TRANSACTION SUBI SUPPLEMENT 2020-A TO
THIS TRANSACTION SUBI SUPPLEMENT 2020-A TO SERVICING AGREEMENT (as amended, modified or supplemented from time to time, this Transaction SUBI Servicing Supplement), dated as of December 3, 2020, is among VW CREDIT LEASING, LTD., a Delaware statutory trust (the Origination Trust), U.S. BANK NATIONAL ASSOCIATION, a national banking association, as successor to U.S. Bank Trust National Association, not in its individual capacity but solely as a SUBI Trustee (hereinafter, together with its successors and assigns, the SUBI Trustee) of the Origination Trust, and VW CREDIT, INC., a Delaware corporation (VCI), as Servicer (in such capacity, the Servicer).
A. VCI (in its capacity as settlor, the Settlor), Wilmington Trust Company, as Delaware Trustee (the Delaware Trustee), and U.S. Bank National Association, as successor to U.S. Bank Trust National Association, as Administrative Trustee and UTI Trustee (in such capacity, together with any successor or permitted assign, the Administrative Trustee and the UTI Trustee, respectively, and collectively with the Delaware Trustee and the SUBI Trustee, the Origination Trustees) have entered into that certain Trust Agreement dated as of June 2, 1999 (as modified, supplemented or amended from time to time, the Origination Trust Agreement) pursuant to which the Settlor formed the Origination Trust for the purpose of acting as agent and nominee owner of various Origination Trust Assets in accordance with the Origination Trust Agreement.
B. The Origination Trust and the Servicer also have entered into that certain Servicing Agreement dated as of June 22, 1999, as amended and restated as of December 21, 2000 (as modified, supplemented or amended from time to time, the Servicing Agreement), which provides, among other things, for the servicing of the Origination Trust Assets by the Servicer.
C. The Origination Trust Agreement contemplates that from time to time the UTI Trustee, on behalf of the Origination Trust and at the direction of the Initial Beneficiary, will identify and allocate on the Origination Trusts books and records certain Origination Trust Assets within separate SUBI Portfolios and create and issue to the Initial Beneficiary separate special units of beneficial interest in the Origination Trust or SUBIs, the beneficiary or beneficiaries of which will hold an exclusive 100% beneficial ownership interest in the related SUBI Portfolios, all as set forth in the Origination Trust Agreement.
D. Concurrently herewith, Volkswagen Auto Lease/Loan Underwritten Funding, LLC (the Transferor) will purchase the Transaction SUBI and the Transaction SUBI Certificate from VCI and the Issuer will purchase the Transaction SUBI and the Transaction SUBI Certificate from the Transferor. The Issuer is expected to fund such purchase from proceeds of the issuance of the Notes and Certificates.
Servicing Supplement (2020-A)