Document:

EX-10.3

 Exhibit 10.3 
  

 
  

ADMINISTRATION AGREEMENT 

among 
 VOLKSWAGEN AUTO
LOAN ENHANCED TRUST 20[     ]-[     ], 
 as Issuer 

VW CREDIT, INC., 
 as
Administrator 
 and 

[    ], 

as Indenture Trustee 

Dated as of [    ] 
  

 
  

20[    ]-[    ] Administration Agreement 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 1.
	 	Duties of the Administrator	  	 	1	 
			
	 2.
	 	Records	  	 	3	 
			
	 3.
	 	Compensation; Payment of Fees and Expenses	  	 	3	 
			
	 4.
	 	Independence of the Administrator	  	 	3	 
			
	 5.
	 	No Joint Venture	  	 	3	 
			
	 6.
	 	Other Activities of the Administrator	  	 	3	 
			
	 7.
	 	Representations and Warranties of the Administrator	  	 	4	 
			
	 8.
	 	Administrator Replacement Events; Termination of the Administrator	  	 	4	 
			
	 9.
	 	Action upon Termination or Removal	  	 	6	 
			
	 10.
	 	Liens	  	 	6	 
			
	 11.
	 	Notices	  	 	6	 
			
	 12.
	 	Amendments	  	 	7	 
			
	 13.
	 	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	  	 	8	 
			
	 14.
	 	Headings	  	 	8	 
			
	 15.
	 	Counterparts	  	 	9	 
			
	 16.
	 	Entire Agreement	  	 	9	 
			
	 17.
	 	Severability of Provisions	  	 	9	 
			
	 18.
	 	Not Applicable to VCI in Other Capacities	  	 	9	 
			
	 19.
	 	Benefits of the Administration Agreement	  	 	9	 
			
	 20.
	 	Assignment	  	 	9	 
			
	 21.
	 	Nonpetition Covenant	  	 	9	 
			
	 22.
	 	Limitation of Liability	  	 	10	 
			
	 23.
	 	Other Interpretive Provisions	  	 	10	 

  

					
	    	  	-i-	  	20[    ]-[    ] Administration Agreement

 THIS ADMINISTRATION AGREEMENT (this “Agreement”) dated as of [ ], is
between VOLKSWAGEN AUTO LOAN ENHANCED TRUST 20[ ]-[ ], a Delaware statutory trust (the “Issuer”), VW CREDIT, INC., a Delaware corporation, as administrator (“VCI” or in its capacity as administrator, the
“Administrator”), and [                ], a [                 ], as
indenture trustee (the “Indenture Trustee”). Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned such terms in Appendix A to the Sale and Servicing Agreement, dated as of [ ] (the
“Sale and Servicing Agreement”), by and among Volkswagen Auto Lease/Loan Underwritten Funding, LLC, as seller, the Issuer, VCI, as servicer, and the Indenture Trustee. 

W I T N E S S E T H : 
 WHEREAS,
the Issuer has issued the Notes pursuant to the Indenture and the Certificate pursuant to the Trust Agreement and has entered into certain agreements in connection therewith, including, (i) the Sale and Servicing Agreement, (ii) the
Indenture and (iii) the Note Depository Agreement (the Trust Agreement and each of the agreements referred to in clauses (i) through (iii) are referred to herein collectively as the “Issuer Documents”); 

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

WHEREAS, pursuant to the Issuer Documents, the Issuer and the Owner Trustee are required to perform certain duties; 

WHEREAS, the Issuer and the Owner Trustee desire to have the Administrator perform certain of the duties of the Issuer and the Owner Trustee
(in its capacity as owner trustee under the Trust Agreement), and to provide such additional services consistent with this Agreement and the Issuer Documents as the Issuer may from time to time request; 

WHEREAS, the Administrator has the capacity to provide the services required hereby and is willing to perform such services for the Issuer and
the Owner Trustee on the terms set forth herein; 
 NOW, THEREFORE, in consideration of the mutual terms and covenants contained herein, and
other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 
 1.
Duties of the Administrator. 
 (a) Duties with Respect to the Issuer Documents. The Administrator shall
perform all of its duties as Administrator under this Agreement and the Issuer Documents and the duties and obligations of the Issuer and the Owner Trustee (in its capacity as owner trustee under the Trust Agreement) under the Issuer Documents;
provided, however, except as otherwise provided in the Issuer Documents, that the Administrator shall have no obligation to make any payment required to be made by the Issuer under any Issuer Document; provided, further,
however, that the Administrator shall have no obligation, and the Owner Trustee shall be required to fully perform its duties, with respect to the obligations of the Owner Trustee under Sections 11.12, 11.13, 11.14 and

  

					
	    	  	    	  	20[    ]-[    ] Administration Agreement

 
11.15 of the Trust Agreement and to otherwise comply with the requirements of the Owner Trustee related to Regulation AB. In addition, the Administrator shall consult with the Issuer and
the Owner Trustee regarding its duties and obligations under the Issuer Documents. The Administrator shall monitor the performance of the Issuer and the Owner Trustee and shall advise the Issuer and the Owner Trustee when action is necessary to
comply with the Issuer’s and the Owner Trustee’s duties and obligations under the Issuer Documents. The Administrator shall perform such calculations, and shall prepare for execution by the Issuer or shall cause the preparation by other
appropriate persons of all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Issuer to prepare, file and deliver pursuant to the Issuer Documents. In furtherance of the foregoing, the
Administrator shall take all appropriate action that is the duty of the Issuer to take pursuant to the Issuer Documents, and shall prepare, execute, file and deliver on behalf of the Issuer all such documents, reports, filings, instruments,
certificates and opinions as it shall be the duty of the Issuer to prepare, file or deliver pursuant to the Issuer Documents or otherwise by law. 

(b) Notices to Rating Agencies. The Administrator shall give notice to each Rating Agency of (i) any merger or
consolidation of the Owner Trustee pursuant to Section 10.4 of the Trust Agreement; (ii) any merger or consolidation of the Indenture Trustee pursuant to Section 6.9 of the Indenture;
(iii) any resignation or removal of the Indenture Trustee pursuant to Section 6.8 of the Indenture; (iv) any Default or Event of Default of which it has been provided notice pursuant to
Section 6.5 of the Indenture; (v) the termination of, and/or appointment of a successor to, the Servicer pursuant to Section 7.1 of the Sale and Servicing Agreement; and (vi) any
supplemental indenture pursuant to Section 9.1 or 9.2 of the Indenture; which notice shall be given, in the case of each of (i) through (vi), promptly upon the Administrator being notified thereof by the Owner
Trustee, the Indenture Trustee or the Servicer, as applicable. 
 (c) No Action by Administrator. Notwithstanding
anything to the contrary in this Agreement, the Administrator shall not be obligated to, and shall not, take any action that the Issuer directs the Administrator not to take or which would result in a violation or breach of the Issuer’s
covenants, agreements or obligations under any of the Issuer Documents. 
 (d)
Non-Ministerial Matters; Exceptions to Administrator Duties. 
 (i)
Notwithstanding anything to the contrary in this Agreement, with respect to matters that in the reasonable judgment of the Administrator are non-ministerial, the Administrator shall not take any action unless,
within a reasonable time before the taking of such action, the Administrator shall have notified the Issuer of the proposed action and the Issuer shall not have withheld consent or provided an alternative direction. For the purpose of the preceding
sentence, “non-ministerial matters” shall include, without limitation: 

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

  

					
	    	  	2	  	20[    ]-[    ] Administration Agreement

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

(C) the removal of the Indenture Trustee. 

(ii) Notwithstanding anything to the contrary in this Agreement, the Administrator shall not be obligated to, and shall not,
(x) make any payments to the Noteholders under the Transaction Documents, (y) except as provided in the Transaction Documents, sell the Trust Estate or (z) take any other action that the Issuer directs the Administrator not to take on
its behalf. 
 2. Records. The Administrator shall maintain appropriate books of account and records relating to services performed
hereunder, which books of account and records shall be accessible for inspection upon reasonable written request by the Issuer, the Seller and the Indenture Trustee at any time during normal business hours. 

3. Compensation; Payment of Fees and Expenses. As compensation for the performance of the Administrator’s obligations under this
Agreement, the Administrator shall be entitled to receive $[30,000] annually which shall be solely an obligation of the Servicer. The Administrator shall pay all expenses incurred by it in connection with its activities hereunder. 

4. Independence of the Administrator. For all purposes of this Agreement, the Administrator shall be an independent contractor and
shall not be subject to the supervision of the Issuer with respect to the manner in which it accomplishes the performance of its obligations hereunder. Unless expressly authorized by the Issuer, the Administrator shall have no authority to act for
or to represent the Issuer in any way (other than as permitted hereunder) and shall not otherwise be deemed an agent of the Issuer. 
 5.
No Joint Venture. Nothing contained in this Agreement (i) shall constitute the Administrator and the Issuer as members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity,
(ii) shall be construed to impose any liability as such on the Administrator or the Issuer or (iii) shall be deemed to confer on the Administrator or the Issuer any express, implied or apparent authority to incur any obligation or
liability on behalf of the other. 
 6. Other Activities of the Administrator. Nothing herein shall prevent the Administrator or its
Affiliates from engaging in other businesses or, in its sole discretion, from acting in a similar capacity as an Administrator for any other Person even though such Person may engage in business activities similar to those of the Issuer, the Owner
Trustee or the Indenture Trustee. 

  

					
	    	  	3	  	20[    ]-[    ] Administration Agreement

 7. Representations and Warranties of the Administrator. The Administrator represents
and warrants to the Issuer and the Indenture Trustee as follows: 
 (a) Existence and Power. The Administrator is a
corporation validly existing and in good standing under the laws of its state of organization and has, in all material respects, all power and authority to carry on its business as now conducted. The Administrator has obtained all necessary licenses
and approvals in each jurisdiction where the failure to do so would materially and adversely affect the ability of the Administrator to perform its obligations under the Transaction Documents or affect the enforceability or collectibility of the
Receivables or any other part of the Collateral. 
 (b) Authorization and No Contravention. The execution,
delivery and performance by the Administrator of the Transaction Documents to which it is a party (i) have been duly authorized by all necessary action on the part of the Administrator and (ii) do not contravene or constitute a default
under (A) any applicable law, rule or regulation, (B) its organizational documents or (C) any material agreement, contract, order or other instrument to which it is a party or its property is subject (other than violations which do
not affect the legality, validity or enforceability of any of such agreements and which, individually or in the aggregate, would not materially and adversely affect the transactions contemplated by, or the Administrator’s ability to perform its
obligations under, the Transaction Documents). 
 (c) No Consent Required. No approval or authorization by, or filing
with, any Governmental Authority is required in connection with the execution, delivery and performance by the Administrator of any Transaction Document other than (i) UCC filings, (ii) approvals and authorizations that have previously
been obtained and filings that have previously been made and (iii) approvals, authorizations or filings which, if not obtained or made, would not have a material adverse effect on the enforceability or collectibility of the Receivables or any
other part of the Collateral or would not materially and adversely affect the ability of the Administrator to perform its obligations under the Transaction Documents. 

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

8. Administrator Replacement Events; Termination of the Administrator. 

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

  

					
	    	  	4	  	20[    ]-[    ] Administration Agreement

 (c) The occurrence of any one of the following events (each, an
“Administrator Replacement Event”) shall also entitle the Issuer, subject to Section 20 hereof, to terminate and replace the Administrator: 

(i) any failure by the Administrator to deliver or cause to be delivered any required payment to the Indenture Trustee for
distribution to the Noteholders, which failure continues unremedied for ten (10) Business Days after discovery thereof by a Responsible Officer of the Administrator or receipt by the Administrator of written notice thereof from the Indenture
Trustee or Noteholders evidencing at least a majority of the aggregate principal balance of the Outstanding Notes; 
 (ii)
any failure by the Administrator to duly observe or perform in any material respect any other of its covenants or agreements in this Agreement, which failure materially and adversely affects the rights of the Issuer or the Noteholders, and which
continues unremedied for ninety (90) days after discovery thereof by a Responsible Officer of the Administrator or receipt by the Administrator of written notice thereof from the Indenture Trustee or Noteholders evidencing at least a majority
of the aggregate principal balance of the Outstanding Notes; 
 (iii) any representation or warranty of the Administrator
made in any Transaction Document to which the Administrator is a party or by which it is bound or any certificate delivered pursuant to this Agreement proves to have been incorrect in any material respect when made, which failure materially and
adversely affects the rights of the Issuer or the Noteholders, and which failure continues unremedied for ninety (90) days after discovery thereof by a Responsible Officer of the Administrator or receipt by the Administrator of written notice
thereof from the Indenture Trustee or Noteholders evidencing at least a majority of the aggregate principal balance of the Outstanding Notes (it being understood that any repurchase of a Receivable by VCI pursuant to
Section 3.4 of the Purchase Agreement, by the Seller pursuant to Section 2.4 of the Sale and Servicing Agreement or by the Servicer pursuant to Section 3.6 of the Sale and
Servicing Agreement shall be deemed to remedy any incorrect representation or warranty with respect to such Receivable); or 

(iv) the Administrator suffers a Bankruptcy Event; 

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

(d) If an Administrator Replacement Event shall have occurred, the Issuer may, subject to Section 19
hereof, by notice given to the Administrator and the Owner Trustee, terminate all or a portion of the rights and powers of the Administrator under this Agreement, including the rights of the Administrator to receive the annual fee for

  

					
	    	  	5	  	20[    ]-[    ] Administration Agreement

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

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

9. Action upon Termination or Removal. Promptly upon the effective date of termination of this Agreement pursuant to
Section 8, or the removal of the Administrator pursuant to Section 8, the Administrator shall be entitled to be paid by the Servicer all fees accruing to it to the date of such termination or
removal. 
 10. Liens. The Administrator will not directly or indirectly create, allow or suffer to exist any Lien on the Collateral
other than Permitted Liens. 
 11. Notices. All demands, notices and communications hereunder shall be in writing and shall be
delivered or mailed by registered or certified first-class United States mail, postage prepaid, hand delivery, prepaid courier service, or by facsimile, and addressed in each case as specified on Schedule
II to the Sale and Servicing Agreement or at such other address as shall be designated by any of the specified addressees in a written notice to the other parties hereto. 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. 

  

					
	    	  	6	  	20[    ]-[    ] Administration Agreement

 12. Amendments. 

(a) Any term or provision of this Agreement may be amended by the Administrator without the consent of the Indenture Trustee,
any Noteholder, the Issuer, the Owner Trustee or any other Person subject to the satisfaction of one of the following conditions: 

(i) the Administrator delivers an Opinion of Counsel to the Indenture Trustee to the effect that such amendment will not
materially and adversely affect the interests of the Noteholders; 
 (ii) the Administrator delivers an Officer’s
Certificate of the Administrator to the Indenture Trustee to the effect that such amendment will not materially and adversely affect the interests of the Noteholders; or 

(iii) the Rating Agency Condition is satisfied with respect to such amendment and the Administrator notifies the Indenture
Trustee in writing that the Rating Agency Condition is satisfied with respect to such amendment; 
 provided, that no amendment shall be effective
which affects the rights, protections or duties of the Indenture Trustee[,] [or] the Owner Trustee [or the Issuer Delaware Trustee] without the prior written consent of such Person. 

(b) This Agreement may also be amended from time to time by the Issuer, the Administrator and the Indenture Trustee, with the
consent of the Holders of Notes evidencing not less than a majority of the aggregate principal balance of the Outstanding Notes for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this
Agreement or of modifying in any manner the rights of the Noteholders. It will not be necessary for the consent of Noteholders to approve the particular form of any proposed amendment or consent, but it will be sufficient if such consent approves
the substance thereof. The manner of obtaining such consents (and any other consents of Noteholders provided for in this Agreement) and of evidencing the authorization of the execution thereof by Noteholders will be subject to such reasonable
requirements as the Indenture Trustee may prescribe, including the establishment of record dates pursuant to the Note Depository Agreement. 

(c) Prior to the execution of any such amendment, the Administrator shall provide written notification of the substance of such
amendment to each Rating Agency and the Owner Trustee; and promptly after the execution of any such amendment, the Administrator (i) shall furnish a copy of such amendment to each Rating Agency, the Owner Trustee and the Indenture Trustee and
(ii) if this Agreement is amended in accordance with clauses (i) or (ii) of Section 12(a), shall furnish a copy of such Opinion of Counsel or Officer’s Certificate, as the case may be, to each of the Rating Agencies. 

(d) Prior to the execution of any amendment to this Agreement, the Issuer, the Owner Trustee[, the Issuer Delaware Trustee] and
the Indenture Trustee shall be entitled to receive and conclusively rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to the execution and
delivery of such amendment have been satisfied. The Owner Trustee[, the Issuer Delaware Trustee] and the Indenture Trustee may, but shall not be obligated to, enter into any such amendment which adversely affects the Owner Trustee’s[, the
Issuer Delaware Trustee’s] or the Indenture Trustee’s, as applicable, own rights, duties or immunities under this Agreement. 

  

					
	    	  	7	  	20[    ]-[    ] Administration Agreement

 13. Governing Law; Submission to Jurisdiction; Waiver of Jury Trial. 

(a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW
YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW, OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 (b) Each
of the parties hereto hereby irrevocably and unconditionally: 
 (i) submits for itself and its property in any legal action
or proceeding relating to this Agreement or any documents executed and delivered in connection herewith, or for recognition and enforcement of any judgment in respect thereof, to the nonexclusive general jurisdiction of the courts of the State of
New York, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof; 

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

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

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

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

  

					
	    	  	8	  	20[    ]-[    ] Administration Agreement

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

16. Entire Agreement. The Transaction Documents contain a final and complete integration of all prior expressions by the parties hereto
with respect to the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter thereof, superseding all prior oral or written understandings. There are no unwritten agreements among
the parties. 
 17. Severability of Provisions. If any one or more of the covenants, agreements, provisions or terms of this
Agreement shall be for any reason whatsoever held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms of this Agreement and shall in no way affect the
validity or enforceability of the other provisions of this Agreement. 
 18. Not Applicable to VCI in Other Capacities. Nothing in
this Agreement shall affect any obligation VCI may have in any other capacity. 
 19. Benefits of the Administration Agreement.
Nothing in this Agreement, expressed or implied, shall give to any Person other than the parties hereto and their successors hereunder, the Owner Trustee, [the Issuer Delaware Trustee,] any separate trustee or
co-trustee appointed under Section 6.10 of the Indenture and the Noteholders, any benefit or any legal or equitable right, remedy or claim under this Agreement. For the avoidance of
doubt, [each of] the Owner Trustee [and the Issuer Delaware Trustee] is a third party beneficiary of this Agreement and [each] is entitled to the rights and benefits hereunder and may enforce the provisions hereof as if it were a party hereto. 

20. Assignment. Each party hereto hereby acknowledges and consents to the mortgage, pledge, assignment and Grant of a security interest
by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the Noteholders of all of the Issuer’s rights under this Agreement. In addition, the Administrator hereby acknowledges and agrees that for so long as any Notes
are outstanding, the Indenture Trustee will have the right to exercise all waivers and consents, rights, remedies, powers, privileges and claims of the Issuer under this Agreement. 

21. Nonpetition Covenant. Each party hereto agrees that, prior to the date which is one year and one day after payment in full of all
obligations of each Bankruptcy Remote Party in respect of all securities issued by any Bankruptcy Remote Party (i) such party shall not authorize any Bankruptcy Remote Party to commence a voluntary
winding-up or other voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or other
similar law now or hereafter in effect in any jurisdiction or seeking the appointment of an administrator, a trustee, receiver, liquidator, custodian or other similar official with respect to such Bankruptcy Remote Party or any substantial part of
its property or to consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against such Bankruptcy Remote Party, or to make a general assignment for the

  

					
	    	  	9	  	20[    ]-[    ] Administration Agreement

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

22. Limitation of Liability. Notwithstanding anything contained herein to the contrary, (a) this Agreement has been executed and
delivered by [    ], not in its individual capacity but solely as Owner Trustee, (b) each of the representations, undertakings and agreements herein made on the part of the Owner Trustee and the Issuer is made and intended
not as personal representations, undertakings and agreements by [    ] but is made and intended for the purpose of binding only the Issuer, (c) nothing herein contained shall be construed as creating any liability on
[    ], individually or personally, to perform any covenant either expressed or implied contained herein of the Owner Trustee or the Issuer, all such liability, if any, being expressly waived by the parties hereto and by any
Person claiming by, through or under the parties hereto, (d) [    ] has made no investigation as to the accuracy or completeness of any representations and warranties made by the Owner Trustee or the Issuer in this Agreement
and (e) under no circumstances shall [    ] be personally liable for the payment of any indebtedness or expenses of the Owner Trustee or the Issuer or be liable for the breach or failure of any obligation, representation,
warranty or covenant made or undertaken by the Owner Trustee or the Issuer under this Agreement or any other related documents. For the purposes of this Agreement, in the performance of its duties or obligations hereunder, the Owner Trustee shall be
subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust Agreement. 
 23. Other
Interpretive Provisions. For purposes of this Agreement, unless the context otherwise requires: (a) accounting terms not otherwise defined in this Agreement, and accounting terms partly defined in this Agreement to the extent not defined,
shall have the respective meanings given to them under GAAP (provided, that, to the extent that the definitions in this Agreement and GAAP conflict, the definitions in this Agreement shall control); (b) terms defined in Article 9 of the UCC
as in effect in the relevant jurisdiction and not otherwise defined in this Agreement are used as defined in that Article; (c) the words “hereof,” “herein” and “hereunder” and words of similar import refer to this
Agreement as a whole and not to any particular provision of this Agreement; (d) references to any Article, Section, Schedule, Appendix or Exhibit are references to Articles, Sections, Schedules, Appendices and Exhibits in or to this Agreement
and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to such paragraph, subsection, clause or other subdivision of such Section or definition; (e) the term “including” and all
variations thereof means “including without limitation”; (f) except as otherwise expressly provided herein, references to any law or regulation refer to that law or regulation as amended from time to time and include any successor law or
regulation; (g) references to any Person include that Person’s successors and assigns; and (h) headings are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision herein. 

[SIGNATURES ON NEXT PAGE] 

  

					
	    	  	10	  	20[    ]-[    ] Administration Agreement

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

			
	 VOLKSWAGEN AUTO LOAN ENHANCED
 TRUST
20[    ]-[    ]

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

 
			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

					
	    	  	S-1	  	20[    ]-[    ] Administration Agreement

 
			
	 VW CREDIT, INC., as
Administrator

 
			
		
	By:	 	 
	 Name:

	 Title:

			
		
	By:	 	 
	 Name:

	 Title:

  

					
	    	  	S-2	  	20[    ]-[    ] Administration Agreement

 
			
	 [    ], as Indenture
Trustee

 
			
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

					
	    	  	S-3	  	20[    ]-[    ] Administration Agreement

 Joinder of Servicer: 

VW CREDIT, INC., as Servicer, joins in this Agreement solely for purposes of Section 3. 

 

			
	 VW CREDIT, INC., as Servicer

		
	By:	 	 
	 Name:

	 Title:

		
	By:	 	 
	 Name:

	 Title:

  

					
	    	  	S-4	  	20[    ]-[    ] Administration AgreementEX-10.4

 EXHIBIT 10.4 

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 LOAN ENHANCED 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;

  
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 (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)). 

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

 

	3.	 REPRESENTATIONS 

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

(a) BASIC REPRESENTATIONS. 

(i) STATUS. It is duly 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)). 

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

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

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

	4.	 AGREEMENTS 

Each party agrees with the other that, so long as either party has or may have any obligation under this Agreement or under any Credit Support
Document to which it is a party: 
 (a) FURNISH SPECIFIED INFORMATION. It will deliver to the other party or, in certain cases under
subparagraph (iii) below, to such government or taxing authority as the other party reasonably directs: 
 (i) any
forms, documents or certificates relating to taxation specified in the Schedule or any Confirmation; 
 (ii) any other
documents specified in the Schedule or any Confirmation; and 
 (iii) upon reasonable demand by such other party, any form or
document that may be required or reasonably requested in writing in order to allow such other party or its Credit Support Provider to make a payment under this Agreement or any applicable Credit Support Document without any deduction or withholding
for or on account of any Tax or with such deduction or withholding at a reduced rate (so long as the completion, execution or submission of such form or document would not materially prejudice the legal or commercial position of the party in receipt
of such demand), with any such form or document to be accurate and completed in a manner reasonably satisfactory to such other party and to be executed and to be delivered with any reasonably required certification, in each case by the date
specified in the Schedule or such Confirmation or, if none is specified, as soon as reasonably practicable. 

  
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 (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. 

  
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 (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 

  
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 (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 

  
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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 

  
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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. 

  
 15 

	9.	 MISCELLANEOUS 

(a) ENTIRE AGREEMENT. This Agreement constitutes the entire agreement and understanding of the parties with respect to its subject matter and
supersedes all oral communication and prior writings with respect thereto. 
 (b) AMENDMENTS. No amendment, modification or waiver in respect
of this Agreement will be effective unless in writing (including a writing evidenced by a facsimile transmission) and executed by each of the parties or confirmed by an exchange of telexes or electronic messages on an electronic messaging system.

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

(e) COUNTERPARTS AND CONFIRMATIONS. 

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

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

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

	10.	 OFFICES; MULTIBRANCH PARTIES 

(a) If Section 10(a) is specified in the Schedule as applying, each party that enters into a Transaction through an Office other than its
head or home office represents to the other party that, notwithstanding the place of booking office or jurisdiction of incorporation or 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]

		  	

			
		
	By:	  	 
	 Name:
	  	
	 Title:

	Date:

 

			
	VOLKSWAGEN AUTO LOAN
	ENHANCED TRUST 20[    ]-[    ]

			
		
	By:	  	  

	 Name:

	 Title:

	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
                                         
    

  
 3 

	 	(ii)	 The following representation will/will not* apply to Party A and will/will not* apply to Party B:

 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                                        
       

	
	  

 PART 5. OTHER PROVISIONS. 

 

	* 	 Delete as applicable. 

  
 6

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