of the Notes or (b) that such Rating Agency shall have been
given notice of such event or circumstance at least ten days prior to the occurrence of such event or circumstance (or, if ten days’ advance notice is impracticable, as much advance notice as is practicable) and such Rating Agency shall not
have issued any written notice that the occurrence of such event or circumstance will cause it to downgrade, qualify or withdraw its rating assigned to the Notes. 
 “S&P” means Standard & Poor’s, a division of the McGraw-Hill Companies Inc. or its successor. 
 “Servicer” means VW Credit, Inc. or its successor. 

[“SUBI” means a special unit of beneficial interest in the Origination Trust.] 

[“Transaction SUBI” means the SUBI held by Party B and pledged to the Indenture Trustee under the Indenture.] 

[“UTI” means the undivided trust interest in the Origination Trust.] 

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

			
	 	 	    [VOLKSWAGEN AUTO LEASE TRUST 200[    ]-[    ]]
		 	    [VOLKSWAGEN AUTO LOAN ENHANCED TRUST 200[    ]-[    ]]

  

					
	 	 		 	 
		 		 	By: [Owner Trustee], not in its individual capacity but solely as owner trustee

  
 19 

 ISDA® 
 International Swaps and Derivatives Association, Inc. 
 CREDIT SUPPORT ANNEX

 to the Schedule to the 
 ISDA MASTER AGREEMENT 
 dated as of
                     

between 

                      
       (“Party A”) 
 and  

[Volkswagen Auto Lease Trust 200[ ]-[ ]] (“Party B”)  

[Volkswagen Auto Loan Enhanced Trust 200[ ]-[ ]]  
 This Annex supplements, forms part of, and is subject to, the ISDA Master Agreement referred to above (this “Agreement”), is part of its Schedule and is a Credit Support Document under this
Agreement with respect to Party A. 
 Accordingly, the parties agree as follows: 

Paragraphs 1—12. Incorporation 
 Paragraphs 1 through 12 inclusive of the ISDA Credit Support Annex (Bilateral Form) (ISDA Agreements Subject to New York Law Only) published in 1994 by the International Swaps and Derivatives Association,
Inc. are incorporated herein by reference and made a part hereof: 
 Paragraph 13. Elections and Variables 

 

	(a)	Security Interest for “Obligations”. The term “Obligations” as used in this Annex includes no additional
obligations of Secured Party and, for purposes of the definition of Obligations in Paragraph 12, includes no additional obligations of Pledgor. 

  

	(b)	Credit Support Obligations. 

  

	 	(i)	Delivery Amount, Return Amount and Credit Support Amount. 

  

	 	(A)	“Delivery Amount” has the meaning specified in Paragraph 3(a). 

 

	 	(B)	“Return Amount” has the meaning specified in Paragraph 3(b). 

	 	(C)	“Credit Support Amount” means, for any Valuation Date, an amount equal to (x) the Amount required under Paragraph 13(p) (in the case of a
Downgrade Termination Event relating to an action taken by S&P); or (y) Party B’s Exposure under the Agreement to which this Annex relates (in the case of a Downgrade Termination Event relating to an action taken by Moody’s or in
the case of a Moody’s Creditwatch Event), in each case as calculated on a monthly basis by the Valuation Agent. The Credit Support Amount shall be calculated by reference to the provisions set forth in this Annex which would result in Party A
transferring the greatest amount of Eligible Credit Support to Party B. 

  

	 	(ii)	Eligible Collateral. The following items will qualify as “Eligible Collateral”: 

 

									
	 	 	 	  	Valuation	  	 	 	 
	 	 	 	  	Percentage:*	  	Moody’s	 	S&P
	 (A)
	 	Cash: US Dollars in depository account form.	  		  	[    ]%	 	[    ]%
					
	 (B)
	 	U.S. Treasury Securities: negotiable debt obligations issued by the U.S. Treasury Department (“Treasuries”) having a remaining maturity of up to and not more
than 1 year.	  		  	[    ]%	 	[    ]%
					
	 (C)
	 	Treasuries having a remaining maturity of greater than 1 year but not more than 5 years.	  		  	[    ]%	 	[    ]%
					
	 (D)
	 	Treasuries having a remaining maturity of greater than 5 years but not more than 10 years.	  		  	[    ]%	 	[    ]%
					
	 (E)
	 	Treasuries having a remaining maturity of greater than 10 years but not more than 20 years.	  		  	[    ]%	 	[    ]%
					
	 (F)
	 	Treasuries having a remaining maturity of greater than 20 years but not more than 30 years.	  		  	[    ]%	 	[    ]%
					
	 (G)
	 	Agency Securities: negotiable debt obligations of the Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC), Federal Home Loan Banks
(FHLB), Federal Farm Credit Banks (FFCB), Student Loan Marketing Association (SLMA), Tennessee Valley Authority (TVA) (collectively, “Agency Securities”) having a remaining maturity of not more than 1 year.	  		  	[    ]%	 	[    ]%

  
 2 

													
	 	 	 	  	Valuation	  	 	 	 	 	 
	 	 	 	  	Percentage:*	  	Moody’s	 	 	S&P	 
	 (H)
	 	Agency Securities having a remaining maturity of greater than 1 year but not more than 5 years.	  		  	 	[    ]%	  	 	 	[    ]%	  
					
	 (I)
	 	Agency Securities having a remaining maturity of greater than 5 years but not more than 10 years.	  		  	 	[    ]%	  	 	 	[    ]%	  
					
	 (J)
	 	Agency Securities having a remaining maturity of greater than 10 years but not more than 20 years.	  		  	 	[    ]%	  	 	 	[    ]%	  
					
	 (K)
	 	Agency Securities having a remaining maturity of greater than 20 years but not more than 30 years.	  		  	 	[    ]%	  	 	 	[    ]%	  
					
	 (L)
	 	FHLMC Certificates. Mortgage participation certificates issued by FHLMC evidencing undivided interests or participations in pools of first lien conventional or FHA/VA
residential mortgages or deeds of trust, guaranteed by FHLMC, and having a remaining maturity of not more than 30 years.	  		  	 	[    ]%	  	 	 	[    ]%	  
					
	 (M)
	 	FNMA Certificates. Mortgage-backed pass-through certificates issued by FNMA evidencing undivided interests in pools of first lien mortgages or deeds of trust on
residential properties, guaranteed by FNMA, having a remaining maturity of not more than 30 years.	  		  	 	[    ]%	  	 	 	[    ]%	  
					
	 (N)
	 	GNMA Certificates. Mortgage-backed pass-through certificates issued by private entities, evidencing undivided interests in pools of first lien mortgages or deeds of trust
on single family residences, guaranteed by the Government National Mortgage Association (GNMA) with the full faith and credit of the United States, and having a remaining maturity of not more than 30 years.	  		  	 	[    ]%	  	 	 	[    ]%	  
					
	 (O)
	 	Commercial Paper. Commercial Paper with a rating of at least P-1 by Moody’s, at least F-1 by Fitch and at least A-1+ by S&P and having a remaining maturity of not
more than 30 days.	  		  	 	[    ]%	  	 	 	[    ]%	  
					
	 (P)
	 	Other. Other items of Credit Support approved by each applicable rating agency with such valuation percentages as determined by each applicable rating agency.	  		  	 
 	% to be
determined	  
  	 	 
 	% to be
determined	  
  

  
 3 

  

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

  

	 	(iii)	Other Eligible Support. Not applicable. 

  

	 	(iv)	Thresholds. 

  

	 	(A)	“Independent Amount” means for Pledgor: zero. 

 “Independent Amount” means for Secured Party: zero 
  

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

  

	 	(C)	“Minimum Transfer Amount” is $         for any Delivery Amount of Pledgor, unless the Pledgor is
a Defaulting Party, in which case it is zero, and $         for any Return Amount of the Secured Party, unless the Secured Party is a Defaulting Party, in which case it is zero.

  

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

  

	(c)	Valuation and Timing. 

  

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

  

	 	(ii)	“Valuation Date” means the first Local Business Day of each week. 

 

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

 

	 	(iv)	“Notification Time” means 11:00 a.m., New York time, on a Local Business Day. 

 

	(d)	Conditions Precedent and Secured Party’s Rights and Remedies. No Specified Conditions apply. 

  
 4 

	(e)	Substitution. 

  

	 	(i)	“Substitution Date” has the meaning specified in Paragraph 4(d)(ii). 

 

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

  

	(f)	Dispute Resolution. 

  

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

  

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

  

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

  

	(g)	Holding and Using Posted Collateral. 

  

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

  

	 	(ii)	Use of Posted Collateral. The provisions of Paragraph 6(c) will not apply to Secured Party and without prejudice to Secured Party’s rights under
Paragraph 8 of the Credit Support Annex, Secured Party will not take any action specified in such Section 6(c). 

  
 5 

	(h)	Interest Amount. 

  

	 	(i)	Interest Rate. The “Interest Rate” means, for any day, the rate set forth for that day opposite the caption “Federal Funds
(Effective)” in the weekly statistical 

 release designated “H.15(519)”, or any successor
publication, published by the Board of Governors of the Federal Reserve System. 
  

	 	(ii)	Transfer of Interest Amount. The Transfer of the Interest Amount, if any, will be made on the first Local Business Day of each calendar month and
on any Local Business Day that Posted Collateral in the form of Cash is Transferred to the Pledgor pursuant to Paragraph 3(b). Any Interest Amount paid by Party B to Party A hereunder with respect to cash collateral posted by Party A shall not
exceed the actual amount of interest received by Party B with respect thereto. 

  

	 	(iii)	Alternative to Interest Amount. The provisions of Paragraph 6(d)(ii) will apply. 

 

	(i)	Additional Representation(s). Not applicable. 

  

	(j)	Other Eligible Support and Other Posted Support. Not applicable. 

 

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

 To Pledgor:

 To Secured Party: 
  

	(l)	Addresses for Transfers. 

  

	(i)	For each Transfer hereunder to Pledgor: 

  

	 	(ii)	For each Transfer hereunder to Secured Party: 

  

	(m)	Agreement as to Single Secured Party and Pledgor. Party A and Party B agree that, notwithstanding anything to the contrary in the recital of this Annex,
Paragraph 1(b) or Paragraph 2 of the definitions in Paragraph 12, (a) the term “Secured Party” as used in this Annex means only Party B, (b) the term “Pledgor” as used in this Annex means only Party A,
(c) only Party A makes the pledge and grant in Paragraph 2, the acknowledgment in the final sentence of Paragraph 8(a) and the representations in Paragraph 9, (d) only Party A shall be required to post Eligible Credit Support
hereunder and (e) the Events of Default set forth in Paragraph 7(i) will not apply to Party B. Party A also agrees that it shall pay all costs of transferring Eligible Credit Support required to be delivered by Party A hereunder.

  

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

  
 6 

	(o)	Elimination of Demand Requirements. The parties agree that the phrase “upon a demand made by the Secured Party” shall be deleted from Paragraph 3(a) of
this Credit Support Annex. 

  

	(p)	S&P Credit Support Amount. With respect to a Party A Downgrade relating to an action taken by S&P, the “Credit Support Amount” shall
mean with respect to a Pledgor on a Valuation Date the sum of : 

  

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

  

	 	(ii)	VB 

 Where: 

“MTM” means Secured Party’s Exposure; 
 “VB” means the Notional Amount (as defined in the Confirmation for each outstanding Transaction under this Agreement) times the relevant percentage set out in Table A below: 

TABLE A 

Volatility Buffer 
  

							
	 	  	 	 	Less than 10 years,	 	 
	 	  	 	 	but more than 5	 	Greater than 10
	 	  	Less than 5 years	 	years to	 	years to
	 	  	to Termination Date	 	Termination Date of	 	Termination Date of
	 Counterparty
	  	of the Transaction.	 	the Transaction.	 	the Transaction.
	The rating by S&P of Party A’s long-term unsecured, unsubordinated obligations is at least equal to “A-2”	  	[    ]%	 	[    ]%	 	[    ]%
				
	The rating by S&P of Party A’s long-term unsecured, unsubordinated obligations is equal to “A-3”	  	[    ]%	 	[    ]%	 	[    ]%
				
	The rating by S&P of Party A’s long-term unsecured, unsubordinated obligations is equal to or less than “BB+”	  	[    ]%	 	[    ]%	 	[    ]%

  
 7 

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

  
 8 

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

  

			
	  

		
	By:	 	  

		 	Name:
		 	Title:
	  

		
	By:	 	  

		 	Name:
		 	Title:

  
 9 

 SWAP TRANSACTION CONFIRMATION 

 

							
	Date:	  	                    ,
200[    ]	  	
		
	To:	  	[Volkswagen Auto Loan Enhanced Trust 200[ ]-[ ]]
		  	[Volkswagen Auto Lease Trust 200[    ]-[    ]] (“Party B”)
		  	c/o                     , as Owner Trustee	  	
			
		  	Attention:
                                	  	
		  	Telephone:
                                	  	
		  	Facsimile:
                                	  	
			
		  	                           
      (“Party A”)	  	
			
	From:	  	  
	  	
				
	Ref. No.	  	  
	  		  	

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

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

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

 

			
	 Transaction Type:
	  	Interest Rate Swap
		
	 Currency for Payments:
	  	U.S. Dollars
		
	 Notional Amount:
	  	For the Initial Calculation Period, the Notional Amount shall be equal to USD
                . For each subsequent Calculation Period, the Notional Amount shall be equal to the aggregate Note Balance of the Class
         Notes on the first day of such Calculation Period. With respect to any Payment Date, the aggregate Note Balance of the Class          Notes will
be determined using the Servicer Certificate issued on the Determination Date immediately preceding the Payment Date (giving effect to any reductions of the Note Balance of the Class          Notes
reflected in such Servicer Certificate).
		
	 Initial Calculation Period:
	  	                    , 200[    ] to but
excluding , 200    .
		
	 Term:
	  	
	 Trade Date:
	  	                    ,
200[    ]
	 Effective Date:
	  	                    ,
200[    ]
	 Termination Date:
	  	The earlier of (i) [insert legal final maturity date of the Class          Notes] and (ii) the date on which the
Note Balance of the Class          Notes is reduced to zero.
		
	 Fixed Amounts:
	  	
	 Fixed Rate Payer:
	  	Party B
	 Calculation Period End Dates:
	  	Monthly on the                      of each month, commencing
                    , 200[    ], through and including the Termination Date; No Adjustment.
	 Payment Dates:
	  	Monthly on the [20th] of each month, commencing                     , 200[    ], through
and including the Termination Date.
	 Business Day Convention:
	  	Following
	 Business Day:
	  	[London,] New York, Delaware, Illinois and Michigan
	 Fixed Rate:
	  	    %
	 Fixed Rate Day Count Basis:
	  	30/360
		
	 Floating Amounts:
	  	

					
	 Floating Rate Payer:
	  	Party A
	 Calculation Period End Dates:
	  	Monthly on the              of each month, commencing
                    , 200[    ], through and including the Termination Date, subject to adjustment in accordance
with the Following Business Day Convention.
	 Payment Dates:
	  	Monthly on the [20th] of each month, commencing                     , 200[    ], through
and including the Termination Date.
			
	 Business Day Convention:
	  		  	
	 Business Day:
	  	Following	  	
		
	 For Payment Dates:
	  	[London,] New York, Delaware, Illinois and Michigan
	 For Reset Dates:
	  	London	  	
		
	 Floating Rate Option:
	  	USD-LIBOR-BBA
	 Designated Maturity:
	  	1 Month	  	
	 Spread:
	  	  
	  	
	 Floating Rate Day Count:
	  	  
	  	
	 Basis:
	  		  	
	 Reset Dates:
	  	Actual/360	  	
	 Compounding:
	  	 The first day of each Calculation Period.
 Inapplicable

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

 

			
	Calculation Agent:	  	Party [B]
		
	Payments to Party A:	  	
		
	Payments to Party B:	  	

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

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

			
	Very truly yours,
	  

		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Accepted and confirmed as of the date first above written:
	
	[VOLKSWAGEN AUTO LEASE TRUST 200[ ]-[ ]]
[VOLKSWAGEN AUTO LOAN ENHANCED TRUST 200[ ]-[ ]]
		
	By:	 	[Owner Trustee]
		
	By:	 	  

		 	Name:
		 	Title:

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