Attached files
file | filename |
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8-K - FORM 8-K - VW CREDIT LEASING LTD | c60959e8vk.htm |
EX-8.1 - EX-8.1 - VW CREDIT LEASING LTD | c60959exv8w1.htm |
Exhibit 5.1
Mayer Brown LLP | ||
71 South Wacker Drive | ||
October 27, 2010 | Chicago, Illinois 60606-4637 | |
Main Tel (312) 782-0600 Main Fax (312) 701-7711 www.mayerbrown.com |
Volkswagen Auto Lease/Loan Underwritten Funding, LLC
2200 Ferdinand Porsche Drive
Herndon, VA 20171
2200 Ferdinand Porsche Drive
Herndon, VA 20171
Re: | Volkswagen Auto Lease/Loan Underwritten Funding, LLC Registration Statement on Form S-3 (No. 333-160515) |
Ladies and Gentlemen:
We have acted as special counsel to Volkswagen Auto Lease/Loan Underwritten Funding, LLC, a
Delaware limited liability company (the Transferor), in connection with the offering of
notes (the Notes) described in the preliminary prospectus supplement dated October 22,
2010, the supplement to the preliminary prospectus supplement dated
October 27, 2010 and the base prospectus dated October 22, 2010 (together, the Preliminary
Prospectus), which have been filed with the Securities and Exchange Commission (the
Commission) pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the
Act). As described in the Preliminary Prospectus, the Notes will be issued by Volkswagen
Auto Lease Trust 2010-A (the Issuer), a trust formed by the Transferor pursuant to a
trust agreement between the Transferor, Citibank, N.A., as owner trustee, and Citigroup Trust -
Delaware, N.A., as Delaware trustee. The Notes will be issued pursuant to an indenture (the
Indenture) between the Issuer and Deutsche Bank Trust Company Americas, as indenture
trustee.
In that regard, we are generally familiar with the proceedings taken or to be taken in
connection with the proposed authorization, issuance and sale of the Notes, and have examined and
relied upon copies of such statutes, documents, corporate records and other instruments as we have
deemed necessary or appropriate for the purposes of this opinion, including the Preliminary
Prospectus and the current draft of the Indenture (including the form of the Notes included as an
exhibit thereto).
Based on and subject to the foregoing, we are of the opinion that, with respect to the Notes,
when (a) the Indenture has been duly qualified under the Trust Indenture Act of 1939, as amended,
(b) the Notes have been duly executed and issued by the Issuer, authenticated by the Indenture
Trustee, and sold by the Transferor, and (c) payment of the agreed consideration for the Notes has
been received by the Issuer, such Notes will have been duly authorized by all necessary action of
the Issuer and will be legally issued and binding obligations of the Issuer and entitled to the
benefits afforded by the Indenture, except as may be limited by bankruptcy, insolvency,
reorganization, arrangement, moratorium or other laws relating to or affecting creditors rights
generally (including, without limitation, fraudulent conveyance laws), and by general principles of
equity, regardless of whether such matters are considered in a proceeding in equity or at law.
Mayer Brown LLP operates in combination with our associated English limited liability partnership
and Hong Kong partnership (and its associated entities in Asia) and is associated with Tauil & Chequer Advogados, a Brazilian law partnership.
and Hong Kong partnership (and its associated entities in Asia) and is associated with Tauil & Chequer Advogados, a Brazilian law partnership.
MAYER BROWN LLP
Volkswagen Auto Lease/Loan Underwritten Funding, LLC
October 27, 2010
October 27, 2010
Page 2
Our opinions expressed herein are limited to the federal laws of the United States and the
laws of the State of New York. We hereby consent to the filing of this opinion with the Commission
as Exhibit 5.1 to a Form 8-K filed in connection with the Preliminary Prospectus and to the use of
our name therein without admitting we are experts within the meaning of the Act or the rules and
regulations of the Commission issued thereunder, with respect to any part of the registration
statement or the Preliminary Prospectus.
Very truly yours,
/s/ Mayer Brown LLP
Mayer Brown LLP
AMU/LCS