Document:

EX-10.8

Table of Contents

 Exhibit 10.8 

VOLKSWAGEN AUTO LEASE TRUST 20[    ]-[    ] 

AMENDED AND RESTATED TRUST AGREEMENT 

between 
 VOLKSWAGEN
AUTO LEASE/LOAN UNDERWRITTEN FUNDING, LLC, 
 as the Transferor 

and 

[    ], 

as the Owner Trustee 

Dated as of [    ], [    ] 

 

Table of Contents

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	 
	 SECTION 1.1. Capitalized Terms
	  	 	1	 
	 SECTION 1.2. Other Interpretive Provisions
	  	 	1	 
		
	 ARTICLE II ORGANIZATION
	  	 	2	 
	 SECTION 2.1. Name
	  	 	2	 
	 SECTION 2.2. Office
	  	 	2	 
	 SECTION 2.3. Purposes and Powers
	  	 	2	 
	 SECTION 2.4. Appointment of the Owner Trustee
	  	 	3	 
	 SECTION 2.5. Initial Capital Contribution of Trust Estate
	  	 	3	 
	 SECTION 2.6. Declaration of Trust
	  	 	3	 
	 SECTION 2.7. Organizational Expenses; Liabilities of the Holders
	  	 	3	 
	 SECTION 2.8. Title to the Trust Estate
	  	 	3	 
	 SECTION 2.9. Representations and Warranties of the Transferor
	  	 	4	 
	 SECTION 2.10. Situs of Issuer
	  	 	4	 
		
	 ARTICLE III CERTIFICATE AND TRANSFER OF CERTIFICATE
	  	 	5	 
	 SECTION 3.1. Initial Ownership
	  	 	5	 
	 SECTION 3.2. Authentication of Certificate
	  	 	5	 
	 SECTION 3.3. Form of the Certificate
	  	 	5	 
	 SECTION 3.4. Registration of Certificates
	  	 	5	 
	 SECTION 3.5. Transfer of Certificate
	  	 	5	 
	 SECTION 3.6. Lost, Stolen, Mutilated or Destroyed Certificates
	  	 	7	 
		
	 ARTICLE IV ACTIONS BY OWNER TRUSTEE
	  	 	7	 
	 SECTION 4.1. Prior Notice to Certificateholder with Respect to Certain Matters
	  	 	7	 
	 SECTION 4.2. Action by Certificateholder with Respect to Certain Matters
	  	 	8	 
	 SECTION 4.3. Action by Certificateholder with Respect to Bankruptcy
	  	 	8	 
	 SECTION 4.4. Restrictions on Certificateholder’s Power
	  	 	8	 
	 SECTION 4.5. Majority Control
	  	 	8	 
		
	 ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	  	 	8	 
	 SECTION 5.1. Application of Trust Funds
	  	 	8	 
	 SECTION 5.2. Method of Payment
	  	 	9	 
	 SECTION 5.3. Sarbanes-Oxley Act
	  	 	9	 
	 SECTION 5.4. Signature on Returns
	  	 	9	 
		
	 ARTICLE VI AUTHORITY AND DUTIES OF OWNER TRUSTEE
	  	 	9	 
	 SECTION 6.1. General Authority
	  	 	9	 
	 SECTION 6.2. General Duties
	  	 	9	 
	 SECTION 6.3. Action upon Instruction
	  	 	10	 
	 SECTION 6.4. No Duties Except as Specified in this Agreement or in Instructions
	  	 	11	 
	 SECTION 6.5. No Action Except under Specified Documents or Instructions
	  	 	11	 
	 SECTION 6.6. Restrictions
	  	 	11	 
		
	 ARTICLE VII CONCERNING THE OWNER TRUSTEE
	  	 	11	 
	 SECTION 7.1. Acceptance of Trusts and Duties
	  	 	11	 
	 SECTION 7.2. Furnishing of Documents
	  	 	12	 

  
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 TABLE OF CONTENTS 

(continued) 
  

					
	 	  	Page	 
	 SECTION 7.3. Representations and Warranties
	  	 	12	 
	 SECTION 7.4. Reliance; Advice of Counsel
	  	 	12	 
	 SECTION 7.5. Not Acting in Individual Capacity
	  	 	13	 
	 SECTION 7.6. The Owner Trustee May Own Notes
	  	 	13	 
	 SECTION 7.7. FATCA Withholding
	  	 	13	 
		
	 ARTICLE VIII COMPENSATION AND INDEMNIFICATION OF THE OWNER TRUSTEE
	  	 	13	 
	 SECTION 8.1. The Owner Trustee’s Fees and Expenses
	  	 	13	 
	 SECTION 8.2. Indemnification
	  	 	14	 
	 SECTION 8.3. Payments to the Owner Trustee
	  	 	14	 
	 SECTION 8.4. Survival of Article VIII
	  	 	14	 
		
	 ARTICLE IX TERMINATION OF TRUST AGREEMENT
	  	 	14	 
	 SECTION 9.1. Termination of Trust Agreement
	  	 	14	 
	 SECTION 9.2. Dissolution of the Issuer
	  	 	15	 
	 SECTION 9.3. Limitations on Termination
	  	 	15	 
	 SECTION 9.4. Purchase of the Transaction SUBI Certificate
	  	 	15	 
		
	 ARTICLE X SUCCESSOR OWNER TRUSTEE AND ADDITIONAL TRUSTEE
	  	 	15	 
	 SECTION 10.1. Eligibility Requirements for the Owner Trustee
	  	 	15	 
	 SECTION 10.2. Resignation or Removal of the Owner Trustee
	  	 	16	 
	 SECTION 10.3. Successor Owner Trustee
	  	 	16	 
	 SECTION 10.4. Merger or Consolidation of the Owner Trustee
	  	 	17	 
	 SECTION 10.5. Appointment of Co-Trustee or Separate
Trustee
	  	 	17	 
		
	 ARTICLE XI MISCELLANEOUS
	  	 	18	 
	 SECTION 11.1. Supplements and Amendments
	  	 	18	 
	 SECTION 11.2. No Legal Title to Trust Estate in Certificateholder
	  	 	19	 
	 SECTION 11.3. Limitations on Rights of Others
	  	 	19	 
	 SECTION 11.4. Notices
	  	 	20	 
	 SECTION 11.5. Severability
	  	 	20	 
	 SECTION 11.6. Separate Counterparts
	  	 	20	 
	 SECTION 11.7. Successors and Assigns
	  	 	20	 
	 SECTION 11.8. No Petition
	  	 	20	 
	 SECTION 11.9. Headings
	  	 	21	 
	 SECTION 11.10. GOVERNING LAW
	  	 	21	 
	 SECTION 11.11. Each SUBI Separate; Assignees of SUBI
	  	 	21	 
	 SECTION 11.12. Waiver of Jury Trial
	  	 	22	 
	 SECTION 11.13. Information Requests
	  	 	22	 
	 SECTION 11.14. Form 10-D and Form 10-K Filings
	  	 	22	 
	 SECTION 11.15. Form 8-K Filings
	  	 	22	 
	 SECTION 11.16. Indemnification
	  	 	22	 
	 SECTION 11.17. Information to Be Provided by the Owner Trustee
	  	 	23	 

 EXHIBIT A – Form of Certificate 

  
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Table of Contents

 AMENDED AND RESTATED TRUST AGREEMENT 

This AMENDED AND RESTATED TRUST AGREEMENT is made as of [    ], [    ] (as from time to time
amended, supplemented or otherwise modified and in effect, this “Agreement”) between VOLKSWAGEN AUTO LEASE/LOAN UNDERWRITTEN FUNDING, LLC, a Delaware limited liability company, as the depositor (the
“Transferor”), and [ ], a [Delaware banking corporation], as the owner trustee (the “Owner Trustee”). 

RECITALS 
 WHEREAS, the
Transferor and the Owner Trustee entered into that certain Trust Agreement dated as of [_______] (the “Initial Trust Agreement”) pursuant to which the Issuer (as defined below) was created, and 

WHEREAS, in connection with the issuance of the Notes, the parties have agreed to amend and restate the Initial Trust Agreement, and 

NOW THEREFORE, IN CONSIDERATION, of the mutual agreements herein contained, and of other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties agree as follows: 
 ARTICLE I 

DEFINITIONS 
 SECTION 1.1.
Capitalized Terms. Unless otherwise indicated, capitalized terms used in this Agreement are defined in Appendix A to the Indenture, dated as of the date hereof (as the same may be amended, modified or supplemented from time to time, the
“Indenture”), between the Issuer (as defined below) and [ ], as indenture trustee (the “Indenture Trustee”). 

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

Table of Contents

 ARTICLE II 

ORGANIZATION 
 SECTION 2.1.
Name. The trust created under the Initial Trust Agreement dated as of [    ], [    ] and by the filing of the certificate of trust pursuant to the Statutory Trust Act and continued hereby shall be known
as “Volkswagen Auto Lease Trust 20[    ]-[    ]” (the “Issuer”), in which name the Owner Trustee may conduct the business of such trust, make and execute contracts and other
instruments on behalf of such trust and sue and be sued. 
 SECTION 2.2. Office. The office of the Issuer shall be in care of the
Owner Trustee at the Corporate Trust Office or at such other address as the Owner Trustee may designate by written notice to the Certificateholder, the Transferor and the Administrator. 

SECTION 2.3. Purposes and Powers. The purpose of the Issuer is, and the Issuer shall have the power and authority, to engage in the
following activities: 
 (a) to issue the Notes pursuant to the Indenture and the Certificate pursuant to this Agreement, and
to sell, transfer and exchange the Notes and the Certificate and to pay interest on and principal of the Notes and distributions on the Certificate; 

(b) to acquire the property and assets set forth in the SUBI Transfer Agreement from the Transferor pursuant to the terms
thereof, to make deposits to and withdrawals from the Collection Account, the Principal Distribution Account and the Reserve Account and to pay the organizational, start-up and transactional expenses of the
Issuer; 
 (c) to assign, Grant, transfer, pledge, mortgage and convey the Trust Estate pursuant to the Indenture and to
hold, manage and distribute to the Certificateholder any portion of the Trust Estate released from the lien of, and remitted to the Issuer pursuant to, the Indenture; 

(d) to enter into and perform its obligations under the Transaction Documents to which it is a party; 

(e) to engage in other activities, including entering into agreements, that are necessary, suitable or convenient to accomplish
the foregoing or are incidental thereto or connected therewith; and 
 (f) subject to compliance with the Transaction
Documents, to engage in such other activities as may be required in connection with conservation of the Trust Estate and the making of distributions to the Certificateholder and the Noteholders. 

  
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 The Owner Trustee is hereby authorized to engage in the foregoing activities on behalf of the Issuer. Neither the
Issuer nor the Owner Trustee on behalf of the Issuer shall engage in any activity other than in connection with the foregoing or other than as required or authorized by the terms of this Agreement, the other Transaction Documents or the Statutory
Trust Act. 
 SECTION 2.4. Appointment of the Owner Trustee. The Transferor hereby appoints the Owner Trustee as trustee of the
Issuer effective as of the date hereof, to have all the rights, powers and duties set forth herein and under the Statutory Trust Act. 

SECTION 2.5. Initial Capital Contribution of Trust Estate. As of the date of the Initial Trust Agreement, the Transferor sold,
assigned, transferred, conveyed and set over to the Owner Trustee the sum of $1. The Owner Trustee hereby acknowledges receipt in trust from the Transferor, as of such date, of the foregoing contribution, which shall constitute the initial Trust
Estate and shall be deposited by the Transferor in the Collection Account. 
 SECTION 2.6. Declaration of Trust. The Owner Trustee
hereby declares that it will hold the Trust Estate in trust upon and subject to the conditions set forth herein for the use and benefit of the Certificateholder, subject to the obligations of the Issuer under the Transaction Documents and under the
Statutory Trust Act. It is the intention of the parties hereto that the Issuer constitute a statutory trust under the Statutory Trust Act and that this Agreement constitute the governing instrument of such statutory trust. It is the intention of the
parties hereto that, solely for federal income and state and local income, franchise and value added tax purposes, so long as there is a single beneficial owner of the Certificate, the Issuer will be disregarded as an entity separate from such
beneficial owner and the Notes will be characterized as debt. The parties agree that, unless otherwise required by appropriate tax authorities, the Issuer will not file or cause to be filed annual or other necessary returns, reports and other forms
consistent with the characterization of the Issuer as an entity separate from its beneficial owner. In the event that the Issuer is deemed to have more than one beneficial owner for federal income tax purposes, the Issuer will file returns, reports
and other forms consistent with the characterization of the Issuer as a partnership, and this Agreement shall be amended to include such provisions as may be required under Subchapter K of the Internal Revenue Code of 1986, as amended. Effective as
of the date hereof, the Owner Trustee shall have all rights, powers and duties set forth herein and in the Statutory Trust Act with respect to accomplishing the purposes of the Issuer. The Owner Trustee filed the Certificate of Trust with the
Secretary of State of the State of Delaware as required by Section 3810(a) of the Statutory Trust Act. Notwithstanding anything herein or in the Statutory Trust Act to the contrary, it is the intention of the parties hereto that the Issuer
constitute a “business trust” within the meaning of Section 101(9)(A)(v) of the Bankruptcy Code. 
 SECTION 2.7.
Organizational Expenses; Liabilities of the Holders. 
 (a) The Administrator shall pay organizational expenses of the
Issuer as they may arise. 
 (b) No Certificateholder (including the Transferor) shall have any personal liability for any
liability or obligation of the Issuer. 
 SECTION 2.8. Title to the Trust Estate. Legal title to all the Trust Estate shall be vested
at all times in the Issuer as a separate legal entity. 

  
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 SECTION 2.9. Representations and Warranties of the Transferor. The Transferor hereby
represents and warrants to the Owner Trustee that, as of the date hereof: 
 (a) Organization and Power. The
Transferor is a limited liability company 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 Transferor 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 Transferor, taken as a whole. 

(b) Authorization and No Contravention. The execution, delivery and performance by the Transferor of each Transaction
Document to which it is a party (i) have been duly authorized by all necessary limited liability company action and (ii) do not 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 Transferor. 
 (c) 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 Transferor 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. 
 (d) Binding Effect. Each Transaction
Document to which the Transferor is a party constitutes the legal, valid and binding obligation of the Transferor enforceable against the Transferor 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. 

(e) No Proceedings. There is no action, suit, proceeding or investigation pending or, to the knowledge of the
Transferor, threatened against the Transferor 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 Transferor, or in any
material impairment of the right or ability of the Transferor to carry on its business substantially as now conducted, or in any material liability on the part of the Transferor, or which would render invalid this Agreement or the Transaction Units
or the obligations of the Transferor contemplated herein, or which would materially impair the ability of the Transferor to perform under the terms of this Agreement or any other Transaction Document. 

SECTION 2.10. Situs of Issuer. The Issuer shall be located in the State of Delaware (it being understood that the Issuer may have bank
accounts located and maintained outside of Delaware). 

  
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 ARTICLE III 

CERTIFICATE AND TRANSFER OF CERTIFICATE 

SECTION 3.1. Initial Ownership. Upon the formation of the Issuer and until the issuance of the Certificate, the Transferor shall be the
sole beneficiary of the Issuer; and upon the issuance of the Certificate, the Transferor will no longer be a beneficiary of the Issuer, except to the extent that the Transferor is the Certificateholder. 

SECTION 3.2. Authentication of Certificate. Concurrently with the sale of the Transaction SUBI and the Transaction SUBI Certificate to
the Issuer pursuant to the SUBI Transfer Agreement, the Owner Trustee shall cause the Certificate to be executed on behalf of the Issuer, authenticated and delivered to or upon the written order of the Transferor, signed by its chairman of the
board, its president, its chief financial officer, its chief accounting officer, any vice president, its secretary, any assistant secretary, its treasurer or any assistant treasurer, without further corporate action by the Transferor. The
Certificate shall represent 100% of the beneficial interest in the Issuer and shall be fully-paid and nonassessable. 
 SECTION 3.3. Form
of the Certificate. The Certificate, upon issuance, will be issued in the form of a typewritten Certificate, substantially in the form of Exhibit A hereto, representing a definitive Certificate and shall be registered in the name of
“Volkswagen Auto Lease/Loan Underwritten Funding, LLC” as the initial registered owner thereof. The Owner Trustee shall execute and authenticate, or cause to be authenticated, the definitive Certificate in accordance with the instructions
of the Transferor. 
 SECTION 3.4. Registration of Certificates. The Owner Trustee shall maintain at its office referred to in
Section 2.2, or at the office of any agent appointed by it, a register for the registration and transfer of the Certificate. 

SECTION 3.5. Transfer of Certificate. (a) The Certificateholder may assign, convey or otherwise transfer all or any of its
right, title and interest in the Certificate; provided, that (i) the Owner Trustee and the Issuer receive an Opinion of Counsel (at no cost or expense to the Owner Trustee) stating that, in the opinion of such counsel, such transfer will
not cause the Issuer to be treated as a publicly traded partnership for federal income tax purposes, (ii) the Certificate (or any interest therein) may not be acquired by or for the account of or with the assets of a Benefit Plan or any other
employee benefit plan that is subject to a law that is substantially similar to Title I of ERISA or Section 4975 of the Code and (iii) the Certificate (or any interest therein) may not be acquired by or for the account of (x) any
person which is not a United States person under the Code or (y) any person considered a partnership for United States Federal income tax purposes unless all of its partners for such purposes are United States persons under the Code;
provided that the condition set forth in (i) above will not apply to a transfer of 100% of the Certificate or Certificates to an Affiliate of the Transferor or its designated nominee if such Affiliate certifies in writing to the
Owner Trustee that it is a C Corporation for U.S. federal income tax purposes (within the meaning of Section 1361(a)(2) of the Code). By accepting and holding the Certificate (or any interest therein), the Holder thereof shall be deemed to have
represented and warranted that it is not a Benefit Plan or any other employee benefit plan that is subject to a law that is substantially similar to Title I of ERISA or Section 4975 of the 

  
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Code and is not purchasing the Certificate (or any interest therein) on behalf of a Benefit Plan or any other employee benefit plan that is subject to a law that is substantially similar to Title
I of ERISA or Section 4975 of the Code. By accepting and holding the Certificate (or any interest therein) the Holder shall be deemed to have represented and warranted that clause (iii) of the first sentence hereof above is satisfied.
Subject to the transfer restrictions contained herein and in the Certificate, the Certificateholder may transfer all or any portion of the beneficial interest in the Issuer evidenced by such Certificate upon surrender thereof to the Owner Trustee
accompanied by the documents required by this Section. Such transfer may be made by the registered Certificateholder in person or by his attorney duly authorized in writing upon surrender of the Certificate to the Owner Trustee accompanied by a
written instrument of transfer and with such signature guarantees and evidence of authority of the Persons signing the instrument of transfer as the Owner Trustee may reasonably require. Promptly upon the receipt of such documents and receipt by the
Owner Trustee of the transferor’s Certificate, the Owner Trustee shall record the name of such transferee as a Certificateholder and its percentage of beneficial interest in the Issuer in the Certificate register and issue, execute and deliver
to such Certificateholder a Certificate evidencing such beneficial interest in the Issuer. In the event a transferor transfers only a portion of its beneficial interest in the Issuer, the Owner Trustee shall register and issue to such transferor a
new Certificate evidencing such transferor’s new percentage of beneficial interest in the Issuer. Subsequent to a transfer and upon the issuance of the new Certificate or Certificates, the Owner Trustee shall cancel and destroy the Certificate
surrendered to it in connection with such transfer. The Owner Trustee may treat the Person in whose name any Certificate is registered as the sole owner of the beneficial interest in the Issuer evidenced by such Certificate. 

(b) As a condition precedent to any registration of transfer under this Section 3.5, the Owner Trustee may require
the payment of a sum sufficient to cover the payment of any tax or taxes or other governmental charges required to be paid in connection with such transfer. 

(c) The Owner Trustee shall not be obligated to register any transfer of a Certificate unless each of the transferor and the
transferee have certified to the Owner Trustee that such transfer does not violate any of the transfer restrictions stated herein. The Owner Trustee shall not be liable to any Person for registering any transfer based on such certifications. 

(d) No transfer (or purported transfer) of all or any part of a Certificateholder’s interest (or any economic interest
therein), whether to another Certificateholder or to a Person who is not a Certificateholder, shall be effective, and any such transfer (or purported transfer) shall be void ab initio, and no Person shall otherwise become a Certificateholder if,
after such transfer (or purported transfer), the Issuer would have more than 95 Certificateholders. For purposes of determining whether the Issuer will have more than 95 Certificateholders, each Person indirectly owning an interest through a
partnership (including any entity treated as a partnership for federal income tax purposes), a grantor trust or an S corporation (or a disregarded entity the single owner of which is any of the foregoing) (each such entity, a “flow-through
entity”) shall be treated as a Certificateholder unless the Transferor determines in its sole and absolute discretion, after consulting with qualified tax counsel, that less than substantially all of the value of the beneficial owner’s
interest in the flow-through entity is attributable to the flow-through entity’s interest (direct or indirect) in the Issuer. 

  
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 (e) No transfer shall be permitted if the same is effected through an established
securities market or secondary market (or the substantial equivalent thereof) within the meaning of Section 7704 of the Code or would make the Issuer ineligible for “safe harbor” treatment under Section 7704 of the Code. 

(f) With respect to paragraphs (d) and (e) of this Section 3.5, the Owner Trustee is entitled to receive and
may conclusively rely on certifications from the Transferor or a Certificateholder stating that the restrictions set forth in paragraphs (d) and (e) would not be applicable in connection with any transfer. 

SECTION 3.6. Lost, Stolen, Mutilated or Destroyed Certificates. If (i) any mutilated Certificate is surrendered to the
Owner Trustee, or (ii) the Owner Trustee receives evidence to its satisfaction that any Certificate has been destroyed, lost or stolen, and upon proof of ownership satisfactory to the Owner Trustee together with such security or indemnity as
may be requested by the Owner Trustee to save it harmless, the Owner Trustee shall execute and deliver a new Certificate for the same percentage of beneficial interest in the Issuer as the Certificate so mutilated, destroyed, lost or stolen, of like
tenor and bearing a different issue number, with such notations, if any, as the Owner Trustee shall determine. Upon the issuance of any new Certificate under this Section 3.6, the Issuer or Owner Trustee may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of the Certificate and any other reasonable expenses (including the reasonable fees and expenses of the Issuer and the Owner
Trustee) connected therewith. Any duplicate Certificate issued pursuant to this Section 3.6 shall constitute complete and indefeasible evidence of ownership in the Issuer, as if originally issued, whether or not the lost, stolen or
destroyed Certificate shall be found at any time. 
 ARTICLE IV 

ACTIONS BY OWNER TRUSTEE 

SECTION 4.1. Prior Notice to Certificateholder with Respect to Certain Matters. With respect to the following matters, the Owner
Trustee shall not take action unless (i) at least 30 days before the taking of such action, the Owner Trustee shall have notified the Certificateholder in writing of the proposed action (provided that the Certificateholder may waive or
shorten the notice period required under this clause (i) in its sole discretion) and (ii) the Certificateholder shall not have notified the Owner Trustee in writing prior to the 30th day (or such shorter notice period acceptable to the
Certificateholder) after such notice is given that the Certificateholder has withheld consent or provided alternative direction: 

(a) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is
required; 

  
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 (b) the amendment of the Indenture by a supplemental indenture in circumstances
where the consent of any Noteholder is not required and such amendment materially adversely affects the interests of the Certificateholder; 

(c) the amendment, change or modification of the SUBI Transfer Agreement or the Administration Agreement, except to cure any
ambiguity or defect or to amend or supplement any provision in a manner that would not materially adversely affect the interests of the Certificateholder; or 

(d) the appointment pursuant to the Indenture of a successor Indenture Trustee or the consent to the assignment by the Note
Registrar or the Indenture Trustee of its obligations under the Indenture or this Agreement, as applicable. 
 SECTION 4.2. Action by
Certificateholder with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the direction of the Certificateholder, to (a) except as expressly provided in the Transaction Documents, sell the Collateral after
the termination of the Indenture in accordance with its terms, (b) remove the Administrator under the Administration Agreement pursuant to Section 8 thereof or (c) appoint a successor Administrator pursuant to
Section 8 of the Administration Agreement. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Certificateholder. 

SECTION 4.3. Action by Certificateholder with Respect to Bankruptcy. The Owner Trustee shall not have the power to commence a voluntary
Proceeding in bankruptcy relating to the Issuer until one year and one day after the Outstanding Amount of all the Notes has been reduced to zero and without the prior written approval of the Certificateholder and the delivery to the Owner Trustee
by the Certificateholder of a certificate certifying that the Certificateholder reasonably believes that the Issuer is insolvent. 
 SECTION
4.4. Restrictions on Certificateholder’s Power. The Certificateholder shall not direct the Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Issuer
or the Owner Trustee under this Agreement or any of the Transaction Documents or would be contrary to Section 2.3, nor shall the Owner Trustee be obligated to follow any such direction, if given. 

SECTION 4.5. Majority Control. To the extent that there is more than one Certificateholder, any action which may be taken or consent or
instructions which may be given by the Certificateholders under this Agreement may be taken by Certificateholders holding in the aggregate a percentage of the beneficial interest in the Issuer equal to more than 50% of the beneficial interest in the
Issuer at the time of such action. 
 ARTICLE V 

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES 

SECTION 5.1. Application of Trust Funds. Distributions on the Certificate shall be made in accordance with the provisions of the
Indenture. Subject to the lien of the Indenture, the Owner Trustee shall promptly distribute to the Certificateholder all other amounts (if any) 

  
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received by the Issuer or the Owner Trustee in respect of the Trust Estate. After the Indenture has been discharged with respect to the Collateral, the Owner Trustee shall distribute all amounts
received (if any) by the Issuer and the Owner Trustee in respect of the Trust Estate at the direction of the Certificateholder. 
 SECTION
5.2. Method of Payment. Subject to the Indenture, distributions required to be made to the Certificateholder on any Payment Date and all amounts received by the Issuer or the Owner Trustee on any other date that are payable to the
Certificateholder pursuant to this Agreement or any other Transaction Document shall be made to the Certificateholder by wire transfer, in immediately available funds, to the account of the Certificateholder designated by the Certificateholder to
the Owner Trustee and Indenture Trustee in writing. 
 SECTION 5.3. Sarbanes-Oxley Act. Notwithstanding anything to the contrary
herein or in any Transaction Document, the Owner Trustee shall not be required to execute, deliver or certify in accordance with the provisions of the Sarbanes-Oxley Act on behalf of the Issuer or any other Person, any periodic reports filed
pursuant to the Exchange Act, or any other documents pursuant to the Sarbanes-Oxley Act. 
 SECTION 5.4. Signature on Returns.
Subject to Section 2.6, the Certificateholder shall sign on behalf of the Issuer the tax returns of the Issuer, unless applicable law requires the Owner Trustee to sign such documents, in which case such documents shall be signed by the
Owner Trustee at the written direction of the Certificateholder. 
 ARTICLE VI 

AUTHORITY AND DUTIES OF OWNER TRUSTEE 

SECTION 6.1. General Authority. The Owner Trustee is authorized and directed to execute and deliver the Transaction Documents to which
the Issuer is named as a party and each certificate or other document attached as an exhibit to or contemplated by the Transaction Documents to which the Issuer is named as a party and any amendment thereto, in each case, in such form as the
Transferor shall approve, as evidenced conclusively by the Owner Trustee’s execution thereof, to direct the Indenture Trustee to authenticate and deliver Class A-1 Notes in the aggregate principal
amount of $[    ], Class A-2 Notes in the aggregate principal amount of $[    ], Class A-3 Notes in the aggregate
principal amount of $[    ] and Class A-4 Notes in the aggregate principal amount of $[    ] [and Class B Notes in the aggregate principal amount of
$[    ]]. In addition to the foregoing, the Owner Trustee is authorized to take all actions required of the Issuer pursuant to the Transaction Documents. The Owner Trustee is further authorized from time to time to take such
action as the Transferor or the Administrator recommends or directs in writing with respect to the Transaction Documents, except to the extent that this Agreement expressly requires the consent of the Certificateholder for such action, and the Owner
Trustee shall not be liable to any Person for any action or inaction taken pursuant to such direction. 
 SECTION 6.2. General
Duties. It shall be the duty of the Owner Trustee to discharge (or cause to be discharged) all of its responsibilities pursuant to the terms of this Agreement in the interest of the Certificateholder and in accordance with the provisions of this
Agreement. 

  
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Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged its duties and responsibilities hereunder and under the Transaction Documents to the extent the Administrator
has agreed in the Administration Agreement to perform any act or to discharge any duty of the Issuer or the Owner Trustee hereunder or under any Transaction Document, and the Owner Trustee shall not be liable for the default or failure of the
Administrator to carry out its obligations under the Administration Agreement and shall have no duty to monitor the performance of the Administrator or any other Person under the Administration Agreement or any other document. The Owner Trustee
shall have no obligation to administer, service or collect the Transaction Units or the Transaction SUBI or to maintain, monitor or otherwise supervise the administration, servicing or collection of the Transaction Units or the Transaction SUBI. The
Owner Trustee shall not be required to perform any of the obligations of the Issuer under any Transaction Document that are required to be performed by VCI, the Servicer, the Transferor, the Administrator or the Indenture Trustee. 

SECTION 6.3. Action upon Instruction. (a) Subject to Article IV, and in accordance with the Transaction Documents, the
Certificateholder may, by written instruction, direct the Owner Trustee in the management of the Issuer. Such direction may be exercised at any time by written instruction of the Certificateholder pursuant to Article IV. 

(b) The Owner Trustee shall not be required to take any action hereunder or under any Transaction Document if the Owner Trustee
shall have reasonably determined or been advised by counsel that such action is likely to result in liability on the part of the Owner Trustee or is contrary to the terms hereof or of any Transaction Document or is otherwise contrary to law and a
copy of such opinion has been provided to the Transferor and the Administrator. 
 (c) Whenever the Owner Trustee is unable
to decide between alternative courses of action permitted or required by the terms of this Agreement or any Transaction Document or is unsure as to the application of any provision of this Agreement or any Transaction Document or any such provision
is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action
that the Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Certificateholder requesting instruction as to
the course of action to be adopted or application of such provision, and to the extent the Owner Trustee acts or refrains from acting in good faith in accordance with any written instruction of the Certificateholder received, the Owner Trustee shall
not be liable on account of such action or inaction to any Person. If the Owner Trustee shall not have received appropriate instruction within ten days of such notice (or within such shorter period of time as reasonably may be specified in such
notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement or the Transaction Documents, as it shall deem to be in the best interests of
the Certificateholder, and shall have no liability to any Person for such action or inaction. 

  
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 SECTION 6.4. No Duties Except as Specified in this Agreement or in Instructions.
The Owner Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the Trust Estate, or to otherwise take or refrain from taking any action under, or in
connection with, any document contemplated hereby to which the Issuer or the Owner Trustee is a party, except as expressly provided by the terms of this Agreement or in any document or written instruction received by the Owner Trustee pursuant to
Section 6.3; and no implied duties or obligations shall be read into this Agreement or any Transaction Document against the Owner Trustee. The Owner Trustee shall have no responsibility for filing any financing or continuation statement
in any public office at any time or to otherwise perfect or maintain the perfection of any security interest or Adverse Claim granted to it hereunder or to prepare or file any Commission filing for the Issuer or to record this Agreement or any
Transaction Document. To the extent that, at law or in equity, the Owner Trustee has duties (including fiduciary duties) and liabilities relating thereto to the Issuer or the Certificateholders, it is hereby understood and agreed by the other
parties hereto that all such duties and liabilities are replaced by the duties and liabilities of the Owner Trustee expressly set forth in this Agreement and the Statutory Trust Act. The Owner Trustee nevertheless agrees that it will, at its own
cost and expense, promptly take all action as may be necessary to discharge any Adverse Claims on any part of the Trust Estate that result from actions by, or claims against, the Owner Trustee that are not related to the ownership or the
administration of the Trust Estate. 
 SECTION 6.5. No Action Except under Specified Documents or Instructions. The Owner Trustee
shall not manage, control, use, sell, dispose of or otherwise deal with any part of the Trust Estate except (i) in accordance with the powers granted to and the authority conferred upon the Owner Trustee pursuant to this Agreement, (ii) in
accordance with the Transaction Documents and (iii) in accordance with any document or instruction delivered to the Owner Trustee pursuant to Section 6.3. 

SECTION 6.6. Restrictions. The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Issuer
set forth in Section 2.3 or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would (i) affect the treatment of the Notes as indebtedness for federal income, state and local income, franchise and
value added tax purposes, (ii) be deemed to cause a taxable exchange of the Notes for federal income or state income or franchise and value added tax purposes or (iii) cause the Issuer or any portion thereof to be treated as an association
or publicly traded partnership taxable as a corporation for federal income, state and local income or franchise and value added tax purposes. None of the Certificateholder, Transferor or Administrator shall direct the Owner Trustee to take action
that would violate the provisions of this Section. 
 ARTICLE VII 

CONCERNING THE OWNER TRUSTEE 

SECTION 7.1. Acceptance of Trusts and Duties. The Owner Trustee accepts the trusts hereby created and agrees to perform its duties
hereunder with respect to such trusts but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all moneys actually received by it constituting part of the Trust Estate upon the terms of the Transaction Documents and this
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accountable hereunder or under any Transaction Document under any circumstances, except (i) for its own willful misconduct, bad faith or negligence, (ii) in the case of the inaccuracy
of any representation or warranty contained in Section 7.3 expressly made by [ ] in its individual capacity, (iii) for liabilities arising from the failure of the Owner Trustee to perform obligations expressly undertaken by it
in the last sentence of Section 6.4 or (iv) for taxes, fees or other charges on, based on or measured by, any fees, commissions or compensation received by the Owner Trustee. 

SECTION 7.2. Furnishing of Documents. The Owner Trustee shall furnish to the Certificateholder promptly upon receipt of a written
request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee under the Transaction Documents. 

SECTION 7.3. Representations and Warranties. [______] hereby represents and warrants to the Transferor for the benefit of the
Certificateholder, that: 
 (a) It is a [______] duly organized and in good standing under the laws of the State of [______]. It has all
requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement. 
 (b) It has taken all
corporate action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf. 

(c) This Agreement constitutes a legal, valid and binding obligation of the Owner Trustee, enforceable against the Owner Trustee in accordance
with its terms, subject, as to enforceability, to applicable bankruptcy, insolvency, reorganization, conservatorship, receivership, liquidation and other similar laws affecting enforcement of the rights of creditors of banks generally and to
equitable limitations on the availability of specific remedies. 
 (d) Neither the execution nor the delivery by it of this Agreement, nor
the consummation by it of the transactions contemplated hereby nor compliance by it with any of the terms or provisions hereof will contravene any federal or Delaware law, governmental rule or regulation governing the banking or trust powers of the
Owner Trustee or any judgment or order binding on it, or constitute any default under its charter documents or by-laws. 

SECTION 7.4. Reliance; Advice of Counsel. (a) The Owner Trustee shall incur no personal liability to anyone in acting upon any
signature, instrument, notice, resolution, request, consent, order, certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Owner Trustee may
accept a certified copy of a resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force and effect. As to any
fact or matter the method of the determination of which is not specifically prescribed herein, the Owner Trustee may for all purposes hereof rely on a certificate, signed by the president or any vice president or by the treasurer, secretary or other
Authorized Officers of the relevant party, as to such fact or matter, and such certificate shall constitute full protection to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon. 

  
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 (b) In the exercise or administration of the trusts hereunder and in the
performance of its duties and obligations under this Agreement or the Transaction Documents, the Owner Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them, but the Owner Trustee
shall not be personally liable for the conduct or misconduct of such agents, custodians, nominees (including Persons acting under a power of attorney) or attorneys selected with reasonable care and (ii) may consult with counsel, accountants and
other skilled Persons knowledgeable in the relevant area to be selected with reasonable care and employed by it at the expense of the Issuer. The Owner Trustee shall not be personally liable for anything done, suffered or omitted in good faith by it
in accordance with the written opinion or advice of any such counsel, accountants or other such Persons. 
 SECTION 7.5. Not Acting in
Individual Capacity. Except as provided in this Article VII, in accepting the trusts hereby created, the Owner Trustee acts solely a Trustee hereunder and not in its individual capacity and all Persons having any claim against the Owner
Trustee by reason of the transactions contemplated by this Agreement or any Transaction Document shall look only to the Trust Estate for payment or satisfaction thereof. 

SECTION 7.6. The Owner Trustee May Own Notes. The Owner Trustee in its individual or any other capacity may become the owner or pledgee
of Notes. The Owner Trustee may deal with the Transferor, the Indenture Trustee, the Administrator and their respective Affiliates in banking transactions with the same rights as it would have if it were not the Owner Trustee, and the Transferor,
the Indenture Trustee, the Administrator and their respective Affiliates may maintain normal commercial banking relationships with the Owner Trustee and its Affiliates. 

SECTION 7.7. FATCA Withholding. Each Certificateholder or holder of an interest in a Certificate, by acceptance of such Certificate or
such interest therein, agrees to provide to the Owner Trustee the FATCA Information promptly upon request. In addition, each Certificateholder or holder of an interest in a Certificate, by acceptance of such Certificate or such interest therein,
agrees that the Owner Trustee has the right to withhold any amounts (properly withholdable under law and without any corresponding gross-up) payable to a Certificateholder or holder of an interest in a
Certificate that fails to comply with the requirements of the preceding sentence. 
 ARTICLE VIII 

COMPENSATION AND INDEMNIFICATION OF THE OWNER TRUSTEE 

SECTION 8.1. The Owner Trustee’s Fees and Expenses. The Transferor shall cause the Administrator to agree to pay to
the Owner Trustee pursuant to the Administration Agreement from time to time compensation for all services rendered by the Owner Trustee under this Agreement pursuant to a fee letter between the Administrator and the Owner Trustee (which
compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust). The Administrator, pursuant to the Administration Agreement and 

  
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the fee letter between the Administrator and the Owner Trustee, shall reimburse the Owner Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the
Owner Trustee in accordance with any provision of this Agreement (including the reasonable compensation, expenses and disbursements of such agents and counsel as the Owner Trustee may employ in connection with the exercise and performance of its
rights and its duties hereunder), except any such expense that may be attributable to its willful misconduct, gross negligence or bad faith. To the extent not paid by the Administrator, such fees and reasonable expenses shall be paid in accordance
with Sections 5.4 and 8.4 of the Indenture, as applicable. 
 SECTION 8.2. Indemnification. The Transferor shall
cause the Administrator to agree to indemnify the Owner Trustee in its individual capacity and as trustee and its successors, assigns, directors, officers, employees and agents (the “Indemnified Parties”) from and against, any and
all loss, liability, expense, tax, penalty or claim (including reasonable legal fees and expenses) of any kind and nature whatsoever which may at any time be imposed on, incurred by, or asserted against the Owner Trustee in its individual capacity
and as trustee or any Indemnified Party in any way relating to or arising out of this Agreement, the Transaction Documents, the Trust Estate, the administration of the Trust Estate or the action or inaction of the Owner Trustee hereunder;
provided, however, that neither the Transferor nor the Administrator shall be liable for or required to indemnify the Owner Trustee from and against any of the foregoing expenses arising or resulting from (i) the Owner
Trustee’s own willful misconduct, bad faith or gross negligence, (ii) the inaccuracy of any representation or warranty contained in Section 7.3 expressly made by the Owner Trustee in its individual capacity,
(iii) liabilities arising from the failure of the Owner Trustee to perform obligations expressly undertaken by it in the last sentence of Section 6.4 or (iv) taxes, fees or other charges on, based on or measured by, any fees,
commissions or compensation received by the Owner Trustee. 
 SECTION 8.3. Payments to the Owner Trustee. Any amounts paid to the
Owner Trustee pursuant to this Article VIII and the Administration Agreement shall be deemed not to be a part of the Trust Estate immediately after such payment. 

SECTION 8.4. Survival of Article VIII. The provisions of this Article VIII shall survive termination of
this Agreement. 
 ARTICLE IX 

TERMINATION OF TRUST AGREEMENT 

SECTION 9.1. Termination of Trust Agreement. The Issuer shall wind-up and dissolve, and this
Agreement shall terminate (other than provisions hereof which by their terms survive termination) upon the later of (a) the final distribution by the Issuer of all moneys or other property or proceeds of the Trust Estate in accordance with the
terms of the Indenture, the Origination Trust Documents and Article V and (b) the discharge of the Indenture in accordance with Article IV of the Indenture. The bankruptcy, liquidation, dissolution, death or incapacity of the
Certificateholder shall not (x) operate to terminate this Agreement or the Issuer, nor (y) entitle the Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or Proceeding in any court for a
partition or winding up of all or any part of the Issuer or Trust Estate nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto. 

  
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 SECTION 9.2. Dissolution of the Issuer. Upon dissolution of the Issuer, the Owner Trustee
shall, at the direction of the Administrator, wind up the business and affairs of the Issuer as required by Section 3808 of the Statutory Trust Act. Upon the satisfaction and discharge of the Indenture, and receipt of a certificate from the
Indenture Trustee stating that all Noteholders have been paid in full and that the Indenture Trustee is aware of no claims remaining against the Issuer in respect of the Indenture and the Notes, the Administrator, in the absence of actual knowledge
of any other claim against the Issuer, shall be deemed to have made reasonable provision to pay all claims and obligations (including conditional, contingent or unmatured obligations) for purposes of Section 3808(e) of the Statutory Trust Act
and upon the written direction of the Certificateholder the Owner Trustee shall cause the Certificate of Trust to be cancelled by filing a certificate of cancellation with the Delaware Secretary of State in accordance with the provisions of
Section 3810 of the Statutory Trust Act, at which time the Issuer shall terminate and this Agreement (other than provisions hereof which by their terms survive termination) shall be of no further force or effect. 

SECTION 9.3. Limitations on Termination. Except as provided in Section 9.1, neither the Transferor nor the
Certificateholder shall be entitled to revoke or terminate the Issuer. 
 SECTION 9.4. Purchase of the Transaction SUBI
Certificate. The Transferor shall have the right at its option (the “Optional Purchase”) to purchase the Transaction SUBI Certificate from the Issuer on any Payment Date upon 30 days’ prior notice to the
Administrator or the Issuer if, either before or after giving effect to any payment of principal required to be made on such Payment Date, the Outstanding Note Balance is less than or equal to 10% of the Initial Note Balance. The purchase price for
the Transaction SUBI Certificate shall equal the greater of (a) the Note Balance, together with accrued interest thereon at the applicable Interest Rate up to but not including the Redemption Date and (b) the aggregate Securitization Value
of the Included Units as of the last day of the Collection Period immediately preceding the Redemption Date (the “Optional Purchase Price”), which amount shall be deposited by the Transferor into the Collection Account on the
Redemption Date. If the Transferor exercises the Optional Purchase, the Notes shall be redeemed in whole but not in part on the related Payment Date for the Redemption Price. 

ARTICLE X 
 SUCCESSOR
OWNER TRUSTEE AND ADDITIONAL 
 TRUSTEE 

SECTION 10.1. Eligibility Requirements for the Owner Trustee. The Owner Trustee shall at all times be a bank (i) authorized to
exercise corporate trust powers, (ii) that has, or has a direct or indirect parent that has, a combined capital and surplus of at least $50,000,000 and (iii) subject to supervision or examination by Federal or state authorities. If such
bank shall publish reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of such corporation shall
be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. The Owner Trustee shall at all times be an institution satisfying the provisions of Section 3807(a) of the Statutory Trust
Act. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.2. 

  
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 SECTION 10.2. Resignation or Removal of the Owner Trustee. The Owner Trustee may at any
time resign and be discharged from the trusts hereby created by giving written notice thereof to the Transferor, the Administrator, the Servicer, the Indenture Trustee and the Certificateholder. Upon receiving such notice of resignation, the
Transferor and the Administrator, acting jointly, shall promptly appoint a successor Owner Trustee which satisfies the eligibility requirements set forth in Section 10.1 by written instrument, in duplicate, one copy of which instrument
shall be delivered to the resigning Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation,
the resigning Owner Trustee may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee; provided, however, that such right to appoint or to petition for the appointment of any such successor shall
in no event relieve the resigning Owner Trustee from any obligations otherwise imposed on it under the Transaction Documents until such successor has in fact assumed such appointment. 

If at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 10.1 and shall fail to
resign after written request therefor by the Transferor or the Administrator, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a receiver of the Owner Trustee or of its property shall
be appointed, or any public officer shall take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Transferor or the Administrator may remove the Owner
Trustee. If the Transferor or the Administrator shall remove the Owner Trustee under the authority of the immediately preceding sentence, the Transferor and the Administrator, acting jointly, shall promptly appoint a successor Owner Trustee by
written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee and shall pay all fees owed to the outgoing Owner Trustee. 

Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this Section
shall not become effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.3 and payment of all fees and expenses owed to the outgoing Owner Trustee. The Transferor shall provide (or shall cause to
be provided) notice of such resignation or removal of the Owner Trustee to each of the Rating Agencies. 
 SECTION 10.3. Successor Owner
Trustee. Any successor Owner Trustee appointed pursuant to Section 10.2 shall execute, acknowledge and deliver to the Transferor, the Administrator and to its predecessor Owner Trustee an instrument accepting such appointment under
this Agreement, and thereupon the resignation or removal of the predecessor Owner Trustee shall become effective and such successor Owner Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers,
duties and obligations of its predecessor under this Agreement, with like effect as if originally named as the Owner Trustee. The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all
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Agreement; and the Transferor and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting
and confirming in the successor Owner Trustee all such rights, powers, duties and obligations. 
 No successor Owner Trustee shall accept
appointment as provided in this Section unless at the time of such acceptance such successor Owner Trustee shall be eligible pursuant to Section 10.1. 

Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section, the Transferor shall mail (or shall cause to be mailed)
notice of the successor of the Owner Trustee to the Certificateholder, Indenture Trustee, the Noteholders and each of the Rating Agencies. If the Transferor shall fail to mail (or cause to be mailed) such notice within 10 days after acceptance of
appointment by the successor Owner Trustee, the successor Owner Trustee shall cause such notice to be mailed at the expense of the Transferor. 

SECTION 10.4. Merger or Consolidation of the Owner Trustee. Any corporation into which the Owner Trustee may be merged or converted or
with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of
the Owner Trustee, shall, without the execution or filing of any instrument or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding, be the successor of the Owner Trustee hereunder;
provided that such corporation shall be eligible pursuant to Section 10.1; and provided further that the Owner Trustee shall mail notice of such merger or consolidation to the Transferor and the Administrator. 

SECTION 10.5. Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other
provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Estate may at the time be located, the Transferor and the Owner Trustee acting jointly shall have the
power and shall execute and deliver all instruments to appoint one or more Persons approved by the Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or separate trustee or separate trustees,
of all or any part of the Trust Estate, and to vest in such Person, in such capacity, such title to the Issuer, or any part thereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the
Transferor and the Owner Trustee may consider necessary or desirable. If the Transferor shall not have joined in such appointment within 15 days after the receipt by it of a request so to do, the Owner Trustee alone shall have the power to make such
appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility as a successor trustee pursuant to Section 10.1 and no notice of the
appointment of any co-trustee or separate trustee shall be required pursuant to Section 10.3. 

  
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 Each separate trustee and co-trustee shall, to the extent
permitted by law, be appointed and act subject to the following provisions and conditions: 
 (i) all rights, powers, duties
and obligations conferred or imposed upon the Owner Trustee shall be conferred upon and exercised or performed by the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that
such separate trustee or co-trustee is not authorized to act separately without the Owner Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act
or acts are to be performed, the Owner Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Issuer or any portion thereof in any
such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Owner Trustee; 

(ii) no trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under
this Agreement; and 
 (iii) the Transferor and the Owner Trustee acting jointly may at any time accept the resignation of or
remove any separate trustee or co-trustee. 
 Any notice, request or other writing given to the
Owner Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested
with the estates or property specified in its instrument of appointment, either jointly with the Owner Trustee or separately, as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this
Agreement relating to the conduct of, affecting the liability of, or affording protection to, the Owner Trustee. Each such instrument shall be filed with the Owner Trustee and copies thereof given to the Transferor and the Administrator. 

Any separate trustee or co-trustee may at any time appoint the Owner Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name.
If any separate trustee or co-trustee shall become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Owner Trustee, to
the extent permitted by law, without the appointment of a new or successor trustee. 
 ARTICLE XI 

MISCELLANEOUS 
 SECTION
11.1. Supplements and Amendments. (a) Any term or provision of this Agreement may be amended by the Transferor, without the consent of the Indenture Trustee, any Noteholder, the Administrator, the Issuer, the Owner Trustee or any other
Person subject to satisfaction of one of the following conditions: (i) the Transferor or the Servicer delivers an Officer’s Certificate or an Opinion of Counsel to the Indenture Trustee and the Owner Trustee to the effect that such
amendment will not materially and adversely affect the interests of the Noteholders or (ii) the Rating Agency Condition is satisfied with respect to such amendment. Without limiting the foregoing and subject to clause (b) below, any
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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
Administrator, the Certificateholders, the Indenture Trustee or the Owner Trustee shall require the prior written consent of the Persons whose interests are materially and adversely affected. The consent of the Administrator or the
Certificateholders shall be deemed to have been given if the Servicer does not receive a written objection from such Person within 10 Business Days after a written request for such consent shall have been given. 

(b) Notwithstanding anything herein to the contrary (including clause (c) below), no amendment shall
(i) reduce the interest rate or principal amount of any Note, or delay the Final Scheduled Payment Date of any Note without the consent of the Holder of such Note, or (ii) reduce the percentage of the Outstanding Note Amount, the Holders
of which are required to consent to any matter without the consent of the Holders of at least the percentage of the Outstanding Note Amount which were required to consent to such matter before giving effect to such amendment. 

(c) It shall not be necessary for the consent of any Person pursuant to this Section for such Person to approve the particular
form of any proposed amendment, but it shall be sufficient if such Person consents to the substance thereof. 
 (d) Prior to
the execution of any amendment to this Agreement, the Transferor shall provide each Rating Agency with written notice of the substance of such amendment. No later than 10 Business Days after the execution of any amendment to this Agreement, the
Transferor shall furnish a copy of such amendment to each Rating Agency, the Origination Trustees, the Owner Trustee and the Indenture Trustee. 

(e) Prior to the execution of any amendment to this Agreement, the Owner Trustee shall be entitled to receive and rely upon an
opinion of counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to the execution and delivery of such amendment have been satisfied. The Owner Trustee may, but shall not
be obligated to, enter into any such amendment which affects the Owner Trustee’s own rights, duties or immunities under this Agreement or otherwise. 

SECTION 11.2. No Legal Title to Trust Estate in Certificateholder. The Certificateholder shall not have legal title to any part of the
Trust Estate. The Certificateholder shall be entitled to receive distributions with respect to its undivided beneficial interest therein only in accordance with Articles V and IX. No transfer, by operation of law or otherwise, of any
right, title or interest of the Certificateholder to and in its ownership interest in the Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal
title to any part of the Trust Estate. 
 SECTION 11.3. Limitations on Rights of Others. The provisions of this Agreement are solely
for the benefit of the Owner Trustee, the Transferor, the Administrator, the Certificateholder and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders, and nothing in this Agreement, whether express or implied, shall
be construed to give to any other Person any legal or equitable right, remedy or claim in the Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein. 

  
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 SECTION 11.4. Notices. (a) 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. 
 (b) Any notice required or permitted to be given
to a Certificateholder 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 to the Certificateholder
at the address of such Certificateholder as shown in the Certificate register. Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed to have been duly given, whether or not the Certificateholder receives
such notice. 
 SECTION 11.5. Severability. Any provision of this Agreement that 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 hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. 
 SECTION 11.6. Separate Counterparts. This Agreement may be executed
by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 

SECTION 11.7. Successors and Assigns. All covenants and agreements contained herein shall be binding upon, and inure to the benefit of,
the Transferor, the Owner Trustee and its successors and the Certificateholder and its successors and permitted assigns, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by the Certificateholder
shall bind the successors and assigns of the Certificateholder. 
 SECTION 11.8. No Petition. Each of the Owner Trustee (in its
individual capacity and as the Owner Trustee), by entering into this Agreement, the Transferor, the Certificateholder, by accepting the Certificate, and the Indenture Trustee and each Noteholder or Note Owner by accepting the benefits of this
Agreement, 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) such party shall not authorize any Bankruptcy Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other similar
law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of its
property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or 

  
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other Proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the benefit of any party hereto or any other creditor of such Bankruptcy Remote Party, and
(ii) such Person shall not commence, join or institute against, with any other Person, 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 11.9. Headings. The headings of the various Articles and Sections herein are for convenience of
reference only and shall not define or limit any of the terms or provisions hereof. 
 SECTION 11.10. GOVERNING LAW. THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS. TO THE FULLEST EXTENT PERMITTED BY LAW, THE LAWS OF THE STATE OF DELAWARE PERTAINING TO TRUSTS SHALL NOT BE APPLICABLE TO THE ISSUER, THIS AGREEMENT, THE OWNER TRUSTEE, THE CERTIFICATEHOLDERS OR ANY OTHER PERSON THAT
IS BOUND OR MAY BECOME BOUND BY THIS AGREEMENT, AND ALL SUCH PARTIES AGREE THAT ALL RIGHTS, POWERS, DUTIES, RESPONSIBILITIES, AND OBLIGATIONS OF SUCH PARTIES IN CONNECTION WITH THIS AGREEMENT ARE LIMITED TO THE RIGHTS, POWERS, DUTIES,
RESPONSIBILITIES AND OBLIGATIONS EXPRESSLY SET FORTH IN THIS AGREEMENT AND THE STATUTORY TRUST ACT. 
 SECTION 11.11. Each SUBI Separate;
Assignees of SUBI. The Owner Trustee (in its individual capacity and as the Owner Trustee), the Transferor, the Certificateholder, by accepting a Certificate, and the Indenture Trustee and each Noteholder or Note Owner by accepting the
benefits of this Agreement, hereby intends 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 

  
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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 11.12. Waiver of Jury Trial. To the extent permitted by applicable law, each party hereto irrevocably waives all right of trial
by jury in any action, Proceeding or counterclaim based on, or arising out of, under or in connection with this Agreement, any other Transaction Document, or any matter arising hereunder or thereunder. 

SECTION 11.13. Information Requests. The parties hereto shall provide any information reasonably requested by the Servicer, the Issuer,
the Transferor or any of their Affiliates at the expense of the Servicer, the Issuer, the Transferor or any of their Affiliates, as applicable, in order to comply with or obtain more favorable treatment under any current or future law, rule,
regulation, accounting rule or principle. 
 SECTION 11.14. Form 10-D and Form 10-K Filings. So long as the Transferor is filing Exchange Act Reports with respect to the Issuer, (i) no later than each Payment Date, the Owner Trustee shall notify the Transferor of any Form 10-D Disclosure Item with respect to the Owner Trustee, together with a description of any such Form 10-D Disclosure Item in form and substance reasonably acceptable to the
Transferor and (ii) no later than March 15 of each calendar year, commencing [        ], [        ], the Owner Trustee shall notify the
Transferor in writing of any affiliations or relationships between the Owner Trustee and any Item 1119 Party; provided, that no such notification need be made if the affiliations or relationships are unchanged from those provided in the
notification in the prior calendar year. 
 SECTION 11.15. Form 8-K Filings. So long as the
Transferor is filing Exchange Act Reports with respect to the Issuer, the Owner Trustee shall promptly notify the Transferor, but in no event later than five (5) Business Days after its occurrence, of any Reportable Event of which a Responsible
Officer of the Owner Trustee has actual knowledge (other than a Reportable Event described in clause (a) or (b) of the definition thereof as to which the Transferor or the Servicer has actual knowledge). The Owner Trustee
shall be deemed to have actual knowledge of any such event to the extent that it relates to the Owner Trustee in its individual capacity or any action by the Owner Trustee under this Agreement. 

SECTION 11.16. Indemnification. (a) [OT Name] shall indemnify the Transferor, each Affiliate of the Transferor or each Person who
controls any of such parties (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) and the respective present and former directors, officers, employees and agents of each of the foregoing, and shall
hold each of them harmless from and against any losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs, judgments, and any other costs, fees and expenses that any of them may sustain arising out of or based upon:

  
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 (i) (A) any untrue statement of a material fact contained in any information
provided in writing by [OT Name] to the Transferor or its affiliates under Sections 11.14 or 11.15 (such information, the “Provided Information”), or (B) the omission to state in the Provided Information a
material fact required to be stated in the Provided Information, or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, by way of clarification, that clause
(B) of this paragraph shall be construed solely by reference to the related information and not to any other information communicated in connection with a sale or purchase of securities, without regard to whether the Provided Information or
any portion thereof is presented together with or separately from such other information; or 
 (ii) any failure by [OT Name]
to deliver any information, report, or other material when and as required under Sections 11.14 or 11.15. 
 (b) In the case
of any failure of performance described in clause (a)(ii) of this Section, [OT Name] shall promptly reimburse the Transferor for all costs reasonably incurred in order to obtain the information, report or other material not delivered as
required by [OT Name]. 
 (c) Notwithstanding anything to the contrary contained herein, in no event shall [OT Name] be liable for special,
indirect or consequential damages of any kind whatsoever, including but not limited to lost profits, even if [OT Name] has been advised of the likelihood of such loss or damage and regardless of the form of action. 

SECTION 11.17. Information to Be Provided by the Owner Trustee. The Owner Trustee shall provide the Seller and the Servicer
(each, a “VW Party” and, collectively, the “VW Parties”) with (i) notification, as soon as practicable and in any event within five Business Days, of all demands communicated (other than by a VW Party) to a
Responsible Officer of the Owner Trustee for the repurchase or replacement of the beneficial interest in any Transaction Unit pursuant to Section 2.3(c) of the SUBI Sale Agreement and (ii) promptly upon written request by a VW
Party, any other information reasonably requested by a VW Party in the Owner Trustee’s possession and that can be provided to the VW Parties without unreasonable effort or expense to facilitate compliance by the VW Parties with Rule 15Ga-1 under the Exchange Act, and Items 1104(e) and 1121(c) of Regulation AB. In no event shall the Owner Trustee have (x) any responsibility or liability in connection with any filing required to be made by a
securitizer under the Exchange Act or Regulation AB or with any VW Parties’ compliance with the Exchange Act or Regulation AB or (y) any duty or obligation to undertake any investigation or inquiry related to repurchase activity or
otherwise to assume any additional duties or responsibilities in respect of the Basic Documents or the transactions contemplated thereby. In no event shall the Owner Trustee be deemed to be a “securitizer” as defined in Section 15Ga
of the Exchange Act, nor shall it have any responsibility for making any filing to be made by a securitizer under the Exchange Act or Regulation AB. A demand does not include general inquiries, including investor inquiries, regarding asset
performance or possible breaches of representations or warranties. 
 [Remainder of Page Intentionally Left Blank] 

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

			
	[    ], as Owner Trustee

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

  

					
		  	S-1	  	Trust Agreement

Table of Contents

 
			
	VOLKSWAGEN AUTO LEASE/LOAN UNDERWRITTEN FUNDING, LLC

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

  

					
		  	S-2	  	Trust Agreement

Table of Contents

 EXHIBIT A 

FORM OF CERTIFICATE 
  

			
	NUMBER	  	100% BENEFICIAL INTEREST
	R-[        ]	  	

 VOLKSWAGEN AUTO LEASE TRUST 20[    ]-[    ] 

CERTIFICATE 
 Evidencing the 100%
beneficial interest in all of the assets of the Issuer (as defined below) which includes the Transaction SUBI (as defined below) sold to the Issuer by the Transferor. 

(This Certificate does not represent an interest in or obligation of Volkswagen Auto Lease/Loan Underwritten Funding, LLC, VW
Credit, Inc. or any of their respective Affiliates, except to the extent described below.) 
 THIS CERTIFICATE HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR “BLUE SKY” LAWS, PURSUANT TO AN EXEMPTION OR IN A TRANSACTION NOT SUBJECT THERETO. 

NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE ACQUIRED OR HELD (IN THE INITIAL ACQUISITION OR THROUGH A TRANSFER) BY OR FOR THE
ACCOUNT OF OR WITH THE ASSETS OF (A) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), WHICH IS SUBJECT TO TITLE I OF ERISA, (B) A
“PLAN” AS DEFINED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), (C) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” OF THE FOREGOING OR (D) ANY OTHER EMPLOYEE
BENEFIT PLAN OR ARRANGEMENT THAT IS SUBJECT TO A LAW THAT IS SUBSTANTIALLY SIMILAR TO TITLE I OF ERISA OR SECTION 4975 OF THE CODE. 
 THIS
CERTIFIES THAT
[                                         
                   ] is the registered owner of a 100% nonassessable, fully-paid, beneficial interest in certain distributions of VOLKSWAGEN AUTO LEASE
TRUST 20[    ]-[    ], a [                ] (the “Issuer”) formed by Volkswagen Auto Lease/Loan Underwritten
Funding, LLC, a Delaware limited liability company, as depositor (the “Transferor”). 

  
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Table of Contents

 The Issuer was created pursuant to a Trust Agreement dated as of [    ],
[    ], as amended and restated as of [    ], [    ] (as further amended, modified or supplemented from time to time, the “Trust Agreement”), between the Transferor and
[    ], as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein
have the meanings assigned to them in the Indenture, dated as of [    ], [    ] (as amended, modified or supplemented from time to time, the “Indenture”), between the Issuer and
[    ], as indenture trustee (the “Indenture Trustee”). 
 This Certificate is issued under and is
subject to the terms, provisions and conditions of the Trust Agreement, to which Trust Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder is bound. The provisions and conditions of the Trust
Agreement are hereby incorporated by reference as though set forth in their entirety herein. 
 The Holder of this Certificate acknowledges
and agrees that its rights to receive distributions in respect of this Certificate are subordinated to the rights of the Noteholders as described in the Indenture and the Trust Agreement, as applicable. 

THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 By
accepting this Certificate, the Certificateholder 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) such Person shall not authorize such Bankruptcy
Remote Party to commence a voluntary winding-up or other voluntary case or other Proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under
any bankruptcy, insolvency or other similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy
Remote Party or any substantial part of its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other Proceeding commenced against such Bankruptcy Remote Party, or to
make a general assignment for the benefit of any party hereto or any other creditor of such Bankruptcy Remote Party, and (ii) such Person 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. 

By accepting and holding this Certificate (or any interest herein), the Holder hereof shall be deemed to have represented and warranted that
it is not a Benefit Plan or any other employee benefit plan that is subject to a law that is substantially similar to Title I of ERISA or Section 4975 of the Code and is not purchasing on behalf of a Benefit Plan or any other employee benefit
plan that is subject to a law that is substantially similar to Title I of ERISA or Section 4975 of the Code. 
 By accepting and
holding this Certificate (or any interest therein) the Holder hereof shall be deemed to have represented and warranted that it is a United States person under the Code, and if it is a partnership for federal income tax purposes, all of its partners
are United States persons under the Code. 

  
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Table of Contents

 It is the intention of the parties to the Trust Agreement that, solely for federal income and
state and local income, franchise and value added tax purposes, (i) so long as there is a single Certificateholder, the Issuer will be disregarded as an entity separate from such Certificateholder, and if there is more than one
Certificateholder, the Issuer will be treated as a partnership, and (ii) the Notes will be characterized as debt. By accepting this Certificate, the Certificateholder agrees to take no action inconsistent with the foregoing intended tax
treatment. 
 By accepting this Certificate, the Certificateholder acknowledges that this Certificate represents the entire beneficial
interest in the Issuer only and does not represent interests in or obligations of the Transferor, the Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any of their respective Affiliates and no recourse may be had against such
parties or their assets, except as expressly set forth or contemplated in this Certificate, the Trust Agreement or any other Transaction Document. 

The Certificateholder hereby intends 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. 

  
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Table of Contents

 IN WITNESS WHEREOF, the Owner Trustee has caused this Certificate to be duly executed. 

Dated:                         
    
  

			
	VOLKSWAGEN AUTO LEASE TRUST 20[    ]-[    ]
		
	BY:	 	[    ], not in its individual capacity, but solely as the Owner Trustee

 
			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
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Table of Contents

 OWNER TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is the Certificate referred to in the within-mentioned Trust Agreement. 

 

			
	[                    ], not in its individual capacity but solely as the Owner
Trustee

 
			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 A-5EX-10.9

 EXHIBIT 10.9 

FORM OF INTEREST RATE SWAP AGREEMENT 

BETWEEN THE TRUST AND THE SWAP COUNTERPARTY 

ISDA(R) 
 International Swap
Dealers Association, Inc. 
 MASTER AGREEMENT 

dated as of [                ] 

[SWAP COUNTERPARTY] (“Party A”) and VOLKSWAGEN AUTO LEASE TRUST 20_-_ (“Party B”) have entered and/or anticipate
entering into one or more transactions (each a “Transaction”) that are or will be governed by this Master Agreement, which includes the schedule (the “Schedule”), and the documents and other confirming evidence (each a
“Confirmation”) exchanged between the parties confirming those Transactions. 
 Accordingly, the parties agree as follows: 

 

	1.	INTERPRETATION 

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

(b)    INCONSISTENCY. In the event of any inconsistency between the provisions of the Schedule and the other provisions of
this Master Agreement, the Schedule will prevail. In the event of any inconsistency between the provisions of any Confirmation and this Master Agreement (including the Schedule), such Confirmation will prevail for the purpose of the relevant
Transaction. 
 (c)    SINGLE AGREEMENT. All Transactions are entered into in reliance on the fact that this Master
Agreement and all Confirmations form a single agreement between the parties (collectively referred to as this (“Agreement”), and the parties would not otherwise enter into any Transactions. 

 

	2.	OBLIGATIONS 

 (a)    GENERAL CONDITIONS. 

(i)    Each party will make each payment or delivery specified in each Confirmation to be made by it,
subject to the other provisions of this Agreement. 
 (ii)    Payments under this Agreement will be made
on the due date for value on that date in the place of the account specified in the relevant Confirmation or otherwise pursuant to this Agreement, in freely transferable funds and in the manner customary for

 
payments in the required currency. Where settlement is by delivery (that is, other than by payment), such delivery will be made for receipt on the due date in the manner customary for the
relevant obligation unless otherwise specified in the relevant Confirmation or elsewhere in this Agreement. 

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

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

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

(i)    in the same currency; and 

(ii)    in respect of the same Transaction, 

by each party to the other, then, on such date, each party’s obligation to make payment of any such amount will be automatically satisfied and discharged
and, if the aggregate amount that would otherwise have been payable by one party exceeds the aggregate amount that would otherwise have been payable by the other party, replaced by an obligation upon the party by whom the larger aggregate amount
would have been payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount. 
 The
parties may elect in respect of two or more Transactions that a net amount will be determined in respect of all amounts payable on the same date in the same currency in respect of such Transactions, regardless of whether such amounts are payable in
respect of the same Transaction. The election may be made in the Schedule or a Confirmation by specifying that subparagraph (ii) above will not apply to the Transactions identified as being subject to the election, together with the starting
date (in which case subparagraph (ii) above will not, or will cease to, apply to such Transactions from such date). This election may be made separately for different groups of Transactions and will apply separately to each pairing of Offices
through which the parties make and receive payments or deliveries. 
 (d)    DEDUCTION OR WITHHOLDING FOR TAX. 

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

  
 2 

 (2)    pay to the relevant authorities the full amount
required to be deducted or withheld (including the full amount required to be deducted or withheld from any additional amount paid by X to Y under this Section 2(d)) promptly upon the earlier of determining that such deduction or withholding is
required or receiving notice that such amount has been assessed against Y; 
 (3)    promptly forward to
Y an official receipt (or a certified copy), or other documentation reasonably acceptable to Y, evidencing such payment to such authorities; and 

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

(A)    the failure by Y to comply with or perform any agreement contained in Section 4(a)(i),
4(a)(iii) or 4(d); or 
 (B)    the failure of a representation made by Y pursuant to Section 3(f)
to be accurate and true unless such failure would not have occurred but for (1) any action taken by a taxing authority, or brought in a court of competent jurisdiction, on or after the date on which a Transaction is entered into (regardless of
whether such action is taken or brought with respect to a party to this Agreement) or (11) a Change in Tax Law. 

(ii)    LIABILITY. If: 

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

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

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

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

(e)    DEFAULT INTEREST; OTHER AMOUNTS. Prior to the occurrence or effective designation of an Early Termination Date in
respect of the relevant Transaction, a party that defaults in the performance of any payment obligation will, to the extent permitted by law 

  
 3 

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

	3.	REPRESENTATIONS 

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

(a)    BASIC REPRESENTATIONS. 

(i)    STATUS. It is duly organized and validly existing under the laws of the jurisdiction of its
organization or incorporation and, if relevant under such laws, in good standing; 
 (ii)    POWERS. It
has the power to execute this Agreement and any other documentation relating to this Agreement to which it is a party, to deliver this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver
and to perform its obligations under this Agreement and any obligations it has under any Credit Support Document to which it is a party and has taken all necessary action to authorize such execution, delivery and performance; 

(iii)    NO VIOLATION OR CONFLICT. Such execution, delivery and performance do not violate or conflict with
any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual restriction binding on or affecting it or any of its
assets; 
 (iv)    CONSENTS. All governmental and other consents that are required to have been obtained
by it with respect to this Agreement or any Credit Support Document to which it is a party have been obtained and are in full force and effect and all conditions of any such consents have been complied with; and 

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

  
 4 

 (b)    ABSENCE OF CERTAIN EVENTS. No Event of Default or Potential Event of
Default or, to its knowledge, Termination Event with respect to it has occurred and is continuing and no such event or circumstance would occur as a result of its entering into or performing its obligations under this Agreement or any Credit Support
Document to which it is a party. 
 (c)    ABSENCE OF LITIGATION. There is not pending or, to its knowledge, threatened
against it or any of its Affiliates any action, suit or proceeding at law or in equity or before any court, tribunal, governmental body, agency or official or any arbitrator that is likely to affect the legality, validity or enforceability against
it of this Agreement or any Credit Support Document to which it is a party or its ability to perform its obligations under this Agreement or such Credit Support Document. 

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

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

	4.	AGREEMENTS 

 Each party agrees with the other that, so long as either party has or may have any
obligation under this Agreement or under any Credit Support Document to which it is a party: 
 (a)    FURNISH SPECIFIED
INFORMATION. It will deliver to the other party or, in certain cases under subparagraph (iii) below, to such government or taxing authority as the other party reasonably directs: 

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

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

  
 5 

 in each case by the date specified in the Schedule or such Confirmation or, if none is specified, as soon as
reasonably practicable. 
 (b)    MAINTAIN AUTHORIZATIONS. It will use all reasonable efforts to maintain in full force
and effect all consents of any governmental or other authority that are required to be obtained by it with respect to this Agreement or any Credit Support Document to which it is a party and will use all reasonable efforts to obtain any that may
become necessary in the future. 
 (c)    COMPLY WITH LAWS. It will comply in all material respects with all applicable
laws and orders to which it may be subject if failure so to comply would materially impair its ability to perform its obligations under this Agreement or any Credit Support Document to which it is a party. 

(d)    TAX AGREEMENT. It will give notice of any failure of a representation made by it under Section 3(f) to be
accurate and true promptly upon learning of such failure. 
 (e)    PAYMENT OF STAMP TAX. Subject to Section 11, it
will pay any Stamp Tax levied or imposed upon it or in respect of its execution or performance of this Agreement by a jurisdiction in which it is incorporated, organized, managed and controlled, or considered to have its seat, or in which a branch
or office through which it is acting for the purpose of this Agreement is located (“Stamp Tax Jurisdiction”) and will indemnify the other party against any Stamp Tax levied or imposed upon the other party or in respect of the other
party’s execution or performance of this Agreement by any such Stamp Tax Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the other party. 
  

	5.	EVENTS OF DEFAULT AND TERMINATION EVENTS 

 (a)    EVENTS OF DEFAULT. The
occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified Entity of such party of any of the following events constitutes an event of default (an “Event of Default”) with
respect to such party: 
 (i)    FAILURE TO PAY OR DELIVER. Failure by the party to make, when due, any
payment under this Agreement or delivery under Section 2(a)(i) or 2(e) required to be made by it if such failure is not remedied on or before the third Local Business Day after notice of such failure is given to the party; 

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

(iii)    CREDIT SUPPORT DEFAULT. 

  
 6 

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

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

(iv)    MISREPRESENTATION. A representation (other than a representation under Section 3(e) or (f))
made or repeated or deemed to have been made or repeated by the party or any Credit Support Provider of such party in this Agreement or any Credit Support Document proves to have been incorrect or misleading in any material respect when made or
repeated or deemed to have been made or repeated; 
 (v)    DEFAULT UNDER SPECIFIED TRANSACTION. The
party, any Credit Support Provider of such party or any applicable Specified Entity of such party (1) defaults under a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, there occurs a
liquidation of, an acceleration of obligations under, or an early termination of, that Specified Transaction, (2) defaults, after giving effect to any applicable notice requirement or grace period, in making any payment or delivery due on the
last payment. delivery or exchange date of, or any payment on early termination of, a Specified Transaction (or such default continues for at least three Local Business Days if there is no applicable notice requirement or grace period) or
(3) disaffirms, disclaims, repudiates or rejects, in whole or in part, a Specified Transaction (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); 

(vi)    CROSS DEFAULT. If “Cross Default” is specified in the Schedule as applying to the party,
the occurrence or existence of (1) a default, event of default or other similar condition or event (however described) in respect of such party, any Credit Support Provider of such party or any applicable Specified Entity of such party under
one or more agreements or instruments relating to Specified Indebtedness of any of them (individually or collectively) in an aggregate amount of not less than the applicable Threshold Amount (as specified in the Schedule) which has resulted in such
Specified Indebtedness becoming, or becoming capable at such time of being declared, due and payable under such agreements or instruments, before it would otherwise have been due and payable or (2) a default by such party, such Credit Support
Provider or such Specified Entity (individually or collectively) in making one or more payments on the due date thereof in an aggregate amount of not less than the applicable Threshold Amount under such agreements or instruments (after giving effect
to any applicable notice requirement or grace period); 

  
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 (vii)    BANKRUPTCY. The party, any Credit Support Provider
of such party or any applicable Specified Entity of such party: 
 (1)    is dissolved (other than
pursuant to a consolidation, amalgamation or merger); (2) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement or
composition with or for the benefit of its creditors; (4) institutes or has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law
affecting creditors’ rights, or a petition is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or
petition (A) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation or (B) is not dismissed, discharged,
stayed or restrained in each case within 30 days of the institution or presentation thereof; (5) has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a
consolidation, amalgamation or merger); (6) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its
assets; (7) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and
such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter; (8) causes or is subject to any event with respect to it which, under the applicable laws
of any jurisdiction, has an analogous effect to any of the events specified in clauses (1) to (7) (inclusive); or (9) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing
acts; or 
 (viii)    MERGER WITHOUT ASSUMPTION. The party or any Credit Support Provider of such party
consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, another entity and, at the time of such consolidation, amalgamation, merger or transfer- 

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

  
 8 

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

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

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

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

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

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

(iii)    TAX EVENT UPON MERGER. The party (the “Burdened Party”) on the next succeeding Scheduled
Payment Date will either (1) be required to pay an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from
which an amount has been deducted or withheld for or on account of any Indemnifiable Tax in 

  
 9 

 
respect of which the other party is not required to pay an additional amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a party consolidating or
amalgamating with, or merging with or into, or transferring all or substantially all its assets to, another entity (which will be the Affected Party) where such action does not constitute an event described in Section 5(a)(viii); 

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

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

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

	6.	EARLY TERMINATION 

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

(b)    RIGHT TO TERMINATE FOLLOWING TERMINATION EVENT. 

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

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

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

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

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

(iv)    RIGHT TO TERMINATE. If: 

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

(2)    an Illegality under Section 5(b)(i)(2), a Credit Event Upon Merger or an Additional Termination
Event occurs, or a Tax Event Upon Merger occurs and the Burdened Party is not the Affected Party, either party in the case of an Illegality, the Burdened Party in the case of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event or
an Additional Termination Event if there is more than one Affected Party, or the party which is not the Affected Party in the case of a Credit Event Upon Merger or an Additional Termination Event if there is only one Affected Party may, by not more
than 20 days notice to the other party and-provided that the relevant Termination Event is then continuing, designate a day not earlier than the day such notice is effective as an Early Termination Date in
respect of all Affected Transactions. 

  
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 (c)    EFFECT OF DESIGNATION. 

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

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

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

(ii)    PAYMENT DATE. An amount calculated as being due in respect of any Early Termination Date under
Section 6(e) will be payable on the day that notice of the amount payable is effective (in the case of an Early Termination Date which is designated or occurs as a result of an Event of Default) and on the day which is two Local Business Days
after the day on which notice of the amount payable is effective (in the case of an Early Termination Date which is designated as a result of a Termination Event). Such amount will be paid together with (to the extent permitted under applicable law)
interest thereon (before as well as after judgment) in the Termination Currency, from (and including) the relevant Early Termination Date to (but excluding) the date such amount is paid, at the Applicable Rate. Such interest will be calculated on
the basis of daily compounding and the actual number of days elapsed. 
 (e)    PAYMENTS ON EARLY TERMINATION. If an
Early Termination Date occurs, the following provisions shall apply based on the parties’ election in the Schedule of a payment measure, either “Market Quotation” or “Loss”, and a payment method, either the “First
Method” or the “Second Method”. If the parties fail to designate a payment measure or payment method in the Schedule, it will be deemed that “Market Quotation” or the “Second Method”, as the case may be, shall
apply. The amount, if any, payable in respect of an Early Termination Date and determined pursuant to this Section will be subject to any Set-off. 

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

(1)    First Method and Market Quotation. If the First Method and Market Quotation apply, the Defaulting
Party will pay to the Non-defaulting Party 

  
 12 

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

(3)    Second Method and Market Quotation. If the Second Method and Market Quotation apply, an amount will
be payable equal to (A) the sum of the Settlement Amount (determined by the Non-defaulting Party) in respect of the Terminated Transactions and the Termination Currency Equivalent of the Unpaid Amounts
owing to the Non-defaulting Party less (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party. If that amount is a positive number, the Defaulting Party will pay it to
the Non-defaulting Party; if it is a negative number, the Non-defaulting Party will pay the absolute value of that amount to the Defaulting Party. 

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

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

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

(A)    if Market Quotation applies, each party will determine a Settlement Amount in respect of the
Terminated Transactions, and an amount will be payable equal to (1) the sum of (a) one-half of the difference between the Settlement Amount of the party with the higher Settlement Amount
(“X”) and the Settlement Amount of the party with the lower Settlement Amount (“Y”) and (b) the Termination Currency Equivalent of the Unpaid Amounts owing to X less (11) the Termination Currency Equivalent of the
Unpaid Amounts owing to Y; and 

  
 13 

 (B)    if Loss applies, each party will determine its Loss in
respect of this Agreement (or, if fewer than all the being terminated, in respect of all Terminated Transactions) and an amount will be payable equal to one-half of the difference between the Loss of the party
with the higher Loss (“X”) and the Loss of the party with the lower Loss (“Y”). 
 If the amount payable is a positive
number, Y will pay it to X; if it is a negative number, X will pay the absolute value of that amount to Y. 

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

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

	7.	TRANSFER 

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

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

(b)    a party may make such a transfer of all or any part of its interest in any amount payable to it from a Defaulting
Party under Section 6(e). 
 Any purported transfer that is not in compliance with this Section will be void. 

 

	8.	CONTRACTUAL CURRENCY 

 (a)    PAYMENT IN THE CONTRACTUAL CURRENCY. Each
payment under this Agreement will be made in the relevant currency specified in this Agreement for that payment (the “Contractual Currency”). To the extent permitted by applicable law, any obligation to make payments under this Agreement
in the Contractual Currency will not be discharged or satisfied by any tender in any currency other than the Contractual Currency, except to the extent such 

  
 14 

 
tender results in the actual receipt by the party to which payment is owed, acting in a reasonable manner and in good faith in converting the currency so tendered into the Contractual Currency,
of the full amount in the Contractual Currency of all amounts payable in respect of this Agreement. If for any reason the amount in the Contractual Currency so received falls short of the amount in the Contractual Currency payable in respect of this
Agreement, the party required to make the payment will, to the extent permitted by applicable law, immediately pay such additional amount in the Contractual Currency as may be necessary to compensate for the shortfall. If for any reason the amount
in the Contractual Currency so received exceeds the amount in the Contractual Currency payable in respect of this Agreement, the party receiving the payment will refund promptly the amount of such excess. 

(b)    JUDGMENTS. To the extent permitted by applicable law, if any judgment or order expressed in a currency other than
the Contractual Currency is rendered (i) for the payment of any amount owing in respect of this Agreement, (ii) for the payment of any amount relating to any early termination in respect of this Agreement or (iii) in respect of a
judgment or order of another court for the payment of any amount described in (i) or (ii) above, the party seeking recovery, after recovery in full of the aggregate amount to which such party is entitled pursuant to the judgment or order, will
be entitled to receive immediately from the other party the amount of any shortfall of the Contractual Currency received by such party as a consequence of sums paid in such other currency and will refund promptly to the other party any excess of the
Contractual Currency received by such party as a consequence of sums paid in such other currency if such shortfall or such excess arises or results from any variation between the rate of exchange at which the Contractual Currency is converted into
the currency of the judgment or order for the purposes of such judgment or order and the rate of exchange at which such party is able, acting in a reasonable manner and in good faith in converting the currency received into the Contractual Currency,
to purchase the Contractual Currency with the amount of the currency of the judgment or order actually received by such party. The term “rate of exchange” includes, without Limitation, any premiums and costs of exchange payable in
connection with the purchase of or conversion into the Contractual Currency. 
 (c)    SEPARATE INDEMNITIES. To the
extent permitted by applicable law, these indemnities constitute separate and independent obligations from the other obligations in this Agreement, will be enforceable as separate and independent causes of action, will apply notwithstanding any
indulgence granted by the party to which any payment is owed and will not be affected by judgment being obtained or claim or proof being made for any other sums payable in respect of this Agreement. 

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

	9.	MISCELLANEOUS 

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

  
 15 

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

(c)    SURVIVAL OF OBLIGATIONS. Without prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations of the parties under
this Agreement will survive the termination of any Transaction. 
 (d)    REMEDIES CUMULATIVE. Except as provided in
this Agreement, the rights, powers, remedies and privileges provided in this Agreement are cumulative and not exclusive of any rights, powers, remedies and privileges provided by law. 

(e)    COUNTERPARTS AND CONFIRMATIONS. 

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

(ii)    The parties intend that they are legally bound by the terms of each Transaction from the moment
they agree to those terms (whether orally or otherwise). A Confirmation shall be entered into as soon as practicable and may be executed and delivered in counterparts (including by facsimile transmission) or be created by an exchange of telexes or
by an exchange of electronic messages on an electronic messaging system, which in each case will be sufficient for all purposes to evidence a binding supplement to this Agreement. The parties will specify therein or through another effective means
that any such counterpart, telex or electronic message constitutes a Confirmation. 
 (f)    NO WAIVER OF RIGHTS. A
failure or delay in exercising any right, power or privilege in respect of this Agreement will not be presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent
or further exercise, of that right, power or privilege or the exercise of any other right, power or privilege. 

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

	10.	OFFICES; MULTIBRANCH PARTIES 

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

  
 16 

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

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

 

	11.	EXPENSES 

 A Defaulting Party will, on demand, indemnify and hold harmless the other party for
and against all reasonable out-of-pocket expenses, including legal fees and Stamp Tax, incurred by such other party by reason of the enforcement and protection of its
rights under this Agreement or any Credit Support Document to which the Defaulting Party is a party or by reason of the early termination of any Transaction, including, but not limited to, costs of collection. 

 

	12.	NOTICES 

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

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

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

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

(iv)    if sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt
requested), on the date that mail is delivered or its delivery is attempted; or 
 (v)    if sent by
electronic messaging system, on the date that electronic message is received, 
 unless the date of that delivery (or attempted delivery) or that receipt,
as applicable, is not a Local Business Day or that communication is delivered (or attempted) or received, as applicable, after the close of business on a Local Business Day, in which case that communication shall be deemed given and effective on the
first following day that is a Local Business Day. 

  
 17 

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

	13.	GOVERNING LAW AND JURISDICTION 

 (a)    GOVERNING LAW. This Agreement will
be governed by and construed in accordance with the law specified in the Schedule. 
 (b)    JURISDICTION. With respect
to any suit, action or proceedings relating to this Agreement (“Proceedings”), each party irrevocably: 

(i)    submits to the jurisdiction of the English courts, if this Agreement is expressed to be governed by
English law, or to the non-exclusive jurisdiction of the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City, if this Agreement is
expressed to be governed by the laws of the State of New York; and 
 (ii)    waives any objection which
it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings,
that such court does not have any jurisdiction over such party. 
 Nothing in this Agreement precludes either party from bringing Proceedings in any other
jurisdiction (outside, if this Agreement is expressed to be governed by English law, the Contracting States, as defined in Section 1(3) of the Civil Jurisdiction and Judgments Act 1982 or any modification, extension or re-enactment thereof for the time being in force) nor will the bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction. 

(c)    SERVICE OF PROCESS. Each party irrevocably appoints the Process Agent (if any) specified opposite its name in the
Schedule to receive, for it and on its behalf, service of process in any Proceedings. If for any reason any party’s Process Agent is unable to act as such, such party will promptly notify the other party and within 30 days appoint a substitute
process agent acceptable to the other party. The parties irrevocably consent to service of process given in the manner provided for notices in Section 12. Nothing in this Agreement will affect the right of either party to serve process in any
other manner permitted by law. 
 (d)    WAIVER OF IMMUNITIES. Each party irrevocably waives, to the fullest extent
permitted by applicable law, with respect to itself and its revenues and assets (irrespective of their use or intended use), all immunity on the grounds of sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any court,
(iii) relief by way of injunction, order for specific performance or for recovery of property, (iv) attachment of its assets (whether before or after judgment) and (v) execution or enforcement of any judgment to which it or its
revenues or assets might otherwise be entitled in any Proceedings in the courts of any jurisdiction and irrevocably agrees, to the extent permitted by applicable law, that it will not claim any such immunity in any Proceedings. 

  
 18 

	14.	DEFINITIONS 

 As used in this Agreement: 

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

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

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

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

(a)    in respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a
Defaulting Party, the Default Rate; 
 (b)    in respect of an obligation to pay an amount under Section 6(e) of
either party from and after the date (determined in accordance with Section 6(d)(ii)) on which that amount is payable, the Default Rate; 

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

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

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

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

“CONSENT” includes a consent, approval, action, authorization, exemption, notice, filing, registration or exchange control consent.

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

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

“CREDIT SUPPORT PROVIDER” has the meaning specified in the Schedule. 

  
 19 

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

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

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

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

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

“INDEMNIFIABLE TAX” means any Tax other than a Tax that would not be imposed in respect of a payment under this Agreement but for a
present or former connection between the jurisdiction of the government or taxation authority imposing such Tax and the recipient of such payment or a person related to such recipient (including, without limitation, a connection arising from such
recipient or related person being or having been a citizen or resident of such jurisdiction, or being or having been organized, present or engaged in a trade or business in such jurisdiction or having or having had a permanent establishment or fixed
place of business in such jurisdiction, but excluding a connection arising solely from such recipient or related person having executed, delivered, performed its obligations or received a payment under, or enforced, this Agreement or a Credit
Support Document). 
 “LAW” includes any treaty, law, rule or regulation (as modified, in the case of tax matters, by the practice
of any relevant governmental revenue authority) and “lawful” and “unlawful” will be construed accordingly. 
 “LOCAL
BUSINESS DAY” means, subject to the Schedule, a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) (a) in relation to any obligation under Section 2(a)(i), in the
place(s) specified in the relevant Confirmation or, if not so specified, as otherwise agreed by the parties in writing or determined pursuant to provisions contained, or incorporated by reference, in this Agreement, (b) in relation to any other
payment, in the place where the relevant account is located and, if different, in the principal financial center, if any, of the currency of such payment, (c) in relation to any notice or other communication, including notice contemplated under
Section 5(a)(i), in the city specified in the address for notice provided by the recipient and, in the case of a notice contemplated by Section 2(b), in the place where the relevant new account is to be located and (d) in relation to
Section 5(a)(v)(2), in the relevant locations for performance with respect to such Specified Transaction. 
 “LOSS” means,
with respect to this Agreement or one or more Terminated Transactions, as the case may be, and a party, the Termination Currency Equivalent of an amount that party reasonably determines in good faith to be its total losses and costs (or gain, in
which case expressed as a negative number) in connection with this Agreement or that Terminated Transaction or group of Terminated Transactions, as the case may be, including any loss of bargain, cost of funding or, at the election of such party but
without duplication, loss or cost 

  
 20 

 
incurred as a result of its terminating, liquidating, obtaining or reestablishing any hedge or related trading position (or any gain resulting from any of them). Loss includes losses and costs
(or gains) in respect of any payment or delivery required to have been made (assuming satisfaction of each applicable condition precedent) on or before the relevant Early Termination Date and not made, except, so as to avoid duplication, if
Section 6(e)(i)(1) or (3) or 6(e)(ii)(2)(A) applies. Loss does not include a party’s legal fees and out-of-pocket expenses referred to under
Section 11. A party will determine its Loss as of the relevant Early Termination Date, or, if that is not reasonably practicable, as of the earliest date thereafter as is reasonably practicable. A party may (but need not) determine its Loss by
reference to quotations of relevant rates or prices from one or more leading dealers in the relevant markets. 
 “MARKET QUOTATION”
means, with respect to one or more Terminated Transactions and a party making the determination, an amount determined on the basis of quotations from Reference Market-makers. Each quotation will be for an amount, if any, that would be paid to such
party (expressed as a negative number) or by such party (expressed as a positive number) in consideration of an agreement between such party (taking into account any existing Credit Support Document with respect to the obligations of such party) and
the quoting Reference Market-maker to enter into a transaction (the “Replacement Transaction”) that would have the effect of preserving for such party the economic equivalent of any payment or delivery (whether the underlying obligation
was absolute or contingent and assuming the satisfaction of each applicable condition precedent) by the parties under Section 2(a)(i) in respect of such Terminated Transaction or group of Terminated Transactions that would, but for the
occurrence of the relevant Early Termination Date, have been required after that date. For this purpose, Unpaid Amounts in respect of the Terminated Transaction or group of Terminated Transactions are to be excluded but, without limitation, any
payment or delivery that would, but for the relevant Early Termination Date, have been required (assuming satisfaction of each applicable condition precedent) after that Early Termination Date is to be included. The Replacement Transaction would be
subject to such documentation as such party and the Reference Market-maker may, in good faith, agree. The party making the determination (or its agent) will request each Reference Market-maker to provide its quotation to the extent reasonably
practicable as of the same day and time (without regard to different time zones) on or as soon as reasonably practicable after the relevant Early Termination Date. The day and time as of which those quotations are to be obtained will be selected in
good faith by the party obliged to make a determination under Section 6(e), and, if each party is so obliged, after consultation with the other. If more than three quotations are provided, the Market Quotation will be the arithmetic mean of the
quotations, without regard to the quotations having the highest and lowest values. If exactly three such quotations are provided, the Market Quotation will be the quotation remaining after disregarding the highest and lowest quotations. For this
purpose, if more than one quotation has the same highest value or lowest value, then one of such quotations shall be disregarded. If fewer than three quotations are provided, it will be deemed that the Market Quotation in respect of such Terminated
Transaction or group of Terminated Transactions cannot be determined. 
 “NON-DEFAULT RATE”
means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the Non-defaulting Party (as certified by it) if it were to fund the relevant amount. 

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

  
 21 

 “OFFICE” means a branch or office of a party, which may be such party’s bead or
home office. 
 “POTENTIAL EVENT OF DEFAULT” means any event which, with the giving of notice or the lapse of time or both, would
constitute an Event of Default. 
 “REFERENCE MARKET-MAKERS” means four leading dealers in the relevant market selected by the
party determining a Market Quotation in good faith (a) from among dealers of the highest credit standing which satisfy all the criteria that such party applies generally at the time in deciding whether to offer or to make an extension of credit
and (b) to the extent practicable, from among such dealers having an office in the same city. 
 “RELEVANT JURISDICTION”
means, with respect to a party, the jurisdictions (a) in which the party is incorporated, organized, managed and controlled or considered to have its seat, (b) where an Office through which the party is acting for purposes of this
Agreement is located, (c) in which the party executes this Agreement and (d) in relation to any payment, from or through which such payment is made. 

“SCHEDULED PAYMENT DATE” means a date on which a payment or delivery is to be made under Section 2(a)(i) with respect to a
Transaction. 
 “SET-OFF” means set-off, offset,
combination of accounts, right of retention or withholding or similar right or requirement to which the payer of an amount under Section 6 is entitled or subject (whether arising under this Agreement, another contract, applicable law or
otherwise) that is exercised by, or imposed on, such payer. 
 “SETTLEMENT AMOUNT” means, with respect to a party and any Early
Termination Date, the sum of: 
 (a)    the Termination Currency Equivalent of the Market Quotations (whether positive or
negative) for each Terminated Transaction or group of Terminated Transactions for which a Market Quotation is determined; and 

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

“SPECIFIED ENTITY” has the meaning specified in the Schedule. 

“SPECIFIED INDEBTEDNESS” means, subject to the Schedule, any obligation (whether present or future, contingent or otherwise, as
principal or surety or otherwise) in respect of borrowed money. 
 “SPECIFIED TRANSACTION” means, subject to the Schedule,
(a) any transaction (including an agreement with respect thereto) now existing or hereafter entered into between one party to this Agreement (or any Credit Support Provider of such party or any applicable Specified Entity of such party) and the
other party to this Agreement (or any Credit Support 

  
 22 

 
Provider of such other party or any applicable Specified Entity of such other party) which is a rate swap transaction, basis swap, forward rate transaction, commodity swap, commodity option,
equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction,
currency option or any other similar transaction (including any option with respect to any of these transactions), (b) any combination of these transactions and (c) any other transaction identified as a Specified Transaction in this Agreement
or the relevant confirmation. 
 “STAMP TAX” means any stamp, registration, documentation or similar tax. 

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

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

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

“TERMINATED TRANSACTIONS” means with respect to any Early Termination Date (a) if resulting from a Termination Event, all
Affected Transactions and (b) if resulting from an Event of Default, all Transactions (in either case) in effect immediately before the effectiveness of the notice designating that Early Termination Date (or, if “Automatic Early
Termination” applies, immediately before that Early Termination Date). 
 “TERMINATION CURRENCY” has the meaning specified in
the Schedule. 
 “TERMINATION CURRENCY EQUIVALENT” means, in respect of any amount denominated in the Termination Currency, such
Termination Currency amount and, in respect of any amount denominated in a currency other than the Termination Currency (the “Other Currency”), the amount in the Termination Currency determined by the party making the relevant
determination as being required to purchase such amount of such Other Currency as at the relevant Early Termination Date, or, if the relevant Market Quotation or Loss (as the case may be), is determined as of a later date, that later date, with the
Termination Currency at the rate equal to the spot exchange rate of the foreign exchange agent (selected as provided below) for the purchase of such Other Currency with the Termination Currency at or about 11:00 a.m. (in the city in which such
foreign exchange agent is located) on such date as would be customary for the determination of such a rate for the purchase of such Other Currency for value on the relevant Early Termination Date or that later date. The foreign exchange agent will,
if only one party is obliged to make a determination under Section 6(e), be selected in good faith by that party and otherwise will be agreed by the parties. 

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

  
 23 

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

“UNPAID AMOUNTS” owing to any party means, with respect to an Early Termination Date, the aggregate of (a) in respect of all
Terminated Transactions, the amounts that became payable (or that would have become payable but for Section 2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early Termination Date and which remain unpaid as at such Early
Termination Date and (b) in respect of each Terminated Transaction, for each obligation under Section 2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be settled by delivery to such party on or prior to
such Early Termination Date and which has not been so settled as at such Early Termination Date, an amount equal to the fair market value of that which was (or would have been) required to be delivered as of the originally scheduled date for
delivery, in each case together with (to the extent permitted under applicable law) interest, in the currency of such amounts, from (and including) the date such amounts or obligations were or would have been required to have been paid or performed
to (but excluding) such Early Termination Date, at the Applicable Rate. Such amounts of interest will be calculated on the basis of daily compounding and the actual number of days elapsed. The fair market value of any obligation referred to in
clause (b) above shall be reasonably determined by the party obliged to make the determination under Section 6(e) or, if each party is so obliged, it shall be the average of the Termination Currency Equivalents of the fair market values
reasonably determined by both parties. 

  
 24 

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

									
	[SWAP COUNTERPARTY]	 		 	VOLKSWAGEN AUTO LEASE TRUST 20_-_
					
	By:	 	 	 		 	By:	 	 
	Name:	 		 	Name:
	Title:	 		 	Title:
	Date:	 		 	Date:

  
 25 

 (MULTICURRENCY – CROSS BORDER) 

SCHEDULE 
 TO THE 

ISDA MASTER AGREEMENT 
 DATED AS OF
__________, 200_ 
 BETWEEN 
  

 
 (“PARTY
A”) 
 AND 
  

 
 (“PARTY
B”) 
 PART 1. PART 1. TERMINATION PROVISIONS. 
  

							
	(a)	 	“Specified Entity” means in relation to Party A for the purpose of:	 	
				
		 	Section 5(a)(v),	  	      
	 	
				
		 	Section 5(a)(vi),	  	      
	 	
				
		 	Section 5(a)(vii),	  	      
	 	
				
		 	Section 5(b)(iv),	  	      
	 	
			
		 	 And in Relation to Party B for the Purpose of:
	 	
				
		 	Section 5(a)(v),	  	      
	 	
				
		 	Section 5(a)(vi),	  	      
	 	
				
		 	Section 5(a)(vii),	  	      
	 	
				
		 	Section 5(b)(iv),	  	      
	 	
			
	(b)	 	“Specified Transaction” will have the meaning specified in Section 14 of this Agreement unless another meaning is specified here	 	
			
		 	      
	 	
		 	      
	 	
		 	      
	 	

					
	(c)	  	The “Cross Default” provisions of Section 5(a)(vi)	 	
		  	will/will not * apply to Party A	 	
		  	will/will not * apply to Party B	 	
			
		  	If such provisions apply:	 	
			
		  	 “Specified Indebtedness” will have the meaning specified in Section 14 of this Agreement unless another
meaning is specified here
	 	
			
		  	      
	 	
		  	      
	 	
		  	      
	 	

							
				
		  	 “Threshold Amount” means
	 	      
	 	
		  	      
	 	

					
			
	(d)	  	The “Credit Event Upon Merger” provisions of Section 5(b)(iv)	 	
		  	will/will not * apply to Party A	 	
		  	will/will not * apply to Party B	 	
			
	(e)	  	The “Automatic Early Termination” provision of Section 6(a)	 	
		  	will/will not * apply to Party A	 	
		  	will/will not * apply to Party B	 	
			
	(f)	  	Payments on Early Termination. For the purpose of Section 6(e) of this Agreement:	 	
			
		  	(i)    Market Quotation/Loss * will apply.	 	
			
		  	(ii)    The First Method/The Second Method * will apply.	 	
			
	(g)	  	“Termination Currency” means _________________, if such currency is specified and freely available, and otherwise United States Dollars.	 	
			
	(h)	  	Additional Termination Event will/will not apply*. The following shall constitute an Additional Termination Event:	 	
			
		  	      
	 	
		  	      
	 	
		  	      
	 	
			
		  	 For the purpose of the foregoing Termination Event, the Affected Party or Affected Parties shall be:
	 	
			
		  	      
	 	
		  	      
	 	
		  	      
	 	

  
 2 

 PART 2. TAX REPRESENTATIONS. 
  

									
	(a)	 	Payer Representations. For purposes of Section 3(e) of this Agreement, Party A will/will not* make the following representation and Party B will/will not* 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) 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 make the representations specified below, if any:
			
		 	(i)	 	The following representations will/will not* apply to Party a and will/will not* apply to Party B:
			
		 		 	 It is fully eligible for the benefits of the “Business Profits” or “Industrial and
Commercial Profits” provision, as the case may be, the “Interest” provision or the “Other Income” provision (if any) of the Specified Treaty with respect to any payment described in such provisions and received or to be
received by it in connection with this Agreement and no such payment is attributable to a trade or business carried on by it through a permanent establishment in the Specified Jurisdiction.

			
		 		 	If such representation applies, then:
					
		 		 	“Specified Treaty” means with respect to Party A	 	      
	 	

									
					
		 		 	“Specified Jurisdiction” means with respect to Party A	 	      
	 	

									
					
		 		 	“Specified Treaty” means with respect to Party B	 	      
	 	

									
					
		 		 	“Specified Jurisdiction” means with respect to Party B	 	      
	 	
				
		 	(ii)	 	The following representation will/will not* apply to Party A and will/will not* apply to Party B:	 	

  
 3 

									
		 		 	 Each payment received or to be received by it in connection with this Agreement will be effectively
connected with its conduct of a trade or business in the Specified Jurisdiction.

			
		 		 	If such representation applies, then:

									
					
		 		 	“Specified Jurisdiction” means with respect to Party A	 	      
	 	
					
		 		 	“Specified Jurisdiction” means with respect to Party B	 	      
	 	
			
		 	(iii)	 	The following representations will/will not* apply to Party A and will/will not* apply to Party B:
				
		 		 	 (A) It is entering into each Transaction in the ordinary course of its trade as, and is, either (1) a
recognized U.K. bank or (2) a recognized U.K. swaps dealer (in either case (1) or (2), for purposes of the United Kingdom Inland Revenue extra statutory concession C17 on interest and currency swaps dated March 14, 1989), and
(B) it will bring into account payments made and received in respect of each Transaction in computing its income for United Kingdom tax purposes.
	 	

									
					
		 	(iv)	 	Other Payee Representations:	 	      
	 	
				
		 		 	      
	 	
			
		 		 	 N.B. The above representations may need modification if either party is a Multibranch Party.

 PART 3. AGREEMENT TO DELIVERY 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 required to deliver document	    	Form/Document/Certificate	    	Date by which to be delivered	 	 
					
		 	      
	    	      
	    	      
	 	
					
		 	      
	    	      
	    	      
	 	
					
		 	      
	    	      
	    	      
	 	
					
		 	      
	    	      
	    	      
	 	

  
 4 

									
	(b)	 	Other documents to be delivered are:	 	
					
	 	 	Party required to deliver document	    	Form/Document/Certificate	    	Date by which to be delivered	 	 
					
		 	      
	    	      
	    	      
	 	
					
		 	      
	    	      
	    	      
	 	
					
		 	      
	    	      
	    	      
	 	
					
		 	      
	    	      
	    	      
	 	

 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:	 	      
	    		 	

									
		 	Attention:	 	      
	    		 	

									
		 	Telex No.:	 	      
	    	Answerback:	 	      

									
		 	Facsimile No.:	 	      
	    	Telephone No.:	 	      

									
		 	Electronic Messaging System Details:	 	      

											
		
	(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:	 	      
	 		 		 	

  

									
	(c)	 	Offices. The provisions of Section 10(a) will/will not* apply to this Agreement.
		
	(d)	 	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:
					
		 	      
	    	      
	    	      
	 	
					
		 	      
	    	      
	    	      
	 	
					
		 	      
	    	      
	    	      
	 	

  
 5 

									
		
		 	Party B is/is not* a Multibranch Party and, if so, may act through the following Offices:
					
		 	      
	    	      
	    	      
	 	
					
		 	      
	    	      
	    	      
	 	
					
		 	      
	    	      
	    	      
	 	

  

					
	(e)	 	Calculation Agent. The Calculation Agent is _____________ unless otherwise specified in a Confirmation in relation to the relevant Transaction.
			
	(f)	 	Credit Support Document. Details of any Credit Support Document:	 	
			
		 	      
	 	
		 	      
	 	
		 	      
	 	
			
	(g)	 	Credit Support Provider. Credit Support Provider means in relation to Party A	 	
			
		 	      
	 	
		 	      
	 	
		 	      
	 	
			
		 	Credit Support Provider means in relation to Party B	 	
			
		 	      
	 	
		 	      
	 	
		 	      
	 	
			
	(h)	 	Governing Law. This Agreement will be governed by and construed in accordance with English law/the laws of the State of New York (without reference to choice of law doctrine)*.	 	
		
	(i)	 	Netting of Payments. Subparagraph (ii) of Section 2(c) of this Agreement will not apply to the following transactions or groups of Transactions (in each case starting from the date of this Agreement/in each
case starting from______________________________*)
			
		 	      
	 	
		 	      
	 	
		 	      
	 	

							
			
	(j)	 	“Affiliate” will have the meaning specified in Section 14 of this Agreement unless another	 	
		 	meaning is specified here	 	      
	 	
		 	      
	 	

  
 6 

 PART 5. OTHER PROVISIONS. 

			
	
	 
	*	 	 Delete as applicable.

  
 7

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